Friday 6 November 2026 Export HQY’s income statement to Excel — free account

HealthEquity, Inc.

HQY Healthcare Health Information Services

HealthEquity, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $1.3 billion, up 9.47% from fiscal 2025.

Revenue: +7.64%
EPS: +14.5%
Free cash flow: −3.44%
Total debt: −7.53%

Quarter to July 2026, against a year earlier

102.98 0.48 −0.46%

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Market cap: $8.6B
P/E: 36.9×
Fwd P/E: 34.8×
Dividend yield: —
F-score: 9/9
Altman Z: 4.39
Beneish M: −2.77
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

HealthEquity, Inc. (HQY) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2026: revenue by products and services, and margins
Custodial revenue	637	48.48%
Service revenue	485	36.93%
Interchange revenue	192	14.59%
Gross margin		69.52%
Operating margin		24.55%
Pre-tax margin		21.12%

Revenue by product or service $m

Line	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Custodial revenue	637 48.48%	545 45.46%	387 38.68%	261 30.32%	186 24.60%	191 26.03%	182 34.19%	126 43.93%	87 37.97%	60 33.41%
Service revenue	485 36.93%	478 39.87%	456 45.59%	452 52.45%	444 58.64%	431 58.75%	263 49.41%	101 35.01%	92 39.92%	77 43.31%
Interchange revenue	192 14.59%	176 14.67%	157 15.74%	148 17.23%	127 16.76%	112 15.22%	87 16.40%	61 21.06%	51 22.11%	42 23.28%
Revenue	1,313	1,200	1,000	862	757	734	532	287	230	178

Gross profit by product or service $m, and margin

	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Service revenue	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Custodial revenue	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Interchange revenue	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Average daily client-held funds - quarter-to-date	Q2 FY2027	$936.0M	$884.0M	+5.88%
Average daily HSA cash - quarter-to-date	Q2 FY2027	$17.4B	$17.0B	+2.18%
Average total accounts - quarter-to-date	Q2 FY2027	17.7M	17.0M	+3.91%
CDBs	Q2 FY2027	7.0M	7.2M	−1.92%
Client-held funds	Q2 FY2027	$931.0M	$818.0M	+13.81%
HSA cash	Q2 FY2027	$17.4B	$17.0B	+1.96%
HSA investments	Q2 FY2027	$20.6B	$16.1B	+27.64%
HSAs	Q2 FY2027	10.7M	10.0M	+7.51%
HSAs with investments	Q2 FY2027	939.0K	782.0K	+20.08%
New HSAs from sales - quarter-to-date	Q2 FY2027	202.0K	163.0K	+23.93%
Remaining performance obligations	Q2 FY2027	$3.1M	$11.5M	−73.04%
Total accounts	Q2 FY2027	17.8M	17.1M	+3.58%
Total HSA assets	Q2 FY2027	$37.9B	$33.1B	+14.44%

	Q2 FY2027	Q1 FY2027	Q4 FY2026	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018
Average daily client-held funds - quarter-to-date	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average daily HSA cash - quarter-to-date	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average total accounts - quarter-to-date	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
CDBs	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Client-held funds	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
HSA cash	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
HSA investments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
HSAs	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
HSAs with investments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
New HSAs from sales - quarter-to-date	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total accounts	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total HSA assets	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.