HealthEquity Reports Year-End Sales Metrics
HealthEquity (HQY), the largest HSA custodian in the US, reported strong fiscal year 2025 results, with total HSAs reaching 9.9 million, up 14% from the previous year. Total Accounts increased 9% to 17.0 million, while HSA Assets grew 27% to $32.1 billion.
The company achieved record sales with over one million new HSAs and added nearly $7 billion in HSA Assets. HSA investments showed significant growth of 44% to $14.7 billion, while HSA cash increased 16% to $17.4 billion. The company provided an updated HSA cash repricing schedule, with an average annualized yield of 3.4% across different timeframes through 2029 and beyond.
HealthEquity affirmed its previously provided business outlook for fiscal years 2025 and 2026, and announced its fourth quarter earnings call scheduled for March 18, 2025.
HealthEquity (HQY), il più grande custode di HSA negli Stati Uniti, ha riportato risultati solidi per l'anno fiscale 2025, con un totale di HSA che ha raggiunto 9,9 milioni, in aumento del 14% rispetto all'anno precedente. Il numero totale di conti è aumentato del 9% a 17,0 milioni, mentre gli asset HSA sono cresciuti del 27% a $32,1 miliardi.
L'azienda ha raggiunto vendite record con oltre un milione di nuovi HSA e ha aggiunto quasi $7 miliardi in asset HSA. Gli investimenti HSA hanno mostrato una crescita significativa del 44% a $14,7 miliardi, mentre il contante HSA è aumentato del 16% a $17,4 miliardi. L'azienda ha fornito un aggiornamento sul programma di riprezzamento del contante HSA, con un rendimento annualizzato medio del 3,4% su diversi orizzonti temporali fino al 2029 e oltre.
HealthEquity ha confermato le previsioni aziendali precedentemente fornite per gli anni fiscali 2025 e 2026, e ha annunciato la sua chiamata sugli utili del quarto trimestre programmata per il 18 marzo 2025.
HealthEquity (HQY), el mayor custodio de HSA en EE. UU., reportó resultados sólidos para el año fiscal 2025, con un total de HSA alcanzando 9.9 millones, un aumento del 14% en comparación con el año anterior. El total de cuentas aumentó un 9% a 17.0 millones, mientras que los activos de HSA crecieron un 27% a $32.1 mil millones.
La compañía logró ventas récord con más de un millón de nuevos HSA y agregó casi $7 mil millones en activos de HSA. Las inversiones en HSA mostraron un crecimiento significativo del 44% a $14.7 mil millones, mientras que el efectivo de HSA aumentó un 16% a $17.4 mil millones. La compañía proporcionó un cronograma actualizado de revalorización del efectivo de HSA, con un rendimiento anualizado promedio del 3.4% a través de diferentes plazos hasta 2029 y más allá.
HealthEquity reafirmó su perspectiva comercial previamente proporcionada para los años fiscales 2025 y 2026, y anunció su llamada de ganancias del cuarto trimestre programada para el 18 de marzo de 2025.
HealthEquity (HQY), 미국 최대 HSA 수탁기관, 2025 회계연도 강력한 실적을 보고했습니다. 총 HSA 수는 990만으로, 전년 대비 14% 증가했습니다. 총 계좌 수는 9% 증가하여 1700만에 도달했으며, HSA 자산은 27% 증가하여 $321억에 달했습니다.
회사는 백만 개 이상의 신규 HSA로 기록적인 판매를 달성했으며, 거의 $70억의 HSA 자산을 추가했습니다. HSA 투자도 44% 증가하여 $147억에 이르렀고, HSA 현금은 16% 증가하여 $174억에 달했습니다. 회사는 2029년 및 그 이후까지 다양한 기간에 걸쳐 평균 연간 수익률 3.4%를 제시하는 HSA 현금 재가격 조정 일정을 업데이트했습니다.
HealthEquity는 2025 및 2026 회계연도에 대한 이전에 제공된 사업 전망을 재확인했으며, 2025년 3월 18일로 예정된 4분기 실적 발표를 알렸습니다.
HealthEquity (HQY), le plus grand dépositaire de HSA aux États-Unis, a rapporté de solides résultats pour l'exercice fiscal 2025, avec un total de HSA atteignant 9,9 millions, soit une augmentation de 14 % par rapport à l'année précédente. Le nombre total de comptes a augmenté de 9 % pour atteindre 17,0 millions, tandis que les actifs HSA ont crû de 27 % pour atteindre 32,1 milliards de dollars.
L'entreprise a réalisé des ventes record avec plus d'un million de nouveaux HSA et a ajouté près de 7 milliards de dollars en actifs HSA. Les investissements HSA ont montré une croissance significative de 44 % pour atteindre 14,7 milliards de dollars, tandis que la liquidité HSA a augmenté de 16 % pour atteindre 17,4 milliards de dollars. L'entreprise a fourni un calendrier de réévaluation de la liquidité HSA mis à jour, avec un rendement annualisé moyen de 3,4 % sur différentes périodes jusqu'en 2029 et au-delà.
