• Mint.com for health expenses and savings.
• Fidelity for your health savings and investment accounts.
• ADP for managing health and commuter benefits.

• Technology-enabled Health Finance Platform: Cloud-based platforms empowering individuals to manage health savings, spending, and investment decisions, offering tools for comparison, personalized information, and wellness incentives.
• Health Savings Accounts (HSAs): Administration of tax-advantaged savings accounts used to pay for qualified medical expenses.
• Flexible Spending Accounts (FSAs): Administration of employer-sponsored plans allowing pre-tax contributions for healthcare or dependent care expenses.
• Health Reimbursement Arrangements (HRAs): Administration of employer-funded plans that reimburse employees for out-of-pocket medical expenses.
• Mutual Fund Investment Platform: A platform providing options for investing funds held in health savings accounts into various mutual funds.
• Automated Investment Advisory Services (Advisor): An online tool offering automated investment advice specifically for health savings accounts.
• COBRA Continuation Services: Administration of services enabling individuals to continue health coverage after certain qualifying events.
• Pre-tax Commuter Benefit Programs: Administration of programs allowing employees to use pre-tax earnings for qualified commuting expenses.

Major Customers of HealthEquity (HQY)

HealthEquity (HQY) sells its technology-enabled services platforms primarily to other companies, which then often make these services available to individuals (their employees or members). The provided company description does not list specific names of customer companies.

Based on the description, HealthEquity's major customers and partners fall into the following categories:

• Employers: HealthEquity provides platforms directly to employers for their employees to manage health savings and spending.
• Health Plans: The company works with a network of health plans, which likely integrate or offer HealthEquity's services to their members.
• Benefits Administrators: HealthEquity serves benefits administrators, who manage various employee benefits programs for other companies.
• Benefits Brokers and Consultants: These intermediaries recommend and facilitate the adoption of HealthEquity's solutions to employers and other organizations.
• Retirement Plan Record-keepers: The company partners with retirement plan record-keepers, integrating its health savings and investment options into broader financial wellness offerings.

• Axos Bank (AX)

Scott Cutler, President / CEO

Scott Cutler became President and CEO of HealthEquity in January 2025. He brings a strong background in leveraging technology to empower consumers and transforming service experiences. Before joining HealthEquity, he served as CEO of StockX, a leading consumer e-commerce marketplace, and held key leadership roles at eBay, including Senior Vice President of the Americas. He also served as President of StubHub and Executive Vice President at the New York Stock Exchange. Earlier in his career, he worked as a technology investment banker and a corporate securities lawyer.

James Lucania, EVP / Chief Financial Officer

James Lucania was appointed Executive Vice President and Chief Financial Officer of HealthEquity, with his term commencing in September 2023. He has over two decades of experience in finance leadership. Prior to HealthEquity, he served as CFO at Ascensus starting in 2016 and as CFO of Checkpoint Systems, where he successfully executed a strategic sale. His background also includes roles at Miller Buckfire & Co., focusing on corporate restructuring and M&A transactions, and leadership positions at Levine Leichtman Capital Partners, indicating experience with private equity firms.

Stephen D. Neeleman, MD, Founder / Vice Chair

Dr. Stephen D. Neeleman founded HealthEquity in 2002 with a vision to connect health and wealth for Americans and re-introduce consumerism to healthcare. He has served as Vice Chairman since February 2014, and previously as President and Chief Executive Officer from November 2002 through January 2014. He is also the co-author of "The Complete HSA Guidebook—How to Make Health Savings Accounts Work for You."

Eli Rosner, EVP / Chief Technology Officer

Eli Rosner joined HealthEquity in 2022 as EVP and Chief Technology Officer. Before this, he was the Chief Product and Technology Officer at Finastra, a global provider of financial services software. He also served as CTO and Head of Product Management, where he was instrumental in transforming a hardware and services company into a global leader in platform, data, and solutions for various sectors including financial services and retail.

Del Ladd, EVP / General Counsel

Del Ladd serves as the Executive Vice President, General Counsel, and Secretary of HealthEquity, a position he has held since joining the company in 2016. He leads the Legal Department and possesses substantial experience in corporate governance, securities, and mergers and acquisitions. Prior to his time at HealthEquity, Mr. Ladd worked for Willkie Farr & Gallagher LLP in New York.

HealthEquity (HQY) faces several key risks to its business operations and financial performance:

1. Interest Rate Sensitivity: A significant portion of HealthEquity's custodial revenue is derived from the interest earned on cash assets held within Health Savings Accounts (HSAs). Consequently, a decline in interest rates could lead to a reduction in this crucial revenue stream, impacting the company's profitability.
2. Competitive Landscape: HealthEquity operates in a highly competitive market for health savings and consumer-directed benefits administration. The company faces stiff competition from diversified financial institutions, such as Fidelity Investments and Optum (part of UnitedHealth Group), which can leverage their extensive client bases and offer bundled services, potentially eroding HealthEquity's market share and pricing power.
3. Regulatory and Legislative Changes: HealthEquity's business model is largely dependent on the existing regulatory and legislative framework governing tax-advantaged HSAs and other consumer-directed benefits. Any adverse changes to these policies, including shifts in eligibility criteria, contribution limits, or the overall healthcare regulatory environment, could significantly impact the demand for its services and its financial results.

