Healthequity, Inc. · NASDAQ:HQY
Healthequity — Investor Presentation (January 2026)
25 slides from Healthequity's investor presentation, January 2026
Slide 1: Investor presentation
Powering how Americans Investor presentation save, spend, and invest in health Copyright © 2026 HealthEquity, Inc. All rights reserved. | HealthEquity does not provide legal, tax or financial advice. 1
Slide 2: #1 HSA provider
10.1M #1 HSA provider HSAs +6% YoY $34.4B HSA assets +15% YoY 17.3M Total Accounts +5% YoY 1 in 4 +100k 200+ HSAs in the US clients Network partners are with us Source: HealthEquity key metrics reported as of Oct 31, 2025. #1 HSA by number of accounts based on 2025 Midyear Devenir HSA report, Octobe
Slide 3: Healthcare is becoming more consumer-driven
Healthcare is becoming more consumer-driven Traditional Modern patient consumer Reliant on employer- Empowered by chosen plans and transparency, choice, and ‘blind’ pricing. portable wealth. “I’ll go where my “I’ll shop for the best value insurance tells me” for my health dollars” 3
Slide 4: Healthcare Affordability Is the Defining Challenge
For employees Healthcare Affordability Is the Defining 1 in 3 31 million US adults borrowed adults have skipped or money to pay for medial Challenge postponed care1 care2 For employers $25K 9% healthcare cost 1 K aiser F amily Foundatio n, A meri cans’ Challenges with Heal th Care Co sts, 202 5 heal
Slide 5: A simple, powerful financial tool
A simple, powerful financial tool Tax-advantaged savings account for healthcare Pre-tax Tax-free Tax-free contributions growth withdrawals 5
Slide 6: Enrollment is the starting point. Engagement drives value.
Enrollment is the starting point. Engagement drives value. Moving the HSA from a passive benefit to a strategic financial asset. ▪ Plan design ▪ Auto enrollment Expanded ▪ Health Payment access Accounts HSA Improved High Deductible utilization Health Plan HSA ▪ Health & financial education ▪ Matchin
Slide 7: Built for outcomes, not transactions
Built for outcomes, not transactions 7
Slide 8: One flywheel. Multiple growth levers.
One Spend flywheel. Save Multiple growth levers. Invest Average annual saving and spending rates sourced from The 2025 Midyear Devenir HSA report, Oct 9, 2025 8
Slide 9: Reframing our growth
Account retention Reframing More Enrollment & Engagement our growth Save, Spend & Invest Increased asset balance Legislative trends 9
Slide 10: Trust is the foundation of the platform
Trust is the foundation of the platform This past year we fortified our systems, environments and procedures to detect and prevent fraud and cybercrime. 98% 80% 2M Reduction in erroneous Lower fraud Registered passkeys to decline of genuine rate vs. industry secure accounts transactions peers Source
Slide 11: Extending the platform for the next phase of growth
Extending the platform for the next phase of growth Retail New app Marketplace onboarding with Passkey
Slide 12: AI Powering the future
AI Powering the future HSAnswers Agentic support AI powered claims processing
Slide 13: How our flywheel translates to revenue
How our Spend smarter. flywheel Interchange & Marketplace revenue translates to revenue Invest for the future. Service revenue Save more. Custodial revenue
Slide 14: Engagement drives our platform
Engagement drives our platform 2 in 3 new HSAs come from existing client relationships 3.1M member app downloads $15B+ annual member spend $16.9B in HSA cash $17.5B in invested assets Source: Internal data, Q3 FY26 financial reporting
Slide 15: Extending from Account to active platform
Extending from Account to active platform 15
Slide 16: Built to lead the next decade of healthcare affordability
Built to lead the next decade of healthcare affordability Putting health back in Health Savings Account
Slide 17: Appendix
Appendix Copyright © 2026 HealthEquity, Inc. All rights reserved. | HealthEquity does not provide legal, tax or financial advice.
Slide 18: Cash and capital allocation
Strategy Cash and capital allocation Cash flow Cash drivers Capital allocation Multi-year custodial $340M yield tailwind Organic growth Fiscal year 2025 net cash Growing revenue flows provided by operating Portfolio M&A and expanding activities margins fuel cash growth Return of capital $339M Adjust
Slide 19: HSA cash maturity schedule
HSA cash maturity schedule $16.9 billion total HSA cash assets as of 3.6% October 31, 2025 HSA cash custodial assets repricing in $billions $7.5 $16.4 billion in fixed-rate contracts $4.2 FY26, 27, 28, 29 maturing yields are below the $2.2 current forward curve $1.5 expectations for new rates $1.0 e
Slide 20: HSA key metrics
HSA key metrics HSAs (000s) HSA Assets ($M) Total Accounts (000s) Net new HSA sales Invested assets Acq HSAs Cash assets HSA 10.1M Beg HSAs 10,108 $34,446 9,508 600 $29,987 8,295 597 FSA 3.1M 616 645 $17,536 $22,568 $13,601 HRA 2.5M $8,597 9,508 COBRA 0.4M 7,650 8,295 $16,386 $16,910 Commuter 0.7M $
Slide 21: Fiscal third quarter financial results
Fiscal third quarter financial results Revenue ($M) Adjusted EBITDA(1) ($M) Three Months Nine Months Three Months Nine Months $978.8 $433.1 $888.0 $364.0 $322.2 $737.2 $300.4 $141.8 $270.3 $249.2 $118.2 $95.6 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 7% Q3FY26 growth YoY 20% adjust
Slide 22: Capital structure
Capital structure ($ in millions) October 31, 2025 January 31, 2025 Cash, cash equivalents $309 $296 & marketable securities Long-term debt, net $982 $1,056 of debt issuance costs
Slide 23: Guidance | Fiscal year 2026
Guidance | Fiscal year 2026 HealthEquity fiscal year ending January 31, 2026 Guidance as of: December 3, 2025 September 2, 2025 June 3, 2025 March 18, 2025 ($ in millions, except per share) Revenue $1,302 - $1,312 $1,290 - $1,310 $1,285 - $1,305 $1,280 - $1,305 Net Income $197 - $205 $185 - $200 $17
Slide 24: Outlook | Fiscal year 2027
Outlook | Fiscal year 2027 HealthEquity fiscal year ending January 31, 2027 Outlook as of: January 12, 2026* Revenue ($ in millions) $1,380 - $1,410 Adjusted EBITDA (as a % of revenue) 43.8% - 44.3% Outlook based on HSA cash yield of approximately 3.75% *A reconciliation o f our Adjusted EBITDA outl
Slide 25: Copyright © 2026 HealthEquity, Inc. All rights reserved. | HealthEquity does not provide legal,
Copyright © 2026 HealthEquity, Inc. All rights reserved. | HealthEquity does not provide legal, tax or financial advice. 25