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HealthEquity HQY Custodial revenue — Total Revenue

Other product segments

Service revenue
$122.93M+2.6%
Interchange revenue
$57.38M+5.1%

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Other financials

Income statement

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Revenue$354.6M+7.2%
Gross profit$256.3M+14.3%
Operating income$103.0M+23.9%
Net income$69.4M+28.8%
EPS (diluted)$0.82+34.4%

Balance sheet

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Cash & equivalents$265.4M-7.8%
Total debt$984.7M-11.0%
Total equity$2.0B-3.6%
Total assets$3.3B-3.2%

Cash flow

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Operating cash flow$97.5M+50.6%
CapEx$362.0K+321%
Free cash flow$97.2M+50.3%

Valuation

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Market cap$8.73B+11.0%
Enterprise value$9.45B+9.7%
P/E37.8×-16.1×
P/S6.5×+0.3×

Profitability

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Gross margin70.7%+5.2pp
Operating margin25.6%+9.2pp
Net margin17.3%+7.5pp
FCF margin36.5%+9.3pp

Returns & leverage

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Return on equity11.1%+5.3pp
Debt / equity0.5×0.0×
Current ratio3.4×-0.6×

Where this comes from

Reported directly by HealthEquity in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: HealthEquity’s 10-Q, filed May 28, 2026.

Filed
May 28, 2026, 4:04 PM EDT
Fiscal quarter
Q1 FY2027
Calendar quarter
Q2 2026
Accession
0001428336-26-000028
(in thousands, except per share data)Three months ended April 30, 2026Three months ended April 30, 2025
Revenue
Service revenue$122,932$119,784
Custodial revenue174,334156,455
Interchange revenue57,37554,605
Total revenue354,641330,844
Cost of revenue
Service costs78,32688,005
Custodial costs11,65510,747

Item 1. Financial statements

FAQ

What is HealthEquity's custodial revenue — total revenue?
HealthEquity (HQY) reported custodial revenue — total revenue of $174.33M in Q1 2026.
How has HealthEquity's custodial revenue — total revenue changed year-over-year?
HealthEquity's custodial revenue — total revenue increased by 11.4% year-over-year, from $156.46M to $174.33M.
What is the long-term trend for HealthEquity's custodial revenue — total revenue?
Over 4 years (2022 to 2026), HealthEquity's custodial revenue — total revenue has grown at a 33.1% compound annual growth rate (CAGR), from $202.82M to $636.8M.
What does custodial revenue — total revenue mean?
This metric represents the total gross income generated from custodial services provided for tax-advantaged health savings accounts. It reflects the company's ability to monetize the management of client assets and the scale of its custodial service offerings. Growth in this figure indicates successful expansion of the user base or increased service utilization within the custodial segment.

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