Financials · HQY

HealthEquity Inc. (HQY) financials

For the twelve months ended Jul 31, 2026, HealthEquity Inc. reported $1.36B of revenue and $236.49M of net income.

Revenue, TTM
$1.36B
Revenue growth, YoY
+7.3%
Net income, TTM
$236.49M
Net income growth, YoY
+62.2%
Net margin
17.4%
Free cash flow, TTM
$487.73M
EPS, diluted, TTM
$2.77
EPS growth, YoY
+67.9%
Cash
$256.00M
Total debt
$931.06M
P/E
36.04
P/S
6.26
Market cap
$8.52B
Annual revenue$1.31B
FY2017FY2026
Annual net income$215.20M
FY2017FY2026
Annual free cash flow$455.13M
FY2017FY2026

HQY revenue and earnings growth

HQY revenueQ2 2027$350.73M

Quarter YoY
+7.6%
QoQ
-1.1%
FY YoY
+9.5%
5Y CAGR
+12.4%
10Y CAGR
+26.3%

HQY revenue was $350.73M in fiscal Q2 2027 (ended Jul 31, 2026), up 7.6% from a year earlier and down 1.1% from the prior quarter. For the full fiscal 2026 it was $1.31B, up 9.5% from fiscal 2025. Compound annual growth was +12.4% over 5 years and +26.3% over 10 years. It rose in each of the last 10 fiscal years. Fiscal 2026 is the highest of the 14 fiscal years on file.

HQY net incomeQ2 2027$65.64M

Quarter YoY
+9.7%
QoQ
-5.4%
FY YoY
+122.5%
5Y CAGR
+89.4%
10Y CAGR
+29.2%

HQY net income was $65.64M in fiscal Q2 2027 (ended Jul 31, 2026), up 9.7% from a year earlier and down 5.4% from the prior quarter. For the full fiscal 2026 it was $215.20M, up 122.5% from fiscal 2025. Compound annual growth was +89.4% over 5 years and +29.2% over 10 years. Fiscal 2026 is the highest of the 14 fiscal years on file.

HQY EPSQ2 2027$0.78

Quarter YoY
+14.7%
QoQ
-4.9%
FY YoY
+125.7%
5Y CAGR
+83.0%
10Y CAGR
+24.3%

HQY diluted EPS was $0.78 in fiscal Q2 2027 (ended Jul 31, 2026), up 14.7% from a year earlier and down 4.9% from the prior quarter. For the full fiscal 2026 it was $2.46, up 125.7% from fiscal 2025. Compound annual growth was +83.0% over 5 years and +24.3% over 10 years.

HQY free cash flowQ2 2027$135.18M

Quarter YoY
+0.1%
QoQ
+39.1%
FY YoY
+34.7%
5Y CAGR
+22.0%
10Y CAGR
+34.1%

HQY free cash flow was $135.18M in fiscal Q2 2027 (ended Jul 31, 2026), up 0.1% from a year earlier and up 39.1% from the prior quarter. For the full fiscal 2026 it was $455.13M, up 34.7% from fiscal 2025. Compound annual growth was +22.0% over 5 years and +34.1% over 10 years. It rose in 8 of the last 10 fiscal years. Fiscal 2026 is the highest of the 14 fiscal years on file.