HealthEquity a confirmé ses prévisions commerciales précédemment fournies pour les exercices fiscaux 2025 et 2026, et a annoncé son appel sur les bénéfices du quatrième trimestre prévu pour le 18 mars 2025.
HealthEquity (HQY), der größte HSA-Verwalter in den USA, berichtete über starke Ergebnisse für das Geschäftsjahr 2025, mit insgesamt 9,9 Millionen HSAs, was einem Anstieg von 14% im Vergleich zum Vorjahr entspricht. Die Gesamtzahl der Konten stieg um 9% auf 17,0 Millionen, während die HSA-Vermögenswerte um 27% auf $32,1 Milliarden wuchsen.
Das Unternehmen erzielte Rekordverkäufe mit über einer Million neuen HSAs und fügte nahezu $7 Milliarden an HSA-Vermögenswerten hinzu. Die HSA-Investitionen zeigten ein signifikantes Wachstum von 44% auf $14,7 Milliarden, während die HSA-Bargeldbestände um 16% auf $17,4 Milliarden zunahmen. Das Unternehmen stellte einen aktualisierten Zeitplan zur Neupreisgestaltung von HSA-Bargeld bereit, mit einer durchschnittlichen annualisierten Rendite von 3,4% über verschiedene Zeiträume bis 2029 und darüber hinaus.
HealthEquity bestätigte die zuvor bereitgestellte Geschäftsaussicht für die Geschäftsjahre 2025 und 2026 und kündigte seinen Gewinnaufruf für das vierte Quartal an, der für den 18. März 2025 geplant ist.
- HSA Assets grew 27% YoY to $32.1 billion
- Total HSAs increased 14% YoY to 9.9 million
- HSA investments grew 44% YoY to $14.7 billion
- Record sales of over 1 million new HSAs in fiscal 2025
- Average daily HSA cash increased 15% YoY
- Quarter-to-date new HSAs from sales declined 5% compared to previous year
Insights
HealthEquity's fiscal 2025 performance reveals compelling evidence of market leadership strengthening, with several key metrics suggesting enhanced competitive positioning. The achievement of over 1 million new HSAs from sales represents a significant milestone, indicating strong market penetration in an increasingly competitive HSA space.
The most striking aspect is the dramatic 44% growth in HSA investments to
The detailed HSA cash repricing schedule through 2029 provides valuable visibility into future yield potential. The weighted average yield of
Three key factors warrant particular attention:
- The 23% increase in HSAs with investments indicates successful execution in encouraging account holders to move beyond basic cash savings
- The addition of 616,000 HSAs through acquisitions suggests continued industry consolidation, reinforcing HealthEquity's position as the largest HSA custodian
- The presence of
$0.8 billion in floating-rate contracts provides a natural hedge against interest rate movements
The sustained growth across all major metrics, combined with the increasing sophistication of the account base, positions HealthEquity favorably for continued market leadership in the expanding HSA industry.
Affirms Business Outlook, Announces Upcoming Events and Presentations
DRAPER, Utah, Feb. 18, 2025 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY) ("HealthEquity" or the "Company"), the nation's largest health savings account ("HSA") custodian, today announced its HSAs, HSA Assets and Total Accounts as of its fiscal year ended January 31, 2025. The Company also affirmed its guidance for fiscal 2025 and 2026, provided an updated HSA cash repricing schedule, and announced upcoming events and presentations.
The total number of HSAs as of January 31, 2025 was 9.9 million, an increase of
"Our ongoing investments in innovations helped Team Purple drive record results, breaking the one million new HSAs from sales ceiling and adding nearly
Total Accounts (unaudited)
| (in thousands, except percentages) | January 31, 2025 | January 31, 2024 | % Change |
| HSAs | 9,889 | 8,692 | |
| New HSAs from sales - Quarter-to-date | 471 | 497 | (5)% |
| New HSAs from sales - Year-to-date | 1,040 | 949 | |
| New HSAs from acquisitions - Year-to-date | 616 | — | * |
| HSAs with investments | 753 | 610 | |
| CDBs | 7,144 | 7,006 | |
| Total Accounts | 17,033 | 15,698 | |
| Average Total Accounts - Quarter-to-date | 16,677 | 15,318 | |
| Average Total Accounts - Year-to-date | 16,302 | 15,105 | |
* Not meaningful
HSA Assets (unaudited)
| (in millions, except percentages) | January 31, 2025 | January 31, 2024 | % Change | ||||
| HSA cash | $ | 17,435 | $ | 15,006 | |||
| HSA investments | 14,676 | 10,208 | |||||
| Total HSA Assets | 32,111 | 25,214 | |||||
| Average daily HSA cash - Quarter-to-date | 16,634 | 14,210 | |||||
| Average daily HSA cash - Year-to-date | 16,206 | 14,071 | |||||
The following table summarizes the amount of HSA cash expected to reprice by fiscal year and the respective average annualized yield as of January 31, 2025:
| Year ending January 31, (in billions, except percentages) | HSA cash expected to reprice | Average annualized yield | ||
| 2026 | $ | 2.3 | ||
| 2027 | 4.1 | |||
| 2028 | 2.1 | |||
| 2029 | 1.5 | |||
| Thereafter | 6.6 | |||
| Total (1) | $ | 16.6 | ||
(1) Excludes
Business outlook
The Company affirmed its previously provided outlook for the fiscal year ended January 31, 2025 and the fiscal year ending January 31, 2026. Please see the Company’s press release dated December 9, 2024 for details.
