Waystar Tops 2025 Targets, Hits $1 Billion Revenue, Sets 2026 Outlook

Overview

• The company reported 24% revenue growth in 2025, surpassing $1 billion with a 42.5% adjusted EBITDA margin that exceeded guidance.
• Altitude AI was credited with preventing over $15 billion in denials in 2025 and cutting appeal times by 90%, with AI now accounting for roughly 40% of total revenue and 30% of new bookings.
• Waystar completed the Iodine Software acquisition, adding 1,000+ hospitals and expanding into clinical mid-cycle intelligence, and expects to realize over 90% of planned 2026 cost synergies.
• For 2026, management projected $1.274–$1.294 billion in revenue and about a 42% adjusted EBITDA margin, guiding to 1%–3% sequential growth and noting typical Q3 seasonality.
• Customer metrics included approximately 97% gross revenue retention and 112% NRR, with NRR partially elevated by client shifts after a competitor’s 2024 cyber event, as the company continues deleveraging toward a ≤3.0x net leverage target.