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Healthequity cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$135M in Q2 FY27 · $488M over twelve months

Operating cash flow$136M
Capital spending−$978K
Free cash flow+$135M
Cash / net income2.1×
Cash conversion cycle21 days

Analysis

In Q2 FY27, Healthequity generated $136M of operating cash flow and spent $978K on capital projects, leaving free cash flow of $135M. That is $88K more than in Q2 FY26 ($135M).

Over the twelve months to Jul 31, 2026, operating cash flow was $490M; the largest uses were buybacks ($404M), net borrowing (+) / repaid (−) ($76.9M), other investing ($57.2M); besides operations, cash came from shares issued ($1.6M), other financing ($751K); the cash balance fell by $48.5M.

Operating cash flow was $136M against net income of $65.6M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$42.0M, stock-based pay +$22.2M, accrued liabilities −$12.7M.

Its cash conversion cycle was 21 days (receivables 32 + inventory 0 − payables 11).

Free cash flow

Healthequity: free cash flow by quarterHealthequity: free cash flow by quarter$90.3MQ3 FY25$75.4MQ4 FY25$64.7MQ1 FY26$135MQ2 FY26$138MQ3 FY26$118MQ4 FY26$97.2MQ1 FY27$135MQ2 FY27
Operating cash flow less capital spending.
Healthequity: operating cash flow against capital spendingHealthequity: operating cash flow against capital spendingOperating cash flowCapital spending$90.5M$294KQ3 FY25$75.7M$328KQ4 FY25$64.7M$86KQ1 FY26$136M$773KQ2 FY26$139M$784KQ3 FY26$118M$326KQ4 FY26$97.5M$362KQ1 FY27$136M$978KQ2 FY27
Latest (Q2 FY27): Operating cash flow $136M, Capital spending $978K.

Capital allocation, year by year

Healthequity: where the cash came from (up) and went (down), by fiscal yearHealthequity: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $141MFY22: Net borrowing −$53.1MFY22: Shares issued $466MFY22: Capital spending −$8.9MFY22: Acquisitions −$505M$607MFY22FY23: Operating cash flow $151MFY23: Net borrowing −$8.8MFY23: Shares issued $6.7MFY23: Capital spending −$3.4M$157MFY23FY24: Operating cash flow $243MFY24: Net borrowing −$54.4MFY24: Shares issued $6.5MFY24: Capital spending −$1.7M$249MFY24FY25: Operating cash flow $340MFY25: Net borrowing $175MFY25: Shares issued $9.4MFY25: Capital spending −$2.1MFY25: Buybacks −$121M$524MFY25FY26: Operating cash flow $457MFY26: Net borrowing −$100MFY26: Shares issued $11.4MFY26: Capital spending −$2.0MFY26: Buybacks −$299M$469MFY26
Over these 5 years operating cash flow totalled $1.3B; the largest uses were acquisitions ($505M) and buybacks ($421M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$256M
Debt$931M
Net debt$675M

Healthequity funds itself: free cash flow was $488M over the last twelve months, and $256M of cash and investments stands against $931M of debt.

Where the cash came from and went

Healthequity: sources (+) and uses (−) of cash, Q2 FY27Healthequity: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$136MBuybacks−$108MOther investing−$24.9MNet borrowing (+) / repaid (−)−$11.9MCash drawn (+) / kept (−)$9.4MCapital spending−$978KShares issued$241KOther financing−$236K
Healthequity: sources (+) and uses (−) of cash, TTM to Q2 FY27Healthequity: sources (+) and uses (−) of cash, 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 profit to cash

Healthequity: net income to operating cash flow, Q2 FY27Healthequity: net income to operating cash flow, Q2 FY27Net income$65.6MDepreciation & amortization$42.0MStock-based pay$22.2MDeferred taxes$9.2MReceivables−$190KAccrued liabilities−$12.7MEmployee-related liabilities$10.1MPrepaid and other assets−$891KOther liabilities$904KOperating cash flow$136M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2732—1121
Q1 FY2731—1219
Q4 FY2632—1419
Q3 FY2632—1418
Q2 FY2632—1121
Q1 FY2632—1220
Q4 FY2533—924
Q3 FY2533—924

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$136M−$978K−$108M−$11.9M$241K$9.4M$135M
Q1 FY27$97.5M−$362K−$123M−$15.0M$418K$53.6M$97.2M
Q4 FY26$118M−$326K−$81.0M−$25.0M$6.0M−$9.7M$118M
Q3 FY26$139M−$784K−$92.4M−$25.0M−$5.0M−$4.8M$138M
Q2 FY26$136M−$773K−$66.7M−$50.0M$9.5M−$16.6M$135M
Q1 FY26$64.7M−$86K−$59.1M—$965K$8.1M$64.7M
Q4 FY25$75.7M−$328K−$63.0M−$25.0M$4.4M$26.2M$75.4M
Q3 FY25$90.5M−$294K−$58.5M−$25.0M$830K$4.7M$90.3M

Healthequity: income statement and cash flow

Healthequity, Q2 FY27: revenue $351M (+8% year over year), operating margin 28.1%. The chart follows the revenue to costs, profit and cash.

Healthequity: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.