HealthEquity stock gains on strong Q2 2026 results and higher guidance

HealthEquity stock is benefiting from solid Q2 fiscal 2027 growth, record HSA metrics and raised full-year guidance, while market data show a multi-month rally supported by expanding margins and AI-driven efficiency.

HealthEquity stock (ISIN US42226C1071) is trading near the upper end of its recent range after the health savings account specialist reported stronger second-quarter fiscal 2027 results and raised its full-year outlook, as detailed in its earnings call dated August 27, 2026. According to recent market data, HealthEquity shares closed at about 98.54 USD on September 2, 2026, up roughly 1.6 percent on the day and contributing to a 15.7 percent gain over the past three months as reported by Zacks and other portals.

Q2 2026 earnings show accelerating growth

In the second quarter of fiscal 2027, which ended in mid-2026, HealthEquity increased total revenue by 8 percent year over year to approximately 350.7 million USD, according to the company’s preliminary earnings call transcript published on August 27, 2026. Service revenue reached a record 124.4 million USD, up 6 percent from the prior-year period, while custodial revenue grew 10 percent to a record 175.9 million USD, reflecting higher HSA cash yields and asset balances.

Interchange revenue tied to card transactions grew 5 percent in the quarter to 50.4 million USD, driven by higher member spending across online and in-store purchases. Gross profit rose to a record 258 million USD, representing about 74 percent of revenue compared with 71 percent in the second quarter a year earlier, underscoring the impact of technology and AI-led cost reductions. On the bottom line, HealthEquity reported GAAP net income of 65.6 million USD, or 0.78 USD per diluted share, while non-GAAP net income came in at 103.8 million USD, or 1.24 USD per diluted share, including a modest one-time software disposal expense.

Guidance raised for fiscal 2027

Building on the strong first half, HealthEquity raised its full-year fiscal 2027 guidance, signaling confidence in the durability of its business model. Management now expects total revenue between 1.411 billion and 1.421 billion USD in fiscal 2027, compared with about 705.4 million USD reported for the first six months, implying mid-single-digit to high-single-digit growth versus the prior year. GAAP net income is forecast in a range of 242 to 248 million USD, equivalent to 2.88 to 2.96 USD per diluted share, while non-GAAP net income is projected between 392 and 398 million USD, or 4.66 to 4.73 USD per share, based on an estimated 84 million shares outstanding.

Adjusted EBITDA is expected between 628 and 636 million USD for fiscal 2027, up from 331.5 million USD in the first half, which already delivered a 47 percent adjusted EBITDA margin. In the second quarter alone, adjusted EBITDA was 167 million USD, up 11 percent year over year, with margin improving to 48 percent from 46 percent in the prior-year quarter. Management also indicated that average yield on HSA cash should be between 3.85 and 3.9 percent during fiscal 2027, supported by a portfolio of forward Treasury contracts that help smooth income from custodial assets.

HSA scale and member engagement continue to grow

Operationally, HealthEquity’s core health savings account franchise continued to expand. In the second quarter of fiscal 2027, total HSA assets increased 14 percent year over year, while total HSA accounts grew 8 percent, reflecting strong new sales and solid client retention above 90 percent. New HSAs from sales grew 24 percent year over year, marking a quarterly record outside the traditional fourth-quarter open enrollment period, according to the earnings call transcript.

Member engagement with HealthEquity’s digital tools is also rising. Monthly active users on the mobile app reached about 1.4 million in July 2026, up 62 percent from the prior-year period, with total app downloads exceeding 5 million. Marketplace, the company’s health and wellness offering embedded in the platform, ended the quarter with more than 14,000 active members and showed consistent month-over-month growth, even though its revenue contribution remains immaterial at this stage. The company noted that HSA members who invest tend to hold larger balances and contribute more: the number of investing HSA members grew 20 percent year over year, and invested HSA assets rose 28 percent, while only around 9 percent of the total HSA population currently invests, leaving ample room for expansion.

AI-driven efficiency supports margin expansion

HealthEquity is leaning heavily on technology and artificial intelligence to improve efficiency and support margin expansion, a theme that featured prominently in the August 27, 2026 earnings call. Management highlighted that AI-driven automation helped resolve about 85 percent of routine chat inquiries and contained roughly 55 percent of card-related phone contacts in the second quarter, contributing to a 25 percent reduction in human-handled calls year over year and an even faster 30 percent decline in card-related calls. These improvements, combined with enhanced self-service options and secure mobile adoption, have driven service costs per account lower even as total accounts grew.

Fraud losses remain significantly below the company’s internal target, while card acceptance improved, indicating that security and user experience are advancing together. As a result, HealthEquity’s gross margin expanded to 74 percent of revenue in the quarter, and management sees further runway for margin improvement as AI and automation are deployed across member services, client onboarding and back-office workflows such as claims processing. That technology leverage is enabling the company to fund growth initiatives in areas like digital engagement, marketplace expansion, brand marketing and investing adoption without sacrificing profitability.

Representative product and member proposition

One representative component of HealthEquity’s offering is its HSA investing solution, including initiatives such as the fee-free Simply Invest lineup designed to make investing more accessible to members. By offering tax-advantaged investing through HSAs and tying it into a mobile-first experience, HealthEquity aims to help members build long-term healthcare savings while navigating rising medical costs. For investors, the combination of expanding HSA assets, growing invested balances and stronger digital engagement is central to the company’s growth case, as those trends support higher service, custodial and interchange revenue over time.

Stock level and valuation snapshot

As of September 2, 2026, HealthEquity stock traded around 98.54 USD, with the latest available data from financial portals indicating a market capitalization close to 7.9 billion USD and a price-to-earnings multiple in the low-30s based on current-year forecasts. The shares have gained about 15.7 percent over the prior three months, according to Zacks, reflecting investor appreciation for the company’s accelerating revenue growth, record adjusted EBITDA margin of 48 percent in the second quarter and raised fiscal 2027 guidance. For retail investors, the key watchpoints now include the sustainability of double-digit growth in HSA assets, the pace of adoption of investing and marketplace features, and management’s ability to balance further AI-driven cost reductions with competitive pricing and client retention.

HealthEquity stock key data

• Company: HealthEquity, Inc.
• ISIN: US42226C1071
• Ticker: HQY
• Trading venue: NASDAQ
• Price (as of September 2, 2026): 98.54 USD
• Market capitalization: 7.9 billion USD (as of September 2, 2026)
• Sector / Industry: Healthcare / Health benefits administration
• Index membership: NASDAQ-listed mid-cap