Short answer
HEALTHEQUITY, INC. (HQY) filed its fiscal 2026 10-K annual report with the SEC on Mar 17, 2026. It reported revenue of $1.3B (+9.5% year over year) and net income of $215M.
- Top risk flagged: Regulatory risk: Compliance with July 2025 "One Big Beautiful Bill Act" expanding HSA availability to Bronze and Catastrophic plans with uncertain impact on business
FY2026 key financial metrics · XBRL
- Revenue
- $1.3B
- +9.5% YoY
- Net income
- $215M
- +122.5% YoY
- Operating margin
- 24.6%
- +11.0 pp YoY
- Gross margin
- 69.5%
- +4.7 pp YoY
- EPS (diluted)
- $2.46
- +125.7% YoY
- ROE
- 10.2%
- +5.6 pp YoY
- Operating cash flow
- $457M
- +34.5% YoY
Source: XBRL data from the HEALTHEQUITY, INC. (HQY) FY2026 10-K on SEC EDGAR. USD.
HEALTHEQUITY, INC. FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Technology-enabled administration of tax-advantaged health savings accounts (HSAs) and complementary consumer-directed benefits (CDBs) for employers
- New acquisition: BenefitWallet HSA portfolio with 616,000 HSAs and $2.7 billion in assets acquired for $425 million in fiscal 2025
- Strategic focus: Increased AI integration for customer service, process efficiency, and platform modernization to enhance member experience and scalability
- Quantitative metric: Administered 10.6 million HSAs and 7.2 million complementary CDBs totaling 17.8 million accounts as of January 31, 2026
- Notable fact: Increased HSA market share to 20% by June 2025, largest by number of accounts and second largest by assets per Devenir report
Management Discussion & Analysis
- Cash and cash equivalents $318.9M as of Jan 31, 2026, up from $295.9M as of Jan 31, 2025
- Liquidity sources include cash balances, custodial/service/interchange collections, Revolving Credit Facility availability
- Revolving Credit Facility up to $1.0B matures Aug 23, 2029, for working capital, acquisitions, and general corporate purposes
- No revenue, profitability, or segment performance data provided in the MD&A section
- No capital allocation figures for buybacks, dividends, or capex disclosed in the MD&A section
Risk Factors
- Regulatory risk: Compliance with July 2025 "One Big Beautiful Bill Act" expanding HSA availability to Bronze and Catastrophic plans with uncertain impact on business
- Macroeconomic risk: Interest rate fluctuations affect custodial revenue; uses Treasury bond forwards to hedge but still exposed to prevailing government-driven rates
- Operational risk: Integration and efficient consolidation of acquired HSA portfolios critical for growth from competitors divesting non-core HSA businesses
- Competitive risk: Competition from Fidelity Investments, UnitedHealth Group's Optum, and Webster Bank with greater resources for product development and support
- Financial risk: Variable interest expense on Revolving Credit Facility due to changes in prevailing interest rates impacting cost structure
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