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HealthEquity Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Dec, 2025
Executive summary
Achieved strong year-over-year growth in Q3 fiscal 2026: revenue up 7% to $322.2M, net income up 806% to $51.7M, adjusted EBITDA up 20% to $141.8M, and gross margin up to 71%.
Administered 10.1 million HSAs with $34.4 billion in assets and 7.2 million complementary CDBs as of October 31, 2025, totaling 17.3 million accounts, a 5% year-over-year increase.
Launched a new direct HSA enrollment platform targeting ACA bronze plan participants, enhancing digital experience and expanding market reach.
Early adoption of the HealthEquity Marketplace platform, including GLP-1 weight loss support, shows positive member engagement and retention.
Acquired the BenefitWallet HSA portfolio, adding 616,000 HSAs and $2.7 billion in assets.
Financial highlights
Q3 revenue rose 7% year-over-year to $322.2M; service revenue $120.3M, custodial revenue $159.1M, interchange revenue $42.8M.
Gross profit for Q3 was $228.1M with a 71% gross margin, up from 66% last year.
Net income for Q3 was $51.7M ($0.59/share), up 806% year-over-year due to a prior-year legal settlement; non-GAAP net income up 26% to $87.7M ($1.01/share).
Adjusted EBITDA was $141.8M (44% margin), up 20% year-over-year.
Nine-month revenue was $978.8M (up 10%), GAAP net income $165.5M ($1.88/share), non-GAAP net income $268.1M ($3.05/share), and adjusted EBITDA $433.1M (44% margin).
Outlook and guidance
Fiscal 2026 revenue expected between $1.302B and $1.312B.
GAAP net income projected at $197M–$205M ($2.24–$2.33/share); non-GAAP net income $341M–$348M ($3.87–$3.95/share).
Adjusted EBITDA guidance raised to $555M–$565M.
Service, custodial, and interchange revenue expected to grow with account and HSA investment increases.
Corporate income tax payments for fiscal 2026 and 2027 expected to be significantly reduced due to new tax legislation.
HSA cash repricing strategy for 2026-2027
AI's impact on operations or member experience?
Current M&A strategy given reduced activity?
Retail HSA growth: partner vs. direct split?
Strategies to boost HSA investor percentage?
Employer HSA adoption accelerating for FY26?
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Next HealthEquity earnings date
Q4 202617 Mar, 2026
Next HealthEquity earnings date
Q4 202617 Mar, 2026
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Frequently asked questions
HealthEquity Inc acquires and develops technology-enabled services platforms and provides delivery of effective choice-enhancing solutions that improve the health and financial well-being of consumers, while complementing the employer responsibility to provide care options. HealthEquity, Inc. is a leader in technology-enabled services platforms that help individuals take control of their health and well-being. The company was founded in 2002 and is headquartered in Draper, Utah.
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