What is Healthequity Inc's earnings per share (EPS)?

Healthequity Inc (HQY) reported diluted earnings per share of $2.46 for fiscal year 2026. This represents a 125.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Healthequity Inc Financials

HQY

Source SEC Filings (10-K/10-Q) Updated Jan 31, 2026 Currency USD FYE January

This page shows Healthequity Inc (HQY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Earnings Quality Cash-Backed

2.12x

For every $1 of reported earnings, Healthequity Inc generates $2.12 in operating cash flow ($457.1M OCF vs $215.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

5.6x

Healthequity Inc earns $5.6 in operating income for every $1 of interest expense ($322.5M vs $57.1M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.3B

YoY+9.5%

5Y CAGR+12.4%

10Y CAGR+26.3%

Healthequity Inc generated $1.3B in revenue in fiscal year 2026. This represents an increase of 9.5% from the prior year.

EBITDA

$477.1M

YoY+46.9%

5Y CAGR+26.1%

10Y CAGR+29.9%

Healthequity Inc's EBITDA was $477.1M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 46.9% from the prior year.

Net Income

$215.2M

YoY+122.5%

5Y CAGR+89.4%

10Y CAGR+29.2%

Healthequity Inc reported $215.2M in net income in fiscal year 2026. This represents an increase of 122.5% from the prior year.

EPS (Diluted)

$2.46

YoY+125.7%

5Y CAGR+83.0%

10Y CAGR+24.3%

Healthequity Inc earned $2.46 per diluted share (EPS) in fiscal year 2026. This represents an increase of 125.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$455.1M

YoY+34.7%

5Y CAGR+22.0%

10Y CAGR+34.1%

Healthequity Inc generated $455.1M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 34.7% from the prior year.

Cash & Debt

N/A

Dividends Per Share

N/A

Shares Outstanding

84M

YoY-2.3%

5Y CAGR+0.3%

10Y CAGR+3.9%

Healthequity Inc had 84M shares outstanding in fiscal year 2026. This represents a decrease of 2.3% from the prior year.

Margins & Returns

Gross Margin

69.5%

YoY+4.7pp

5Y CAGR+12.9pp

10Y CAGR+12.3pp

Healthequity Inc's gross margin was 69.5% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 4.7 percentage points from the prior year.

Operating Margin

24.6%

YoY+11.0pp

5Y CAGR+19.9pp

10Y CAGR+3.9pp

Healthequity Inc's operating margin was 24.6% in fiscal year 2026, reflecting core business profitability. This is up 11.0 percentage points from the prior year.

Net Margin

16.4%

YoY+8.3pp

5Y CAGR+15.2pp

10Y CAGR+3.3pp

Healthequity Inc's net profit margin was 16.4% in fiscal year 2026, showing the share of revenue converted to profit. This is up 8.3 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

$262.5M

YoY+9.6%

5Y CAGR+16.0%

10Y CAGR+31.6%

Healthequity Inc invested $262.5M in research and development in fiscal year 2026. This represents an increase of 9.6% from the prior year.

Share Buybacks

$299.3M

YoY+146.3%

Healthequity Inc spent $299.3M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 146.3% from the prior year.

Capital Expenditures

$2.0M

YoY-5.5%

5Y CAGR-31.5%

10Y CAGR-1.9%

Healthequity Inc invested $2.0M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 5.5% from the prior year.

HQY Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Revenue	$1.3B+9.5%	$1.2B+20.0%	$999.6M+16.0%	$861.7M+13.9%	$756.6M+3.1%	$733.6M
Cost of Revenue	$400.3M-5.3%	$422.5M+12.1%	$376.9M+1.9%	$369.8M+11.5%	$331.8M+4.3%	$318.2M
Gross Profit	$913.1M+17.5%	$777.3M+24.8%	$622.6M+26.6%	$491.9M+15.8%	$424.8M+2.3%	$415.3M
R&D Expenses	$262.5M+9.6%	$239.5M+9.5%	$218.8M+13.2%	$193.4M+22.9%	$157.4M+26.1%	$124.8M
SG&A Expenses	$119.9M-9.3%	$132.3M+27.6%	$103.7M+6.3%	$97.5M+14.1%	$85.4M+1.1%	$84.5M
Operating Income	$322.5M+98.6%	$162.3M+37.9%	$117.7M+1199.5%	$9.1M+137.4%	-$24.2M-171.3%	$34.0M
Interest Expense	$57.1M-5.8%	$60.6M+9.3%	$55.5M+14.5%	$48.4M+32.4%	$36.6M+4.8%	$34.9M
Income Tax	$62.2M+221.9%	$19.3M0.0%	$19.3M+261.7%	-$12.0M+46.8%	-$22.5M-378.3%	-$4.7M
Net Income	$215.2M+122.5%	$96.7M+73.6%	$55.7M+313.1%	-$26.1M+41.0%	-$44.3M-601.3%	$8.8M
EPS (Diluted)	$2.46+125.7%	$1.09+70.3%	$0.64+306.5%	$-0.31+41.5%	$-0.53-541.7%	$0.12

