Waystar closes $1.26B Iodine acquisition, revenue up 22%, net income jumps 48% YoY

Filed April 29, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 30, 2025 · ~2 min read

Key Changes

• high

  Completed $1.26 billion acquisition of Iodine (AI-powered clinical intelligence) on Oct 1, 2025, paying $639M cash and 16.6M shares. Largest deal to date, expands AI capabilities upstream of billing cycle.

  MD&A: Iodine acquisition verify on EDGAR →
• high

  Revenue grew 22.4% YoY to $313.9M, driven by $47.1M subscription increase (mostly from Iodine). Net income rose 47.9% to $43.3M; net margin expanded from 11.4% to 13.8%. Operating cash flow up 32% to $84.9M.

  MD&A: Financial performance verify on EDGAR →
• high

  Transaction volume grew to 7.5B (from 6B), gross claims to $2.4T (from $1.8T), and patient coverage to 60% (from 50%). Now processes one-in-three U.S. hospital discharges, showing strong market-share gains.

  MD&A: Transaction metrics verify on EDGAR →