Waystar Holding Corp. · NASDAQ:WAY
Waystar — Q4 2025 Earnings Presentation
24 slides from Waystar's earnings presentation, Feb 17, 2026
Slide 1: 4Q'25 Earnings Presentation
4Q’25 Earnings Presentation February 17, 2026 © 2026 Waystar. All rights reserved.
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that reflect our current views with respect to, among other things, statements regarding Waystar’s expectations relating to future operating r
Slide 3: Introductions
INTRODUCTIONS Matt Hawkins Steve Oreskovich Chief Executive Officer Chief Financial Officer © 2026 Waystar. All rights reserved. 3
Slide 4: Strong 4Q performance: key highlights
24% 29% Revenue growth1 Adjusted EBITDA growth1,2 KEY HIGHLIGHTS Strong 4Q 43% $80M performance Adjusted EBITDA margin2 Unlevered free cash flow2 Revenue growth and adjusted EBITDA margin above long-term financial targets 16% YoY growth in clients 112%Net revenue with >$100k in TTM revenue3 retentio
Slide 5: Key highlights driving success
INDUSTRY LEADERSHIP Key highlights driving success Cloud-native platform Market-leading AI solutions Built for continuous innovation Differentiated capabilities drive and scale meaningful client ROI Mission-critical software Large, growing TAM Embedded at the core of Expanding addressable market pro
Slide 6: Waystar's AI platform delivers business impact
Waystar’s AI platform delivers business impact AI foundation is translating directly into durable, high-impact outcomes for Waystar and clients Waystar’s unique Waystar market scale Client outcomes that AI advantage and client adoption deliver durable impact Mission-critical infrastructure 1M+ 50% 9
Slide 7: Large, expanding TAM
PARADIGM SHIFT Large, expanding TAM Waystar expects to drive category expansion as TAM grows from $20B to $25B by 2030 and believes AI powered automation will enable software to capture share of the $100B RCM services market TAM GROWTH OPPORTUNITY MARKET SHIFT ~$55B ~$100B ~$30B RCM services market
Slide 8: Revenue growth
4Q’25 RESULTS Revenue growth1 Consistent and durable YoY revenue growth $304 $ in millions $271 $269 $256 $240 $244 $235 $225 $134 $207 27% $138 $132 Subscription growth $130 $121 $121 $121 CAGR over last 8 $117 quarters $102 15% 2 Volume-based growth $168 CAGR over last 8 $125 $131 $134 quarters $1
Slide 9: Growth in clients with >$100K revenue
4Q’25 RESULTS Growth in clients with >$100K revenue1 Continued strong YoY growth as clients adopt more of the platform 2 1,391 1,306 1,244 1,268 1,203 1,173 1,117 1,080 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 YoY 7% 9% 14% 15% 15% 14% 11% 16% (1) See definition of Customer Count with >$100,0
Slide 10: Net Revenue Retention
4Q’25 RESULTS Net Revenue Retention1 4Q’25 NRR above historical range of 108%-110% 114% 115% 113% 110% 112% 109% 108% 109% Higher NRR the past four quarters reflect a benefit from rapid time to revenue associated with new client go-lives in early 2024 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25
Slide 11: Components of Net Revenue Retention
DURABLE GROWTH Components of Net Revenue Retention NRR driven by strong client retention and consistent expansion across client base 1 GROSS TO NET REVENUE RETENTION 6-8% 108-110% 3-4% ~97% 1-2% COMMERCIAL STRENGTH Durable client retention Pricing power backed by ROI Consistent product expansion int
Slide 12: Adjusted EBITDA
4Q’25 RESULTS Adjusted EBITDA1 Delivered 40%+ Adjusted EBITDA margin over the past 8 quarters 2 $129 $ in millions $113 $113 $108 $100 $97 $93 $94 Higher adjusted EBITDA margins in 2025 driven by favorable revenue mix and benefits of operating cost savings initiatives being ahead of conscious reinve
Slide 13: Adjusted net leverage ratio
