HQY

MKT CAP:$7B

HealthEquity, Inc.

Market Cap

$7B

Healthcare·Medical - Healthcare Information Services·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$80.78-$10.29 (-11.30%)

Apr 24, 2026

Company Details

HealthEquity, Inc. provides technology-enabled services platforms to consumers and employers in the United States. The company offers cloud-based platforms for individuals to make health saving and spending decisions, pay healthcare bills, ...

CEO

Scott R. Cutler

IPO Date

Jul 31, 2014

Website

www.healthequity.com

Key Metrics TTM

Revenue

$1.3B

+9.5% YoY

Net Income

$215M

EPS (Diluted)

$2.46

Free Cash Flow

$439M

Revenue / Share

$15.02

Gross Margin

69.5%

Operating Margin

24.6%

Net Margin

16.4%

FCF Margin

33.4%

P/S

5.3x

P/E

32.6x

Earnings Reports

FY 2026

Mar 17, 2026

$1.3B+9.5%EPS $2.46

Q4 2026

Mar 17, 2026

$335M+7.3%EPS $0.58

Q3 2026

Dec 3, 2025

$322M+7.2%EPS $0.59

Q2 2026

Sep 2, 2025

$326M+8.6%EPS $0.68

Q1 2026

Jun 3, 2025

$331M+15.0%EPS $0.61

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 23	$206M	$87M	$2M
Q2 23	$206M	$94M	$5M
Q3 23	$216M	$103M	$12M
Q4 23	$234M	$111M	$18M
Q1 24	$244M	$125M	$27M
Q2 24	$244M	$128M	$27M
Q3 24	$249M	$135M	$34M
Q4 24	$262M	$140M	$41M
Q1 25	$288M	$162M	$44M
Q2 25	$300M	$173M	$61M
Q3 25	$300M	$169M	$54M
Q4 25	$312M	$189M	$72M
Q1 26	$331M	$197M	$84M
Q2 26	$326M	$206M	$91M
Q3 26	$322M	$201M	$80M
Q4 26	$335M	$309M	$67M

Valuation

Quarter	P/S	P/E
Q1 23	6.7x	—
Q2 23	6.1x	—
Q3 23	7.9x	—
Q4 23	5.8x	—
Q1 24	5.1x	—
Q2 24	6.2x	454.0x
Q3 24	6.4x	213.3x
Q4 24	6.7x	119.4x
Q1 25	6.7x	86.3x
Q2 25	6.3x	65.6x
Q3 25	6.7x	79.2x
Q4 25	8.0x	98.8x
Q1 26	5.9x	60.0x
Q2 26	6.5x	56.9x
Q3 26	6.4x	42.8x
Q4 26	5.7x	34.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$7M	-$67M
Q2 23	$40M	$19M
Q3 23	$48M	$34M
Q4 23	$55M	$45M
Q1 24	$32M	$22M
Q2 24	$77M	$67M
Q3 24	$57M	$42M
Q4 24	$77M	$66M
Q1 25	$65M	-$205M
Q2 25	$108M	-$101M
Q3 25	$91M	$78M
Q4 25	$76M	$62M
Q1 26	$65M	$49M
Q2 26	$136M	$151M
Q3 26	$139M	$138M
Q4 26	$118M	$102M

