Filing Flows › Healthequity (HQY) › Q3 FY26
Healthequity (HQY) Q3 FY26 earnings results (third quarter fiscal 2026)
10-Q filed Dec 3, 2025
Healthequity (HQY) reported revenue of $322M for the third quarter fiscal 2026 (Q3 FY26), +7% from a year earlier and -1% from the quarter before. Operating margin was 24.4%, net earnings $51.7M (16.0% of revenue).
Healthequity, Q3 FY26: revenue $322M (+7% year over year), operating margin 24.4%, net earnings $51.7M, operating cash flow $139M. The chart follows the revenue to costs, profit and cash.
| Q3 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $322M | -1% | +7% |
| Gross profit | $228M | -2% | +16% |
| Operating profit | $78.7M | -12% | +301% |
| Net earnings | $51.7M | -14% | +806% |
| Operating cash flow | $139M | +2% | +53% |
| Free cash flow | $138M | +2% | +53% |
What changed
Revenue was $322.2M in Q3 FY26, up 7% year over year and down 1% from the previous quarter. Custodial was the largest line at 49% of revenue. Custodial added $18.1M year over year (up 13%), 83% of the total change.
Gross margin was 70.8%, up 5.2 points from a year earlier. Operating profit was $78.7M, a 24.4% margin (up 17.9 points year over year). Of the extra revenue versus a year earlier, 272% reached operating profit, above the 7% margin then. Operating expenses fell 16% while revenue rose 7%. Net earnings were $51.7M, up 806% year over year. The effective tax rate was 23.5%.
Operating cash flow was $138.6M (up 53% year over year), 268% of net earnings. Non-cash charges added back $38.8M of depreciation and amortization and $20.5M of share-based compensation. Working capital and other items added $27.6M. Capital expenditures of $784K left free cash flow of $137.8M.
Questions
What was Healthequity's revenue in the third quarter fiscal 2026?
Healthequity (HQY) reported revenue of $322M for the third quarter fiscal 2026 (Q3 FY26), +7% from a year earlier and -1% from the quarter before.
Was Healthequity profitable in the third quarter fiscal 2026?
Operating profit was $78.7M (24.4% of revenue) and net earnings $51.7M.
Source: Healthequity 10-Q on SEC EDGAR.