Filing Flows › Healthequity (HQY) › Q4 FY26
Healthequity (HQY) Q4 FY26 earnings results (fourth quarter fiscal 2026)
10-K filed Mar 17, 2026
Healthequity (HQY) reported revenue of $335M for the fourth quarter fiscal 2026 (Q4 FY26), +7% from a year earlier and +4% from the quarter before. Operating margin was 21.2%, net earnings $49.7M (14.9% of revenue).
Healthequity, Q4 FY26: revenue $335M (+7% year over year), operating margin 21.2%, net earnings $49.7M, operating cash flow $118M. The chart follows the revenue to costs, profit and cash.
| Q4 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $335M | +4% | +7% |
| Gross profit | $228M | 0% | +21% |
| Operating profit | $71.1M | -10% | +69% |
| Net earnings | $49.7M | -4% | +89% |
| Operating cash flow | $118M | -15% | +56% |
| Free cash flow | $118M | -15% | +56% |
What changed
Revenue was $334.6M in Q4 FY26, up 7% year over year and up 4% from the previous quarter. Custodial was the largest line at 48% of revenue.
Gross margin was 68.2%, up 7.6 points from Q4 FY25. Operating profit was $71.1M, a 21.2% margin (up 7.7 points year over year). Of the extra revenue versus Q4 FY25, 127% reached operating profit, above the 14% margin then. Operating expenses grew 7% against revenue growth of 7%. The fastest-growing cost line was General & admin (+12%). Net earnings were $49.7M, up 89% year over year. The effective tax rate was 18.3%.
Operating cash flow was $117.9M (up 56% year over year), 237% of net earnings. Non-cash charges added back $38.7M of depreciation and amortization and $19.1M of share-based compensation. Working capital and other items added $10.4M. Capital expenditures of $326K left free cash flow of $117.6M.
Questions
What was Healthequity's revenue in the fourth quarter fiscal 2026?
Healthequity (HQY) reported revenue of $335M for the fourth quarter fiscal 2026 (Q4 FY26), +7% from a year earlier and +4% from the quarter before.
Was Healthequity profitable in the fourth quarter fiscal 2026?
Operating profit was $71.1M (21.2% of revenue) and net earnings $49.7M.
Source: Healthequity 10-K on SEC EDGAR.