HEALTHEQUITY (HQY)·Q4 2026 Earnings Summary

HealthEquity Posts Record Q4 Sales, HSA Assets Hit $36.5B

February 17, 2026 · by Fintool AI Agent

HealthEquity (NASDAQ: HQY), the nation's largest health savings account custodian, announced preliminary Q4 and FY2026 sales metrics ahead of its full earnings release scheduled for March 17, 2026. The company delivered record Q4 HSA sales despite softer U.S. job growth, with HSA Assets reaching $36.5 billion.

Key Highlights:

• HSAs: 10.6M accounts (+7% YoY from 9.9M)
• Total Accounts: 17.8M (+4% YoY)
• HSA Assets: $36.5B (+14% YoY from $32.1B)
• HSA Investments: $18.5B (+26% YoY)
• Q4 New HSAs from Sales: 553K (+17% YoY) — Record quarter
• FY26 New HSAs from Sales: 1.04M — Company's strongest organic growth year

Did HealthEquity Beat Expectations?

This release provides only operating metrics—not full financial results. Full Q4 FY2026 earnings (revenue, EPS) will be reported on March 17, 2026.

However, based on prior quarters, HealthEquity has consistently beaten consensus:

*Values retrieved from S&P Global

The company has beat revenue estimates in 8 consecutive quarters and beat EPS in 7 of the last 8 quarters.

What Did Management Say?

CEO Scott Cutler highlighted the strength of the sales engine amid challenging macro conditions:

"HealthEquity delivered a standout fiscal 2026 sales year, driven by a record fourth quarter and our strongest year yet for HSA additions—adding more than one million new HSA accounts from sales."

Cutler emphasized that despite softer U.S. job growth, employers turned to HSAs to address rising healthcare costs. Key drivers included:

• Strong open-enrollment execution with enterprise clients
• Higher retail enrollment from product enhancements
• Early momentum among newly eligible American families

Dr. Steve Neeleman, Founder and Vice Chair, noted regulatory tailwinds:

"We're encouraged by bipartisan efforts to broaden access to HSAs and expand categories of HSA-eligible expenses. HSAs put families in control of their healthcare dollars and help Americans make more informed healthcare decisions."

What Does Guidance Look Like?

HealthEquity reaffirmed both FY26 and FY27 guidance, with FY26 expected to come in near the top end of previously provided ranges:

FY26 Guidance (ending Jan 31, 2026):

FY27 Outlook (ending Jan 31, 2027):

The company plans to provide updated full FY27 guidance when it reports complete Q4 results in March.

HSA Growth Trajectory

The company continues to demonstrate strong organic HSA growth, with accounts crossing 10.6 million—up from 9.9 million a year ago. Importantly, FY26 had no acquisitions (vs. 616K acquired HSAs in FY25), making this growth entirely organic.

HSA Asset Quality

HSA Assets hit $36.5B, with HSA Investments growing 26% YoY to $18.5B—now representing over 50% of total HSA assets. This shift toward invested assets is positive for the revenue mix, as investment assets generate higher interchange fees.

Interest Rate Headwind: HSA Cash Repricing Schedule

One key risk is HSA cash repricing in a falling rate environment. The company provided an updated maturity schedule:

*Excludes $0.7B in floating-rate contracts

The $4.5B repricing in FY27 at 1.9% yield (vs. current ~3.6% blended) represents near-term headwind, though the company has used Treasury forward contracts to lock in rates on approximately $2.3B of deposits.

How Did the Stock React?

HQY shares closed at $74.36, up 0.65% on the day. However, the stock has underperformed significantly over the past year:

• 52-Week High: $116.65
• 52-Week Low: $72.76 (touched today)
• 50-Day Moving Avg: $88.78
• 200-Day Moving Avg: $94.54

The stock is trading near 52-week lows despite strong operating metrics, likely reflecting concerns about interest rate headwinds and margin compression.

What Changed From Last Quarter?

Q4 is seasonally the strongest quarter for HSA additions due to open enrollment. The 553K new HSAs represents a record Q4 for the company.

Upcoming Catalysts

Historical Financial Performance

*EBITDA and Gross Margin values retrieved from S&P Global

Revenue has grown consistently YoY, with EBITDA margins expanding meaningfully in FY26 compared to FY25.

Bottom Line

HealthEquity delivered record Q4 HSA sales and strong FY26 organic growth, adding over 1 million new HSA accounts without acquisitions. HSA Assets hit $36.5B with an improving mix toward higher-margin invested assets. The company reaffirmed guidance, expecting FY26 results near the top end of ranges.

Key Positives:

• Record Q4 sales (+17% YoY new HSAs)
• Strongest organic growth year ever
• HSA investments growing 26% YoY
• High client retention, growing enterprise pipeline
• Regulatory tailwinds (bipartisan HSA expansion efforts)

Key Concerns:

• Stock trading near 52-week lows
• $4.5B HSA cash repricing at lower 1.9% yield in FY27
• Softer U.S. job growth could slow HSA adoption

Full earnings on March 17, 2026 will provide complete financial details including Q4 revenue, EPS, and updated FY27 guidance.

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Data sourced from HealthEquity 8-K filings and S&P Global. Stock data as of market close February 17, 2026.