Export CSV

Income statement

Income statement
Line item
Jan 31, 2026
Jan 31, 2025
Jan 31, 2024
Jan 31, 2023
Jan 31, 2022
Jan 31, 2021
Jan 31, 2020
Jan 31, 2019
Jan 31, 2018
Jan 31, 2017
Revenue$1.31B$1.20B$999.59M$861.75M$756.56M$733.57M$531.99M$287.24M$229.53M$178.37M
Cost of revenue$400.31M$422.51M$376.95M$369.81M$331.79M$318.24M$206.08M$106.05M$94.61M$72.02M
Gross profit$913.12M$777.26M$622.64M$491.94M$424.76M$415.33M$325.91M$181.19M$134.92M$106.36M
Research and development$262.51M$239.51M$218.81M$193.38M$157.36M$124.81M$77.58M$35.06M$27.39M$22.38M
Selling, general and admin$119.93M$132.26M$103.66M$97.47M$85.44M$84.49M$60.56M$33.04M$25.11M$20.15M
Operating income$322.46M$162.33M$117.70M$9.06M-$24.24M$34.01M$77.01M$77.67M$54.42M$41.21M
Interest expense$57.13M$60.63M$55.45M$48.42M$36.57M$34.88M$24.77M$270.0K$274.0K-
Pre-tax income$277.43M$116.03M$75.04M-$38.10M-$66.74M$4.14M$43.16M$75.82M$52.19M$40.12M
Income tax$62.23M$19.33M$19.33M-$11.95M-$22.45M-$4.69M$3.49M$1.92M$4.83M$13.74M
Net income$215.20M$96.70M$55.71M-$26.14M-$44.29M$8.83M$39.66M$73.90M$47.36M$26.38M
EPS, basic$2.50$1.11$0.65-$0.31-$0.53$0.12$0.59$1.20$0.79$0.45
EPS, diluted$2.46$1.09$0.64-$0.31-$0.53$0.12$0.58$1.17$0.77$0.44
Diluted shares87.5M88.8M87.0M84.4M83.1M75.7M68.5M63.4M61.9M59.9M

Balance sheet

Balance sheet
Line item
Jan 31, 2026
Jan 31, 2025
Jan 31, 2024
Jan 31, 2023
Jan 31, 2022
Jan 31, 2021
Jan 31, 2020
Jan 31, 2019
Jan 31, 2018
Jan 31, 2017
Cash and equivalents$318.93M$295.95M$403.98M$254.27M$225.41M$328.80M$191.73M$361.48M$199.47M$139.95M
Receivables$123.70M$118.01M$104.89M$96.83M$87.43M$72.77M$70.86M$25.67M$21.60M$17.00M
Inventory--------$215.0K$592.0K
Current assets$512.28M$477.75M$557.44M$382.89M$351.34M$460.18M$297.30M$394.68M$265.40M$200.82M
Goodwill$1.65B$1.65B$1.65B$1.65B$1.65B$1.33B$1.33B$4.65M$4.65M$4.65M
Total assets$3.38B$3.45B$3.16B$3.09B$3.11B$2.71B$2.56B$510.02M$369.16M$279.14M
Current liabilities$156.85M$156.32M$117.09M$131.06M$153.19M$204.70M$151.94M$29.05M$20.49M$15.70M
Short-term debt$0$0$0$17.50M$8.75M$62.50M$39.06M$0--
Long-term debt$957.38M$1.06B$874.97M$907.84M$922.08M$924.22M$1.18B$0--
Total debt$957.38M$1.06B$874.97M$925.34M$930.83M$986.72M$1.22B$0--
Total liabilities$1.27B$1.33B$1.13B$1.19B$1.25B$1.33B$1.53B$32.94M$22.89M$17.20M
Shareholders' equity$2.11B$2.11B$2.04B$1.90B$1.85B$1.38B$1.03B$477.08M$346.27M$261.94M

Cash flow

Cash flow
Line item
Jan 31, 2026
Jan 31, 2025
Jan 31, 2024
Jan 31, 2023
Jan 31, 2022
Jan 31, 2021
Jan 31, 2020
Jan 31, 2019
Jan 31, 2018
Jan 31, 2017
Operating cash flow$457.09M$339.86M$242.83M$150.65M$141.00M$181.62M$105.01M$113.42M$81.70M$45.59M
Capital expenditures$1.97M$2.08M$1.69M$3.37M$8.91M$13.09M$7.29M$3.87M$5.46M$3.65M
Free cash flow$455.13M$337.77M$241.13M$147.28M$132.09M$168.53M$97.72M$109.55M$76.24M$41.95M
Investing cash flow-$47.14M-$505.45M-$46.07M-$119.13M-$639.25M-$96.96M-$1.74B$25.65M-$36.75M-$13.05M
Financing cash flow-$386.98M$57.57M-$47.04M-$2.67M$394.86M$52.42M$1.47B$22.93M$14.56M$23.78M
Dividends paid---------$0
Share repurchases$299.25M$121.49M$0$0------
Stock-based compensation$73.06M$96.42M$77.15M$62.61M$52.75M$42.86M$39.84M$21.06M$14.31M$8.40M
Depreciation and amortization$154.66M$162.45M$153.08M$161.20M$137.19M$115.90M$55.35M$18.18M$15.95M$13.19M