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	$334.6M+3.9%	$322.2M-1.1%	$325.8M-1.5%	$330.8M+6.1%	$311.8M+3.8%	$300.4M+0.2%	$299.9M+4.3%	$287.6M
Cost of Revenue	$106.4M+13.1%	$94.1M+0.9%	$93.2M-12.5%	$106.5M-13.2%	$122.8M+18.7%	$103.4M+7.9%	$95.9M-4.6%	$100.5M
Gross Profit	$228.1M0.0%	$228.1M-1.9%	$232.6M+3.7%	$224.3M+18.7%	$189.0M-4.1%	$197.0M-3.4%	$204.1M+9.0%	$187.1M
R&D Expenses	$70.4M+6.7%	$65.9M+1.7%	$64.8M+5.5%	$61.4M-5.0%	$64.7M+7.4%	$60.2M+2.7%	$58.6M+4.4%	$56.1M
SG&A Expenses	$33.5M+8.6%	$30.9M+3.0%	$30.0M+17.4%	$25.5M-14.8%	$30.0M-5.7%	$31.8M-1.5%	$32.3M-15.6%	$38.2M
Operating Income	$71.1M-9.7%	$78.7M-12.2%	$89.6M+7.9%	$83.1M+97.1%	$42.1M+114.8%	$19.6M-66.7%	$58.9M+41.6%	$41.6M
Interest Expense	$13.3M-5.6%	$14.0M-6.1%	$15.0M+0.7%	$14.9M-2.6%	$15.3M-16.0%	$18.2M+17.7%	$15.4M+30.8%	$11.8M
Income Tax	$11.2M-29.6%	$15.8M-12.9%	$18.2M+6.8%	$17.0M+373.8%	$3.6M+598.3%	$515K-95.2%	$10.8M+143.9%	$4.4M
Net Income	$49.7M-3.8%	$51.7M-13.6%	$59.9M+11.0%	$53.9M+104.5%	$26.4M+362.3%	$5.7M-84.1%	$35.8M+24.3%	$28.8M
EPS (Diluted)	N/A	$0.59-13.2%	$0.68+11.5%	$0.61	N/A	$0.06-85.0%	$0.40+21.2%	$0.33

HQY Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	N/A	$3.4B+5.2%	$3.2B+7.0%	$3.0B-1.0%	$3.1B-3.1%	$3.2B
Current Assets	N/A	$472.8M+16.8%	$404.9M+13.0%	$358.4M+28.5%	$278.9M-67.8%	$865.1M
Cash & Equivalents	N/A	$287.9M+14.6%	$251.2M+11.3%	$225.6M+39.9%	$161.2M-78.1%	$736.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	$116.3M+9.5%	$106.2M+7.9%	$98.4M+14.4%	$86.0M+15.5%	$74.5M
Goodwill	N/A	$1.6B0.0%	$1.6B0.0%	$1.6B+0.1%	$1.6B+20.7%	$1.4B
Total Liabilities	N/A	$1.3B+12.5%	$1.1B+2.9%	$1.1B-7.7%	$1.2B-7.9%	$1.3B
Current Liabilities	N/A	$116.3M+26.2%	$92.2M+2.9%	$89.7M-23.8%	$117.7M-38.8%	$192.3M
Long-Term Debt	N/A	$1.1B+14.1%	$925.7M+6.0%	$872.9M-5.0%	$918.5M+1.0%	$909.8M
Total Equity	N/A	$2.1B+1.2%	$2.1B+9.3%	$1.9B+3.4%	$1.9B+0.4%	$1.8B
Retained Earnings	N/A	$218.4M-6.9%	$234.4M+52.2%	$154.0M-5.2%	$162.4M-25.4%	$217.7M

