HealthEquity, Inc. (HQY) Revenue History
Annual and quarterly revenue from 2013 to present
HQY Revenue Over Time (2013–2026)
HQY Revenue Growth History
13 of 13 years with positive growth- FY2013 revenue growth
- N/A
- FY2014 revenue growth
- +34.6%
- FY2015 revenue growth
- +41.7%
- FY2016 revenue growth
- +44.3%
- FY2017 revenue growth
- +40.7%
- FY2018 revenue growth
- +28.7%
- FY2019 revenue growth
- +25.1%
- FY2020 revenue growth
- +85.2%
- FY2021 revenue growth
- +37.9%
- FY2022 revenue growth
- +3.1%
- FY2023 revenue growth
- +13.9%
- FY2024 revenue growth
- +16.0%
- FY2025 revenue growth
- +20.0%
- FY2026 revenue growth
- +9.5%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2027 | $354.6M | +7.2% |
| Q4 2026 | $334.6M | +7.3% |
| Q3 2026 | $322.2M | +7.2% |
| Q2 2026 | $325.8M | +8.6% |
| Q1 2026 | $330.8M | +15.0% |
| Q4 2025 | $311.8M | +18.8% |
| Q3 2025 | $300.4M | +20.5% |
| Q2 2025 | $299.9M | +23.1% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2026)
HQY's revenue distribution by segment and geography for fiscal year 2026
By Product/Segment
HQY Revenue Analysis (2013–2026)
Current Revenue & Growth
As of June 22, 2026, HealthEquity, Inc. (HQY) generated trailing twelve-month (TTM) revenue of $1.34 billion, reflecting solid growth of +7.2% year-over-year. The most recent quarter (Q1 2027) recorded $354.6 million in revenue, up 6.0% sequentially.
Historical Growth Trajectory
HQY's 5-year compound annual growth rate (CAGR) stands at +12.4%, indicating consistent double-digit revenue growth. The 3-year CAGR of +15.1% exceeds the 5-year average, indicating an acceleration in the most recent period. HealthEquity, Inc.'s highest annual revenue of $1.31 billion was recorded in 2026, an all-time high.
Revenue by Segment
HQY's revenue is primarily driven by Financial Service, Other (48%), Service (37%), and Credit and Debit Card (15%). The diversified mix across segments reduces dependence on any single product line, which can support more resilient revenue in downturns.
Peer Comparison
Compared to Healthcare sector peers — including WEX (+3.3% YoY), BEN, and INVA (+13.6% YoY) — HQY has underperformed the peer group in revenue growth. Compare HQY vs WEX →
HQY Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| HQYCurrent | $1.3B | +7.2% | +12.4% | 24.6% | |
 WEX | $2.7B | +3.3% | +11.3% | 25.4% | |
 BEN | $8.8B | - | - | 6.9% | |
 INVA | $425M | +13.6% | +4.8% | 38.5% | |
 GWRE | $1.2B | +24.9% | +10.1% | 3.4% | |
 PCTY | $1.6B | +14.7% | +23.2% | 19.1% |
HQY Historical Revenue Data (2013–2026)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2026 | $1.31B | +9.5% | $913.1M | 69.5% | $322.5M | 24.6% |
| 2025 | $1.20B | +20.0% | $692.6M | 57.7% | $230.1M | 19.2% |
| 2024 | $999.6M | +16.0% | $529.9M | 53.0% | $128.1M | 12.8% |
| 2023 | $861.7M | +13.9% | $395.5M | 45.9% | $37.7M | 4.4% |
| 2022 | $756.6M | +3.1% | $340.9M | 45.1% | $40.6M | 5.4% |
| 2021 | $733.6M | +37.9% | $339.3M | 46.2% | $80.0M | 10.9% |
| 2020 | $532.0M | +85.2% | $291.2M | 54.7% | $109.1M | 20.5% |
| 2019 | $287.2M | +25.1% | $175.3M | 61.0% | $77.7M | 27.0% |
| 2018 | $229.5M | +28.7% | $130.1M | 56.7% | $54.4M | 23.7% |
| 2017 | $178.4M | +40.7% | $102.1M | 57.2% | $41.2M | 23.1% |
| 2016 | $126.8M | +44.3% | $70.4M | 55.5% | $26.1M | 20.6% |
| 2015 | $87.9M | +41.7% | $46.3M | 52.7% | $16.9M | 19.2% |
| 2014 | $62.0M | +34.6% | $31.2M | 50.3% | $11.5M | 18.6% |
| 2013 | $46.1M | - | $22.5M | 48.8% | $7.1M | 15.4% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
13+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
HQY — Frequently Asked Questions
Quick answers to the most common questions about buying HQY stock.
Is HQY's revenue growth accelerating or slowing?
HQY revenue growth is holding steady at +7.2% year-over-year. TTM revenue is $1.3B. The current growth rate closely tracks the 5-year CAGR of +12.4%, signalling consistent execution.
What is HQY's revenue history from 2013 to 2026?
HealthEquity, Inc. (HQY) revenue history spans 2013 to 2026. TTM revenue as of 2026 is $1.3B, growing at +7.2% YoY. The 5-year CAGR is +12.4%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is HQY's long-term revenue growth rate (CAGR)?
HealthEquity, Inc.'s 5-year revenue CAGR of +12.4% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +7.2% is in line with this long-term average. CAGR is the most reliable measure of sustained revenue momentum for HQY.
Why does HQY's quarterly revenue fluctuate?
HQY quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. HealthEquity, Inc.'s revenue data from 2013 to 2026 shows full historical quarterly detail on this page.
How is HQY's revenue distributed by segment?
HQY reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does HQY's revenue compare to industry peers?
HealthEquity, Inc. (HQY) with TTM revenue of $1.3B and +7.2% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.