HealthEquity, Inc.
healthequity.comWhat Do They Do?
Administers health savings accounts and other employer benefits, and offers consumers tools to save, spend, and invest healthcare funds.
10-K for FY2026, filed Mar 17, 2026
How Do They Make Money?
Clients, Network Partners and members pay fees for HSA and other benefit administration and investment-related services, earned monthly; the company earns monthly custodial revenue from HSA cash held with insurance and depository partners, while merchants pay fees when members make card or virtual payments.
10-K for FY2026, filed Mar 17, 2026We earn revenue primarily from three sources: service, custodial, and interchange. We earn service revenue mainly from fees paid by our…View ↗
Service revenue. The Company administers its platforms, prepares statements, provides a mechanism for spending funds, and provides customer…View ↗
Custodial revenue. The Company earns custodial revenue primarily from HSA cash placed in group annuity contracts or similar arrangements…View ↗
Interchange revenue. The Company satisfies its interchange performance obligation each time payments are made with its cards via payment…View ↗
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10-K for FY2026, filed Mar 17, 2026
FY2026 revenue by product or service ↗
$1.3B
-
10-K for FY2026, filed Mar 17, 2026
$1.3B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Service
Recurring
10-K for FY2026, filed Mar 17, 2026 |
37%
FY2023: 52%
|
Service, FY2026
$485M Sources
|
Recurring |
|
Custodial
Recurring
10-K for FY2026, filed Mar 17, 2026 |
48%
FY2023: 30%
|
Custodial, FY2026
$636.8M Sources
|
Recurring |
|
Interchange
Usage-based
10-K for FY2026, filed Mar 17, 2026 |
15%
FY2023: 17%
|
Interchange, FY2026
$191.6M Sources
|
Usage-based |
Who Are Their Customers?
Employers and Network Partners pay for HSA and other benefit administration, while members also pay for related services. The company reaches employers through brokers, health plans, benefits administrators and retirement plan recordkeepers, as well as a direct sales force; employer relationships connect the services to consumers.
10-K for FY2026, filed Mar 17, 2026We reach consumers primarily through relationships with their employers, which we call Clients. We reach Clients primarily through…View ↗
We earn revenue primarily from three sources: service, custodial, and interchange. We earn service revenue mainly from fees paid by our…View ↗
Large and diversified channel access. We believe our differentiated distribution platforms provide a competitive advantage by efficiently…View ↗
We work directly with our Network Partners and Clients to reach the consumer in various ways. Our Network Partners collectively employ…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 16 cents of every revenue dollar as net income in FY2026 and turned 35 cents into free cash flow.
10-K for FY2026, filed Mar 17, 2026
$322.5MView ↗
10-K for FY2026, filed Mar 17, 2026
$215.2MView ↗
10-K for FY2026, filed Mar 17, 2026
$455.1MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2027, filed Aug 27, 2026
$65.6MView ↗
- ▲ +10%
- vs $59.9M in Q2 FY2026
10-Q for Q2 FY2027, filed Aug 27, 2026
Open tableView ↗
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Aug 27, 2026
Raised fiscal 2027 guidance for revenue and net income
Now expects revenue of $1.411 billion to $1.421 billion and net income of $242 million to $248 million.
Sources
8-K, filed Aug 27, 2026
For the fiscal year ending January 31, 2027, management is raising guidance and now expects revenues of $1.411 billion to $1.421 billion.…View ↗
Growing. Revenue grew 74% in 4 years, from $756.6M in FY2022 to $1.3B in FY2026, about 15% a year.
Who Do They Compete With?
Competes with Fidelity Investments, UnitedHealth Group, and Webster Bank
10-K for FY2026, filed Mar 17, 2026Our direct competitors are HSA custodians and other CDB providers. Many of these are state or federally chartered banks and other financial…View ↗
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