HQY FY 2026 Earnings Report — HealthEquity, Inc. Revenue & Financial Results | Market Cap Arena

HealthEquity, Inc.HQY

FY 2026 Earnings

Reported March 17, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2026	Prior Q	FY 2025	QoQ Change	YoY Change
Revenue	$1.3B	—	$1.2B	—	9.5%
Op. Income	$322M	—	$230M	—	40.2%
Gross Margin	69.5%	—	57.7%	—	11.8pp
Net Margin	16.4%	—	8.1%	—	8.3pp
EPS (Diluted)	$2.46	—	$1.09	—	125.7%
Free Cash Flow	$455M	—	$338M	—	34.7%

Revenue Flow

Item	Amount
REVENUE	$1.3B
Cost of Revenue	$400M
GROSS PROFIT	$913M
R&D Expenses	$263M
Selling & Marketing	$95M
General & Administrative	$233M
SG&A Expenses	$328M
Other Expenses	$0
Operating Expenses	$591M
Cost & Expenses	$991M
OPERATING INCOME	$322M
Interest Income	$12M
Interest Expense	$57M
Other Income/Expenses	-$45M
INCOME BEFORE TAX	$277M
Income Tax Expense	$62M
Net Income from Continuing Ops	$215M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$215M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$215M
D&A	$0
EBIT	$322M
EBITDA	$322M
EPS	$3
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$1.3B
Cost of Revenue	$400M
GROSS PROFIT	$913M
R&D Expenses	$263M
Selling & Marketing	$95M
General & Administrative	$233M
SG&A Expenses	$328M
Other Expenses	$0
Operating Expenses	$591M
Cost & Expenses	$991M
OPERATING INCOME	$322M
Interest Income	$12M
Interest Expense	$57M
Other Income/Expenses	-$45M
INCOME BEFORE TAX	$277M
Income Tax Expense	$62M
Net Income from Continuing Ops	$215M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$215M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$215M
D&A	$0
EBIT	$322M
EBITDA	$322M
EPS	$3
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$215M
Depreciation & Amortization	$155M
Stock-Based Compensation	$73M
Deferred Income Tax	$40M
Other Non-Cash Items	$1M
Change in Working Capital	-$27M
OPERATING CASH FLOW	$457M
Capital Expenditure	-$2M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$45M
NET CASH FROM INVESTING	-$47M
Net Debt Issuance	-$100M
Common Stock Repurchased	-$299M
Common Dividends Paid	$0
Other Financing Activities	$867.0K
NET CASH FROM FINANCING	-$387M
FREE CASH FLOW	$455M
Net Change in Cash	$23M

Balance Sheet

Item	Amount
Cash & Equivalents	$319M
Short-Term Investments	$0
Net Receivables	$124M
Inventory	$0
Other Current Assets	$70M
TOTAL CURRENT ASSETS	$512M
PP&E (Net)	$39M
Goodwill	$1.6B
Intangible Assets	$1.1B
Long-Term Investments	$3M
Tax Assets	$0
Other Non-Current Assets	$132M
TOTAL NON-CURRENT ASSETS	$2.9B
TOTAL ASSETS	$3.4B
Account Payables	$12M
Short-Term Debt	$10M
Deferred Revenue	$0
Other Current Liabilities	$135M
TOTAL CURRENT LIABILITIES	$157M
Long-Term Debt	$957M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$145M
Other Non-Current Liabilities	$31M
TOTAL NON-CURRENT LIABILITIES	$1.2B
TOTAL LIABILITIES	$1.3B
Common Stock	$8.0K
Additional Paid-In Capital	$1.9B
Retained Earnings	$196M
Treasury Stock	$0
Accum. Other Comp. Income	-$6M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.1B
Minority Interest	$0
TOTAL EQUITY	$2.1B
TOTAL LIABILITIES & EQUITY	$3.4B
Total Debt	$1.0B
Net Debt	$683M