WAY on Nasdaq

Waystar Holding Corp.

Our mission is to simplify healthcare payments through our modern cloud-based software, enabling our healthcare clients to prioritize patient care and optimize their financial performance.4 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerWAY on Nasdaq2
  • IndustryServices-Computer Integrated Systems Design2
  • HeadquartersWilmington, United States2
  • Incorporated inDE3
  • Business address1550 Digital Drive, #300, Lehi, Ut 840433
  • Filer categoryLarge accelerated filer3
  • Legal formCorporation2
  • LEI529900QJLKXDYU36MH892
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o THE CORPORATION TRUST COMPANY, CORPORATION TRUST CENTER 1209 ORANGE ST, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 75599832

Our mission is to simplify healthcare payments through our modern cloud-based software, enabling our healthcare clients to prioritize patient care and optimize their financial performance.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

22.7%Operating margin5
10.2%Net margin5
16.5%Revenue growth, 20255
2.9%Return on equity5
0.38×Debt to equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Subscription and Circulation brought in 51% of the revenue Waystar Holding Corp. broke down this way in fiscal 2025.

  1. Subscription and Circulation$558.4M551%up 22% from 2024
  2. Volume-Based Revenue$534.8M549%up 11% from 2024
  3. Implementation Services and Other Revenue$6.1M51%up 8% from 2024
Products and services by year
Products and services202320242025
Subscription and Circulation$401.0M$458.0M$558.4M
Volume-Based Revenue$386.3M$479.9M$534.8M
Implementation Services and Other Revenue$3.7M$5.7M$6.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development5¢$54.6M
  • Other costs79¢$872.9M
  • Income tax5¢$59.7M
  • Profit10¢$112.1M

Out of $1.1B in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$309.7M

Out of $309.7M of cash from operations.5

Financial statements

Revenue65$1.1B in 2025+56% since 2022
0$500.0M$1.0B$1.5B2022: $704.9M$704.9M20222023: $791.0M$791.0M2023+12%2024: $943.5M$943.5M2024+19%2025: $1.1B$1.1B2025+17%
Operating income65$249.3M in 2025+179% since 2022
0$100.0M$200.0M$300.0M2022: $89.5M$89.5M20222023: $142.1M$142.1M2023+59%2024: $123.7M$123.7M2024−13%2025: $249.3M$249.3M2025+101%
Net income65$112.1M in 2025
-$100.0M-$50.0M0$50.0M$100.0M$150.0M2022: -$51.5M-$51.5M20222023: -$51.3M-$51.3M2023−0%2024: -$19.1M-$19.1M2024−63%2025: $112.1M$112.1M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Revenue$1.1B$943.5M$791.0M
Cost of revenue (exclusive of depreciation and amortization expenses)$348.2M$315.7M$249.8M
Sales and marketing$178.0M$156.9M$124.4M
General and administrative$128.6M$111.8M$62.9M
Research and development$54.6M$48.8M$35.3M
Depreciation and amortization$140.5M$186.6M$176.5M
Total operating expenses$850.0M$819.8M$648.9M
Income from operations$249.3M$123.7M$142.1M
Income/(loss) before income taxes$171.8M-$22.5M-$63.8M
Income tax expense / (benefit)$59.7M-$3.4M-$12.5M
Net income/(loss)$112.1M-$19.1M-$51.3M
Basic (in dollars per share)$0.63-$0.13-$0.42
Diluted (in dollars per share)$0.61-$0.13-$0.42
Basic (in shares)177.9M shares149.9M shares121.7M shares
Diluted (in shares)184.8M shares149.9M shares121.7M shares

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Leadership

Who has led Waystar Holding Corp., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (21)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorEric C. Liu named Oct 10, 202532

Timeline

  1. Jun 7, 2024New chief executive Matthew J. Hawkins becomes CEO9
  2. Aug 13, 2019Founded Waystar Holding Corp. is founded2

Filings

306 filings to the SEC since October 2021: 2 annual reports, 7 quarterly reports, 20 major events, 162 insider forms, 20 large holders, 1 private raises, 94 other. The latest 20:

  1. Oct 7, 20264 EDGAR
  2. Oct 6, 20264 EDGAR
  3. Oct 6, 2026144 EDGAR
  4. Sep 25, 20264/A EDGAR
  5. Sep 25, 20264/A EDGAR
  6. Sep 25, 20264/A EDGAR
  7. Sep 25, 20264/A EDGAR
  8. Sep 25, 20264/A EDGAR
  9. Sep 25, 20264/A EDGAR
  10. Sep 25, 20264/A EDGAR
  11. Sep 8, 20264 EDGAR
  12. Sep 3, 20264 EDGAR
  13. Sep 3, 20264 EDGAR
  14. Sep 3, 20264 EDGAR
  15. Sep 2, 2026144 EDGAR
  16. Aug 26, 20263 EDGAR
  17. Aug 14, 2026144 EDGAR
  18. Aug 14, 20264 EDGAR
  19. Aug 13, 20264 EDGAR
  20. Aug 13, 2026144 EDGAR

