HealthEquity Delivers Record Q4 and Standout Fiscal 2026 Sales Metrics
Rhea-AI Summary
HealthEquity (NASDAQ: HQY) reported record fourth-quarter sales and strong fiscal 2026 metrics. HSAs reached 10.6 million (+7%), Total Accounts 17.8 million (+4%), HSA Assets $36.5B (+14%) and HSA investments $18.5B (+26%).
The company reaffirmed fiscal 2026 guidance (near top of prior ranges) and will provide updated fiscal 2027 guidance with March results. Management set its Q4/fiscal 2026 earnings call for March 17, 2026.
Positive
- HSA investments +26% to $18.5B year-over-year
- Total HSA Assets +14% to $36.5B year-over-year
- Q4 new HSA sales +17% year-over-year (quarter-to-date)
- Added >1.0M HSA accounts from sales in fiscal 2026
Negative
- No HSA additions from acquisitions year-to-date vs 616 thousand prior year
- 2027 HSA cash repricing yield averages just 1.9% for cash expected to reprice in 2027
News Market Reaction – HQY
On the day this news was published, HQY gained 3.70%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
HQY was up 0.92% with moderately elevated volume, while only one close peer (WAY) appeared on the momentum scanner, rising 8.99%. Other peers showed mixed, generally modest moves, suggesting HQY’s setup was more stock-specific than part of a broad sector rotation.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 12 | FY2027 outlook | Positive | -10.2% | Initial FY2027 revenue and margin outlook plus guidance reaffirmation. |
| Dec 09 | Research report | Neutral | +1.3% | Survey on HSA adoption and financial stress across generations. |
| Dec 03 | Q3 earnings | Positive | -0.2% | Q3 FY2026 beat on growth, profitability, and HSA asset expansion. |
| Nov 13 | AI product update | Positive | -1.0% | Announcement of agentic AI rollout to enhance member experience. |
| Nov 05 | Earnings date | Neutral | -1.8% | Set date and call details for Q3 FY2026 earnings release. |
Recent history shows multiple cases where positive strategic or financial updates were followed by flat-to-negative next-day moves, hinting at a tendency for the stock to sell off or underreact on good news.
Over the last few months, HealthEquity has reported strong financial and operating progress. In Q3 FY2026 it delivered revenue of $322.2M, net income of $51.7M, and $34.4B in HSA assets, alongside share repurchases. It also outlined an ambitious FY2027 outlook with revenue of $1.38B–$1.41B and high adjusted EBITDA margins, launched agentic AI capabilities, and shared research on HSA adoption. Today’s record HSA and asset metrics build directly on this growth and product-expansion narrative.
Market Pulse Summary
This announcement highlights record HSAs, total accounts, and HSA assets, with HSA investments up 26% year over year to $18.5B, alongside reaffirmed guidance for fiscal 2026 and 2027. Historically, HealthEquity has paired solid financial results and detailed outlooks with ongoing product and AI initiatives. Investors may watch upcoming March FY2026 results, updated FY2027 guidance, HSA cash repricing yields, and any shifts in account growth momentum to assess how effectively the company converts these operating gains into earnings.
Key Terms
health savings account financial
HSA financial
consumer-directed benefits financial
HSA cash financial
AI-generated analysis. Not financial advice.
Announces earnings date and upcoming investor conferences
DRAPER, Utah, Feb. 17, 2026 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY) (“HealthEquity” or the “Company”), the nation's largest health savings account (“HSA”) custodian by number of accounts and leading provider of complementary consumer-directed benefits (“CDBs”), today announced its HSAs, HSA Assets, and Total Accounts as of its fiscal year ended January 31, 2026. The Company also reaffirmed its guidance for fiscal 2026 and 2027, provided an updated HSA cash repricing schedule, and announced upcoming events and presentations.
The total number of HSAs as of January 31, 2026 was 10.6 million, an increase of
“HealthEquity delivered a standout fiscal 2026 sales year, driven by a record fourth quarter and our strongest year yet for HSA additions—adding more than one million new HSA accounts from sales,” said Scott Cutler, President and CEO of HealthEquity.