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	$3.4B-0.5%	$3.4B-0.5%	$3.4B0.0%	$3.4B-0.9%	$3.4B-1.1%	$3.5B-0.7%	$3.5B+8.3%	$3.2B
Current Assets	$512.3M+2.7%	$498.7M+1.2%	$492.8M+4.2%	$472.8M-1.0%	$477.7M-3.5%	$495.2M-0.1%	$495.6M+22.4%	$404.9M
Cash & Equivalents	$318.9M+3.1%	$309.3M+1.6%	$304.5M+5.8%	$287.9M-2.7%	$295.9M-8.1%	$322.2M-1.4%	$326.9M+30.1%	$251.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$123.7M+11.2%	$111.2M+0.1%	$111.2M-4.4%	$116.3M-1.5%	$118.0M+10.6%	$106.7M-1.6%	$108.5M+2.1%	$106.2M
Goodwill	$1.6B0.0%	$1.6B0.0%	$1.6B0.0%	$1.6B0.0%	$1.6B0.0%	$1.6B0.0%	$1.6B0.0%	$1.6B
Total Liabilities	$1.3B+0.7%	$1.3B-0.5%	$1.3B-1.7%	$1.3B-3.1%	$1.3B-2.2%	$1.4B+0.5%	$1.4B+18.2%	$1.1B
Current Liabilities	$156.8M+30.0%	$120.6M+3.5%	$116.6M+0.2%	$116.3M-25.6%	$156.3M+1.2%	$154.5M+27.8%	$120.9M+31.1%	$92.2M
Long-Term Debt	$957.4M-2.5%	$982.1M-2.5%	$1.0B-4.7%	$1.1B0.0%	$1.1B-2.3%	$1.1B-1.8%	$1.1B+19.0%	$925.7M
Total Equity	$2.1B-1.3%	$2.1B-0.6%	$2.1B+1.1%	$2.1B+0.4%	$2.1B-0.5%	$2.1B-1.5%	$2.2B+2.8%	$2.1B
Retained Earnings	$195.9M-5.8%	$207.9M-8.4%	$226.9M+3.9%	$218.4M+4.3%	$209.3M-9.6%	$231.6M-14.3%	$270.3M+15.3%	$234.4M

HQY Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$457.1M+34.5%	$339.9M+40.0%	$242.8M+61.2%	$150.7M+6.8%	$141.0M-22.4%	$181.6M
Capital Expenditures	$2.0M-5.5%	$2.1M+23.0%	$1.7M-49.7%	$3.4M-62.2%	$8.9M-32.0%	$13.1M
Free Cash Flow	$455.1M+34.7%	$337.8M+40.1%	$241.1M+63.7%	$147.3M+11.5%	$132.1M-21.6%	$168.5M
Investing Cash Flow	-$47.1M+90.7%	-$505.5M-997.0%	-$46.1M+61.3%	-$119.1M+81.4%	-$639.2M-559.3%	-$97.0M
Financing Cash Flow	-$387.0M-772.2%	$57.6M+222.4%	-$47.0M-1661.1%	-$2.7M-100.7%	$394.9M+653.2%	$52.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$299.3M+146.3%	$121.5M	$0	$0	N/A	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	$117.9M-14.9%	$138.6M+2.0%	$135.9M+109.9%	$64.7M-14.5%	$75.7M-16.3%	$90.5M-16.3%	$108.1M+65.3%	$65.4M
Capital Expenditures	$326K-58.4%	$784K+1.4%	$773K+798.8%	$86K-73.8%	$328K+11.6%	$294K-60.3%	$741K+2.8%	$721K
Free Cash Flow	$117.6M-14.7%	$137.8M+2.0%	$135.1M+109.0%	$64.7M-14.3%	$75.4M-16.4%	$90.3M-16.0%	$107.4M+66.0%	$64.7M
Investing Cash Flow	-$8.4M+25.9%	-$11.4M-1.8%	-$11.2M+30.7%	-$16.1M-19.1%	-$13.6M-5.4%	-$12.9M+93.8%	-$209.1M+22.5%	-$269.9M
Financing Cash Flow	-$99.8M+18.5%	-$122.4M-13.2%	-$108.1M-90.9%	-$56.6M+35.9%	-$88.4M-7.3%	-$82.4M-146.7%	$176.6M+241.2%	$51.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$81.0M-12.3%	$92.4M+38.5%	$66.7M+13.0%	$59.1M-6.2%	$63.0M+7.6%	$58.5M	$0	$0

