HQY FY 2025 Earnings Report — HealthEquity, Inc. Revenue & Financial Results | Market Cap Arena

HealthEquity, Inc.HQY

FY 2025 Earnings

Reported March 18, 2025

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$1.2B	—	$1000M	—	20.0%
Op. Income	$230M	—	$128M	—	79.6%
Gross Margin	57.7%	—	53.0%	—	4.7pp
Net Margin	8.1%	—	5.6%	—	2.5pp
EPS (Diluted)	$1.09	—	$0.64	—	70.3%
Free Cash Flow	$338M	—	$197M	—	71.7%

Revenue Flow

Item	Amount
REVENUE	$1.2B
Cost of Revenue	$507M
GROSS PROFIT	$693M
R&D Expenses	$240M
Selling & Marketing	$91M
General & Administrative	$132M
SG&A Expenses	$223M
Other Expenses	$0
Operating Expenses	$463M
Cost & Expenses	$970M
OPERATING INCOME	$230M
Interest Income	$14M
Interest Expense	$61M
Other Income/Expenses	-$114M
INCOME BEFORE TAX	$116M
Income Tax Expense	$19M
Net Income from Continuing Ops	$97M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$97M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$97M
D&A	$162M
EBIT	$175M
EBITDA	$338M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.2B
Cost of Revenue	$507M
GROSS PROFIT	$693M
R&D Expenses	$240M
Selling & Marketing	$91M
General & Administrative	$132M
SG&A Expenses	$223M
Other Expenses	$0
Operating Expenses	$463M
Cost & Expenses	$970M
OPERATING INCOME	$230M
Interest Income	$14M
Interest Expense	$61M
Other Income/Expenses	-$114M
INCOME BEFORE TAX	$116M
Income Tax Expense	$19M
Net Income from Continuing Ops	$97M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$97M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$97M
D&A	$162M
EBIT	$175M
EBITDA	$338M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$97M
Depreciation & Amortization	$162M
Stock-Based Compensation	$96M
Deferred Income Tax	-$13M
Other Non-Cash Items	$4M
Change in Working Capital	-$7M
OPERATING CASH FLOW	$340M
Capital Expenditure	-$2M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$503M
NET CASH FROM INVESTING	-$505M
Net Debt Issuance	$171M
Common Stock Repurchased	-$121M
Common Dividends Paid	$0
Other Financing Activities	-$2M
NET CASH FROM FINANCING	$58M
FREE CASH FLOW	$338M
Net Change in Cash	-$108M

Balance Sheet

Item	Amount
Cash & Equivalents	$296M
Short-Term Investments	$0
Net Receivables	$118M
Inventory	$0
Other Current Assets	$64M
TOTAL CURRENT ASSETS	$478M
PP&E (Net)	$46M
Goodwill	$1.6B
Intangible Assets	$1.2B
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$72M
TOTAL NON-CURRENT ASSETS	$3.0B
TOTAL ASSETS	$3.4B
Account Payables	$14M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$69M
TOTAL CURRENT LIABILITIES	$156M
Long-Term Debt	$1.1B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$56M
Other Non-Current Liabilities	$23M
TOTAL NON-CURRENT LIABILITIES	$1.2B
TOTAL LIABILITIES	$1.3B
Common Stock	$9.0K
Additional Paid-In Capital	$1.9B
Retained Earnings	$209M
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.1B
Minority Interest	$0
TOTAL EQUITY	$2.1B
TOTAL LIABILITIES & EQUITY	$3.4B
Total Debt	$1.1B
Net Debt	$813M