DRAPER, Utah, March 17, 2026 — HealthEquity, Inc. (NASDAQ: HQY), the nation's largest health savings account (HSA) custodian, today announced financial results for its fiscal year and fourth quarter ended January 31, 2026.
Highlights of the fiscal year include:
- Revenue increased 9% to $1.31 billion.
- Net income increased 123% to $215.2 million, and net income margin increased to 16% from 8% last year.
- Net income per diluted share increased 121% to $2.50 per diluted share from $1.13 per diluted share last year.
- Adjusted EBITDA increased 11% to $640.3 million, and Adjusted EBITDA margin increased to 49% from 48% last year.
- Non-GAAP net income per diluted share increased 14% to $4.55 from $3.99 last year.
- Total HSA Members grew 7% to 9.4 million as of January 31, 2026.
- Total HSA Assets grew 24% to $32.0 billion as of January 31, 2026.
- Total Accounts grew 3% to 16.4 million as of January 31, 2026.
Highlights of the fourth quarter include:
- Revenue increased 17% to $346.6 million.
- Net income increased 268% to $62.5 million, and net income margin increased to 18% from 6% last year.
- Net income per diluted share increased 264% to $0.73 per diluted share from $0.20 per diluted share last year.
- Adjusted EBITDA increased 17% to $172.8 million, and Adjusted EBITDA margin was 50%.
- Non-GAAP net income per diluted share increased 22% to $1.26 from $1.03 last year.
- New HSAs from sales of 498,000 during the fourth quarter.
“Our remarkable Purple team delivered a historic year of record revenue, earnings and new HSAs from sales as we empowered Americans to connect health and wealth,” said Jon Kessler, President and CEO of HealthEquity. “Fourth quarter results were strong across the board as we saw accelerating HSA member and asset growth, and service revenue growth from our newest accounts. Looking forward, we raised our guidance for fiscal year 2027 and are confident in our ability to deliver sustained growth.”
Fiscal year 2027 outlook:
- Revenue of $1.38 billion to $1.42 billion.
- Adjusted EBITDA of $670 million to $690 million.
- Non-GAAP net income per diluted share of $4.72 to $4.90.
Fiscal Year 2026 Financial Results
Revenue for fiscal year 2026 was $1.31 billion, an increase of 9% compared to $1.21 billion for fiscal year 2025. Service revenue was $602.5 million, an increase of 3% compared to $584.3 million for fiscal year 2025. Custodial revenue was $639.9 million, an increase of 13% compared to $564.7 million for fiscal year 2025. Interchange revenue was $70.5 million, an increase of 12% compared to $63.3 million for fiscal year 2025.
Gross profit for fiscal year 2026 was $742.8 million, an increase of 13% compared to $658.3 million for fiscal year 2025. Gross margin increased to 57% from 54% for fiscal year 2025.
Net income for fiscal year 2026 was $215.2 million, an increase of 123% compared to $96.5 million for fiscal year 2025.
Adjusted EBITDA for fiscal year 2026 was $640.3 million, an increase of 11% compared to $578.9 million for fiscal year 2025.
Fourth Quarter Fiscal Year 2026 Financial Results
Revenue for the fourth quarter of fiscal year 2026 was $346.6 million, an increase of 17% compared to $296.0 million for the fourth quarter of fiscal year 2025. Service revenue was $153.6 million, an increase of 9% compared to $141.2 million for the fourth quarter of fiscal year 2025. Custodial revenue was $176.8 million, an increase of 23% compared to $143.4 million for the fourth quarter of fiscal year 2025. Interchange revenue was $16.2 million, an increase of 41% compared to $11.5 million for the fourth quarter of fiscal year 2025.
Gross profit for the fourth quarter of fiscal year 2026 was $204.3 million, an increase of 23% compared to $166.7 million for the fourth quarter of fiscal year 2025. Gross margin increased to 59% from 56% for the fourth quarter of fiscal year 2025.
Net income for the fourth quarter of fiscal year 2026 was $62.5 million, an increase of 268% compared to $17.0 million for the fourth quarter of fiscal year 2025.
Adjusted EBITDA for the fourth quarter of fiscal year 2026 was $172.8 million, an increase of 17% compared to $147.7 million for the fourth quarter of fiscal year 2025.
Key Metrics
Total HSA Members were 9.4 million as of January 31, 2026, an increase of 7% compared to 8.8 million as of January 31, 2025. Total Accounts were 16.4 million as of January 31, 2026, an increase of 3% compared to 15.9 million as of January 31, 2025.
Total HSA Assets were $32.0 billion as of January 31, 2026, an increase of 24% compared to $25.9 billion as of January 31, 2025. HSA cash and investments grew 26% and 22%, respectively.
New HSAs from sales were 498,000 during the fourth quarter of fiscal year 2026 and 1.45 million for the full year, representing continued strong market demand for HSAs.
Balance Sheet and Cash Flow
As of January 31, 2026, the Company held cash and cash equivalents of $274.0 million and total debt of $1.69 billion. Net cash provided by operating activities was $515.5 million for fiscal year 2026, an increase of 12% compared to $458.6 million for fiscal year 2025.
About HealthEquity
HealthEquity, Inc. (NASDAQ: HQY) “connects health and wealth” by administering health savings accounts (HSAs) and other consumer-directed benefits for more than 16 million accounts in partnership with employers, benefits advisors and health plan partners. As America's health savings company, HealthEquity is the largest HSA custodian and third-largest retirement plan recordkeeper. The company's total member accounts exceeded 16 million with $32 billion in total assets under management.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include, but are not limited to, statements regarding the Company's expected fiscal year 2027 financial performance, growth strategies and expected growth drivers. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
Investor Relations Contact: Richard Putnam, 801-727-1000, ir@healthequity.com
Media Contact: Amy Cerny, 801-727-1002, pr@healthequity.com