Waystar Holding (NASDAQ:WAY) reported fourth-quarter 2025 revenue of $303.5 million, an increase of 24% year over year, contributing to full-year revenue of $1,099.3 million, up 17% from 2024.
The performance was fueled by organic growth in core payment and claims processing solutions, alongside contributions from the Iodine acquisition, which enhanced clinical intelligence and AI capabilities for denial prevention and revenue integrity.
Adjusted EBITDA margins remained strong in the 42% to 43% range for the periods, underscoring disciplined cost management and high incremental profitability from subscription and volume-based revenue streams.
Management highlighted record bookings and faster-than-expected Iodine integration synergies, positioning Waystar as a comprehensive end-to-end platform in healthcare payments amid rising adoption of AI-driven tools to reduce administrative burdens for providers and payers.
For 2026, Waystar issued guidance projecting revenue of $1.274 billion to $1.294 billion, implying growth of approximately 16% at the midpoint from 2025 levels.