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Oct 31, 2025
HealthEquity Q3 2026 Earnings Report
HealthEquity reported strong financial results for the third quarter ended October 31, 2025, with significant increases in revenue, net income, and HSA assets.
Key Takeaways
HealthEquity delivered a record third quarter for fiscal 2026, with net income of $52 million, 20% growth in Adjusted EBITDA, and 29% growth in non-GAAP net income per share, reflecting the team's focus on helping members better save, spend and invest for health. The company reported a 7% increase in total revenue to $322.2 million and a substantial rise in net income per diluted share to $0.59 from $0.06 a year ago.
Revenue increased 7% to $322.2 million compared to the same period last year.
Net income per diluted share rose significantly to $0.59, up from $0.06 in the prior year.
Total HSA Assets grew 15% year-over-year, reaching $34.4 billion.
The company returned $93.7 million to shareholders through stock repurchases and further reduced HSA cash repricing risk with a $2.25 billion Treasury bond hedge.
Revenue by Segment
Forward Guidance
For the fiscal year ending January 31, 2026, HealthEquity management expects revenues between $1.302 billion and $1.312 billion, net income between $197 million and $205 million, and Adjusted EBITDA between $555 million and $565 million.
Positive Outlook
- Expected revenue growth to $1.302 billion - $1.312 billion.
- Anticipated net income of $197 million - $205 million.
- Projected non-GAAP net income per diluted share of $3.87 - $3.95.
- Forecasted Adjusted EBITDA of $555 million - $565 million.
- Strong growth in key financial metrics indicates continued business momentum.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
- The outlook is based on estimated diluted weighted-average shares outstanding, which could fluctuate.
- The normalized non-GAAP tax rate is subject to adjustment based on significant events or changes in business outlook.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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