Healthcare payment software maker Waystar outperformed analysts’ estimates in the second quarter, with executives touting broader deployments of its artificial intelligence investments and ongoing client expansion.
Waystar brought in $319.7 million in Q2 revenue, up 18% from the same period a year ago, according to its Q2 financial results published Wednesday afternoon. It beat Wall Street analysts’ estimates of $316.3 million.
Waystar reported net income of $40.9 million and GAAP net income per share of 21 cents. The company also reported adjusted EBITDA of $136.7 million.
The company reported non-GAAP earnings per share of 43 cents.
Waystar provides healthcare payment and revenue cycle management tools to 30,000 clients, representing over 1 million distinct providers, and its platform processes over 7.5 billion healthcare payment transactions annually. Its solutions prevented $15.5 billion denials in 2025, with a $2.4 billion reimbursement impact, according to its Q2 earnings presentation (PDF).
William Blair analysts said the company outperformed Q2 results, delivering “strong results on both the top and bottom line.”
“In our view, the company remains positioned to capitalize on the AI-enabled transformation of revenue cycle management (RCM) via stronger pricing, an expanding TAM, and increased value-add for clients,” Ryan Daniels, group head of healthcare technology and services at William Blair, wrote in an analyst note.
Daniels added Waystar “remains a category leader in end-to-end RCM software" and noted “innovation momentum” is behind “an uptick” in pipeline activity, size and bookings performance.
“While the operating environment continues to evolve, the breadth of our platform, the diversity of our client base and the mission-critical nature of our solutions support healthy demand across the business,” CEO Matt Hawkins told investors during a July 29 earnings call.
Hawkins said large platform deployments “drove strong bookings” throughout Q2, including “double-digit number of $1 million plus ACV bookings.” One of these bookings, according to Hawkins, was a nonprofit health system serving central New Jersey and southeastern Pennsylvania.
“The win reflects the value of Waystar's platform, with the provider selecting Waystar to replace three separate vendors across claims management, patient financial care, clinical documentation integrity, and revenue capture,” he said.
Hawkins added larger client bookings also continue to grow, as well as existing clients expanding Waystar capabilities.
“Within this cohort, clients have expanded their use of Waystar solutions over the past several years, demonstrating the compounding value clients realize as they adopt additional Waystar capabilities over time,” Hawkins said.
The company continues to advance its vision of “creating the industry's first autonomous revenue cycle," he noted.
“Our goal is not simply to deploy AI; it is to orchestrate the right AI at the right moment across the revenue cycle to reduce administrative burden, improve performance, and deliver better outcomes for providers,” he said. “Our AI deployment is not experimental; it is embedded and monetized, and it delivers meaningful outcomes inside the mission-critical workflows our clients rely on every day.”
The company continues to roll out new AI capabilities to manage RCM workflows. In April, it launched an AI solution aimed at recovering lost provider revenue from payer payment adjustments.
Moreover, Waystar has boosted its forecast for 2026, raising its revenue guidance to between $1.28 billion to $1.29 billion, according to CFO Steve Oreskhovich. Adjusted EBITDA is expected to be between $535 million and $545 million.
Alongside its earnings, it announced the appointment of Alpana Wegner as its new CFO, effective Aug. 1. She succeeds Oreskhovich, who will be transitioning from the role after eight years—and remain as an advisor until June 15, 2027.