Waystar Holding Corp. — Form 8-K
Filed July 29, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 52/100
What the filing says
Waystar reported Q2 2026 revenue of $319.7M (up 18% YoY), net income of $40.9M, and non-GAAP net income of $83.3M with 43% adjusted EBITDA margin. The company raised FY 2026 guidance to $1.276–1.294B revenue and $535–545M adjusted EBITDA. Key metrics: 1,453 clients with >$100K LTM revenue (+15% YoY), 108% NRR, subscription revenue up 34% YoY to $176.3M, and unlevered free cash flow of $63.9M for Q2.
Why this rating
Strong execution with double-digit growth, expanded margins, and raised guidance across metrics. Revenue guidance raise ~1.5% implies confidence. At $2.1B market cap, ~$1.3B annual revenue represents ~62% of market value—material but not transformational. Modest leverage improvement (2.5x net) and healthy FCF generation support. A solid quarter, but routine excellence for a SaaS platform; no material M&A, strategic pivot, or risk disclosed.
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