HealthEquity, Inc. announced robust financial results for its first quarter ended April 30, 2025, with total revenue reaching $330.8 million, a 15% increase compared to $287.6 million in the prior year period. This marks a record quarterly revenue for the company.
Adjusted EBITDA for the quarter was $140.2 million, up 19% year-over-year, also a record, resulting in an Adjusted EBITDA margin of 42%. Net income saw a significant 87% increase to $53.9 million, or $0.61 per diluted share, while non-GAAP net income grew 22% to $85.8 million, or $0.97 per diluted share.
As of April 30, 2025, HealthEquity reported 9.9 million HSAs, a 9% increase year-over-year, and total HSA Assets of $31.3 billion, up 15%. The company raised its fiscal year 2026 guidance, now projecting total revenue between $1.285 billion and $1.305 billion, and Adjusted EBITDA between $530 million and $550 million. Non-GAAP net income per diluted share is expected to be between $3.61 and $3.78.
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