Here are the 10-K annual reports from HealthEquity, Inc (HQY) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow HQY and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full HQY filings page.
HealthEquity, Inc. files its annual report highlighting its role as a leading U.S. provider of technology-enabled health savings and consumer-directed benefits. As of January 31, 2026, it administered 10.6 million HSAs with $36.5 billion in HSA Assets and 7.2 million complementary CDBs, totaling 17.8 million accounts.
The company generates revenue from service, custodial, and interchange fees, with custodial fees from HSA cash and Client-held funds contributing 48% of revenue in fiscal 2026. A 2025 acquisition of the BenefitWallet HSA portfolio added about 616,000 HSAs and $2.7 billion of HSA Assets for $425 million.
HealthEquity emphasizes proprietary cloud-based platforms, integrated partnerships with more than 200 Network Partners, and increasing use of AI tools. Key risks include reliance on tax advantages for HSAs, interest-rate sensitivity, partner and cybersecurity failures, growing fraud and ransomware threats, intense competition from large financial and healthcare firms, and evolving privacy, healthcare, and AI regulation.