HQY Financial Ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Gross Margin	69.5%+4.7pp	64.8%+2.5pp	62.3%+5.2pp	57.1%+0.9pp	56.1%-0.5pp	56.6%
Operating Margin	24.6%+11.0pp	13.5%+1.8pp	11.8%+10.7pp	1.1%+4.3pp	-3.2%-7.8pp	4.6%
Net Margin	16.4%+8.3pp	8.1%+2.5pp	5.6%+8.6pp	-3.0%+2.8pp	-5.9%-7.1pp	1.2%
Return on Equity	N/A	4.5%+1.9pp	2.7%+4.0pp	-1.4%+1.0pp	-2.4%-2.9pp	0.5%
Return on Assets	N/A	2.8%+1.1pp	1.7%+2.6pp	-0.9%+0.6pp	-1.4%-1.7pp	0.3%
Current Ratio	N/A	4.06-0.3	4.39+0.4	4.00+1.6	2.37-2.1	4.50
Debt-to-Equity	N/A	0.50+0.1	0.44-0.0	0.46-0.0	0.500.0	0.49
FCF Margin	34.6%+6.5pp	28.1%+4.0pp	24.1%+7.0pp	17.1%-0.4pp	17.5%-5.5pp	23.0%

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Gross Margin	68.2%-2.6pp	70.8%-0.6pp	71.4%+3.6pp	67.8%+7.2pp	60.6%-5.0pp	65.6%-2.4pp	68.0%+3.0pp	65.1%
Operating Margin	21.2%-3.2pp	24.4%-3.1pp	27.5%+2.4pp	25.1%+11.6pp	13.5%+7.0pp	6.5%-13.1pp	19.7%+5.2pp	14.5%
Net Margin	14.9%-1.2pp	16.1%-2.3pp	18.4%+2.1pp	16.3%+7.8pp	8.5%+6.6pp	1.9%-10.0pp	11.9%+1.9pp	10.0%
Return on Equity	2.4%-0.1pp	2.4%-0.4pp	2.8%+0.3pp	2.5%+1.3pp	1.3%+1.0pp	0.3%-1.4pp	1.7%+0.3pp	1.4%
Return on Assets	1.5%-0.1pp	1.5%-0.2pp	1.8%+0.2pp	1.6%+0.8pp	0.8%+0.6pp	0.2%-0.9pp	1.0%+0.1pp	0.9%
Current Ratio	3.27-0.9	4.13-0.1	4.23+0.2	4.06+1.0	3.06-0.1	3.20-0.9	4.10-0.3	4.39
Debt-to-Equity	0.450.0	0.460.0	0.47-0.0	0.500.0	0.500.0	0.510.0	0.51+0.1	0.44
FCF Margin	35.1%-7.6pp	42.8%+1.3pp	41.5%+21.9pp	19.5%-4.7pp	24.2%-5.8pp	30.0%-5.8pp	35.8%+13.3pp	22.5%

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Frequently Asked Questions

What is Healthequity Inc's annual revenue?

Healthequity Inc (HQY) reported $1.3B in total revenue for fiscal year 2026. This represents a 9.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Healthequity Inc's revenue growing?

Healthequity Inc (HQY) revenue grew by 9.5% year-over-year, from $1.2B to $1.3B in fiscal year 2026.

Is Healthequity Inc profitable?

Yes, Healthequity Inc (HQY) reported a net income of $215.2M in fiscal year 2026, with a net profit margin of 16.4%.

What is Healthequity Inc's EBITDA?

Healthequity Inc (HQY) had EBITDA of $477.1M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

What is Healthequity Inc's gross margin?

Healthequity Inc (HQY) had a gross margin of 69.5% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

What is Healthequity Inc's operating margin?

Healthequity Inc (HQY) had an operating margin of 24.6% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

What is Healthequity Inc's net profit margin?

Healthequity Inc (HQY) had a net profit margin of 16.4% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

What is Healthequity Inc's free cash flow?

Healthequity Inc (HQY) generated $455.1M in free cash flow during fiscal year 2026. This represents a 34.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Healthequity Inc's operating cash flow?

Healthequity Inc (HQY) generated $457.1M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Healthequity Inc's capital expenditures?

Healthequity Inc (HQY) invested $2.0M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

How much does Healthequity Inc spend on research and development?

Healthequity Inc (HQY) invested $262.5M in research and development during fiscal year 2026.

Does Healthequity Inc buy back shares?

Yes, Healthequity Inc (HQY) spent $299.3M on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

How many shares does Healthequity Inc have outstanding?

Healthequity Inc (HQY) had 84M shares outstanding as of fiscal year 2026.

Are Healthequity Inc's earnings high quality?

Healthequity Inc (HQY) has an earnings quality ratio of 2.12x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Healthequity Inc cover its interest payments?

Healthequity Inc (HQY) has an interest coverage ratio of 5.6x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.