---
schema_version: "secwatch.filing_event.v1"
accession: "0001990354-25-000011"
form_type: "8-K"
ticker: "WAY"
cik: "0001990354"
company_name: "Waystar Holding Corp."
filed_at: "2025-07-30T23:59:59+00:00"
generated_at: "2026-05-17T23:13:09.469803+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.78
calibrated_materiality_score: 0.78
confidence: "high"
source: SEC EDGAR
---

# Waystar Q2 revenue $270.7M (+15%), net income $32.2M, raises FY2025 guidance

## Summary
- Revenue $270.7M, up 15% YoY; subscription revenue $131.1M (+17%), volume-based $138.3M (+14%).
- GAAP net income $32.2M ($0.18 diluted EPS); non-GAAP net income $65.7M ($0.36 EPS).
- Adjusted EBITDA $112.6M (42% margin); operating cash flow $97M, unlevered free cash flow $111M.
- Net revenue retention rate 115%; 1,268 clients with >$100K LTM revenue, up 14% YoY.
- Raises FY2025 guidance: revenue $1.030-$1.042B, adjusted EBITDA $418-$426M, non-GAAP EPS $1.36-$1.40.

## SEC filing metadata
- accession: 0001990354-25-000011
- form_type: 8-K
- ticker: WAY
- cik: 0001990354
- company_name: Waystar Holding Corp.
- filed_at: 2025-07-30T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.78
- calibrated_materiality_score: 0.78
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1990354/000199035425000011/0001990354-25-000011-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1990354/000199035425000011/way-20250730.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001990354-25-000011
- JSON: https://secwatch.observer/filing/0001990354-25-000011.json
- Plain text: https://secwatch.observer/filing/0001990354-25-000011.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.