HealthEquity, Inc. (HQY) SEC Filings & Earnings Calls
EquiReason read 16 HealthEquity, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-10-09 — Chief Commercial Officer terminated without cause; responsibilities redistributed; severance paid per agreement..
Source: SEC EDGAR filings · figures as of 2026-07-31 · read by EquiReason
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- 37.5
- Dividend yield
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- 1 Dec, in 38 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
9 Oct 20268-K · 5.02Chief Commercial Officer terminated without cause; responsibilities redistributed; severance paid per agreement.open
Risks flagged
Loss of a senior commercial leader may disrupt sales and client relationships.
“Chief Commercial Officer terminated without cause; responsibilities redistributed.”
30 Sep 20268-K · 5.02, 7.01Appointment of Noémie Heuland (Moody's CFO) to HealthEquity's Board of Directors; board expanded to 11 members.open
Figures in the filing · each found in the filing text
| Accounts · point_in_time | 18,000,000 |
Risks flagged
No material risk; routine board appointment.
“Standard director compensation; no conflicts noted beyond minor business relationship with Moody's.”
27 Aug 20268-K · 2.02HealthEquity reported record Q2 FY27 results: revenue $350.7M (+8% YoY), net income $65.6M (+10%), Adj. EBITDA margin 48% (record), HSA accounts 10.7M (record), HSA Assets $37.9B (+14%). Raised FY27 guidance.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2027 | $351M | +8% y/y |
| Net income · Q2-2027 | $66M | +10% y/y |
| Adjusted EBITDA · Q2-2027 | $167M | +11% y/y |
| Adjusted EBITDA margin · Q2-2027 | 48.0% | |
| Net income margin · Q2-2027 | 19.0% | |
| Non-GAAP net income per diluted share · Q2-2027 | $1.24 | +15% y/y |
| Total HSA Assets · Q2-2027 | $37.90B | +14% y/y |
| HSA accounts · Q2-2027 | 10,700,000 | +8% y/y |
| New HSAs from sales · Q2-2027 | 202,000 | +24% y/y |
| Total Accounts · Q2-2027 | 17,800,000 |
Guidance
FY27 revenue raised to $1.411-1.421B; net income $242-248M ($2.88-2.96 per diluted share); non-GAAP net income $392-398M ($4.66-4.73 per diluted share); Adjusted EBITDA $628-636M
Raised FY27 guidance across all key metrics reflecting strong momentum and confidence in durable growth.
Risks flagged
Dependence on HSA regulatory environment and tax-advantaged status; any adverse changes could impact demand.
“business outlook, or other changes in expectations regarding tax regulations.” · word for word
27 Aug 202610-QHealthEquity reported Q2 FY2027 revenue of $350.7M (+8% YoY), net income of $65.6M (+10% YoY), and Adjusted EBITDA of $167.0M (+11% YoY), with margin expansion and strong account growth.earningsopen
Figures in the filing · each found in the filing text
| HSAs · Q2-2027 | 10,739,000 | +8% y/y |
| Total Accounts · Q2-2027 | 17,755,000 | +4% y/y |
| Free Cash Flow · H1-2027 | $202M |
Guidance
Expect average annualized yield on HSA cash to further increase; service costs to decrease as a percentage of revenue; custodial revenue to increase.
Management expects continued yield improvement, service cost decline, and revenue growth, with no explicit numeric guidance but positive tone.
