HealthEquity, Inc. (HQY) Income Statement
HQY FY2026 at a glance
Fiscal year ended January 31, 2026 · U.S. dollarsHQY revenue and net income
Where HQY's revenue goes
FY2026Each bar shows an amount and its share of revenue. HQY kept 16.4% of revenue as net income.
HQY profit margins
HQY growth rates
to FY2026| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +9.5% | +15.1% | +12.4% | +26.3% |
| Gross profit | +31.8% | +32.2% | +21.9% | +29.2% |
| Operating income | +40.2% | +104.6% | +32.2% | +28.6% |
| Net income | +122.5% | — | +89.4% | +29.2% |
| EPS (diluted) | +28.1% | +43.7% | +19.0% | +28.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HQY quarterly EPS vs estimates
HealthEquity beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: December 2, 2026 (estimate $0.96).
HQY income statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.31B | $1.20B | $999.6M | $861.7M | $756.6M | $733.6M | $532.0M | $287.2M | $229.5M | $178.4M |
| Cost of revenue | $400.3M | $507.2M | $469.7M | $466.2M | $415.6M | $394.3M | $240.8M | $112.0M | $99.5M | $76.3M |
| Gross profit | $913.1M | $692.6M | $529.9M | $395.5M | $340.9M | $339.3M | $291.2M | $175.3M | $130.1M | $102.1M |
| Research & development | $262.5M | $239.5M | $218.8M | $193.4M | $157.4M | $124.8M | $77.6M | $35.1M | $27.4M | $22.4M |
| Sales, general & admin | $328.1M | $223.0M | $182.9M | $164.5M | $143.0M | $134.5M | $104.5M | $62.5M | $48.2M | $38.5M |
| Total operating expenses | $590.7M | $462.5M | $401.7M | $357.9M | $300.3M | $259.3M | $182.1M | $97.6M | $75.6M | $60.8M |
| Operating income | $322.5M | $230.1M | $128.1M | $37.7M | $40.6M | $80.0M | $109.1M | $77.7M | $54.4M | $41.2M |
| Interest income | $11.7M | $13.9M | $12.1M | $1.8M | $1.5M | $1.0M | $5.9M | — | — | — |
| Interest expense | $57.1M | $60.6M | $55.5M | $48.4M | $36.6M | $34.9M | $24.8M | $0 | $274,000 | $0 |
| Income before taxes | $277.4M | $116.0M | $75.0M | −$38.1M | −$66.7M | $4.1M | $43.2M | $75.8M | $52.2M | $40.1M |
| Income taxes | $62.2M | $19.3M | $19.3M | −$12.0M | −$22.5M | −$4.7M | $3.5M | $1.9M | $4.8M | $13.7M |
| Net income | $215.2M | $96.7M | $55.7M | −$26.1M | −$44.3M | $8.8M | $39.7M | $73.9M | $47.4M | $26.4M |
| EBITDA | $489.2M | $337.5M | $282.4M | $171.5M | $103.0M | $154.9M | $123.3M | $94.0M | $68.1M | $54.4M |
| EPS (diluted) | $4.01 | $3.13 | $2.26 | $1.35 | $1.33 | $1.68 | $1.72 | $1.20 | $0.68 | $0.52 |
| Gross margin | 69.5% | 57.7% | 53.0% | 45.9% | 45.1% | 46.2% | 54.7% | 61.0% | 56.7% | 57.2% |
| Operating margin | 24.6% | 19.2% | 12.8% | 4.4% | 5.4% | 10.9% | 20.5% | 27.0% | 23.7% | 23.1% |
| Net margin | 16.4% | 8.1% | 5.6% | −3.0% | −5.9% | 1.2% | 7.5% | 25.7% | 20.6% | 14.8% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $350.7M | $354.6M | $334.6M | $322.2M | $325.8M | $330.8M | $311.8M | $300.4M | $299.9M | $287.6M | $262.4M | $249.2M |
| Cost of revenue | $92.8M | $98.3M | $25.4M | $121.1M | $120.2M | $133.5M | $122.6M | $131.8M | $126.9M | $126.0M | $122.3M | $114.0M |
| Gross profit | $258.0M | $256.3M | $309.2M | $201.1M | $205.6M | $197.3M | $189.2M | $168.7M | $173.1M | $161.6M | $140.1M | $135.2M |
| Research & development | $73.9M | $67.8M | $70.4M | $65.9M | $64.8M | $61.4M | $64.7M | $60.2M | $58.6M | $56.1M | $55.2M | $55.6M |
| Sales, general & admin | $58.1M | $58.0M | $171.4M | $55.3M | $49.9M | $51.5M | $53.1M | $54.4M | $53.8M | $61.7M | $43.7M | $46.0M |