Upcoming events and presentations
The Company set the date for reporting its fourth quarter and fiscal year 2025 results.
| HealthEquity Fourth Quarter and Fiscal Year End 2025 Results Conference Call | |
| Date: | March 18, 2025 |
| Time: | 4:30 p.m. Eastern Time / 2:30 p.m. Mountain Time |
| Dial-In: | 1-844-481-2556 (US and Canada) 1-412-317-0560 (International) |
| Conference ID: | HealthEquity |
| Webcast: | ir.healthequity.com |
The Company also announced that its management team plans to present and meet with investors at the following conference:
| Raymond James 46th Annual Institutional Investors Conference | |
| Location: | JW Marriott Orlando Great Lakes |
| Date: | March 4, 2025 |
| Time: | 1:05 p.m. Eastern Time |
| Webcast: | None |
About HealthEquity
HealthEquity and its subsidiaries administer HSAs and other consumer-directed benefits for more than 17 million accounts in partnership with employers, benefits advisors, and health and retirement plan providers who share our vision of saving and improving the lives of healthcare consumers. For more information, visit www.healthequity.com.
Forward-looking statements
This press release contains and incorporates “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our industry, business strategy, plans, goals and expectations concerning our markets and market position, product expansion, future operations, expenses and other results of operations, revenue, margins, profitability, acquisition synergies, future efficiencies, tax rates, capital expenditures, liquidity and capital resources and other financial and operating information. When used in this discussion, the words “may,” “believes,” “intends,” “seeks,” “aims,” “anticipates,” “plans,” “estimates,” “expects,” “should,” “assumes,” “continues,” “could,” “will,” “future” and the negative of these or similar terms and phrases are intended to identify forward-looking statements in this press release.
Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to be correct. Some of these expectations may be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, risks related to the following:
- our ability to adequately place and safeguard our custodial assets, or the failure of any of our depository or insurance company partners;
- our ability to compete effectively in a rapidly evolving healthcare and benefits administration industry;
- our dependence on the continued availability and benefits of tax-advantaged HSAs and other CDBs;
- risks relating to our recent CEO transition;
- the impact of fraudulent account activity on our reputation and financial results;
- our ability to successfully identify, acquire and integrate additional portfolio purchases or acquisition targets;
- the significant competition we face and may face in the future, including from those with greater resources than us;
- our reliance on the availability and performance of our technology and communications systems;
- recent and potential future cybersecurity breaches of our technology and communications systems and other data interruptions, including resulting costs and liabilities, reputational damage and loss of business;
- the current uncertain healthcare environment, including changes in healthcare programs and expenditures and related regulations;
- our ability to comply with current and future privacy, healthcare, tax, ERISA, investment adviser and other laws applicable to our business;
- our reliance on partners and third-party vendors for distribution and important services;
- our ability to develop and implement updated features for our technology platforms and communications systems; and
- our reliance on our management team and key team members.
For a detailed discussion of these and other risk factors, please refer to the risks detailed in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the fiscal year ended January 31, 2024, our Quarterly Reports on Form 10-Q for the quarters ended July 31, 2024, and October 31, 2024, and other periodic and current reports. Past performance is not necessarily indicative of future results. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Investor Relations Contact
Richard Putnam
801-727-1000
rputnam@healthequity.com
Certain terms
| Term | Definition |
| HSA | A financial account through which consumers spend and save long-term for healthcare on a tax-advantaged basis. |
| CDB | Consumer-directed benefits offered by employers, including flexible spending and health reimbursement arrangements (“FSAs” and “HRAs”), Consolidated Omnibus Budget Reconciliation Act (“COBRA”) administration, commuter and other benefits. |
| HSA member | Consumers with HSAs that we serve. |
| Total HSA Assets | HSA members’ custodial cash assets held by our federally insured depository partners and our insurance company partners. Total HSA Assets also includes HSA members' investments in mutual funds through our custodial investment fund partner. |
| Total Accounts | The sum of HSAs and CDBs on our platforms. |
FAQ
What was HealthEquity's (HQY) HSA asset growth in fiscal 2025?
How many new HSA accounts did HQY add in fiscal 2025?
What is the expected HSA cash repricing yield for HQY in fiscal 2026?
How much did HealthEquity's HSA investments grow in fiscal 2025?
What was HQY's total account growth in fiscal 2025?
