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WAYBullishEarningsShort Term

High materiality9/10

Waystar Reports Second Quarter 2026 Results

StockNews.AIJul 29, 4:05 PM EDT1 source

Trading thesisImportance 9/10

Bullish; expect stock to trend higher over 6–12 months on stronger revenue mix and raised 2026 guidance.

AI summary

What happened and why it matters

Waystar reported Q2 2026 revenue of $319.7M, up 18% YoY, with GAAP net income of $40.9M and non-GAAP net income of $83.3M. The company raised 2026 guidance to $1.276–$1.294B in revenue and $535–$545M of Adjusted EBITDA, underscoring momentum from its AltitudeAI platform and expanding provider adoption. Net revenue retention remains strong at 108%, with subscription revenue up 34% and provider revenue up 23%, signaling a durable growth mix and improving cash generation for 2H24.

Q2 revenue up 18% YoY to $319.7M with solid subscription growth and ARPU expansion.
Guidance raised: 2026 revenue $1.276–$1.294B and Adj EBITDA $535–$545M.
NRR at 108% supports durable revenue growth and upsell potential.
Strong cash generation: OCF $59.4M; unlevered FCF $63.9M.

Sentiment rationale

The combination of solid Q2 metrics, a higher revenue and EBITDA outlook, and robust cash flow typically primes shares for near-term upside as investors recalibrate the earnings power of the platform and AI-enabled offerings. Historical parallels show similar earnings upgrades often trigger 5–15% price moves within weeks when the guide implies durable growth, particularly for software-enabled healthcare payment platforms.

Key facts

01
Waystar Q2 2026 revenue $319.7M, +18% YoY; growth driven by providers and subscriptions.
02
GAAP net income $40.9M; non-GAAP net income $83.3M; GAAP margin 13%, Adj EBITDA margin 43%.
03
Raises 2026 guidance: revenue $1.276–$1.294B; Adj EBITDA $535–$545M; non-GAAP EPS $1.61–$1.70.
04
NRR 108%; 1,453 clients >$100k in LTM revenue; subs revenue up 34%; provider revenue up 23%.
05
Cash flow robust: operating CF $59.4M; unlevered FCF $63.9M; AltitudeAI catalysts highlighted.

Earnings

Category: Earnings. The report centers on quarterly results, raised full-year guidance, and operational metrics that drive investor view on Waystar's margin trajectory and cash generation, fitting an earnings-oriented analysis of fundamentals and outlook.