Short answer
Waystar Holding Corp. (WAY) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $1.1B (+16.5% year over year) and net income of $112M.
- Top risk flagged: Cybersecurity risk oversight by Board and Audit Committee with quarterly updates and incident briefings directed by CTO and DISO
FY2025 key financial metrics · XBRL
- Revenue
- $1.1B
- +16.5% YoY
- Net income
- $112M
- +686.1% YoY
- Operating margin
- 22.7%
- +9.6 pp YoY
- EPS (diluted)
- $0.61
- +569.2% YoY
- ROE
- 2.9%
- +3.5 pp YoY
- Operating cash flow
- $310M
- +82.4% YoY
Source: XBRL data from the Waystar Holding Corp. (WAY) FY2025 10-K on SEC EDGAR. USD.
Waystar Holding Corp. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Cloud-based AI-powered software simplifying healthcare payment workflows for providers across the care continuum
- New emphasis on agentic AI for autonomous revenue cycle management, integrating generative AI for automated claim appeals and corrections
- Strategic shift: Rapid adoption surge in 2024 post-competitor cybersecurity incident, onboarding 30,000+ new providers and expanding payer connectivity
- Quantitative highlights: 30,000+ clients, 7.5B transactions processed annually, $2.4T in gross claims, product team 340+ full-time employees, 112% net revenue retention
- Noteworthy fact: Acquisition of Iodine in 2025 enhanced AI clinical intelligence, driving improved clinical documentation and billing accuracy integrated into one platform
Management Discussion & Analysis
- Revenue $1,099.3M up 16.5% YoY (+$155.7M); subscription revenue best performer, up $100.4M (21.9%)
- Operating margin 22.7% vs 13.1% YoY; net income $112.1M vs loss of $19.1M; adjusted EBITDA margin 42.0% vs 40.6%
- Best segment: Subscription revenue up $100.4M; worst margin driver: Depreciation down 12.8% vs 19.8% due to asset amortization decreases
- Operating cash flow $309.7M up 82%; investing cash flow used $680.9M due to $629.5M Iodine acquisition; financing cash flow $243.5M
- Guidance: Management confident in liquidity from cash, operations, debt; risks include economic conditions and access to credit markets
Risk Factors
- Cybersecurity risk oversight by Board and Audit Committee with quarterly updates and incident briefings directed by CTO and DISO
- Cyber Risk Council composed of CTO, DISO, CFO, CLO, and cybersecurity teams directs risk management strategy and monitors program performance
Generated from the filing text; verify against the original. How to read a 10-K
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