Waystar Holding (WAY) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Waystar published the results on November 2, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Waystar reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Waystar's acquisition of Iodine Software closed in the fourth quarter of 2025, so Q3 2026 includes Iodine and Q3 2025 does not.
• Waystar reports one segment. Its revenue tables also split each revenue type between provider and patient payment solutions.

Source: Waystar Q3 2026 results, November 2, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Waystar splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Waystar's Subscription revenue revenue was $181 million in Q3 2026, up 34% from $134 million in Q3 2025, 56% of total revenue.
• Waystar's Volume-based revenue revenue was $143 million in Q3 2026, up 8% from $132 million in Q3 2025, 44% of total revenue.
• Waystar's Implementation services and other revenue revenue was $2.0 million in Q3 2026, up 10% from $1.9 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Waystar said:

“Total revenue is expected to be between $1.277 billion and $1.287 billion”

“Adjusted EBITDA is expected to be between $543 million and $549 million”

“Non-GAAP net income is expected to be between $322 million and $337 million”

“Diluted non-GAAP net income per share is expected to be between $1.63 and $1.71”

Source: Waystar Q3 2026 release, Nov 2, 2026.

This is the company's own guidance as of Nov 2, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the WAY forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Revenue and GAAP diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Waystar's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 2, 2026

Waystar's revenue was $325.6 million in Q3 2026, up $57.0 million, or 21.2%, from $268.7 million. The 10-Q attributes $46.3 million of the increase to subscription revenue from existing and acquired clients, almost all from provider solutions, and $10.5 million to volume-based revenue, mainly from existing clients using more. (Waystar Form 10-Q, Q3 2026, Nov 2, 2026)

Subscription revenue, recurring monthly provider count fees and minimums, was $180.7 million, up 34%. Volume-based revenue, fees tied to transaction counts or dollar volumes above those minimums, was $142.9 million, up 8%. Implementation services and other revenue was $2.0 million. (Waystar Q3 2026 release, Nov 2, 2026; Waystar Form 10-Q, Q3 2026, Nov 2, 2026)

Waystar sells to healthcare providers and also processes patient payments for them. Provider solutions brought in $243.4 million in the quarter, up 28%, and patient solutions $82.2 million, up 5%. Provider solutions were about 75% of total revenue in the three and nine months of both years. (Waystar Q3 2026 release, Nov 2, 2026; Waystar Form 10-Q, Q3 2026, Nov 2, 2026)

Waystar's client base is broad: it serves over 30,000 clients representing over one million providers, and its top 10 clients were 10.8% of revenue in 2025. The 2025 acquisition of Iodine, which closed in the fourth quarter, added AI-powered clinical documentation and utilization management software. (Waystar Form 10-K, 2025, Feb 17, 2026; Waystar Form 10-Q, Q3 2026, Nov 2, 2026)

Waystar's GAAP diluted EPS was $0.16 in Q3 2026, against $0.17, while non-GAAP diluted EPS rose to $0.44 from $0.37. Non-GAAP net income of $87.2 million adds back intangible amortization ($34.5 million), stock-based compensation ($24.4 million, up from $11.6 million) and acquisition, integration and transaction costs ($9.6 million), less a tax effect of $14.9 million calculated at a 21% rate. (Waystar Q3 2026 release, Nov 2, 2026)

Net income was $31.0 million, against $30.6 million, a 9.5% net income margin. Income from operations rose $1.0 million, while general and administrative expenses grew 58.5% to $51.4 million and research and development 63.7% to $20.3 million. Other adjustments in the quarter covered $1.4 million of costs from a cybersecurity incident and $1.1 million of executive severance. (Waystar Form 10-Q, Q3 2026, Nov 2, 2026; Waystar Q3 2026 release, Nov 2, 2026)

Diluted weighted-average shares were 195,913,142, against 181,240,033 a year earlier. The effective income tax rate was 26.1%, against 28.3%, above the 21% federal rate mainly because of limits on deducting stock-based compensation and state income taxes. (Waystar Q3 2026 release, Nov 2, 2026; Waystar Form 10-Q, Q3 2026, Nov 2, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Waystar gives full-year guidance in its release. As of November 2, 2026 it expects 2026 revenue of $1.277 billion to $1.287 billion, adjusted EBITDA of $543 million to $549 million, non-GAAP net income of $322 million to $337 million and diluted non-GAAP net income per share of $1.63 to $1.71. Revenue for the first nine months was $959.2 million. (Waystar Q3 2026 release, Nov 2, 2026)

A consensus figure is the average of the models published by the analysts who cover Waystar, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Waystar's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning WAY is on is WAY a buy or a sell?, what analysts expect next is on the WAY forecast, and what the company does is on the Waystar Holding (WAY) stock page.

Every number on this page can be traced to a document Waystar published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.