The 306 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

72 open-market trades by officers, directors and large owners since October 2021: 2 buys and 70 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 2, 2026Hawkins Matthew J.Chief Executive OfficerSale82,500$25.97$2.1MForm 4
Aug 13, 2026Hawkins Matthew J.Chief Executive OfficerSale60,038$25.01$1.5MForm 4
Aug 11, 2026Hawkins Matthew J.Chief Executive OfficerSale22,462$25.04$562.4KForm 4
Jul 16, 2026Hawkins Matthew J.Chief Executive OfficerSale36,901$23.09$852.0KForm 4
Jul 15, 2026Hawkins Matthew J.Chief Executive OfficerSale33,099$23.02$761.9KForm 4
Mar 2, 2026MILLER HEIDIDirectorBuy7,200$26.25$189.0KForm 4
Jan 20, 2026Sinclair III Eric L. (Ric)Chief Business OfficerSale40,225$30.08$1.2MForm 4
Dec 22, 2025Sinclair III Eric L. (Ric)Chief Business OfficerSale9,701$32.82$318.4KForm 4
Dec 10, 2025Schremser Christopher L.Chief Technology OfficerSale8,623$30.41$262.2KForm 4
Nov 25, 2025Miller Melissa F. (Missy)Chief Marketing OfficerSale3,400$37.00$125.8KForm 4
Nov 20, 2025Sinclair III Eric L. (Ric)Chief Business OfficerSale9,701$35.27$342.2KForm 4
Nov 10, 2025Schremser Christopher L.Chief Technology OfficerSale8,623$36.12$311.5KForm 4
Oct 20, 2025Sinclair III Eric L. (Ric)Chief Business OfficerSale9,701$36.94$358.4KForm 4
Oct 15, 2025Hawkins Matthew J.Chief Executive OfficerSale200$38.00$7.6KForm 4
Oct 10, 2025Schremser Christopher L.Chief Technology OfficerSale8,623$36.21$312.2KForm 4
Sep 23, 2025Hawkins Matthew J.Chief Executive OfficerSale12,800$38.08$487.4KForm 4
Sep 22, 2025Hawkins Matthew J.Chief Executive OfficerSale12,200$38.08$464.6KForm 4
Sep 22, 2025Sinclair III Eric L. (Ric)Chief Business OfficerSale9,701$37.63$365.0KForm 4
Sep 12, 2025Bain Capital Fund XI, L.P.10% ownerSale4,295,139$39.21$168.4MForm 4
Sep 12, 2025Derby LuxCo S.a r.l.10% ownerSale7,766,088$39.21$304.5MForm 4

All 72 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Oct 1, 2025Raised $620.8 million in a private offering of equity Form D: 102 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
EQT Fund Management S.a r.l.24,879,437$510.8M59.2%No change
Canada Pension Plan Investment Board19,025,452$390.6M0.2%No change
BlackRock, Inc.17,435,466$358.0M0.0%+769,734
Fmr LLC15,045,567$308.9M0.0%+83,148
Bain Capital Investors LLC13,243,539$271.9M5.6%No change
Advent International, L.P.11,059,899$227.1M1.3%No change
Vanguard Portfolio Management LLC6,626,263$136.0M0.0%+219,485
Goldentree Asset Management LP6,160,110$126.3M7.4%+1,716,439
Vanguard Capital Management LLC5,200,460$106.8M0.0%+55,236
Bank Of Montreal /can/5,189,386$106.5M0.0%+1,735,629
State Street Corp4,572,108$93.9M0.0%+282,993
Artisan Partners Limited Partnership3,679,251$75.5M0.1%−729,153
Millennium Management LLC3,652,355$75.0M0.1%+1,540,222
Neuberger Berman Group LLC3,634,210$74.6M0.0%−1,036,969
Geode Capital Management, LLC3,088,690$63.4M0.0%+196,548
UBS Group AG2,884,399$59.2M0.0%+731,450
Jupiter Topco LLC2,871,893$59.0M0.0%New
Dimensional Fund Advisors LP2,660,854$54.6M0.0%+614,458
Bank Of America Corp /de/2,583,119$53.0M0.0%+517,861
Massachusetts Financial Services Co /ma/2,275,354$46.7M0.0%+692,696
Diamond Hill Capital Management, LLC (Investment Advisor)2,109,793$43.3M0.3%+506,276
Morgan Stanley1,986,453$40.8M0.0%+1,027,286
Bamco Inc /ny/1,787,600$36.7M0.1%−537,969
Fort Washington Investment Advisors Inc /oh/1,630,411$33.5M0.2%+401,991
Oberweis Asset Management Inc/1,589,364$32.6M0.7%+421,890

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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