Filing Flows › Healthequity (HQY) › Q1 FY27 › vs Q1 FY26
Healthequity (HQY) Q1 FY27 vs Q1 FY26 (year over year)
Healthequity's revenue rose $23.8M (+7%) from $331M in Q1 FY26 to $355M in Q1 FY27. The biggest changes: Custodial revenue +$17.9M (+11%); Service revenue +$3.1M (+3%); Interchange revenue +$2.8M (+5%). Gross margin 72.3% against 67.8% (+4.5 pts).
Healthequity, Q1 FY27: revenue $355M (+7% year over year), operating margin 29.0%, net earnings $69.4M, operating cash flow $97.5M. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q1 FY27 | Q1 FY26 | Change | |
|---|---|---|---|
| Gross margin | 72.3% | 67.8% | +4.5 pts |
| Operating margin | 29.0% | 25.1% | +3.9 pts |
| Net margin | 19.6% | 16.3% | +3.3 pts |
| Free cash flow margin | 27.4% | 19.5% | +7.9 pts |
Every line
| Line | Q1 FY27 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Custodial revenue | $174M | $156M | $17.9M | +11% |
| Service revenue | $123M | $120M | $3.1M | +3% |
| Interchange revenue | $57.4M | $54.6M | $2.8M | +5% |
| Revenue | $355M | $331M | $23.8M | +7% |
| Gross profit | $256M | $224M | $32.0M | +14% |
| Cost of revenue | $98.3M | $107M | −$8.2M | -8% |
| Operating profit | $103M | $83.1M | $19.9M | +24% |
| Operating expenses | $153M | $141M | $12.1M | +9% |
| Pre-tax earnings | $92.4M | $71.0M | $21.5M | +30% |
| Other expense, net | $10.5M | $12.1M | −$1.6M | -13% |
| Research & development | $67.8M | $61.4M | $6.3M | +10% |
| Sales & marketing | $26.8M | $26.0M | $849K | +3% |
| General & admin | $31.1M | $25.5M | $5.6M | +22% |
| Other operating costs | $27.6M | $28.3M | −$649K | -2% |
| Net earnings | $69.4M | $53.9M | $15.5M | +29% |
| Income tax | $23.0M | $17.0M | $6.0M | +35% |
| Depreciation & amortization | $38.2M | $38.7M | −$527K | -1% |
| Share-based compensation | $19.4M | $14.3M | $5.1M | +35% |
| Working capital & other | $29.5M | $42.3M | −$12.7M | -30% |
| Operating cash flow | $97.5M | $64.7M | $32.8M | +51% |
| Free cash flow (OCF − capex) | $97.2M | $64.7M | $32.5M | +50% |
| Capital expenditures | $362K | $86K | $276K | +321% |
Questions
How much did Healthequity's revenue grow year over year in Q1 FY27?
Healthequity's revenue rose $23.8M (+7%) from $331M in Q1 FY26 to $355M in Q1 FY27.
What drove Healthequity's revenue change in Q1 FY27?
Custodial revenue +$17.9M (+11%); Service revenue +$3.1M (+3%); Interchange revenue +$2.8M (+5%).