Capital Expenditures

Quarter	CapEx
Q1 23	$74M
Q2 23	$21M
Q3 23	$14M
Q4 23	$10M
Q1 24	$9M
Q2 24	$10M
Q3 24	$15M
Q4 24	$11M
Q1 25	$270M
Q2 25	$209M
Q3 25	$13M
Q4 25	$14M
Q1 26	$16M
Q2 26	$15M
Q3 26	$784.0K
Q4 26	$16M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+11.7%	+19.0%
Q2 23	+9.0%	+15.7%
Q3 23	+20.1%	+22.1%
Q4 23	+15.0%	+5.6%
Q1 24	+18.8%	+6.9%
Q2 24	+18.1%	+7.9%
Q3 24	+15.3%	+5.7%
Q4 24	+12.2%	+2.6%
Q1 25	+17.7%	+12.0%
Q2 25	+23.1%	+10.4%
Q3 25	+20.5%	+14.2%
Q4 25	+18.8%	+8.6%
Q1 26	+15.0%	+1.1%
Q2 26	+8.6%	-1.8%
Q3 26	+7.2%	-1.6%
Q4 26	+7.3%	+11.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$14M	6.8%
Q2 23	$18M	8.8%
Q3 23	$18M	8.4%
Q4 23	$12M	5.3%
Q1 24	$18M	7.4%
Q2 24	$20M	8.2%
Q3 24	$22M	8.7%
Q4 24	$17M	6.6%
Q1 25	$32M	11.1%
Q2 25	$22M	7.2%
Q3 25	$21M	7.0%
Q4 25	$22M	7.0%
Q1 26	$14M	4.3%
Q2 26	$19M	5.9%
Q3 26	$21M	6.4%
Q4 26	$19M	5.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$45M	$24M	$17M
Q2 23	$47M	$26M	$16M
Q3 23	$49M	$25M	$17M
Q4 23	$53M	$21M	$19M
Q1 24	$53M	$26M	$20M
Q2 24	$55M	$27M	$19M
Q3 24	$56M	$26M	$20M
Q4 24	$55M	$23M	$21M
Q1 25	$56M	$38M	$23M
Q2 25	$59M	$32M	$22M
Q3 25	$60M	$32M	$23M
Q4 25	$65M	$30M	$23M
Q1 26	$61M	$26M	$26M
Q2 26	$65M	$30M	$20M
Q3 26	$66M	$31M	$24M
Q4 26	$70M	$147M	$25M

Revenue Segments

Quarter	Credit and Debit Card	Financial Service, Other	Service
Q1 23	$42M	$59M	$104M
Q2 23	$38M	$66M	$103M
Q3 23	$33M	$75M	$109M
Q4 23	$36M	$84M	$114M
Q1 24	$45M	$94M	$105M
Q2 24	$39M	$99M	$106M
Q3 24	$35M	$107M	$108M
Q4 24	$38M	$105M	$119M
Q1 25	$48M	$122M	$118M
Q2 25	$45M	$139M	$117M
Q3 25	$40M	$141M	$119M
Q4 25	$43M	$144M	$124M
Q1 26	$55M	$156M	$120M
Q2 26	$48M	$160M	$118M
Q3 26	$43M	$159M	$120M
Q4 26	$46M	$161M	$127M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$161M	$0	$161M
Q2 23	$177M	$0	$177M
Q3 23	$210M	$0	$210M
Q4 23	$254M	$0	$254M
Q1 24	$226M	$0	$226M
Q2 24	$290M	$0	$290M
Q3 24	$334M	$0	$334M
Q4 24	$404M	$0	$404M
Q1 25	$251M	$0	$251M
Q2 25	$327M	$0	$327M
Q3 25	$322M	$0	$322M
Q4 25	$296M	$0	$296M
Q1 26	$288M	$0	$288M
Q2 26	$304M	$0	$304M
Q3 26	$309M	$0	$309M
Q4 26	$319M	$0	$319M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 23	84M	+0.4%	+2.8%
Q2 23	84M	+0.5%	+1.2%
Q3 23	85M	+0.2%	+1.2%
Q4 23	85M	+0.2%	+1.2%
Q1 24	86M	+1.6%	+2.5%
Q2 24	86M	+0.3%	+2.2%
Q3 24	87M	+0.9%	+3.0%
Q4 24	87M	+0.4%	+3.2%
Q1 25	88M	+1.0%	+2.6%
Q2 25	89M	+0.4%	+2.7%
Q3 25	89M	-0.0%	+1.7%
Q4 25	89M	-0.0%	+1.3%
Q1 26	88M	-0.2%	+0.1%
Q2 26	88M	-0.8%	-1.0%
Q3 26	87M	-0.9%	-1.9%
Q4 26	87M	+0.6%	-1.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 23	$17M	12
Q2 23	$17M	12
Q3 23	$18M	12
Q4 23	$19M	12
Q1 24	$20M	12
Q2 24	$20M	12
Q3 24	$21M	12
Q4 24	$22M	12
Q1 25	$24M	12
Q2 25	$25M	12
Q3 25	$25M	12
Q4 25	$26M	12
Q1 26	$28M	12
Q2 26	$27M	12
Q3 26	$27M	12
Q4 26	$28M	12

Revenue / Employee