“Against softer U.S. job growth, we generated record new HSA sales as employers turned to HSAs to address rising healthcare costs. Open-enrollment execution drove increased utilization of HSA-eligible plans with enterprise clients, higher retail enrollment supported by product enhancements, and early momentum among newly eligible American families.”
“We maintained high client retention and are entering the new fiscal year with a growing enterprise pipeline. As healthcare affordability pressures persist nationally, we are advocating for regulatory changes so more Americans can take greater control over how they pay for healthcare.”
Dr. Steve Neeleman, Founder and Vice Chair, added, “We’re encouraged by bipartisan efforts to broaden access to HSAs and expand categories of HSA-eligible expenses. HSAs put families in control of their healthcare dollars and help Americans make more informed healthcare decisions.”
Total Accounts (unaudited)
| (in thousands, except percentages) | January 31, 2026 | January 31, 2025 | % Change | |||
| HSAs | 10,570 | 9,889 | 7 | % | ||
| New HSAs from sales - Quarter-to-date | 553 | 471 | 17 | % | ||
| New HSAs from sales - Year-to-date | 1,040 | 1,040 | 0 | % | ||
| New HSAs from acquisitions - Year-to-date | — | 616 | * | |||
| HSAs with investments | 832 | 753 | 10 | % | ||
| CDBs | 7,221 | 7,144 | 1 | % | ||
| Total Accounts | 17,791 | 17,033 | 4 | % | ||
| Average Total Accounts - Quarter-to-date | 17,462 | 16,677 | 5 | % | ||
| Average Total Accounts - Year-to-date | 17,220 | 16,302 | 6 | % | ||
* Not meaningful
HSA Assets (unaudited)
| (in millions, except percentages) | January 31, 2026 | January 31, 2025 | % Change | |||||
| HSA cash | $ | 17,982 | $ | 17,435 | 3 | % | ||
| HSA investments | 18,482 | 14,676 | 26 | % | ||||
| Total HSA Assets | 36,464 | 32,111 | 14 | % | ||||
| Average daily HSA cash - Quarter-to-date | 17,090 | 16,634 | 3 | % | ||||
| Average daily HSA cash - Year-to-date | 17,082 | 16,206 | 5 | % | ||||
HSA cash maturity schedule (unaudited)
The following table summarizes the amount of HSA cash expected to reprice by fiscal year and the respective average annualized yield as of January 31, 2026:
| Year ending January 31, (in billions, except percentages) | HSA cash expected to reprice | Average annualized yield | |||
| 2027 | $ | 4.5 | 1.9 | % | |
| 2028 | 2.3 | 4.0 | % | ||
| 2029 | 1.7 | 3.6 | % | ||
| 2030 | 2.4 | 4.4 | % | ||
| Thereafter | 6.4 | 4.2 | % | ||
| Total (1) | $ | 17.3 | 3.6 | % | |
(1) Excludes
Business outlook
HealthEquity reaffirmed its previously provided outlook for the fiscal year that ended January 31, 2026, and the fiscal year ending January 31, 2027.
The Company expects fiscal 2026 results to be near the top end of previously provided ranges. Based on the strong sales results reported today, the Company intends to provide updated full guidance for fiscal 2027 when it reports fiscal 2026 year-end results in March.
Please see the Company’s press releases dated December 3, 2025, and January 12, 2026, for details regarding previously issued outlooks.