The rapid advancement and integration of artificial intelligence (AI) and large language models (LLMs) into personal finance and healthcare management platforms pose an emerging threat. These technologies could enable new entrants, existing financial institutions, or major tech companies to offer highly personalized, automated, and proactive solutions for health saving and spending decisions, treatment cost comparisons, and HSA investment optimization. Such advanced AI-driven tools, potentially embedded directly into broader financial wellness platforms, electronic health records, or consumer-facing apps, could diminish the unique value proposition and necessity of HealthEquity's dedicated cloud-based platforms and advisory services by providing a more integrated and autonomous user experience.

HealthEquity, Inc. (HQY) addresses several significant markets within the United States for its main products and services:

• Health Savings Accounts (HSAs): The U.S. HSA market is substantial and growing. As of midyear 2025, HSA assets reached approximately $159 billion across 40 million accounts. This market is projected to exceed 47 million accounts and hold over $208 billion in total assets by the end of 2027. Furthermore, new tax legislation enacted in July 2025 is anticipated to broaden eligibility for HSAs, making them accessible to an additional 10 million Americans starting in 2026.
• Flexible Spending Accounts (FSAs): The Flexible Spending Account solution market, globally, was estimated at $15 billion in 2025 and is projected to grow to approximately $28 billion by 2033, with a Compound Annual Growth Rate (CAGR) of 8%. The United States is expected to dominate this market. Annual spending tied to FSAs in American households is estimated to be $36 billion. In 2024, a survey indicated that 72% of state and local government workers and 47% of private-sector workers in the U.S. had access to a health care flexible spending account.
• Health Reimbursement Arrangements (HRAs) and Consolidated Omnibus Budget Reconciliation Act (COBRA) Continuation Services: These services fall under the broader Benefits Administration Service Market. The global Benefits Administration Service Market is estimated to be valued at US$ 934.7 million in 2025 and is expected to reach US$ 1,697.7 million by 2032, growing at a CAGR of 8.9% from 2025 to 2032. North America is estimated to lead this market, holding a 41.2% share in 2025. The core benefits administration segment, which includes COBRA administration and FSA/HSA account management, is expected to be a leading segment within this market, holding a 39.6% share in 2025.
• Pre-Tax Commuter Benefit Programs: In the U.S., subsidized commuting was available to 10% of all private industry workers in 2024. For 2026, the IRS permits employees to exclude up to $340 per month for public transportation and $340 per month for qualified parking separately as pre-tax commuter benefits. Employers offering these programs can save approximately $532 in FICA taxes per employee per year, while employees can save an average of $800 per year.

HealthEquity (HQY) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Continued Growth in Health Savings Accounts (HSAs) and Assets: HealthEquity, as the nation's largest HSA custodian, is poised to benefit from the increasing demand for tax-advantaged healthcare spending and savings solutions. The company has reported solid year-over-year growth in HSA accounts and assets, with projections indicating continued expansion in this core business. This growth underpins a scaling, diversified fee and yield model.
2. Optimizing Custodial Revenue and Yield on HSA Cash: A significant portion of HealthEquity's revenue is derived from custodial revenue and the yield generated on Health Savings Account (HSA) cash. The company's ability to maintain or improve its average annualized yield on HSA cash, partly through its Enhanced Rates offering and strategic cash placements, will be a key driver of revenue growth.
3. Investments in Technology and Digital Engagement: HealthEquity is focused on modernizing its business, enhancing security, and accelerating the digital experience to drive engagement with its platforms. Initiatives include a new direct HSA enrollment platform and advanced AI-powered solutions (such as agentic AI, Expedited Claims AI, and HSAnswers), which are expected to increase trust, engagement, and product adoption among consumers and partners.
4. Expansion of Product and Service Offerings: The company is expanding its HealthEquity marketplace platform to provide greater access to affordable healthcare solutions. This includes the introduction of programs supporting weight loss through GLP-1s, demonstrating a strategy to diversify offerings beyond traditional HSAs and cater to evolving healthcare needs.
5. Deepening Relationships with Employers and Members: HealthEquity aims to further strengthen its relationships with employers and members. This involves working with employers and partners on plan design to support HSA adoption and securing new employer clients, which is crucial for driving ongoing product adoption and expanding its customer base.

Capital Allocation Decisions of HealthEquity (HQY)

Share Repurchases

• HealthEquity repurchased 1.0 million shares for $93.7 million during the third quarter ended October 31, 2025, with $258.8 million remaining authorized for future repurchases.
• The company repurchased 0.7 million shares for $66.0 million during the second quarter ended July 31, 2025.
• Under a buyback program announced on September 3, 2024, HealthEquity completed the repurchase of 3,294,219 shares for US$300 million by September 30, 2025.

Share Issuance

• HealthEquity's shares outstanding increased by 2.15% to 0.089 billion in 2025 from 2024.
• Shares outstanding increased by 2.98% to 0.087 billion in 2024 from 2023.
• The company's shares outstanding saw a 1.57% increase in 2023 from 2022.

Outbound Investments

• In November 2021, HealthEquity acquired Further, an HSA and consumer-directed benefit administration services provider, for $455 million, with a potential additional $45 million.
• In March 2022, HealthEquity acquired the Health Savings Administrators, L.L.C. HSA portfolio for $60 million in cash.
• During fiscal year 2025 (ending January 31, 2025), HealthEquity acquired the BenefitWallet HSA portfolio for $425.0 million.

Capital Expenditures

• HealthEquity's annual capital expenditures were $505.454 million in 2025, $46.074 million in 2024, and $119.127 million in 2023.
• The trailing twelve months (TTM) annual capital expenditures for HealthEquity were $52.261 million as of March 9, 2026.
• Quarterly capital expenditures for the periods ending October 31, 2025, July 31, 2025, and April 30, 2025, were $11.381 million, $11.18 million, and $16.143 million, respectively.