HealthEquity, Inc. reported a total revenue of $1.31 billion for the fiscal year ending January 31, 2026, marking a 9% increase from $1.20 billion in the previous year. The company's service revenue rose by 1% to $485 million, while custodial revenue saw a significant increase of 17% to $637 million, driven by a higher average annualized yield on HSA cash. Interchange revenue also grew by 9% to $192 million. The net income for the year surged to $215 million, a 123% increase compared to $97 million in the prior year, primarily due to increased gross profit and reduced operating expenses.
HealthEquity's operational metrics showed a steady increase in customer engagement, with the number of Health Savings Accounts (HSAs) administered rising by 7% to 10.57 million, and total accounts, including complementary consumer-directed benefits (CDBs), reaching 17.79 million. The company also reported HSA assets totaling $36.46 billion, a 14% increase from the previous year, attributed to net contributions and market value growth of invested balances. The company’s market share in the HSA sector has expanded from 4% in 2010 to 20% as of June 2025, positioning it as a leading provider in the industry.
Strategically, HealthEquity completed the acquisition of the BenefitWallet HSA portfolio, which added approximately 616,000 HSAs and $2.7 billion in HSA assets for a purchase price of $425 million. This acquisition was financed through a combination of cash and borrowings under its revolving credit facility. The company continues to focus on enhancing its technology platforms, investing in modernization efforts, and leveraging artificial intelligence to improve customer service and operational efficiencies.
The company’s workforce comprised 2,814 employees as of January 31, 2026, reflecting its commitment to maintaining a strong service-driven culture. HealthEquity's forward-looking statements indicate expectations for continued growth in service and custodial revenues, driven by an increase in total accounts and HSA investments. However, the company also acknowledges potential risks, including changes in tax laws affecting HSAs and competition from larger financial institutions. Overall, HealthEquity remains optimistic about its growth trajectory and market position in the evolving healthcare benefits landscape.
About HEALTHEQUITY, INC.
HealthEquity, Inc. is a leading provider of technology-enabled services managing health savings accounts (HSAs) and consumer-directed benefits (CDBs). The company offers tax-advantaged savings, payment processing, investment advice, and benefits administration for employers and consumers. Its proprietary cloud platform, extensive partner network, and focus on consumer experience position it as a market leader in the U.S. healthcare savings ecosystem.
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