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HealthEquity HQY Interchange revenue — Total Revenue

Other product segments

Custodial revenue
$174.33M+11.4%
Service revenue
$122.93M+2.6%

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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 interchange revenue — total revenue?
HealthEquity (HQY) reported interchange revenue — total revenue of $57.38M in Q1 2026.
How has HealthEquity's interchange revenue — total revenue changed year-over-year?
HealthEquity's interchange revenue — total revenue increased by 5.1% year-over-year, from $54.61M to $57.38M.
What is the long-term trend for HealthEquity's interchange revenue — total revenue?
Over 4 years (2022 to 2026), HealthEquity's interchange revenue — total revenue has grown at a 10.9% compound annual growth rate (CAGR), from $126.83M to $191.61M.
What does interchange revenue — total revenue mean?
This metric represents the total gross revenue generated from transaction-based interchange fees earned when customers utilize payment cards linked to their health savings or consumer-directed benefit accounts. It reflects the volume and frequency of card-based spending activity within the company's payment processing ecosystem. Growth in this metric indicates increased consumer engagement and utilization of the company's payment solutions for healthcare expenditures.

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