Risks flagged
Interest Rate Sensitivity
“Over longer periods, sustained shifts in prevailing interest rates affect the amount of custodial revenue we can realize on custodial assets and the interest retained by our members.” · word for word
Regulatory Change
“Changes in healthcare policy, such as 'Medicare for all' plans, could materially and adversely affect our business in ways that are difficult to predict.” · word for word
28 May 20268-K · 2.02Revenue $355M (+7% y/y); Net income $69M (+29% y/y); Net income margin 20; Guidance: FY2027 revenue guidance $1.41-1.42B; Adjusted EBITDA $625-633Mearningsopen
Figures in the filing · each found in the filing text
| Revenue · Q1-2027 | $355M | +7% y/y |
| Net income · Q1-2027 | $69M | +29% y/y |
| Net income margin · Q1-2027 | 20.0% | |
| Adjusted EBITDA · Q1-2027 | $165M | +17% y/y |
| Adjusted EBITDA margin · Q1-2027 | 46.0% | |
| GAAP diluted net income per share · Q1-2027 | $0.82 | +34% y/y |
| Non-GAAP diluted net income per share · Q1-2027 | $1.24 | +28% y/y |
| Total HSA Assets · Q1-2027 | $37.10B | +19% y/y |
| HSAs · Q1-2027 | 10,600,000 | +8% y/y |
| Total Accounts · Q1-2027 | 17,800,000 |
Guidance
FY2027 revenue guidance $1.41-1.42B; Adjusted EBITDA $625-633M
Guidance raised; margin expansion expected; strong cash generation supports buyback.
Risks flagged
Dependence on healthcare regulatory environment and HSA contribution limits.
“Changes in healthcare policy could impact HSA adoption and contribution levels.”
Interest rate sensitivity on custodial revenue.
“Custodial revenue is sensitive to interest rate environment.”
28 May 202610-QTotal revenue $355M (+7% y/y); Net income $69M (+29% y/y); Adjusted EBITDA $164M (+17% y/y)open
Figures in the filing · each found in the filing text
| Total revenue · Q1-2027 | $355M | +7% y/y |
| Net income · Q1-2027 | $69M | +29% y/y |
| Adjusted EBITDA · Q1-2027 | $164M | +17% y/y |
| HSAs · April 30, 2026 | 10,635,000 | +8% y/y |
| Total Accounts · April 30, 2026 | 17,785,000 | +4% y/y |
| Total HSA Assets · April 30, 2026 | $37.11B | +19% y/y |
| Average daily HSA cash · Q1-2027 | $17.71B | +3% y/y |
| Service revenue · Q1-2027 | $123M | +3% y/y |
| Custodial revenue · Q1-2027 | $174M | +11% y/y |
| Interchange revenue · Q1-2027 | $57M | +5% y/y |
Risks flagged
Interest rate exposure on custodial revenue
“Over longer periods, sustained shifts in prevailing interest rates affect the amount of custodial revenue we can realize on custodial assets” · word for word
Regulatory changes (HSA eligibility)
“Changes in healthcare policy, such as 'Medicare for all' plans, could materially and adversely affect our business” · word for word
Competition from large financial institutions
“Some of our direct competitors (including well-known retail investment companies, such as Fidelity Investments, and healthcare service companies such as UnitedHealth Group's Optum and Webster Bank) are in a position to devote more resources” · word for word
13 May 2026DEF 14AProxy statement filed; no material event.open
Figures in the filing · each found in the filing text
| Revenue · FY2026 | $1.31B | +9% y/y |
| Net income · FY2026 | $215M | +123% y/y |
| Adjusted EBITDA · FY2026 | $566M | +20% y/y |
| Health Savings Accounts (HSAs) · FY2026 | 10,600,000 | +7% y/y |
| New HSAs from sales · FY2026 | 1,040,000 | |
| Total Accounts · FY2026 | 17,800,000 | +4% y/y |
| HSA Assets · FY2026 | $36.50B | +14% y/y |
| Shares repurchased · FY2026 | 3,300,000 |
6 Apr 20268-K · 5.02Reported the departure of a director or principal officer (CEO/CFO change); filed financial statements and exhibits with this reportopen
Risks flagged
Leadership transition risk in technology organization; CTO departure without cause may signal internal issues or strategic shift.
“CTO terminated without cause; new technology leader has no disclosed HSA/healthcare background.”
