Waystar Holding (WAY) Operating Margin (2023 - 2026)
Waystar Holding's (WAY) quarterly Operating Margin came in at 25.64% in Q1 2026, up 21.0% year-on-year from 21.19% in Q1 2025, and up 31.85% quarter-over-quarter from 19.44% in Q4 2025.
Waystar Holding (WAY) Operating Margin (2023 - 2026) Analysis & Trends
Waystar Holding's Operating Margin history runs 4 years deep, the most recent figure standing at 25.64% for Q1 2026.
- On a quarterly basis, Operating Margin rose 21.0% year-over-year to 25.64% in Q1 2026; TTM through Mar 2026 was 22.87%, a 711.0% increase from a year earlier, with the FY2025 full-year figure at 22.68%, up 957.0% from the prior year.
- Operating Margin improved to 25.64% in Q1 2026 per WAY's latest filing, from 19.44% in the prior quarter.
- Across five years, Operating Margin topped out at 25.64% in Q1 2026 and bottomed at 3.52% in Q2 2024.
- The 4-year median for Operating Margin is 19.21% (2023), against an average of 18.56%.
- Across the five-year window, Operating Margin tumbled 1546 bps in 2024 and jumped 2044 bps in 2025, its largest moves.
- Year by year, Operating Margin stood at 18.23% in 2023, then grew by 19 bps to 21.77% in 2024, then retreated by 11 bps to 19.44% in 2025, then jumped by 32 bps to 25.64% in 2026.
- Per Business Quant, the three latest WAY Operating Margin figures stand at 25.64% (Q1 2026), 19.44% (Q4 2025), and 22.42% (Q3 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Veeva Systems | 29.34 Bn | 22.03 Bn | 662.02 Mn | 30.93% |
| 2 | BrightSpring Health Services | 13.49 Bn | 12.59 Bn | 482.22 Mn | 3.36% |
| 3 | Healthequity | 7.96 Bn | 7.70 Bn | 256.31 Mn | 29.03% |
| 4 | 10x Genomics | 6.17 Bn | 5.63 Bn | 106.18 Mn | -11.30% |
| 5 | Hinge Health | 6.02 Bn | 5.70 Bn | 154.23 Mn | 17.59% |
| 6 | MiniMed | 4.19 Bn | 3.89 Bn | 480.00 Mn | -11.11% |
| 7 | Waystar Holding | 4.14 Bn | 4.07 Bn | 216.84 Mn | 25.64% |
| 8 | Doximity | 3.82 Bn | 3.08 Bn | 125.97 Mn | 17.08% |
| 9 | Privia Health | 3.10 Bn | 2.73 Bn | - | 1.23% |
| 10 | Omnicell | 1.81 Bn | 1.57 Bn | 140.36 Mn | 5.44% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 25.64% |
| Dec 31, 2025 | 19.44% |
| Sep 30, 2025 | 22.42% |
| Jun 30, 2025 | 23.96% |
| Mar 31, 2025 | 25.43% |
| Dec 31, 2024 | 21.77% |
| Sep 30, 2024 | 11.31% |
| Jun 30, 2024 | 3.52% |
| Mar 31, 2024 | 15.65% |
| Dec 31, 2023 | 18.23% |
| Sep 30, 2023 | 16.33% |
| Jun 30, 2023 | 18.98% |