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Apr 30, 2025
HealthEquity Q1 2026 Earnings Report
HealthEquity reported strong growth in Q1 FY26, achieving record revenue and improved profitability.
Key Takeaways
HealthEquity delivered a solid Q1 FY26 with 15% year-over-year revenue growth, improved margins, and significantly higher net income. The company saw gains across all revenue segments and continued to expand its HSA and CDB account base.
Revenue reached $330.8 million, up from $287.6 million a year earlier.
Net income increased to $53.9 million, an 87% rise from the prior year.
Adjusted EBITDA was $140.2 million, representing 42% of revenue.
HSA assets grew to $31.3 billion, driven by higher cash and investment balances.
Revenue by Segment
Forward Guidance
HealthEquity expects continued growth in FY26, with guidance raised for revenue, net income, and adjusted EBITDA.
Positive Outlook
- FY26 revenue projected between $1.285B and $1.305B.
- Net income expected to range from $173M to $188M.
- Adjusted EBITDA guided between $530M and $550M.
- Non-GAAP EPS forecasted between $3.61 and $3.78.
- Total HSA assets expected to continue growing from a strong Q1 base.
Challenges Ahead
- Increased interest expense projected at $58M for FY26.
- Stock-based compensation to remain elevated at $77M.
- Ongoing costs related to merger integration and unused office space.
- Dependency on legislative and policy environment for HSA expansion.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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