HealthEquity (HQY) Earnings: Q2 Fiscal 2027 Results and Next Report Date

The quarter ended July 31, 2026 and HealthEquity published the results on August 27, 2026. Revenue and diluted EPS are shown against Q2 fiscal 2026, the same quarter a year earlier, which takes seasonal swings out of the comparison. HealthEquity reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• HealthEquity's fiscal year ends January 31. Q2 fiscal 2027 is the quarter ended July 31, 2026.

Source: HealthEquity Q2 fiscal 2027 results, August 27, 2026. Also in the Form 10-Q for the quarter ended July 31, 2026. Figures as reported; checked against the release on November 10, 2026.

How HealthEquity splits revenue in its own release, under its own labels, for Q2 fiscal 2027 against Q2 fiscal 2026. Indented lines are parts of the line above them.

• HealthEquity's Service revenue revenue was $124 million in Q2 fiscal 2027, up 6% from $118 million in Q2 fiscal 2026, 35% of total revenue.
• HealthEquity's Custodial revenue revenue was $176 million in Q2 fiscal 2027, up 10% from $160 million in Q2 fiscal 2026, 50% of total revenue.
• HealthEquity's Interchange revenue revenue was $50.4 million in Q2 fiscal 2027, up 5% from $48.1 million in Q2 fiscal 2026, 14% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q2 fiscal 2027 release, HealthEquity said:

“For the fiscal year ending January 31, 2027, management is raising guidance and now expects revenues of $1.411 billion to $1.421 billion.”

“Its outlook for net income is between $242 million and $248 million, resulting in net income of $2.88 to $2.96 per diluted share.”

“Its outlook for non-GAAP net income, calculated using the method described below, is between $392 million and $398 million, resulting in non-GAAP net income per diluted share of $4.66 to $4.73 (based on an estimated 84 million diluted weighted-average shares outstanding).”

“Management expects Adjusted EBITDA of $628 million to $636 million.”

Source: HealthEquity Q2 fiscal 2027 release, Aug 27, 2026.

This is the company's own guidance as of Aug 27, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the HQY forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenue and diluted EPS, each as first reported in that quarter's release.

HealthEquity's next report is scheduled for December 1, 2026. This page will show Q2 fiscal 2027 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q2 fiscal 2027 (this page), reported Aug 27, 2026

HealthEquity had revenue of $350.7 million in Q2 fiscal 2027, the quarter ended July 31, 2026, up 8% from $325.8 million. It earns three kinds of revenue: custodial revenue of $175.9 million, service revenue of $124.4 million and interchange revenue of $50.4 million. (HealthEquity Q2 fiscal 2027 release, Aug 27, 2026)

Custodial revenue, half of the total, is what HealthEquity earns on HSA cash held by insurance company partners and banks and credit unions, plus client-held funds. It rose 10%, mainly because the average annualized yield on HSA cash rose to 3.83% from 3.51%, as more cash moved into the higher-yielding Enhanced Rates offering, and average daily HSA cash rose 2% to $17,388 million. (HealthEquity Form 10-Q, Q2 fiscal 2027, Aug 27, 2026; HealthEquity Form 10-K, fiscal 2026, Mar 17, 2026)

Service revenue rose 6% on increases in marketplace revenue, Total Accounts and HSA investments, partly offset by lower average service fees per account. Interchange revenue, the fees merchants pay when members use HealthEquity payment cards, rose 5% on more accounts and higher spend per account, partly offset by a lower average rate per transaction. (HealthEquity Form 10-Q, Q2 fiscal 2027, Aug 27, 2026; HealthEquity Form 10-K, fiscal 2026, Mar 17, 2026)

HealthEquity had 10.7 million HSAs at July 31, 2026, up 8%, and 17.8 million Total Accounts including 7.0 million complementary CDBs. New HSAs from sales were 202 thousand, up 24%. Total HSA Assets grew 14% to $37.9 billion: $17.4 billion of HSA cash and $20.6 billion of HSA investments. (HealthEquity Q2 fiscal 2027 release, Aug 27, 2026)

HealthEquity earned $0.78 per diluted share under GAAP in Q2 fiscal 2027, up 15% from $0.68, on net income of $65.6 million. Non-GAAP EPS was $1.24, against $1.08. The non-GAAP figure adds back $26.3 million of amortization of acquired intangible assets, $22.2 million of stock-based compensation, $1.0 million of merger integration expenses and $1.0 million of unused office space costs, then applies a normalized tax rate. (HealthEquity Q2 fiscal 2027 release, Aug 27, 2026)

Buybacks reduced the share count. HealthEquity repurchased 1.2 million shares for $108.1 million in the quarter, and diluted weighted-average shares fell to 84,014 thousand from 87,746 thousand. $948.4 million remained authorized after the board added $1.0 billion in May 2026. (HealthEquity Q2 fiscal 2027 release, Aug 27, 2026; HealthEquity Form 10-Q, Q2 fiscal 2027, Aug 27, 2026)

Interest expense fell to $12.6 million from $15.0 million. The income tax provision was $22.2 million on income before taxes of $87.9 million. (HealthEquity Q2 fiscal 2027 release, Aug 27, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

HealthEquity publishes a full-year outlook in its release and raised it with Q2 fiscal 2027 results. For the fiscal year ending January 31, 2027, it expects revenue of $1.411 billion to $1.421 billion, net income of $242 million to $248 million ($2.88 to $2.96 per diluted share) and Adjusted EBITDA of $628 million to $636 million. (HealthEquity Q2 fiscal 2027 release, Aug 27, 2026)

Its non-GAAP outlook is net income of $392 million to $398 million, or $4.66 to $4.73 per diluted share, based on an estimated 84 million diluted weighted-average shares. (HealthEquity Q2 fiscal 2027 release, Aug 27, 2026)

A consensus figure is the average of the models published by the analysts who cover HealthEquity, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones HealthEquity's own release and filings put weight on for Q2 fiscal 2027, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning HQY is on is HQY a buy or a sell?, what analysts expect next is on the HQY forecast, and what the company does is on the HealthEquity (HQY) stock page.

Every number on this page can be traced to a document HealthEquity published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.