Filing Flows › Healthequity (HQY) › Q2 FY27 › vs Q1 FY27
Healthequity (HQY) Q2 FY27 vs Q1 FY27 (quarter over quarter)
Healthequity's revenue fell $3.9M (-1%) from $355M in Q1 FY27 to $351M in Q2 FY27. The biggest changes: Interchange revenue −$7.0M (-12%); Custodial revenue +$1.6M (+0.9%); Service revenue +$1.5M (+1%). Gross margin 73.5% against 72.3% (+1.3 pts).
Healthequity, Q2 FY27: revenue $351M (+8% year over year), operating margin 28.1%, net earnings $65.6M, operating cash flow $136M. The chart draws each line against Q1 FY27, the increases inside each band.
Margins
| Q2 FY27 | Q1 FY27 | Change | |
|---|---|---|---|
| Gross margin | 73.5% | 72.3% | +1.3 pts |
| Operating margin | 28.1% | 29.0% | -0.9 pts |
| Net margin | 18.7% | 19.6% | -0.9 pts |
| Free cash flow margin | 38.5% | 27.4% | +11.1 pts |
Every line
| Line | Q2 FY27 | Q1 FY27 | Change | % |
|---|---|---|---|---|
| Custodial revenue | $176M | $174M | $1.6M | +0.9% |
| Service revenue | $124M | $123M | $1.5M | +1% |
| Interchange revenue | $50.4M | $57.4M | −$7.0M | -12% |
| Revenue | $351M | $355M | −$3.9M | -1% |
| Gross profit | $258M | $256M | $1.6M | +0.6% |
| Cost of revenue | $92.8M | $98.3M | −$5.6M | -6% |
| Operating profit | $98.7M | $103M | −$4.3M | -4% |
| Operating expenses | $159M | $153M | $5.9M | +4% |
| Pre-tax earnings | $87.9M | $92.4M | −$4.5M | -5% |
| Other expense, net | $10.8M | $10.5M | $285K | +3% |
| Research & development | $73.9M | $67.8M | $6.2M | +9% |
| Sales & marketing | $23.2M | $26.8M | −$3.6M | -13% |
| General & admin | $34.9M | $31.1M | $3.7M | +12% |
| Other operating costs | $27.3M | $27.6M | −$371K | -1% |
| Net earnings | $65.6M | $69.4M | −$3.8M | -5% |
| Income tax | $22.2M | $23.0M | −$774K | -3% |
| Depreciation & amortization | $42.0M | $38.2M | $3.7M | +10% |
| Share-based compensation | $22.2M | $19.4M | $2.8M | +14% |
| Working capital & other | $6.3M | −$29.5M | $35.9M | — |
| Operating cash flow | $136M | $97.5M | $38.6M | +40% |
| Free cash flow (OCF − capex) | $135M | $97.2M | $38.0M | +39% |
| Capital expenditures | $978K | $362K | $616K | +170% |
Questions
How much did Healthequity's revenue grow quarter over quarter in Q2 FY27?
Healthequity's revenue fell $3.9M (-1%) from $355M in Q1 FY27 to $351M in Q2 FY27.
What drove Healthequity's revenue change in Q2 FY27?
Interchange revenue −$7.0M (-12%); Custodial revenue +$1.6M (+0.9%); Service revenue +$1.5M (+1%).