HEALTHEQUITY, INC.

For the period ended Oct 31, 2025. Filed Dec 3, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Oct 31, 2025 · Filed Dec 3, 2025

HQY$102.11-1.5%Stored close · as of Nov 9, 2026

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Contents

Financial statements Condensed consolidated balance sheets as of October 31, 2025 (unaudited) and January 31, 2025

Part I. Financial information

Item 1. Financial statements

Condensed consolidated balance sheets

(in thousands, except par value)	October 31, 2025	January 31, 2025
(unaudited)
Assets
Current assets
Cash and cash equivalents	$309,259	$295,948
Accounts receivable, net of allowance for doubtful accounts of $918 and $2,070 as of October 31, 2025 and January 31, 2025, respectively	111,243	118,006
Prepaid expenses and other current assets	78,206	63,795
Total current assets	498,708	477,749
Property and equipment, net	3,390	3,239
Operating lease right-of-use assets	38,045	43,185
Intangible assets, net	1,124,768	1,204,658
Goodwill	1,648,145	1,648,145
Other assets	85,005	71,574
Total assets	$3,398,061	$3,448,550
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$19,549	$14,361
Accrued compensation	43,735	69,330
Accrued liabilities	47,413	62,631
Operating lease liabilities	9,931	10,001
Total current liabilities	120,628	156,323
Long-term liabilities
Long-term debt, net of issuance costs	982,105	1,056,301
Operating lease liabilities, non-current	36,228	42,219
Other long-term liabilities	23,501	22,962
Deferred tax liability	101,573	55,834
Total long-term liabilities	1,143,407	1,177,316
Total liabilities	1,264,035	1,333,639
Commitments and contingencies (see Note 5)
Stockholders’ equity
Preferred stock, $0.0001 par value, 100,000 shares authorized, no shares issued and outstanding as of October 31, 2025 and January 31, 2025, respectively	—	—
Common stock, $0.0001 par value, 900,000 shares authorized, 85,615 and 86,536 shares issued and outstanding as of October 31, 2025 and January 31, 2025, respectively	9	9
Additional paid-in capital	1,917,244	1,905,628
Accumulated other comprehensive income	8,837	—
Accumulated earnings	207,936	209,274
Total stockholders’ equity	2,134,026	2,114,911
Total liabilities and stockholders’ equity	$3,398,061	$3,448,550

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Condensed consolidated statements of operations (unaudited)

	Three months ended October 31,		Nine months ended October 31,
(in thousands, except per share data)	2025	2024	2025	2024
Revenue
Service revenue	$120,286	$119,174	$357,943	$354,108
Custodial revenue	159,067	140,953	475,398	401,281
Interchange revenue	42,811	40,305	145,502	132,568
Total revenue	322,164	300,432	978,843	887,957
Cost of revenue
Service costs	76,889	86,860	240,050	246,122
Custodial costs	10,879	10,241	32,763	29,406
Interchange costs	6,333	6,305	21,061	24,213
Total cost of revenue	94,101	103,406	293,874	299,741
Gross profit	228,063	197,026	684,969	588,216
Operating expenses
Sales and marketing	24,411	22,636	70,317	67,655
Technology and development	65,916	60,189	192,156	174,859
General and administrative	30,880	31,789	86,406	102,285
Amortization of acquired intangible assets	27,002	28,350	81,005	84,876
Merger integration	1,159	34,437	3,700	38,357
Total operating expenses	149,368	177,401	433,584	468,032
Income from operations	78,695	19,625	251,385	120,184
Other expense
Interest expense	(14,049)	(18,155)	(43,862)	(45,377)
Other income, net	2,886	4,748	9,010	11,266
Total other expense	(11,163)	(13,407)	(34,852)	(34,111)
Income before income taxes	67,532	6,218	216,533	86,073
Income tax provision	15,840	515	51,072	15,735
Net income	$51,692	$5,703	$165,461	$70,338
Net income per share:
Basic	$0.60	$0.07	$1.92	$0.81
Diluted	$0.59	$0.06	$1.88	$0.79
Weighted-average number of shares used in computing net income per share:
Basic	85,995	87,193	86,397	86,935
Diluted	86,970	88,634	87,799	88,699

-4-

Condensed consolidated statements of comprehensive income (unaudited)

	Three months ended October 31,		Nine months ended October 31,
(in thousands, except per share data)	2025	2024	2025	2024
Net income	$51,692	$5,703	$165,461	$70,338
Other comprehensive income
Cash flow hedges
Net unrealized gains, net of income tax expense of $2,935 and $3,005 for the three and nine months ended October 31, 2025, respectively	8,634	—	8,837	—
Total other comprehensive income	8,634	—	8,837	—
Comprehensive income	$60,326	$5,703	$174,298	$70,338

-5-

Condensed consolidated statements of stockholders’ equity (unaudited)

	Three months ended October 31,		Nine months ended October 31,
(in thousands)	2025	2024	2025	2024
Total stockholders' equity, beginning balance	$2,146,421	$2,157,037	$2,114,911	$2,035,021
Common stock:
Beginning balance	9	9	9	9
Issuance of common stock	—	—	—	—
Ending balance	9	9	9	9
Additional paid-in capital:
Beginning balance	1,919,312	1,886,765	1,905,628	1,829,384
Issuance of common stock	393	837	10,829	4,624
Stock-based compensation	20,542	21,123	53,946	74,717
Repurchases of common stock	(23,003)	(15,637)	(53,159)	(15,637)
Ending balance	1,917,244	1,893,088	1,917,244	1,893,088
Accumulated other comprehensive income:
Beginning balance	203	—	—	—
Other comprehensive income	8,634	—	8,837	—
Ending balance	8,837	—	8,837	—
Accumulated earnings:
Beginning balance	226,897	270,263	209,274	205,628
Repurchases of common stock	(70,653)	(44,376)	(166,799)	(44,376)
Net income	51,692	5,703	165,461	70,338
Ending balance	207,936	231,590	207,936	231,590
Total stockholders' equity, ending balance	$2,134,026	$2,124,687	$2,134,026	$2,124,687

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