On this page of StockholderLetter.com we present the latest annual shareholder letter from HEALTHEQUITY, INC. — ticker symbol HQY. Reading current and past HQY letters to shareholders can bring important insights into the investment thesis.
FY26 Annual Report
TO O U R S H A R E H O L D E R S Fiscal 2026 was a record year for HealthEquity and a clear demonstration of the strength and durability of our model. We delivered strong execution, significant margin expansion, and record new Health Savings Accounts (HSAs) from sales. For the full year, revenue grew to $1.3 billion, and net income margin doubled to 16%. Adjusted EBITDA margin expanded to more than 43%. For the second consecutive year, we opened more than 1 million new HSAs from sales and ended fiscal 2026 with 17.8 million total accounts, surpassing $36 billion in HSA assets. Healthcare affordability remains one of the defining financial pressures facing American households and employers. As costs rise faster than wages, the need for better tools to save, spend, and invest for care is increasing. That is what makes HSAs more relevant and HealthEquity better positioned to serve that need. The flywheel of our strategy empowers members to better save, spend, and invest for healthcare. Its strength builds over time through maturing accounts and a scaled distribution network with more than 200 network partners and more than 100,000 employer clients. These results reflect a business that becomes stronger with scale. As assets, engagement, and automation grow, our platform becomes more valuable to members, more strategic to partners and clients, and more efficient financially. 2 Copyright 2026 HealthEquity, Inc. All rights reserved.
GROWTH ACROSS THE PLATFORM LOOKING AHEAD We advanced each component of our flywheel in fiscal 2026. We enter fiscal 2027 with momentum and confidence. We will continue expanding our platform while investing in AI-enabled automation to improve member experience, reduce friction, widen access to products and services, and lower the cost to serve over time, while continuing to allocate capital with discipline. On save, total HSA assets increased 14%, with asset growth continuing to outpace account growth. We also expanded access through our direct HSA enrollment experience, enabling newly HSA-eligible individuals selecting Bronze plans on Affordable Care Act (ACA) exchanges to open and fund HSAs through our web and mobile channels. On spend, we launched Marketplace, expanding the ways members can use their HSAs and other health accounts through our platform, including Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs). Over time, that should increase the share of healthcare spend flowing through our platform. We are building more than a successful company. We are building a trusted financial platform for how Americans better save, spend, and invest for healthcare. Executed with discipline, our strategy will continue to drive revenue growth, sustain margin expansion, and create long-term shareholder value. Thank you for your continued support and long-term partnership. Sincerely, On invest, HSA investors grew 10% year-over-year, and their invested assets now represent more than 50% of total HSA assets. With more than 3.6 million mobile app downloads in the last year and workflows designed to make investing easier, we continue to support that growth. The runway ahead remains substantial, as more than 90% of members are not yet investing. Those member outcomes matter to employers as well. Employers do not have to choose between controlling healthcare costs and helping employees build healthcare financial security. Third-party research based on interviews with existing HealthEquity clients found that employers saved approximately $1,630 per employee per year in healthcare costs when at least 60% of benefiteligible employees were enrolled in a high-deductible health plan paired with an HSA and the employer adopted other best practices. Through strong plan design and enrollment execution, HealthEquity helps clients pursue both goals at once. Scott Cutler President and CEO HealthEquity Stephen D. Neeleman, M.D. Founder and Vice Chair Delivering that value requires trust and security. In fiscal 2026, we strengthened fraud controls and improved the member experience, including expanding passkey authentication to reduce reliance on traditional password-based access. In a category where consumers rely on us to safeguard their healthcare dollars and personal information, trust is a competitive advantage. 3 Copyright 2026 HealthEquity, Inc. All rights reserved.
(millions) (millions) Revenue Adjusted EBITDA (millions) (thousands) HSAs HSA Assets 200+ Network Partners #1 Provider of HSAs1 (thousands) 4 Total Accounts Copyright 2026 HealthEquity, Inc. All rights reserved. 1 HealthEquity is ranked as #1 by number of HSAs in the Devenir 2025 Year-End HSA Market Statistics & Trends Report dated April 23, 2026.
 • shareholder letter icon 5/13/2026 Letter Continued (Full PDF)
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 • stockholder letter icon 5/13/2025 HQY Stockholder Letter
 • stockholder letter icon More "Business Services & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon HQY Benford's Law Stock Score = 81