| Total operating expenses | $159.3M | $153.4M | $241.8M | $121.2M | $114.7M | $113.0M | $117.7M | $114.6M | $112.4M | $117.8M | $98.9M | $101.6M |
| Operating income | $98.7M | $103.0M | $67.4M | $79.9M | $90.9M | $84.4M | $71.5M | $54.1M | $60.7M | $43.8M | $41.2M | $33.5M |
| Interest income | $1.8M | $1.9M | $2.8M | $2.9M | $3.4M | $2.7M | $3.0M | $3.9M | $3.1M | $3.9M | $4.3M | $3.7M |
| Interest expense | $12.6M | $12.6M | $13.3M | $14.0M | $15.0M | $14.9M | $15.3M | $18.2M | $15.4M | $11.8M | $13.6M | $13.5M |
| Income before taxes | $87.9M | $92.4M | $60.9M | $67.5M | $78.0M | $71.0M | $30.0M | $6.2M | $46.6M | $33.2M | $29.7M | $21.1M |
| Income taxes | $22.2M | $23.0M | $11.2M | $15.8M | $18.2M | $17.0M | $3.6M | $515,000 | $10.8M | $4.4M | $3.4M | $6.4M |
| Net income | $65.6M | $69.4M | $49.7M | $51.7M | $59.9M | $53.9M | $26.4M | $5.7M | $35.8M | $28.8M | $26.4M | $14.7M |
| EBITDA | $142.4M | $131.5M | $100.7M | $120.4M | $131.5M | $124.6M | $84.4M | $65.1M | $105.7M | $84.0M | $81.3M | $72.4M |
| EPS (diluted) | $1.04 | $1.07 | $0.95 | $1.01 | $1.08 | $0.97 | $0.69 | $0.78 | $0.86 | $0.80 | $0.63 | $0.60 |
| Gross margin | 73.5% | 72.3% | 92.4% | 62.4% | 63.1% | 59.6% | 60.7% | 56.1% | 57.7% | 56.2% | 53.4% | 54.2% |
| Operating margin | 28.1% | 29.0% | 20.1% | 24.8% | 27.9% | 25.5% | 22.9% | 18.0% | 20.2% | 15.2% | 15.7% | 13.5% |
| Net margin | 18.7% | 19.6% | 14.9% | 16.0% | 18.4% | 16.3% | 8.5% | 1.9% | 11.9% | 10.0% | 10.0% | 5.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HQY's financial statements (latest annual report filed March 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HQY financial results
In fiscal year 2026 (ended January 31, 2026), HealthEquity reported revenue of $1.3 billion, up 9.5% from the year before. It had net income of $215.2 million (up 122.5%), a net profit margin of 16.4%. Diluted earnings per share came to $4.01. Over five years revenue grew at an average rate of 12.4% a year.
See the HQY stock overview for the latest quote and news, or the HQY chart for price history and technical indicators.
HQY income statement FAQ
What is HealthEquity's annual revenue?
HealthEquity reported total revenue of $1.3 billion for fiscal year 2026, which ended on January 31, 2026. That was up 9.5% from $1.2 billion the previous year.
Is HealthEquity profitable?
Yes. HealthEquity reported net income of $215.2 million in fiscal 2026, a net profit margin of 16.4%; its operating margin was 24.6%.
What is HealthEquity's gross margin?
HealthEquity's gross margin was 69.5% in fiscal 2026: for every $100 of revenue, HealthEquity kept $70 after the direct cost of its products and services.
How much does HealthEquity spend on research and development?
HealthEquity spent $262.5 million on research and development in fiscal 2026, 20.0% of revenue.
How fast is HealthEquity growing?
Revenue grew 12.4% a year on average over the last five fiscal years, from $733.6 million to $1.3 billion.
What are HealthEquity's earnings per share?
HealthEquity earned $4.01 per diluted share in fiscal 2026, compared with $3.13 a year earlier.
When will HealthEquity report its next earnings?
HealthEquity is expected to report results for the quarter ending October 31, 2026 on December 2, 2026 before the market opens.
When does HealthEquity's fiscal year end?
HealthEquity's fiscal year ends in January. The latest annual report covers the year ended January 31, 2026 and was filed on March 17, 2026.