Upcoming events and presentations
The Company set the date for reporting its fourth quarter and fiscal year 2026 results.
| HealthEquity Fourth Quarter and Fiscal Year End 2026 Results Conference Call | |
| Date: | March 17, 2026 |
| Time: | 4:30 p.m. Eastern Time / 2:30 p.m. Mountain Time |
| Dial-In: | 1-833-630-1956 (US and Canada) 1-412-317-1837 (International) |
| Conference ID: | HealthEquity |
| Webcast: | ir.healthequity.com |
The Company also announced that its management team plans to present and meet with investors at the following upcoming conferences:
| Raymond James 47th Annual Institutional Investors Conference | |
| Location: | JW Marriott Orlando Great Lakes |
| Date: | March 4, 2026 |
| Time: | 9:50 a.m. Eastern Time |
| Webcast: | None |
| Mizuho Healthcare Technology Conference | |
| Location: | Virtual |
| Date: | March 5, 2026 |
| Time: | One-on-one meetings only |
| Webcast: | None |
About HealthEquity
HealthEquity and its subsidiaries provide HSAs and other consumer-directed benefits for more than 17 million accounts in partnership with employers, benefits advisors, and health and retirement plan providers who share our mission to save and improve lives by empowering healthcare consumers. For more information, visit www.healthequity.com.
Forward-looking statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our New HSAs from Sales, HSA Assets, Total Accounts, industry, business strategy, plans, goals and expectations concerning our markets and market position, product expansion, future operations, expenses and other results of operations, revenue, margins, profitability, acquisition synergies, future efficiencies, tax rates, capital expenditures, liquidity and capital resources and other financial and operating information. When used in this discussion, the words “may,” “believes,” “intends,” “seeks,” “aims,” “anticipates,” “plans,” “estimates,” “expects,” “should,” “assumes,” “continues,” “could,” “will,” “future” and the negative of these or similar terms and phrases are intended to identify forward-looking statements in this press release.
Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to be correct. Some of these expectations may be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, risks related to the following:
- our ability to adequately place and safeguard our custodial assets, or the failure of any of our depository or insurance company partners;
- our ability to compete effectively in a rapidly evolving healthcare and benefits administration industry;
- our dependence on the continued availability and benefits of tax-advantaged HSAs and other CDBs;
- the impact of fraudulent account activity involving our member accounts or our third-party service providers on our reputation and financial results;
- our ability to successfully identify, acquire and integrate additional portfolio purchases or acquisition targets;
- the significant competition we face and may face in the future, including from those with greater resources than us;
- our reliance on the availability and performance of our technology and communications systems;
- potential future cybersecurity breaches of our technology and communications systems and other data interruptions, including resulting costs and liabilities, reputational damage and loss of business;
- the current uncertain healthcare environment, including changes in healthcare programs and expenditures and related regulations;
- our ability to comply with current and future privacy, healthcare, tax, ERISA, investment adviser and other laws applicable to our business;
- our reliance on partners and third-party vendors for distribution and important services;
- our ability to develop and implement updated features for our technology platforms and communications systems; and
- our reliance on our management team and key team members.
For a detailed discussion of these and other risk factors, please refer to the risks detailed in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the fiscal year ended January 31, 2025, and subsequent periodic and current reports. Past performance is not necessarily indicative of future results. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Investor Relations Contact
Richard Putnam
801-727-1000
rputnam@healthequity.com
Certain terms
| Term | Definition |
| HSA | A financial account through which consumers spend and save long-term for healthcare on a tax-advantaged basis. |
| CDB | Consumer-directed benefits offered by employers, including flexible spending and health reimbursement arrangements (“FSAs” and “HRAs”), Consolidated Omnibus Budget Reconciliation Act (“COBRA”) administration, commuter and other benefits. |
| HSA member | Consumers with HSAs that we serve. |
| Total HSA Assets | HSA members’ custodial cash assets held by our federally insured depository partners and our insurance company partners. Total HSA Assets also includes HSA members' investments in mutual funds through our custodial investment fund partner. |
| Total Accounts | The sum of HSAs and CDBs on our platforms. |
FAQ
How many HSAs did HealthEquity (HQY) report as of January 31, 2026?
What were HealthEquity's (HQY) total HSA assets and year-over-year change for fiscal 2026?
How much did HealthEquity's (HQY) HSA investments grow in fiscal 2026?
Will HealthEquity (HQY) update guidance for fiscal 2027 and when?
When is HealthEquity's (HQY) Q4 and fiscal 2026 earnings call?
What does HealthEquity's (HQY) HSA cash repricing schedule show for near-term yields?
