Filing Flows › Healthequity (HQY) › Q2 FY27
Healthequity (HQY) Q2 FY27 earnings results (second quarter fiscal 2027)
10-Q filed Aug 27, 2026
Healthequity (HQY) reported revenue of $351M for the second quarter fiscal 2027 (Q2 FY27), +8% from a year earlier and -1% from the quarter before. Operating margin was 28.1%, net earnings $65.6M (18.7% of revenue).
Healthequity, Q2 FY27: revenue $351M (+8% year over year), operating margin 28.1%, net earnings $65.6M, operating cash flow $136M. The chart follows the revenue to costs, profit and cash.
| Q2 FY27 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $351M | -1% | +8% |
| Gross profit | $258M | +0.6% | +11% |
| Operating profit | $98.7M | -4% | +10% |
| Net earnings | $65.6M | -5% | +10% |
| Operating cash flow | $136M | +40% | +0.2% |
| Free cash flow | $135M | +39% | +0.1% |
What changed
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.
Questions
What was Healthequity's revenue in the second quarter fiscal 2027?
Healthequity (HQY) reported revenue of $351M for the second quarter fiscal 2027 (Q2 FY27), +8% from a year earlier and -1% from the quarter before.
Was Healthequity profitable in the second quarter fiscal 2027?
Operating profit was $98.7M (28.1% of revenue) and net earnings $65.6M.
Source: Healthequity 10-Q on SEC EDGAR.