Filing Flows › Healthequity (HQY) › Q2 FY27 › vs Q2 FY26
Healthequity (HQY) Q2 FY27 vs Q2 FY26 (year over year)
Healthequity's revenue rose $24.9M (+8%) from $326M in Q2 FY26 to $351M in Q2 FY27. The biggest changes: Custodial revenue +$16.1M (+10%); Service revenue +$6.6M (+6%); Interchange revenue +$2.3M (+5%). Gross margin 73.5% against 71.4% (+2.2 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 Q2 FY26, the increases inside each band.
Margins
| Q2 FY27 | Q2 FY26 | Change | |
|---|---|---|---|
| Gross margin | 73.5% | 71.4% | +2.2 pts |
| Operating margin | 28.1% | 27.5% | +0.6 pts |
| Net margin | 18.7% | 18.4% | +0.3 pts |
| Free cash flow margin | 38.5% | 41.5% | -2.9 pts |
Every line
| Line | Q2 FY27 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| Custodial revenue | $176M | $160M | $16.1M | +10% |
| Service revenue | $124M | $118M | $6.6M | +6% |
| Interchange revenue | $50.4M | $48.1M | $2.3M | +5% |
| Revenue | $351M | $326M | $24.9M | +8% |
| Gross profit | $258M | $233M | $25.4M | +11% |
| Cost of revenue | $92.8M | $93.2M | −$462K | -0.5% |
| Operating profit | $98.7M | $89.6M | $9.1M | +10% |
| Operating expenses | $159M | $143M | $16.3M | +11% |
| Pre-tax earnings | $87.9M | $78.0M | $9.8M | +13% |
| Other expense, net | $10.8M | $11.6M | −$739K | -6% |
| Research & development | $73.9M | $64.8M | $9.1M | +14% |
| Sales & marketing | $23.2M | $19.9M | $3.3M | +17% |
| General & admin | $34.9M | $30.0M | $4.9M | +16% |
| Other operating costs | $27.3M | $28.3M | −$1.0M | -4% |
| Net earnings | $65.6M | $59.9M | $5.8M | +10% |
| Income tax | $22.2M | $18.2M | $4.0M | +22% |
| Depreciation & amortization | $42.0M | $38.5M | $3.5M | +9% |
| Share-based compensation | $22.2M | $19.1M | $3.1M | +16% |
| Working capital & other | $6.3M | $18.5M | −$12.1M | -66% |
| Operating cash flow | $136M | $136M | $293K | +0.2% |
| Free cash flow (OCF − capex) | $135M | $135M | $88K | +0.1% |
| Capital expenditures | $978K | $773K | $205K | +27% |
Questions
How much did Healthequity's revenue grow year over year in Q2 FY27?
Healthequity's revenue rose $24.9M (+8%) from $326M in Q2 FY26 to $351M in Q2 FY27.
What drove Healthequity's revenue change in Q2 FY27?
Custodial revenue +$16.1M (+10%); Service revenue +$6.6M (+6%); Interchange revenue +$2.3M (+5%).