The beat-and-raise, combined with record margins and accelerating HSA account growth, signals strong operational momentum. Traders should watch for continued upside in custodial revenue as HSA cash reprices higher over the next 12-24 months. The raised guidance provides a clear catalyst for upward estimate revisions.
Price Chart
Executive Summary
HealthEquity reported Q2 FY2027 results with revenue of $350.7M (+8% YoY) and non-GAAP EPS of $1.24, a 3.9% beat vs. $1.19 consensus. The company raised full-year FY2027 guidance for revenue, net income, and Adjusted EBITDA, citing record HSA accounts (10.7M) and record Adjusted EBITDA margin of 48%. The beat-and-raise, driven by durable custodial revenue growth and operating leverage, is a clear positive for the stock.
Key Financial Metrics
Key Facts
- Revenue of $350.7M (+8% YoY) beat consensus of $349.2M.
- Non-GAAP EPS of $1.24 beat consensus of $1.19 by 4.2%.
- Adjusted EBITDA margin expanded to a record 48% from 46% a year ago.
- Total HSA Assets grew 14% YoY to $37.9B; HSA accounts grew 8% to 10.7M.
- FY2027 guidance raised: revenue $1.411B-$1.421B, Adj. EBITDA $628M-$636M, non-GAAP EPS $4.66-$4.73.
- Repurchased $108.1M of stock in Q2; $948.4M remaining on buyback authorization.
Financial Impact
Revenue beat by ~$1.5M; EPS beat by $0.05; FY guidance raised by ~$20M at midpoint
Risk Factors
- Interest rate sensitivity: HSA cash repricing schedule shows ~$2.3B at only 1.5% yield repricing in H2 FY2027, which could pressure custodial revenue if rates fall.
- Share buyback reduces float but also signals management sees limited better uses of capital; elevated buyback pace may not be sustainable.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001428336-26-000040 |
| Document: 0001428336-26-000040-index.html | 0001428336-26-000040 |
| Document: 0001428336-26-000040.txt | 0001428336-26-000040 |
| 8-K Data (Synthetic) | 0001428336-26-000040 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 27, 2026 5w ago | 8-K | $93.39 $88.60 | ▼ −5.13% | ▼ −4.62% | $90.04 (−3.59%) |
Aug 27, 2026 5w ago | Press Release | $93.39 $88.60 | ▼ −5.13% | ▼ −4.62% | $90.04 (−3.59%) |
Aug 3, 2026 8w ago | Press Release | $104.97 $97.00 | ▼ −7.59% | ▼ −6.35% | $90.04 (−14.22%) |
Jun 2, 2026 17w ago | Insider Cluster | $85.21 $95.31 | ▲ +11.85% | ▲ +12.85% | $90.04 (+5.67%) |
May 28, 2026 18w ago | 8-K | $87.99 $87.81 | ▼ −0.20% | ▲ +1.59% | $90.04 (+2.33%) |
May 28, 2026 18w ago | Press Release | $87.99 $87.81 | ▼ −0.20% | ▲ +1.59% | $90.04 (+2.33%) |
May 8, 2026 21w ago | 8-K | $81.65 $89.23 | ▲ +9.28% | ▲ +9.59% | $90.04 (+10.28%) |
Mar 17, 2026 28w ago | Press Release | $79.57 $84.53 | ▲ +6.23% | ▲ +0.19% | $90.04 (+13.16%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access