Q2 2026 Healthequity Inc Earnings Call Transcript
Key Points
- HealthEquity Inc (HQY) reported a 9% year-over-year increase in revenue for Q2 2026.
- Net income rose by 67%, and adjusted EBITDA increased by 18% to an all-time quarterly high.
- HSA assets grew by 12%, with a 10% increase in HSA members who invest, driving invested assets up by 23%.
- The company successfully expanded its member-first secure mobile experience, reducing service costs and enhancing member satisfaction.
- HealthEquity Inc (HQY) achieved significant legislative wins with the expansion of HSA eligibility, potentially allowing 3 to 4 million more American families access to HSAs.
- The labor market is underperforming relative to expectations, impacting new employment and job growth.
- Despite macroeconomic challenges, the company noted a muted growth in new HSA accounts compared to historical quarters.
- There is ongoing concern about potential future interest rate declines impacting custodial revenue.
- The company continues to face challenges with fraud, although improvements have been made.
- HealthEquity Inc (HQY) is investing heavily in AI and technology, which may not yield immediate cost benefits.
Good afternoon and welcome to the HealthEquity Second Quarter 2026 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Richard Putnam. Please go ahead.
Thank you, Gary. Appreciate it. I appreciate you hosting us today. Hello, everyone. Thanks for joining us this afternoon.
As Gary said, this is HealthEquity Second Quarter of Fiscal Year 2026 Earnings Conference Call. My name is Richard Putnam, I do Investor Relations for HealthEquity. Joining me today is also Scott Cutler, President and CEO; and Dr. Steve Neeleman, Vice Chair and Founder of the company; and James Lucania, Executive Vice President and CFO. .
Before I turn the call over to Scott for prepared remarks, we note that a press release announcing the financial results of our second quarter of fiscal 2026 was issued after the market closed this afternoon. These financial results include certain non-GAAP financial measures that we will
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