HEALTHEQUITY, INC.

Listed Company

HQYCIK 0001428336NasdaqLarge AcceleratedServices-Business Services, NecDelawareFY ends Jan 31

Period

FY 2026

Revenue

$1.31B

Net Income

$215.20M

Total Assets

$3.38B

Equity

$2.11B

Shares Out

84.48M

Op. Cash Flow

$457.09M

Business

HealthEquity, Inc. provides technology-enabled administration and custodial services that empower consumers to save, spend, and invest for healthcare through tax-advantaged accounts. It offers health savings accounts (HSAs) and complementary consumer-directed benefits (FSAs, HRAs), COBRA and commuter benefits administration, payment processing, an investment platform and automated advisory services, and related custodial and interchange services. The company reports primary revenue components as service, custodial, and interchange and operates an SEC-registered advisory subsidiary, HealthEquity Advisors, LLC. It serves only the U.S. market and reaches consumers via employers (Clients), benefits brokers and advisors, integrated health plan and ecosystem Network Partners, and a direct sales force through a B2B2C distribution model.

Summary from filing dated 2025-03-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Total revenue	1,313	1,200	1,000	862	757
Total cost of revenue	400	423	377	370	332
Gross profit	913	777	623	492	425
Sales and marketing	95	91	79	69	59
Technology and development	263	240	219	193	157
General and administrative	120	132	104	97	85
Amortization of acquired intangible assets	108	112	93	95	83
Merger integration	5	41	10	29	65
Total operating expenses	591	615	505	483	449
Income from operations	322	162	118	9	−24
Interest expense	−57	−61	−55	−48	—
Other income, net	12	14	13	1	−6
Total other expense	−45	−46	−43	−47	−43
Income before income taxes	277	116	75	−38	−67
Income tax provision	62	19	19	−12	−22
Net income	215	97	56	−26	−44
Basic (in usd per share)	2.5	1.11	0.65	−0.31	−0.53
Diluted (in usd per share)	2.46	1.09	0.64	−0.31	−0.53
Basic (in shares)	86	87	86	84	83
Diluted (in shares)	87	89	87	84	83

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Cash and cash equivalents	319	296	404	254	225
Accounts receivable, net of allowance for doubtful accounts of $924 and $2,070 as of January 31, 2026 and 2025, respectively	124	118	105	97	87
Prepaid expenses and other current assets	70	64	—	—	—
Total current assets	512	478	557	383	351
Property and equipment, net	3	3	6	13	23
Operating lease right-of-use assets	36	43	48	56	64
Intangible assets, net	1,097	1,205	836	936	973
Goodwill	1,648	1,648	1,648	1,648	1,646
Other assets	83	72	68	52	50
Total assets	3,380	3,449	3,164	3,089	3,107
Accounts payable	12	14	12	14	28
Accrued compensation	60	69	50	46	47
Accrued liabilities	74	63	46	44	58
Operating lease liabilities	10	10	9	10	12
Total current liabilities	157	156	117	131	153
Long-term debt, net of issuance costs	957	1,056	875	908	922
Operating lease liabilities, non-current	34	42	49	59	65
Other long-term liabilities	31	23	19	13	14
Deferred tax liability	94	56	69	83	100
Total long-term liabilities	1,116	1,177	1,012	1,062	1,101
Total liabilities	1,273	1,334	1,129	1,193	1,255
Commitments and contingencies (see Note 6)	—	—	—	—	—
Preferred stock, $0.0001 par value, 100,000 shares authorized, no shares issued and outstanding as of January 31, 2026 and 2025	0	0	0	0	0
Common stock, $0.0001 par value, 900,000 shares authorized, 85,007 and 86,536 shares issued and outstanding as of January 31, 2026 and 2025, respectively	8,000	9,000	9,000	8,000	8,000
Additional paid-in capital	1,917	1,906	1,829	1,746	1,677
Accumulated earnings	196	209	206	150	176
Accumulated other comprehensive loss	−6	0	—	—	—
Total stockholders equity	2,107	2,115	2,035	1,896	1,853
Total liabilities and stockholders equity	3,380	3,449	3,164	3,089	3,107

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Depreciation and amortization	155	162	153	161	137
Stock-based compensation	73	96	77	63	53
Amortization of debt issuance costs	1	2	3	3	4
Amortization of gains on derivatives	−16,000	0	0	—	—
Loss on extinguishment of debt	0	2	1	0	4
Deferred taxes	40	−13	−14	−17	−23
Accounts receivable	−6	−13	−8	−10	−11
Prepaid expenses and other current and non-current assets	−13	−12	−33	—	—
Operating lease right-of-use assets	7	7	10	8	15
Accrued compensation	−9	18	3	−1	−4
Accounts payable, accrued liabilities, and other current liabilities	2	9	−204,000	−27	−2
Operating lease liabilities, non-current	−8	−8	−12	−7	−9
Other long-term liabilities	48,000	−7	7	−1	5
Net cash provided by operating activities	457	340	243	151	141
Purchases of software and capitalized software development costs	−47	−51	−41	−45	−63
Purchases of property and equipment	−2	−2	−2	−3	−9
Acquisitions of HSA portfolios	−293,000	−452	−3	−71	−65
Settlement of derivatives, net	2	0	0	—	—
Net cash used in investing activities	−47	−505	−46	−119	−639
Principal payments on long-term debt	−100	−562	−54	−9	−1,003
Repurchases of common stock	−299	−121	0	0	—
Proceeds from long-term debt	0	737	0	0	950
Payment of debt issuance costs	0	−4	0	0	−12
Settlement of client-held funds obligation, net	867,000	−2	865,000	−603,000	−486,000
Proceeds from exercise of common stock options	11	9	6	7	10
Net cash provided by (used in) financing activities	−387	58	−47	−3	395
Increase (decrease) in cash and cash equivalents	23	−108	150	29	−103
Interest expense paid in cash	52	59	50	44	16
Income tax payments, net	8	26	35	2	−6
Purchases of software and capitalized software development costs included in accounts payable, accrued liabilities, or accrued compensation	4	6	3	4	—
Purchases of property and equipment included in accounts payable or accrued liabilities	16,000	45,000	263,000	69,000	1
Repurchases of common stock included in accrued liabilities	3	754,000	0	0	—
Non-cash purchase consideration related to acquisitions of HSA portfolios	0	20	0	0	—
Settlement of derivatives included in other current assets	2	0	0	—	—
Exercise of common stock options receivable	0	10,000	429,000	382,000	470,000

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