# HEALTHEQUITY, INC.

Summary updated: 2026-10-02T16:09:51.069905Z
Canonical: https://finbar.com/research/companies/healthequity-inc

## Overview

HealthEquity, Inc. is a U.S.-focused healthcare benefits and financial-services company that administers health savings accounts (HSAs) and related employer-sponsored benefits, including flexible spending accounts, health reimbursement arrangements, COBRA, and commuter benefits. Its services also include payment, investment, and healthcare-spending tools. The company’s stated mission is to save and improve lives by empowering healthcare consumers. [1](https://app.finbar.com/go?id=P113506902)[2](https://www.healthequity.com/about)

In fiscal 2026, HealthEquity reported $1.313 billion in revenue and 2,814 employees as of January 31, 2026. At that date, it administered 17.8 million total accounts, including 10.6 million HSAs, and held $36.5 billion in HSA assets. The company was incorporated in Delaware in 2002; its reported business is centered on U.S. healthcare saving and spending. [3](https://app.finbar.com/go?id=P30465881)[4](https://app.finbar.com/go?id=P22939492)[5](https://app.finbar.com/go?id=T13251890)[6](https://app.finbar.com/go?id=P87645412)[7](https://app.finbar.com/go?id=P63353867)
[1](https://app.finbar.com/go?id=P113506902)[3](https://app.finbar.com/go?id=P30465881)[4](https://app.finbar.com/go?id=P22939492)[5](https://app.finbar.com/go?id=T13251890)[6](https://app.finbar.com/go?id=P87645412)[7](https://app.finbar.com/go?id=P63353867)[2](https://www.healthequity.com/about)[8](https://www.sec.gov/ix?doc=%2FArchives%2Fedgar%2Fdata%2F0001428336%2F000142833626000010%2Fhqy-20260131.htm)

## Products & services

HealthEquity’s products include health savings accounts (HSAs), flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), COBRA administration, commuter benefits and other consumer-directed benefits. Its HSA platform supports tax-advantaged healthcare saving, spending and investing. Members can review adjudicated medical bills with insurance-payment and service information, pay bills or receive reimbursements, use prescription savings, and invest eligible HSA assets. [1](https://app.finbar.com/go?id=P113506902)[9](https://app.finbar.com/go?id=P110388870)[10](https://app.finbar.com/go?id=P56746656)

Digital and service capabilities include online and mobile account access, bill payment by payment card or linked bank account, and tools to upload medical or insurance documents. The company also provides benefit administration, payment processing, access to a healthcare marketplace and investment advice; HSA members can contact healthcare consumer specialists by phone or email. [11](https://app.finbar.com/go?id=P67448183)[1](https://app.finbar.com/go?id=P113506902)[12](https://www.healthequity.com/mobile-app)[13](https://www.healthequity.com/solutions) Once HSA cash meets a specified threshold, members may invest through an investment partner; HealthEquity earns recordkeeping, advisory and other fees calculated as a percentage of member HSA investments. [14](https://app.finbar.com/go?id=P104287585)

For FY2026, reported revenue comprised $485.0 million in service revenue (36.9% of total), $636.8 million in custodial revenue (48.5%) and $191.6 million in interchange revenue (14.6%). These are revenue categories rather than separate product-line contribution figures. [5](https://app.finbar.com/go?id=T13251890)
[1](https://app.finbar.com/go?id=P113506902)[9](https://app.finbar.com/go?id=P110388870)[10](https://app.finbar.com/go?id=P56746656)[11](https://app.finbar.com/go?id=P67448183)[14](https://app.finbar.com/go?id=P104287585)[5](https://app.finbar.com/go?id=T13251890)[12](https://www.healthequity.com/mobile-app)[13](https://www.healthequity.com/solutions)

## Geographic presence

HealthEquity, Inc.’s FY2026 Form 10-K lists its principal executive office at 15 W. Scenic Pointe Dr., Suite 100, Draper, Utah 84020. The company does not own its facilities; a majority of its workforce works permanently remotely, and it reported subleasing or seeking to sublease unused office space. The filing does not provide an employee distribution by location. [15](https://app.finbar.com/go?id=P8589654)[16](https://app.finbar.com/go?id=P93155244)

The company reports one operating segment, but does not disclose revenue by country or region, geographic revenue percentages, or a specific sales-geography breakdown. [17](https://app.finbar.com/go?id=P109283417)
[15](https://app.finbar.com/go?id=P8589654)[16](https://app.finbar.com/go?id=P93155244)[17](https://app.finbar.com/go?id=P109283417)

## Business segments

Healthequity reports one operating segment, focused on administering health savings accounts (HSAs) and other consumer-directed benefits (CDBs). Management reviews consolidated results and allocates resources on a company-wide basis; the filings do not identify separately named reportable segments. [18](https://app.finbar.com/go?id=P160226681) [19](https://app.finbar.com/go?id=P42368686)

The company’s broader service offering includes administration of HSAs, flexible spending accounts, health reimbursement arrangements, COBRA and commuter benefits, alongside payment processing, benefit information, a healthcare marketplace and investment advice. [1](https://app.finbar.com/go?id=P113506902) For FY2026, revenue was also presented by source—not as separate reportable segments: custodial revenue was approximately 48.5% of total revenue, service revenue 36.9%, and interchange revenue 14.6%. [5](https://app.finbar.com/go?id=T13251890)
[18](https://app.finbar.com/go?id=P160226681)[19](https://app.finbar.com/go?id=P42368686)[1](https://app.finbar.com/go?id=P113506902)[5](https://app.finbar.com/go?id=T13251890)

