HEALTHEQUITY, INC. (HQY) FY2026 10-K Annual Report
HEALTHEQUITY, INC. (HQY) 10-K annual report for fiscal year 2026, filed with SEC EDGAR on Mar 17, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
HEALTHEQUITY, INC. FY2026 10-K Analysis
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
HEALTHEQUITY, INC. FY2026 Key Financial MetricsXBRL
Revenue
$1.3B
▲ +9.5% YoY
Net Income
$215M
▲ +122.5% YoY
Gross Margin
69.5%
▲ +474bp YoY
Operating Margin
24.6%
▲ +1102bp YoY
Net Margin
16.4%
▲ +832bp YoY
ROE
10.2%
▲ +564bp YoY
Total Assets
$3.4B
▼ -2.0% YoY
EPS (Diluted)
$2.46
▲ +125.7% YoY
Operating Cash Flow
$457M
▲ +34.5% YoY
Source: XBRL data from HEALTHEQUITY, INC. FY2026 10-K filing on SEC EDGAR. All figures in USD.
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