HealthEquity Inc 2025年度报告

FY26AnnualReport TO O U R S H A R E H O L D E R S Healthcare affordability remains one of the definingfinancial pressures facing American households andemployers. As costs rise faster than wages, the needfor better tools to save, spend, and invest for care isincreasing. That is what makes HSAs more relevant andHealthEquity better positioned to serve that need. Fiscal 2026 was a record year for HealthEquity and aclear demonstration of the strength and durability of ourmodel. We delivered strong execution, significant marginexpansion, and record new Health Savings Accounts(HSAs) from sales. For the full year, revenue grew to $1.3billion, and net income margin doubled to 16%. AdjustedEBITDA margin expanded to more than 43%. For thesecond consecutive year, we opened more than 1 millionnew HSAs from sales and ended fiscal 2026 with 17.8million total accounts, surpassing $36 billion in HSAassets. The flywheel of our strategy empowers members tobetter save, spend, and invest for healthcare. Its strengthbuilds over time through maturing accounts and ascaled distribution network with more than 200 networkpartners and more than 100,000 employer clients. These results reflect a business that becomes strongerwith scale. As assets, engagement, and automationgrow, our platform becomes more valuable to members,more strategic to partners and clients, and more efficientfinancially. LOOKING AHEAD GROWTH ACROSS THE PLATFORM We enter fiscal 2027 with momentum and confidence.We will continue expanding our platform while investingin AI-enabled automation to improve member experience,reduce friction, widen access to products and services,and lower the cost to serve over time, while continuing toallocate capital with discipline. We advanced each component of our flywheel in fiscal2026. On save, total HSA assets increased 14%, with assetgrowth continuing to outpace account growth. We alsoexpanded access through our direct HSA enrollmentexperience, enabling newly HSA-eligible individualsselecting Bronze plans on Affordable Care Act (ACA)exchanges to open and fund HSAs through our web andmobile channels. We are building more than a successful company. We arebuilding a trusted financial platform for how Americansbetter save, spend, and invest for healthcare. On spend, we launched Marketplace, expanding theways members can use their HSAs and other healthaccounts through our platform, including FlexibleSpending Accounts (FSAs) and Health ReimbursementArrangements (HRAs). Over time, that should increasethe share of healthcare spend flowing through ourplatform. Executed with discipline, our strategy will continue todrive revenue growth, sustain margin expansion, andcreate long-term shareholder value. Thank you for your continued support and long-termpartnership. Sincerely, On invest, HSA investors grew 10% year-over-year, andtheir invested assets now represent more than 50%of total HSA assets. With more than 3.6 million mobileapp downloads in the last year and workflows designedto make investing easier, we continue to support thatgrowth. The runway ahead remains substantial, as morethan 90% of members are not yet investing. Those member outcomes matter to employers as well.Employers do not have to choose between controllinghealthcare costs and helping employees build healthcarefinancial security. Third-party research based oninterviews with existing HealthEquity clients found thatemployers saved approximately $1,630 per employee peryear in healthcare costs when at least 60% of benefit-eligible employees were enrolled in a high-deductiblehealth plan paired with an HSA and the employer adoptedother best practices. Through strong plan design andenrollment execution, HealthEquity helps clients pursueboth goals at once. Scott CutlerPresident and CEOHealthEquity Stephen D. Neeleman, M.D.Founder and Vice Chair Delivering that value requires trust and security. Infiscal 2026, we strengthened fraud controls andimproved the member experience, including expandingpasskey authentication to reduce reliance on traditionalpassword-based access. In a category where consumersrely on us to safeguard their healthcare dollars andpersonal information, trust is a competitive advantage. 200+Network Partners #1Provider of HSAs1 UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549Form 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended January 31, 2026OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromtoCommission File Number: 001-36568 HEALTHEQUITY, INC. (Exact name of registrant as specified in its charter) 52-2383166(I.R.S. EmployerIdentification Number) 15 West Scenic Pointe DriveSuite 100Draper, Utah 84020(801) 727-1000(Address, including Zip Code, and Telephone Number, including Area Code, of Registrant’s Principal Executive Offices) Indicate by check mark if the registrant is a w