30 Mar 20268-K · 5.02, 7.01Revenue from Sanford Health $123,923.00open
Figures in the filing · each found in the filing text
| revenue from Sanford Health · FY2026 | $123923.00 |
17 Mar 20268-K · 2.02Revenue $1.31B (+9% y/y); Net income $215M (+123% y/y); Adjusted EBITDA $566M (+20% y/y); Guidance: FY2027 revenue $1.405-1.415B; Adj. EBITDA $618-628Mearningsopen
Figures in the filing · each found in the filing text
| Revenue · FY2026 | $1.31B | +9% y/y |
| Net income · FY2026 | $215M | +123% y/y |
| Adjusted EBITDA · FY2026 | $566M | +20% y/y |
| Total HSA Assets · 2026-01-31 | $36.50B | +14% y/y |
| HSAs · 2026-01-31 | 10,600,000 | +7% y/y |
| Total Accounts · 2026-01-31 | 17,800,000 | |
| Non-GAAP net income per diluted share · FY2026 | $4.00 | +28% y/y |
| Net income per diluted share · FY2026 | $2.46 | |
| Revenue guidance · FY2027 | $1.41B |
Guidance
FY2027 revenue $1.405-1.415B; Adj. EBITDA $618-628M
Raised FY2027 guidance after record FY2026 results; strong demand and margin expansion.
Risks flagged
HSA cash repricing risk partially hedged with $2.35B Treasury bond hedge at 3.92%.
“Further reduced HSA cash repricing risk with a cumulative $2.35 billion 5-year Treasury bond hedge at 3.92%.” · word for word
17 Mar 202610-KHSAs 10,570,000 (+7% y/y); HSA Assets $36.46B (+14% y/y); CDBs 7,221,000 (+1% y/y)open
Figures in the filing · each found in the filing text
| HSAs · Consolidated · FY2026 | $11M | +7% y/y |
| HSA Assets · Consolidated · FY2026 | $36.46B | +14% y/y |
| CDBs · Consolidated · FY2026 | $7M | +1% y/y |
| Total Accounts · Consolidated · FY2026 | $18M | +4% y/y |
| Client-held funds · Consolidated · FY2026 | $1.09B | +22% y/y |
| HSA cash · Consolidated · FY2026 | $17.98B | +3% y/y |
| HSA investments · Consolidated · FY2026 | $18.48B | +26% y/y |
17 Feb 20268-K · 2.02HSAs 10,570,000 (+7% y/y); Total Accounts 17,791,000 (+4% y/y); HSA Assets $36.46B (+14% y/y); Guidance: FY2026 results expected near top end of ranges; FY2027 guidance reaffirmedearningsopen
Figures in the filing · each found in the filing text
| HSAs · 2026-01-31 | 10,570,000 | +7% y/y |
| Total Accounts · 2026-01-31 | 17,791,000 | +4% y/y |
| HSA Assets · 2026-01-31 | $36.46B | +14% y/y |
| New HSAs from sales (Q4) · Q4-2026 | 553,000 | +17% y/y |
| New HSAs from sales (FY) · FY2026 | 1,040,000 | 0% y/y |
| HSA investments · 2026-01-31 | $18.48B | +26% y/y |
| HSA cash · 2026-01-31 | $17.98B | +3% y/y |
| HSAs with investments · 2026-01-31 | 832,000 | +10% y/y |
Guidance
FY2026 results expected near top end of ranges; FY2027 guidance reaffirmed
Reaffirmed guidance with expectation of results near top end; record sales momentum.
Risks flagged
Regulatory risk: HSA eligibility expansion may not materialize
“We’re encouraged by bipartisan efforts to broaden access to HSAs and expand categories of HSA-eligible expenses.” · word for word
Interest rate sensitivity on HSA cash repricing
“HSA cash maturity schedule shows $4.5B repricing in FY2027 at 1.9% average yield.”
12 Jan 20268-K · 7.01HSA cash yield guidance 3.75; Total accounts 17,000,000; Guidance: FY27 revenue $1.38-1.41B, adj. EBITDA margin 43.8-44.3%open
Figures in the filing · each found in the filing text
| HSA cash yield guidance · FY 2027 | 3.8% | |
| Total accounts · point_in_time | 17,000,000 |
Guidance
FY27 revenue $1.38-1.41B, adj. EBITDA margin 43.8-44.3%
Initial FY27 outlook shows continued growth and margin expansion.
