HealthEquity, Inc. announced strong financial results for its second quarter ended July 31, 2025, with total revenue reaching $325.8 million, a 9% increase compared to $299.9 million in the prior year period. The company achieved a record gross margin of 71% and record Adjusted EBITDA of $151 million, up 18% year-over-year.
Net income for the quarter was $59.9 million, or $0.68 per diluted share, representing a 67% increase year-over-year. Non-GAAP net income grew 24% to $94.6 million, or $1.08 per diluted share. As of July 31, 2025, HealthEquity reported 10.0 million HSAs, an 8% increase year-over-year, and total HSA Assets of $31.8 billion, up 12%.
The company raised its fiscal year 2026 adjusted EPS guidance to a range of $3.74 to $3.91 and increased its fiscal year 2026 revenue guidance to a range of $1.29 billion to $1.31 billion. CEO Scott Cutler highlighted that national lawmakers provided the largest legislative expansion of HSAs since 2006, which is expected to benefit more American families.
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