4Q’25 RESULTS Adjusted net leverage ratio1 History of de-levering 1x annually; post Iodine close on Oct 1, 2025, leverage of 3.4x decreased 0.4x in 4Q’25 6.6x • Repriced First Lien Loan on 8/12/25 to SOFR +200bp (from SOFR +225bp) • S&P one notch upgrade and Moody’s and Fitch reaffirmed 2.8x 3.0x Wa
Slide 14: Unlevered free cash flow
4Q’25 RESULTS Unlevered free cash flow1 FY’25 conversion of adj. EBITDA to uFCF of 79% above long-term target of 70% $ in millions Interest Paid $365 Cash from Operations CapEx $82 $265 $223 $123 $193 $310 $170 $51 ($22) ($27) ($26) FY'23 FY'24 FY'25 2 uFCF Conversion % 67% 69% 79% (1) We define unl
Slide 15: 2026 guidance
OUTLOOK 2026 guidance 17% revenue growth and 42% adjusted EBITDA1 margin at midpoint FY’26 Guidance FY’25 Actual YoY% Change Low Mid-point High Mid-point Revenue $1,274M $1,284M $1,294M $1,099M 17% Adjusted EBITDA1 $530M $535M $540M $462M 16% Adjusted EBITDA %1 42% 42% 42% 42% Non-GAAP Net Income1,2
Slide 16: 2026 revenue vs normalized, organic rate
GROWTH RATE BRIDGE 2026 revenue vs normalized, organic rate Normalized, organic revenue growth aligns with low double-digit long-term target 1 FY’26 Annual revenue growth guidance 3 4 2 1% (9%) 1 Reflects mid-point of guidance 1% 17% 2 Benefit to 2Q’24 – 1Q’25 from rapid time to revenue from clients
Slide 17: Waystar: Simplify Healthcare Payments
WAYSTAR | SIMPLIFY HEALTHCARE PAYMENTS © 2026 Waystar. All rights reserved. 17
Slide 18: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES To supplement the consolidated financial statements prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation contains certain non-GAAP financial measures as defined below. We present non-GAAP financial measures as
Slide 19: Key Performance Metric Definitions
KEY PERFORMANCE METRIC DEFINITIONS Net Revenue Retention Rate Our Net Revenue Retention Rate compares twelve months of client invoices for our solutions at two period end dates. To calculate our Net Revenue Retention Rate, we first accumulate the total amount invoiced during the twelve months ending
Slide 20: GAAP Income Statement
GAAP Income Statement Unaudited, $ in thousands Consolidated Statement of Operations 1Q'24 2Q'24 3Q'24 4Q'24 FY'24 1Q'25 2Q'25 3Q'25 4Q'25 FY'25 Revenue 224,792 234,543 240,112 244,102 943,549 256,435 270,654 268,651 303,538 1,099,278 Cost of revenue (exclusive of depreciation and amortization expen
Slide 21: Non-GAAP Income Statement
Non-GAAP Income Statement Unaudited, $ in thousands Non-GAAP Consolidated Statements of Operations 1Q'24 2Q'24 3Q'24 4Q'24 FY'24 1Q'25 2Q'25 3Q'25 4Q'25 FY'25 Revenue 224,792 234,543 240,112 244,102 943,549 256,435 270,654 268,651 303,538 1,099,278 Cost of revenue (exclusive of depreciation and amor
Slide 22: Non-GAAP Reconciliations and Key Metrics
Non-GAAP Reconciliations and Key Metrics Unaudited, $ in thousands, except per share amounts Reconciliation of Non-GAAP Adjusted EBITDA 1Q'24 2Q'24 3Q'24 4Q'24 FY'24 1Q'25 2Q'25 3Q'25 4Q'25 FY'25 Net income/(loss) (15,932) (27,685) 5,413 19,079 (19,125) 29,269 32,184 30,648 19,988 112,089 Interest e
Slide 23: Net Debt and Leverage
Net Debt and Leverage Unaudited, $ in thousands Reconciliation of Net Debt FY'23 FY'24 FY'25 First lien term loan facility outstanding debt, current 17,983 11,668 14,194 First lien term loan facility outstanding debt, net of current portion 1,712,833 1,151,878 1,387,052 Second lien term loan facilit
Slide 24: © 2026 Waystar Holding Corp. All rights reserved. Waystar®, the Waystar Star Logo, and
© 2026 Waystar Holding Corp. All rights reserved. Waystar®, the Waystar Star Logo, and all other trademarks, trade names, service marks, and logos referenced herein, unless otherwise noted, belong to Waystar Holding Corp. or its affiliates. © 2025 Waystar