HealthEquity (HQY) Releases Q4 2026 Earnings: Revenue Growth and Margin Improvement but EPS Miss

HealthEquity Inc. (HQY) reported fourth-quarter 2026 results with revenue of $334.6 million, reflecting year-over-year growth and notable margin improvement.

Revenue: $334.6 million (+7.3% YoY) vs. estimate $336.4 million.

Gross profit: $228.1 million (+20.7% YoY).

Operating profit: $71.1 million (+68.6% YoY).

Net income attributable to common shareholders: $49.7 million (+88.7% YoY).

Diluted EPS: $0.58 (+93.3% YoY) vs. estimate $0.91.

Cash from operations: $138.6 million (+82.9% YoY).

Cash used for property, plant and equipment: $784,000 (up 139.0% YoY).

Cash and cash equivalents: $318.9 million (+7.8% YoY).

Cost of sales: $106.4 million (down 13.3% YoY).

Total liabilities: $1.27 billion (down 4.5% YoY).

Overall, HealthEquity (HQY) showed strong profitability and cash-generation improvements in the quarter, though diluted earnings per share came in below consensus expectations.

Note: This financials data is sourced from a third-party provider and has not been independently verified by Quiver.

HealthEquity Inc. Insider Trading Activity

HealthEquity Inc. insiders have traded $HQY stock on the open market 9 times in the past 6 months. Of those trades, 0 have been purchases and 9 have been sales.

Here’s a breakdown of recent trading of $HQY stock by insiders over the last 6 months:

ELIMELECH ROSNER (EVP, CHIEF TECHNOLOGY OFFICER) sold 10,959 shares for an estimated $1,046,090
DELANO LADD (EVP, General Counsel) has made 0 purchases and 6 sales selling 10,500 shares for an estimated $1,001,672.
GAYLE FURGURSON WELLBORN sold 4,339 shares for an estimated $425,330
MICHAEL HENRY FIORE (EVP, CHIEF COMMERCIAL OFFICER) sold 1,781 shares for an estimated $157,102

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

HealthEquity Inc. Hedge Fund Activity

We have seen 260 institutional investors add shares of HealthEquity Inc. stock to their portfolio, and 293 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC added 1,855,208 shares (+inf%) to their portfolio in Q4 2025, for an estimated $169,955,604
FMR LLC removed 1,437,210 shares (-41.2%) from their portfolio in Q4 2025, for an estimated $131,662,808
INVESCO LTD. removed 1,257,352 shares (-59.1%) from their portfolio in Q4 2025, for an estimated $115,186,016
MACQUARIE GROUP LTD removed 633,143 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $58,002,230
UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC removed 584,138 shares (-75.4%) from their portfolio in Q4 2025, for an estimated $53,512,882
MILLENNIUM MANAGEMENT LLC added 573,283 shares (+151.5%) to their portfolio in Q4 2025, for an estimated $52,518,455
CADIAN CAPITAL MANAGEMENT, LP added 566,700 shares (+inf%) to their portfolio in Q4 2025, for an estimated $51,915,387

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

HealthEquity Inc. Government Contracts

We have seen $45,222,109 of award payments to $HQY over the last year.

Here are some of the awards which we have have seen pay out the most over the last year:

THIS TASK ORDER IS ISSUED TO OFFSET (BUYDOWN) PART OF THE ADMINISTRATIVE FEE CHARGED TO AGENCIES FOR BENEFI...: $14,860,000
ADMINISTRATIVE SERVICE FEES FOR VA FSAFEDS PARTICIPANTS: $2,700,000
DEPARTMENT OF THE NAVY HC/DC FEDERAL FLEXIBLE SPENDING ACCOUNTS FY25: $555,812
ARMY FLEXIBLE SPENDING ACCOUNTING FOR FY2025: $451,492
FSAFEDS ADMINISTRATIVE ACCOUNT FEES FOR DOJ: $420,886

To track government contracts to publicy traded companies, check out Quiver Quantitative's government contracts dashboard.

HealthEquity Inc. Analyst Ratings

Wall Street analysts have issued reports on $HQY in the last several months. We have seen 3 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

BTIG issued a "Buy" rating on 12/04/2025
Citizens issued a "Market Outperform" rating on 12/04/2025
Keybanc issued a "Overweight" rating on 10/08/2025

To track analyst ratings and price targets for HealthEquity Inc., check out Quiver Quantitative's $HQY forecast page.

HealthEquity Inc. Price Targets

Multiple analysts have issued price targets for $HQY recently. We have seen 8 analysts offer price targets for $HQY in the last 6 months, with a median target of $116.0.

Here are some recent targets:

Glen Santangelo from Barclays set a target price of $110.0 on 02/18/2026
David Larsen from BTIG set a target price of $110.0 on 02/17/2026
David Roman from Goldman Sachs set a target price of $89.0 on 01/09/2026
Scott Schoenhaus from Keybanc set a target price of $125.0 on 01/08/2026
Constantine Davides from Citizens set a target price of $122.0 on 12/04/2025
Alexander Paris from Barrington Research set a target price of $125.0 on 12/04/2025
Alexei Gogolev from JP Morgan set a target price of $129.0 on 12/04/2025