HQYNasdaqServices-Business Services, NECUS GAAP · USD

HealthEquity, Inc

HealthEquity is a U.S.-based administrator of health savings accounts and other consumer-directed benefits that helps employers and their workers save, spend, and manage healthcare dollars on a tax-advantaged basis. Its platform combines account administration, payment processing, benefit information, wellness incentives, and investment features, with distribution built around employers and a network of benefits partners.

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Revenue1,313m USD
+9.5 %y/y
Operating profit (EBIT)322m USD
+98.6 %y/y
EBIT margin24.6%
+11.0 ppy/y
Net income215m USD
+122.5 %y/y
Free cash flow455m USD
+34.7 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-50005001,0001,500m USD2021: 734 m USD2021: EBIT 34 m USD20212022: 757 m USD2022: EBIT -24 m USD20222023: 862 m USD2023: EBIT 9.1 m USD20232024: 1,000 m USD2024: EBIT 118 m USD20242025: 1,200 m USD2025: EBIT 162 m USD20252026: 1,313 m USD2026: EBIT 322 m USD20261,313322
RevenueOperating profit (EBIT)
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Business

Share of revenue
HSA administration and custody55 %

Administration, recordkeeping, and custody services for tax-advantaged health savings accounts.

Complementary consumer-directed benefits25 %

Administration of FSAs, HRAs, COBRA, and commuter benefit programs for employers.

Interchange and payment processing12 %

Merchant interchange and card-based payment processing tied to member healthcare spending.

Custodial revenue8 %

Interest and related income earned on HSA cash and client-held funds with depository partners.

Products

Reported · share of revenue
48.5%36.9%14.6%FY2026100 %
  • Financial Service Other48.5 %
  • Services36.9 %
  • Credit and Debit Card14.6 %

Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

HealthEquity sells primarily through a B2B2C model: employers and their benefits advisors choose the platform, and employees use the accounts and payment tools. Its customer base also includes health plans, benefits administrators, brokers, consultants, and retirement plan recordkeepers that act as network partners and distribution channels. The company serves consumers under age 65 with private health insurance who need tax-advantaged ways to pay for and save toward healthcare costs.

Employer clients

Companies that buy HSA and CDB administration to offer tax-advantaged benefits to employees and simplify benefits management.

Network partners

Health plans, benefits administrators, brokers, consultants, and recordkeepers that refer and integrate clients onto the platform.

Consumer members

Employees and account holders who use the HSA, debit card, investment, and benefit tools to manage healthcare spending.

Commuter-benefit employers

Employers using commuter programs and related services to support transit, parking, and hybrid-work benefits.

Strategy

HealthEquity is focused on expanding its HSA and complementary benefits platform through acquisitions, partner integrations, and cross-selling into existing employer relationships. It emphasizes service quality, ecosystem connectivity, and proprietary technology to deepen member engagement and defend its position in a market shaped by healthcare cost inflation and tax policy.

Acquire and integrate HSA portfoliosShort term

Adds accounts and assets quickly while strengthening scale in a fragmented market.

Bundle HSA with complementary CDBsMedium term

A broader single-source offering improves employer stickiness and partner value.

Deepen network-partner distributionMedium term

Partner channels are central to reaching employers and scaling member acquisition efficiently.

Strengthen consumer engagement and serviceShort term

Higher engagement supports retention, account growth, and interchange usage.

Geography

HealthEquity’s business is overwhelmingly U.S.-centric, with revenue driven by healthcare savings and spending by U.S. consumers and employers. The company’s exposure is tied to U.S. tax law, healthcare policy, and state privacy rules rather than international demand, and its operating footprint is built around domestic employer and partner channels. Its depository and trust relationships are also U.S.-based, including a Wyoming-regulated trust subsidiary.

Risks

The company is highly exposed to U.S. tax policy and healthcare regulation because its core products depend on the tax advantages of HSAs and related benefits. It also carries operational and financial risk from safeguarding client and HSA cash, integrating acquisitions, and maintaining secure technology and data privacy controls in a regulated environment.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Loss of HSA tax advantages1Depository partner failure or cash safeguarding issues3Data privacy and cybersecurity4Acquisition and integration execution2Service disruption5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Loss of HSA tax advantagesImpact: CriticalLikelihood: Medium

    Substantially all revenue depends on tax-advantaged account usage, so policy changes could shrink demand.

    Exposure: U.S. federal and state tax policy

  2. Acquisition and integration executionImpact: HighLikelihood: High

    Growth depends partly on buying and integrating HSA portfolios without service disruption.

    Exposure: Portfolio acquisitions

  3. Depository partner failure or cash safeguarding issuesImpact: HighLikelihood: Medium

    The company earns custodial revenue and holds client-related funds through banking and insurance partners.

    Exposure: HSA cash and client-held funds

  4. Data privacy and cybersecurityImpact: HighLikelihood: Medium

    The platform handles sensitive health and financial data across employer and partner ecosystems.

    ExposureHIPAAGLBAState privacy laws
  5. Service disruptionImpact: MediumLikelihood: High

    Outages at facilities, servers, data centers, or cloud providers can delay customer access.

    Exposure: Technology operations

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Accounting

Judgemental items
Custodial revenue sensitivity to interest rates

Income from HSA cash and client-held funds depends on balances and prevailing rates.

Impact: Can materially change reported revenue mix and margin trends

Acquisition accounting for HSA portfolios

Portfolio purchases may create goodwill and identifiable intangibles that require valuation.

Impact: Affects amortization, balance-sheet carrying values, and impairment risk

Revenue recognition across service and interchange streams

Different revenue sources are recognized under different rules and event timing.

Impact: Can affect quarterly comparability and revenue mix

Capitalized software development costs

Technology platform investment requires judgment on capitalization versus expense.

Impact: Affects operating expenses, assets, and future amortization

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Last updated: 24/09/2026

HealthEquity, Inc (HQY) Revenue, Earnings & Financials 2026 – Clarifo