HealthEquity (HQY) financial statements
HealthEquity reported revenue of $1.3B in fiscal 2026, up 24.8% a year over 9 years.
Net income was $215M and the operating margin 24.6%, against 23.1% in 2017.
Free cash flow was $409M, and the company returned $299M in net buybacks.
The diluted share count rose 46% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from HealthEquity's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $178M | $230M | $287M | $532M | $734M | $757M | $862M | $1000M | $1.2B | $1.3B |
| Cost of revenue | $72M | $95M | $106M | $206M | $318M | $332M | $370M | $377M | $423M | $400M |
| Gross profit | $106M | $135M | $181M | $326M | $415M | $425M | $492M | $623M | $777M | $913M |
| Research and development | $22M | $27M | $35M | $78M | $125M | $157M | $193M | $219M | $240M | $263M |
| Selling, general and admin | $38M | $48M | $63M | $105M | $134M | $144M | $166M | $183M | $223M | $215M |
| Operating income | $41M | $54M | $78M | $77M | $34M | -$24M | $9M | $118M | $162M | $322M |
| Interest expense | — | $274,000 | $270,000 | $25M | $35M | $37M | $48M | $55M | $61M | $57M |
| Pre-tax income | $40M | $52M | $76M | $43M | $4M | -$67M | -$38M | $75M | $116M | $277M |
| Income tax | $14M | $5M | $2M | $3M | -$5M | -$22M | -$12M | $19M | $19M | $62M |
| Net income | $26M | $47M | $74M | $40M | $9M | -$44M | -$26M | $56M | $97M | $215M |
| EPS (diluted) | $0.44 | $0.77 | $1.17 | $0.58 | $0.12 | -$0.53 | -$0.31 | $0.64 | $1.09 | $2.46 |
| Diluted shares | 60M | 62M | 63M | 68M | 76M | 83M | 84M | 87M | 89M | 87M |
| Gross margin | 59.6% | 58.8% | 63.1% | 61.3% | 56.6% | 56.1% | 57.1% | 62.3% | 64.8% | 69.5% |
| Operating margin | 23.1% | 23.7% | 27.0% | 14.5% | 4.6% | -3.2% | 1.1% | 11.8% | 13.5% | 24.6% |
| Net margin | 14.8% | 20.6% | 25.7% | 7.5% | 1.2% | -5.9% | -3.0% | 5.6% | 8.1% | 16.4% |
Balance sheet
Fiscal years, from HealthEquity's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $181M | $241M | $361M | $192M | $329M | $225M | $254M | $404M | $296M | $319M |
| Receivables | $17M | $22M | $26M | $71M | $73M | $87M | $97M | $105M | $118M | $124M |
| Inventory | $592,000 | $215,000 | — | — | — | — | — | — | — | — |
| Total current assets | $201M | $265M | $395M | $297M | $460M | $351M | $383M | $557M | $478M | $512M |
| Property, plant and equipment | $5M | $8M | $8M | $33M | $29M | $23M | $13M | $6M | $3M | $3M |
| Goodwill | $5M | $5M | $5M | $1.3B | $1.3B | $1.6B | $1.6B | $1.6B | $1.6B | $1.6B |
| Total assets | $279M | $369M | $510M | $2.6B | $2.7B | $3.1B | $3.1B | $3.2B | $3.4B | $3.4B |
| Total current liabilities | $16M | $20M | $29M | $152M | $205M | $153M | $131M | $117M | $156M | $157M |
| Long-term debt | — | — | $0 | $1.2B | $924M | $922M | $908M | $875M | $1.1B | $957M |
| Total liabilities | $17M | $23M | $33M | $1.5B | $1.3B | $1.3B | $1.2B | $1.1B | $1.3B | $1.3B |
| Shareholders' equity | $262M | $346M | $477M | $1.0B | $1.4B | $1.9B | $1.9B | $2.0B | $2.1B | $2.1B |
| Net debt | -$140M | -$199M | -$361M | $1.0B | $658M | $705M | $671M | $471M | $760M | $638M |
Cash flow
Fiscal years, from HealthEquity's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $46M | $82M | $113M | $105M | $182M | $141M | $151M | $243M | $340M | $457M |
| Capital spending | $13M | $16M | $14M | $33M | $65M | $72M | $49M | $43M | $53M | $48M |
| Free cash flow | $33M | $66M | $100M | $72M | $117M | $69M | $102M | $200M | $287M | $409M |
| Stock-based compensation | $8M | $14M | $21M | $40M | $43M | $53M | $63M | $77M | $96M | $73M |
| Dividends paid | $0 | — | — | — | — | — | — | — | — | — |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | -$121M | -$299M |
| Net borrowing | — | $0 | $0 | $1.2B | -$239M | -$53M | -$9M | -$54M | $175M | -$100M |
| Free cash flow margin | 18.5% | 28.7% | 34.7% | 13.5% | 16.0% | 9.2% | 11.8% | 20.0% | 23.9% | 31.1% |
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Open HQY in InvestinglyQuestions
What was HealthEquity's revenue in 2026?
$1.3B in fiscal 2026, from its 10-K filing.
How much free cash flow does HealthEquity generate?
$409M in fiscal 2026 (operating cash flow minus capital spending).
From HealthEquity's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.