HQY HealthEquity (HQY) Q4 FY26 earnings call
HealthEquity delivered a strong Q4 FY26, marked by record HSA sales, significant margin expansion, and robust earnings growth, driven by the operating leverage of its platform. The company is strategically investing in AI and expanding its marketplace offerings, while benefiting from a constructive policy environment for HSAs, particularly with the ACA exchange expansion. Management expects continued growth and margin expansion in FY27, aiming for a fourth consecutive year in the 'Rule of 50' club.
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HQY operating KPIs by quarter
| KPI | This call Jan 2026 Q4 FY26 | Apr 2026 Q1 FY27 | Jul 2026 Q2 FY27 | Change vs prior quarter |
|---|---|---|---|---|
| New HSAs added | 550KIn the fourth quarter, we delivered 23% adjusted EBITDA growth and more than 500 basis points of adjusted EBITDA margin expansion, while adding a record 550,000 HSAs, resulting in more than 1 million new HSAs from sales for the year, bringing total accounts to 17.8 million and HSA Assets to more than $36 billion.Source: earnings call transcript | 172KNew HSAs from sales grew 15%, introducing 172,000 new HSAs to our platform.Source: earnings call transcript | — | -68.7% |
| App downloads | 3.6M+We now have more than 3.6 million downloads of our app, reflecting the growing adoption of digital-first healthcare.Source: earnings call transcript | — | 5M+Monthly active users on the app reached 1.4 million in July, up 62% year-over-year, while total app downloads exceeded 5 million.Source: earnings call transcript | — |
| Clients | 100K+That level of growth reflects the deeply integrated proprietary compliant platform with more than 200 network partners in over 100,000 clients, supported by a member first secure mobile experience.Source: earnings call transcript | — | ~100KSo, look, I mean, one of the benefits of having around 100,000 or more clients is we see all different types, right?Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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