Healthequity Inc
healthequity.comHealthEquity (NASDAQ: HQY) is a health savings account (HSA) custodian and consumer-directed benefits (CDB) administrator that manages HSAs, flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), COBRA, and commuter benefits on behalf of employer clients and their employees. Revenue comes from three streams: custodial fees tied to interest earned on HSA cash assets held through depository and insurance company partners, service fees charged per account to employers and health plan partners, and interchange and marketplace revenue from member spending. The company describes itself as a market-share leader in HSA administration and each major category of complementary CDBs, competing directly against Fidelity Investments, UnitedHealth Group's Optum, Webster Bank, health insurance carriers, payroll providers, and regional third-party administrators. HealthEquity operates through a network of employer clients and health plan partners it calls Network Partners. Net income was $215.2 million for the fiscal year ended January 31, 2026, up from $96.7 million the prior year. Adjusted EBITDA was supported by $107.95 million in amortization of acquired intangible assets in FY2026, reflecting a history of acquisition-driven growth.
Products & Services
Health savings accounts (HSAs); healthcare and dependent care flexible spending accounts (FSAs); health reimbursement arrangements (HRAs); COBRA administration; commuter benefits; a member marketplace providing access to third-party healthcare products and programs with tax-advantaged payment options; mobile application and technology platform delivering personalized health savings guidance. Source: 10-K filed 2026-03-17.
Revenue Model
Three revenue streams: (1) custodial revenue, interest earned on HSA cash balances placed with depository and insurance company partners under contractual rate commitments; (2) service revenue, per-account administration fees charged to employer clients and Network Partners for HSA and CDB administration; (3) interchange and marketplace revenue from member transactions and third-party healthcare product partnerships accessed through the HealthEquity marketplace. Source: 10-K filed 2026-03-17.
Customers & Markets
Employer clients (Clients) who sponsor benefit plans for their employees; health plan partners and benefits brokers called Network Partners; individual members who hold HSA and CDB accounts. End market is employer-sponsored health benefits in the United States. Source: 10-K filed 2026-03-17.
Geographic Exposure
All business operations are domestic United States. No international geographic exposure referenced in the filing excerpts. Source: 10-K filed 2026-03-17.
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