Key ratios

Key ratios
Line item
Jan 31, 2026
Jan 31, 2025
Jan 31, 2024
Jan 31, 2023
Jan 31, 2022
Jan 31, 2021
Jan 31, 2020
Jan 31, 2019
Jan 31, 2018
Jan 31, 2017
Revenue growth, YoY9.5%20.0%16.0%13.9%3.1%37.9%85.2%25.1%28.7%40.7%
Net income growth, YoY122.5%73.6%----77.7%-46.3%56.0%79.6%58.8%
EPS growth, YoY125.7%70.3%----79.3%-50.4%51.9%75.0%57.1%
Gross margin69.5%64.8%62.3%57.1%56.1%56.6%61.3%63.1%58.8%59.6%
Operating margin24.6%13.5%11.8%1.1%-3.2%4.6%14.5%27.0%23.7%23.1%
Net margin16.4%8.1%5.6%-3.0%-5.9%1.2%7.5%25.7%20.6%14.8%
Free cash flow margin34.7%28.2%24.1%17.1%17.5%23.0%18.4%38.1%33.2%23.5%
Return on equity10.2%4.6%2.7%-1.4%-2.4%0.6%3.8%15.5%13.7%10.1%
Return on assets6.4%2.8%1.8%-0.8%-1.4%0.3%1.5%14.5%12.8%9.4%
Current ratio3.273.064.762.922.292.251.9613.5812.9512.79
Debt to equity0.450.500.430.490.500.721.180.00--

Source: XBRL data HealthEquity Inc. files with the SEC, latest filing dated Aug 27, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

HQY peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
HQY$1.36B+7.3%$236.49M17.4%$8.52B
V$45.90B+14.8%$23.50B51.2%$757.83B
MA$36.29B+15.3%$16.96B46.7%$568.53B
BABACN¥1.02T+2.7%CN¥103.59B10.1%$228.59B
ACN$74.18B+6.5%$8.37B11.3%$167.14B
UBER$56.53B+13.9%$3.46B6.1%$141.13B
PDDCN¥431.85B+9.7%CN¥97.84B22.7%$110.36B
DASH$17.06B+35.0%$1.06B6.2%$75.24B
MELI$38.52B+47.1%$1.89B4.9%$74.78B

HQY FAQ

9 questions
  • What is HQY revenue?
    HealthEquity Inc. (HQY) reported $1.36B of revenue for the twelve months ended Jul 31, 2026. That is up 7.3% from the year before. Revenue for fiscal 2026 was $1.31B.
  • Is HQY profitable?
    Yes. HealthEquity Inc. earned $236.49M in net income for the twelve months ended Jul 31, 2026, a net margin of 17.4%.
  • How much cash and debt does HQY have?
    HealthEquity Inc. reported $256.00M in cash and cash equivalents and $931.06M of debt on its most recent balance sheet in SEC filings.
  • How fast is HQY revenue growing?
    HealthEquity Inc.'s revenue changed +9.5% in fiscal 2026, to $1.31B. Its compound annual growth rate was +12.4% over 5 years and +26.3% over 10 years.
  • What is HQY gross margin?
    HealthEquity Inc.'s gross profit was $970.48M on $1.36B of revenue for the twelve months ended Jul 31, 2026, a gross margin of 71.2%.
  • What is HQY free cash flow?
    HealthEquity Inc. generated $487.73M of free cash flow for the twelve months ended Jul 31, 2026, which is operating cash flow of $490.18M less capital expenditures.
  • What is HQY earnings per share?
    Diluted earnings per share were $2.77 for the twelve months ended Jul 31, 2026, from SEC filings, restated for any stock split those filings show.
  • When did HQY last report financial results?
    The latest statements here come from HealthEquity Inc.'s 10-Q filed on Aug 27, 2026, covering the period ended Jul 31, 2026.
  • Where does this HQY financial data come from?
    Quantisnow builds these statements from the structured XBRL data HealthEquity Inc. files with the SEC. It is provided for information only and is not investment advice.