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Healthequity (HQY) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Aug 27, 2026 · Healthequity (HQY) Q2 FY27 earnings results →

Q2 FY27 Revenue up 8% year over year to $351M · 19¢ of every $1 of revenue kept as net profit · operating margin 28.1%

Healthequity made $351M in Q2 FY27 (+8% Y/Y): Custodial revenue $176M, Service revenue $124M, Interchange revenue $50.4M. Operating margin 28.1%, net earnings $65.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 27, 2026.

Revenue$351M
Year over year+8%
Operating margin28.1%
Net earnings$65.6M
Operating cash flow$136M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $350.7M in Q2 FY27, up 8% year over year and down 1% from the previous quarter. Custodial revenue was the largest line at 50% of revenue. Custodial revenue added $16.1M year over year (up 10%), 65% of the total change.

Gross margin was 73.5%, up 2.2 points from Q2 FY26. Operating profit was $98.7M, a 28.1% margin (up 0.6 points year over year). Of the extra revenue versus Q2 FY26, 36% reached operating profit, above the 28% margin then. Operating expenses grew 11% against revenue growth of 8%. The fastest-growing cost line was Sales & marketing (+17%). Net earnings were $65.6M, up 10% year over year. The effective tax rate was 25.3%.

Operating cash flow was $136.2M (roughly flat year over year), 207% of net earnings. Non-cash charges added back $42.0M of depreciation and amortization and $22.2M of share-based compensation. Capital expenditures of $1.0M left free cash flow of $135.2M.

Quarterly history

Healthequity revenue by quarterHealthequity revenue by quarter$312MQ4 FY25$331MQ1 FY26$326MQ2 FY26$322MQ3 FY26$335MQ4 FY26$355MQ1 FY27$351MQ2 FY27
Healthequity net earnings by quarterHealthequity net earnings by quarter$26.4MQ4 FY25$53.9MQ1 FY26$59.9MQ2 FY26$51.7MQ3 FY26$49.7MQ4 FY26$69.4MQ1 FY27$65.6MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QAug 27, 2026$351M+8%28.1%$65.6M$136M
Q1 FY2710-QMay 28, 2026$355M+7%29.0%$69.4M$97.5M
Q4 FY2610-KMar 17, 2026$335M+7%21.2%$49.7M$118M
Q3 FY2610-QDec 3, 2025$322M+7%24.4%$51.7M$139M
Q2 FY2610-QSep 2, 2025$326M+9%27.5%$59.9M$136M
Q1 FY2610-QJun 3, 2025$331M+15%25.1%$53.9M$64.7M
Q4 FY2510-KMar 18, 2025$312M+19%13.5%$26.4M$75.7M

Charts

Healthequity: revenue growth, year over year and quarter over quarterHealthequity: revenue growth, year over year and quarter over quarterY/YQ/Q+19%Q4 FY25+15%+6%Q1 FY26+9%-2%Q2 FY26+7%-1%Q3 FY26+7%+4%Q4 FY26+7%+6%Q1 FY27+8%-1%Q2 FY27
Latest (Q2 FY27): Y/Y +8%, Q/Q -1%.
Healthequity: where the cash came from (+) and went (−), TTM to Q2 FY27Healthequity: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$490MBuybacks−$404MNet borrowing (+) / repaid (−)−$76.9MOther investing−$57.2MCash drawn (+) / kept (−)$48.5MCapital spending−$2.5MShares issued$1.6MOther financing$751K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Healthequity: profit against cash, quarter by quarterHealthequity: profit against cash, quarter by quarterNet incomeOperating cash flow$5.7M$90.5MQ3 FY25$26.4M$75.7MQ4 FY25$53.9M$64.7MQ1 FY26$59.9M$136MQ2 FY26$51.7M$139MQ3 FY26$49.7M$118MQ4 FY26$69.4M$97.5MQ1 FY27$65.6M$136MQ2 FY27
Latest (Q2 FY27): Net income $65.6M, Operating cash flow $136M.
Healthequity: diluted shares by fiscal yearHealthequity: diluted shares by fiscal year76MFY2183MFY2284MFY2387MFY2489MFY2587MFY26
+15.6% since FY21: more shares outstanding (issuance, stock pay).
Healthequity in its industry: growth against margin (87 companies, SIC 7389)Healthequity in its industry: growth against margin (87 companies, SIC 7389)revenue growth, year over year →↑ operating marginmedian +8%median 7%ACNUBERVMELIMAPYPLFISVDASHAMTMFISGPNEBAYCNXCLYFTBRCPAYFOURRBAMMSTNETAKAMCARTWUCSGPADVMSCIWEXZGCBZETSYFICOTICEXLSCNDTRELYALITMBGLQNSTMAXPAYPAYOPRTHCTEVXMTRFLYWGETYANDGNUTXACVAXBPSEZLIMXILQDTPHRRMNIRPAYRGPSCORJANLCASSAMWLSGRPDHXBAERPAYSOPRXNOTEHGBLPOWWRSSSDVLTPAYDQMCIINVUTGLASFHCJMBOLBXHLDFTFTDBMMCNFNSRCOGBUXWASTBCRDHQY (+8%, 28%)
Services-Business Services, NEC; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Healthequity

We are a leader and an innovator in providing technology-enabled services that empower consumers to make healthcare saving, spending, and investing decisions. We use our innovative technology to manage consumers' tax-advantaged health savings accounts (“HSAs”) and other consumer-directed benefits (“CDBs”) offered by employers, including flexible spending accounts and health reimbursement arrangements (“FSAs” and “HRAs”), and to administer Consolidated Omnibus Budget Reconciliation Act (“COBRA”), commuter and other benefits. As part of our services, we provide consumers with payment processing services, personalized benefit information, access to healthcare solutions through our marketplace, and investment advice to grow their tax-advantaged healthcare savings.

In its own words, from its 10-K, filed Mar 17, 2026.

Healthequity against its Services-Business Services, NEC peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +10%. Operating margin: 28.1% against the peers' median 15.3%.

CompanyQuarterRevenueY/YOp. margin
HQY HealthequityQ2 FY27$351M+8%28.1%
ACN AccentureQ4 FY26$18.7B+6%15.3%
UBER Uber TechnologiesQ3 2026$14.8B+10%9.8%
V VisaQ4 FY26$12.1B+13%59.8%
MELI MercadoLibreQ3 2026$10.8B+45%6.3%
MA MastercardQ3 2026$9.8B+14%59.8%
PYPL PayPal HoldingsQ3 2026$8.6B+2%16.3%
FISV FiservQ3 2026$5.2B-1%-105.7%
DASH DoorDashQ3 2026$4.6B+34%9.6%

Source: Healthequity 10-Q on SEC EDGAR · CIK 1428336 · Services-Business Services, NEC

Guidance and outlook

Healthequity Revenue: guidance against what was reportedHealthequity Revenue: guidance against what was reportedguided rangereported (above / within / below)FY25$1.2BFY26$1.3BFY27
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns HQY and who is buying

Largest holders of HQY (13F)Largest holders of HQY (13F)BlackRock$1.0BVanguard Group$794MWasatch Advisors LP$620MMorgan Stanley$411MVanguard Portfolio Management LLC$366MVanguard Capital Management LLC$329MState Street$293MGeode Capital Management, LLC$214MAQR Capital Management LLC$176MDimensional Fund Advisors LP$169M
Funds' net buying of HQY by quarter (13F)Funds' net buying of HQY by quarter (13F)$14.3M2024-09$76.9M2024-12−$110M2025-03−$125M2025-06−$214M2025-09−$34.6M2025-12−$141M2026-03$241M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on HQY

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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