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Jul 31
HealthEquity Q2 2026 Earnings Report
HealthEquity reported strong growth in Q2 2026, with record adjusted EBITDA and significant increases in both net income and total HSA assets.
Key Takeaways
HealthEquity delivered solid financial results in Q2 2026 with revenue reaching $325.8M and EPS at $0.68. Net income grew significantly year-over-year, and the company reported record gross margin and adjusted EBITDA as it continues to expand its HSA footprint.
Revenue reached $325.8M, driven by growth across all segments
Net income rose to $59.9M, with adjusted EPS at $1.08
Total HSA assets increased to $33.1B with 10M total HSAs
Company repurchased 0.7M shares for $66M during the quarter
HealthEquity
HealthEquity
HealthEquity Revenue by Segment
Revenue by Segment
Service Revenue
CapyFin.comCustodial Revenue
CapyFin.comInterchange Revenue
CapyFin.com Forward Guidance
HealthEquity expects continued growth with FY26 revenue between $1.29B and $1.31B, adjusted EBITDA of $540M to $560M, and non-GAAP EPS between $3.74 and $3.91.
Positive Outlook
- FY26 revenue guided between $1.29B and $1.31B
- Adjusted EBITDA expected to reach up to $560M
- Non-GAAP EPS forecasted between $3.74 and $3.91
- Legislative expansion supporting HSA market growth
- Strong momentum in custodial and interchange revenue streams
Challenges Ahead
- Lower growth in new HSA sales compared to prior year
- Higher stock-based compensation impacting GAAP earnings
- Uncertainty around future interest rate environment
- Continued expenses related to merger integration
- Client-held funds remained flat year-over-year
Revenue & Expenses
Visualization of income flow from segment revenue to net income