Risks flagged
Dependence on tax-advantaged status of HSAs; regulatory risk.
“Dependence on the continued availability and benefits of tax-advantaged HSAs and other CDBs.” · word for word
Cybersecurity and data privacy risks.
“Potential future cybersecurity breaches of our technology and communications systems.” · word for word
3 Dec 20258-K · 2.02Revenue $322M (+7% y/y); Net income per diluted share $0.59; Non-GAAP net income per diluted share $1.01 (+29% y/y); Guidance: Revenue guidance $1.302B-$1.312B; Adjusted EBITDA $555M-$565Mearningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2026 | $322M | +7% y/y |
| Net income per diluted share · Q3-2026 | $0.59 | |
| Non-GAAP net income per diluted share · Q3-2026 | $1.01 | +29% y/y |
| Total HSA Assets · Q3-2026 | $34.40B | +15% y/y |
| Adjusted EBITDA · Q3-2026 | $142M | +20% y/y |
| HSAs · Q3-2026 | 10,100,000 | +6% y/y |
| Total Accounts · Q3-2026 | 17,300,000 | |
| Service revenue · Q3-2026 | $120M | |
| Custodial revenue · Q3-2026 | $159M | |
| Interchange revenue · Q3-2026 | $43M |
Guidance
Revenue guidance $1.302B-$1.312B; Adjusted EBITDA $555M-$565M
Raised full-year guidance with revenue $1.302B-$1.312B, net income $197M-$205M, non-GAAP EPS $3.87-$3.95, and Adjusted EBITDA $555M-$565M.
Risks flagged
HSA cash repricing risk partially hedged with $2.25B Treasury bond hedge; interest rate sensitivity remains.
“further reduced HSA cash repricing risk with a cumulative $2.25 billion 5-year Treasury bond hedge at 3.94%” · word for word
3 Dec 202510-QHealthEquity reported strong Q3 results with revenue up 7% YoY, net income up 806%, and Adjusted EBITDA margin expanding to 44%.earningsopen
Figures in the filing · each found in the filing text
| HSAs · Q3-2026 | 10,108,000 | +6% y/y |
| Total Accounts · Q3-2026 | 17,280,000 | +5% y/y |
| Free Cash Flow · 9M-2026 | $301M | +34% y/y |
Guidance
Expects average annualized yield on HSA cash to further increase; expects service costs to decrease; expects general and administrative expenses to decrease as a percentage of revenue.
Management expects continued revenue growth, margin expansion, and lower costs, supported by higher yields and operating leverage.
Risks flagged
Interest Rate Decline Risk
“Over longer periods, sustained shifts in prevailing interest rates affect the amount of custodial revenue we can realize on custodial assets.” · word for word
Regulatory Change Risk
“Changes in healthcare policy, such as 'Medicare for all' plans, could materially and adversely affect our business in ways that are difficult to predict.” · word for word
Competition Risk
“Some of our direct competitors (including well-known retail investment companies, such as Fidelity Investments, and healthcare service companies such as UnitedHealth Group's Optum and Webster Bank) are in a position to devote more resources.” · word for word
Government contract awards
federal awards · contract value, often multi-year| Date | Agency | Value | What for |
|---|---|---|---|
| 2026-03-10 | Office of Personnel Management | $22M | THIS TASK ORDER IS ISSUED TO OFFSET (BUYDOWN) PART OF THE ADMINISTRATIVE FEE CHARGED TO AGENCIES FOR BENEFIT YEAR 2026 WITH FUNDING FROM OPM'S RISK RESERVE ACCOUNT. FOR BENEFIT YEA |
HealthEquity, Inc. — questions
- What did HealthEquity, Inc. file recently?
- 16 SEC filings in the last 12 months. Latest: 8-K on 2026-10-09 — Chief Commercial Officer terminated without cause; responsibilities redistributed; severance paid per agreement.
Every figure on this page comes from HealthEquity, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.