Waystar Holding Corp. · NASDAQ:WAY
Waystar — Q2 2026 Earnings Presentation
24 slides from Waystar's earnings presentation, Jul 29, 2026
Slide 1: 2Q'26 Earnings Presentation
2Q’26 Earnings Presentation July 29, 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 Edward Parker Chief Executive Officer Chief Financial Officer SVP, Investor Relations © 2026 Waystar. All rights reserved. 3
Slide 4: Strong 2Q performance: key highlights
18% 21% Revenue growth1 Adjusted EBITDA growth1,2 KEY HIGHLIGHTS Strong 2Q 43% $64M performance Adjusted EBITDA margin2 Unlevered free cash flow2 Revenue growth and adjusted EBITDA margin above long-term financial targets 15% YoY growth in clients 108% Net revenue with >$100k in TTM revenue3 retenti
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 trends
2Q’26 RESULTS Revenue growth trends Recent YoY growth driven by subscription revenue, of which almost all included in provider solutions Subscription and Volume Based Provider and Patient Payment $ in millions $ in millions 2 2 YoY Growth YoY Growth Vol Based 26% 28% 19% 11% 14% 10% 11% 7% 3% Patien
Slide 9: Growth in clients with >$100K revenue
2Q’26 RESULTS Growth in clients with >$100K revenue1 Continued strong YoY growth as clients adopt more of the platform 2 YoY 14% 15% 15% 14% 11% 16% 15% 15% (1) See definition of Customer Count with >$100,000 Revenue on slide titled Key Performance Metric Definitions. (2) Approximately one-half of q
Slide 10: Net Revenue Retention
2Q’26 RESULTS Net Revenue Retention1 2Q’26 NRR within historical range2 of 108%-110% Higher NRR in 2025 reflects the benefit from rapid time to revenue associated with new client go-lives in early 2024 2024 to mid-2025 includes higher patient utilization TTM Revenue Growth 18% 19% 18% 17% 15% 17% 19
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
2Q’26 RESULTS Adjusted EBITDA1 Delivered 40%+ Adjusted EBITDA margin over the past 8 quarters 2 $ in millions Higher adjusted EBITDA margins in the last several quarters driven by favorable revenue mix and benefits of operating cost savings initiatives being ahead of conscious reinvestments in innov
Slide 13: Adjusted net leverage ratio
2Q’26 RESULTS Adjusted net leverage ratio1 Post Iodine close on Oct. 1, 2025, leverage of 3.4x decreased 0.9x • Moody’s, S&P and Fitch each made one notch upgrades between Mar and Jul 2026 • Increased AR securitization line to $100M (from $80M) in Feb 2026; decreased rate to SOFR +110bps (from SOFR
Slide 14: Unlevered free cash flow
2Q’26 RESULTS Unlevered free cash flow1 1H’26 conversion of adj. EBITDA to uFCF of 57% $ in millions 3 2 uFCF Conversion % 69% 79% 86% 57% (1) We define unlevered free cash flow (uFCF) as cash from operations plus cash interest paid less capital expenses. A reconciliation of unlevered free cash flow
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 $1,276M $1,285M $1,294M $1,099M 17% Adjusted EBITDA1 $535M $540M $545M $462M 17% 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'25 2Q'25 3Q'25 4Q'25 FY'25 1Q'26 2Q'26 Revenue 256,435 270,654 268,651 303,538 1,099,278 313,874 319,674 Cost of revenue (exclusive of depreciation and amortization expenses) 83,345 87,044 85,136 92,637 348,162 9
Slide 21: Non-GAAP Income Statement
Non-GAAP Income Statement Unaudited, $ in thousands Non-GAAP Consolidated Statements of Operations 1Q'25 2Q'25 3Q'25 4Q'25 FY'25 1Q'26 2Q'26 Revenue 256,435 270,654 268,651 303,538 1,099,278 313,874 319,674 Cost of revenue (exclusive of depreciation and amortization expenses), adjusted 83,114 86,629
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'25 2Q'25 3Q'25 4Q'25 FY'25 1Q'26 2Q'26 Net income/(loss) 29,269 32,184 30,648 19,988 112,089 43,283 40,867 Interest expense 18,900 18,255 17,515 22,872 77,542 20
Slide 23: Net Debt and Leverage
Net Debt and Leverage Unaudited, $ in thousands Reconciliation of Net Debt FY'24 FY'25 2Q'25 2Q'26 First lien term loan facility outstanding debt, current 11,668 14,194 11,668 14,194 First lien term loan facility outstanding debt, net of current portion 1,151,878 1,387,052 1,146,044 1,359,955 Receiv
Slide 24: © 2026 Waystar Holding Corp. All rights reserved.
© 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