## Company history

HealthEquity was founded in 2002 by physician Stephen D. Neeleman, whose vision was to connect healthcare and personal finance. [20](https://healthequity.com/about/leadership/neeleman)[2](https://www.healthequity.com/about) In 2011, the company acquired First Horizon Msaver, expanding its health savings account administration business. [21](https://www.healthequity.com/doclib/pr/110815.pdf) It priced its initial public offering in July 2014 and began trading on Nasdaq as HQY. [22](https://new.healthequity.com/doclib/pr/140731.pdf)[23](https://www.healthequity.com/doclib/pr/140801.pdf) In 2015, it launched an investment option for HSA holders featuring Vanguard funds. [24](https://www.healthequity.com/doclib/pr/151209.pdf)

HealthEquity completed its acquisition of WageWorks in August 2019, expanding into complementary consumer-directed benefits. [25](https://www.healthequity.com/investor-relations/press-releases/healthequity-completes-acquisition-wageworks) In 2021, it completed the acquisition of Further and brought in an HSA portfolio transferred from Fifth Third Bank. [26](https://www.healthequity.com/investor-relations/press-releases/healthequity-completes-further-acquisition)[27](https://ir.healthequity.com/news-releases/news-release-details/healthequity-reports-third-quarter-ended-october-31-2021) It closed the acquisition of Conduent’s BenefitWallet HSA portfolio in May 2024. [28](https://healthequity.gcs-web.com/news-releases/news-release-details/healthequity-closes-acquisition-benefitwallet-hsa-portfolio)[29](https://app.finbar.com/go?id=P77517858) Scott Cutler succeeded Jon Kessler as CEO on January 6, 2025. [30](https://www.sec.gov/Archives/edgar/data/1428336/000142833624000104/goldengateprvf.htm)
[29](https://app.finbar.com/go?id=P77517858)[20](https://healthequity.com/about/leadership/neeleman)[2](https://www.healthequity.com/about)[21](https://www.healthequity.com/doclib/pr/110815.pdf)[22](https://new.healthequity.com/doclib/pr/140731.pdf)[23](https://www.healthequity.com/doclib/pr/140801.pdf)[24](https://www.healthequity.com/doclib/pr/151209.pdf)[25](https://www.healthequity.com/investor-relations/press-releases/healthequity-completes-acquisition-wageworks)[26](https://www.healthequity.com/investor-relations/press-releases/healthequity-completes-further-acquisition)[27](https://ir.healthequity.com/news-releases/news-release-details/healthequity-reports-third-quarter-ended-october-31-2021)[28](https://healthequity.gcs-web.com/news-releases/news-release-details/healthequity-closes-acquisition-benefitwallet-hsa-portfolio)[30](https://www.sec.gov/Archives/edgar/data/1428336/000142833624000104/goldengateprvf.htm)

## Sources

1. [HEALTHEQUITY, INC. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P113506902)
2. [www.healthequity.com](https://www.healthequity.com/about)
3. [HEALTHEQUITY, INC. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P30465881)
4. [HEALTHEQUITY, INC. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P22939492)
5. [HEALTHEQUITY, INC. — Full financial report (2026 Y)](https://app.finbar.com/go?id=T13251890)
6. [HEALTHEQUITY, INC. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P87645412)
7. [HEALTHEQUITY, INC. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P63353867)
8. [www.sec.gov](https://www.sec.gov/ix?doc=%2FArchives%2Fedgar%2Fdata%2F0001428336%2F000142833626000010%2Fhqy-20260131.htm)
9. [HEALTHEQUITY, INC. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P110388870)
10. [HEALTHEQUITY, INC. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P56746656)
11. [HEALTHEQUITY, INC. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P67448183)
12. [www.healthequity.com](https://www.healthequity.com/mobile-app)
13. [www.healthequity.com](https://www.healthequity.com/solutions)
14. [HEALTHEQUITY, INC. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P104287585)
15. [HEALTHEQUITY, INC. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P8589654)
16. [HEALTHEQUITY, INC. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P93155244)
17. [HEALTHEQUITY, INC. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P109283417)
18. [HEALTHEQUITY, INC. — Full financial report (2027 Q 2)](https://app.finbar.com/go?id=P160226681)
19. [HEALTHEQUITY, INC. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P42368686)
20. [healthequity.com](https://healthequity.com/about/leadership/neeleman)
21. [www.healthequity.com](https://www.healthequity.com/doclib/pr/110815.pdf)
22. [new.healthequity.com](https://new.healthequity.com/doclib/pr/140731.pdf)
23. [www.healthequity.com](https://www.healthequity.com/doclib/pr/140801.pdf)
24. [www.healthequity.com](https://www.healthequity.com/doclib/pr/151209.pdf)
25. [www.healthequity.com](https://www.healthequity.com/investor-relations/press-releases/healthequity-completes-acquisition-wageworks)
26. [www.healthequity.com](https://www.healthequity.com/investor-relations/press-releases/healthequity-completes-further-acquisition)
27. [ir.healthequity.com](https://ir.healthequity.com/news-releases/news-release-details/healthequity-reports-third-quarter-ended-october-31-2021)
28. [healthequity.gcs-web.com](https://healthequity.gcs-web.com/news-releases/news-release-details/healthequity-closes-acquisition-benefitwallet-hsa-portfolio)
29. [HEALTHEQUITY, INC. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P77517858)
30. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1428336/000142833624000104/goldengateprvf.htm)

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