HQY Shareholder/Stockholder Letter Transcript:

FY26
Annual
Report

TO O U R S H A R E H O L D E R S
Fiscal 2026 was a record year for HealthEquity and a
clear demonstration of the strength and durability of our
model.
We delivered strong execution, significant margin
expansion, and record new Health Savings Accounts
(HSAs) from sales. For the full year, revenue grew to $1.3
billion, and net income margin doubled to 16%. Adjusted
EBITDA margin expanded to more than 43%. For the
second consecutive year, we opened more than 1 million
new HSAs from sales and ended fiscal 2026 with 17.8
million total accounts, surpassing $36 billion in HSA
assets.
Healthcare affordability remains one of the defining
financial pressures facing American households and
employers. As costs rise faster than wages, the need
for better tools to save, spend, and invest for care is
increasing. That is what makes HSAs more relevant and
HealthEquity better positioned to serve that need.
The flywheel of our strategy empowers members to
better save, spend, and invest for healthcare. Its strength
builds over time through maturing accounts and a
scaled distribution network with more than 200 network
partners and more than 100,000 employer clients.
These results reflect a business that becomes stronger
with scale. As assets, engagement, and automation
grow, our platform becomes more valuable to members,
more strategic to partners and clients, and more efficient
financially.
2
Copyright   2026 HealthEquity, Inc. All rights reserved.

GROWTH ACROSS THE PLATFORM
LOOKING AHEAD
We advanced each component of our flywheel in fiscal
2026.
We enter fiscal 2027 with momentum and confidence.
We will continue expanding our platform while investing
in AI-enabled automation to improve member experience,
reduce friction, widen access to products and services,
and lower the cost to serve over time, while continuing to
allocate capital with discipline.
On save, total HSA assets increased 14%, with asset
growth continuing to outpace account growth. We also
expanded access through our direct HSA enrollment
experience, enabling newly HSA-eligible individuals
selecting Bronze plans on Affordable Care Act (ACA)
exchanges to open and fund HSAs through our web and
mobile channels.
On spend, we launched Marketplace, expanding the
ways members can use their HSAs and other health
accounts through our platform, including Flexible
Spending Accounts (FSAs) and Health Reimbursement
Arrangements (HRAs). Over time, that should increase
the share of healthcare spend flowing through our
platform.
We are building more than a successful company. We are
building a trusted financial platform for how Americans
better save, spend, and invest for healthcare.
Executed with discipline, our strategy will continue to
drive revenue growth, sustain margin expansion, and
create long-term shareholder value.
Thank you for your continued support and long-term
partnership.
Sincerely,
On invest, HSA investors grew 10% year-over-year, and
their invested assets now represent more than 50%
of total HSA assets. With more than 3.6 million mobile
app downloads in the last year and workflows designed
to make investing easier, we continue to support that
growth. The runway ahead remains substantial, as more
than 90% of members are not yet investing.
Those member outcomes matter to employers as well.
Employers do not have to choose between controlling
healthcare costs and helping employees build healthcare
financial security. Third-party research based on
interviews with existing HealthEquity clients found that
employers saved approximately $1,630 per employee per
year in healthcare costs when at least 60% of benefiteligible employees were enrolled in a high-deductible
health plan paired with an HSA and the employer adopted
other best practices. Through strong plan design and
enrollment execution, HealthEquity helps clients pursue
both goals at once.
Scott Cutler
President and CEO
HealthEquity
Stephen D. Neeleman, M.D.
Founder and Vice Chair
Delivering that value requires trust and security. In
fiscal 2026, we strengthened fraud controls and
improved the member experience, including expanding
passkey authentication to reduce reliance on traditional
password-based access. In a category where consumers
rely on us to safeguard their healthcare dollars and
personal information, trust is a competitive advantage.
3
Copyright   2026 HealthEquity, Inc. All rights reserved.

(millions)
(millions)
Revenue
Adjusted EBITDA
(millions)
(thousands)
HSAs
HSA Assets
200+
Network Partners
#1
Provider of HSAs1
(thousands)
4
Total Accounts
Copyright   2026 HealthEquity, Inc. All rights reserved.
1
HealthEquity is ranked as #1 by number of HSAs in the Devenir 2025 Year-End HSA Market Statistics & Trends Report dated April 23, 2026.


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