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Jan 31, 2025
HealthEquity Q4 2025 Earnings Report
HealthEquity reported strong fourth-quarter results with significant year-over-year revenue growth and solid profitability.
Key Takeaways
HealthEquity delivered a 19% revenue increase in Q4 FY25 compared to the previous year, alongside stable net income and improved non-GAAP EPS. The company saw growth across service, custodial, and interchange revenue streams, and highlighted continued expansion in total accounts and HSA assets.
Revenue rose 19% year-over-year to $311.8 million.
Net income remained stable at $26.4 million, matching Q4 FY24 results.
Non-GAAP EPS increased from $0.63 to $0.69.
Strong growth in HSA accounts and assets, with total HSA assets reaching $32.1 billion.
Revenue by Segment
Forward Guidance
Management expects continued strong growth for fiscal year 2026 with higher revenue, net income, and adjusted EBITDA projections.
Positive Outlook
- Revenue guidance between $1.28B and $1.305B for FY26.
- Net income projected between $164M and $179M.
- Non-GAAP net income forecasted between $318M and $333M.
- Expected Adjusted EBITDA between $525M and $545M.
- Continued focus on strategic initiatives and member growth.
Challenges Ahead
- Potential impacts from macroeconomic factors.
- Possible regulatory changes affecting tax-advantaged benefits.
- Competitive pressures in healthcare benefits market.
- Dependence on third-party vendors and partners.
- Risk of cybersecurity threats impacting operations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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