HealthEquity Q1 revenue $287.6M (+18% YoY), net income $28.8M; raises FY25 outlook

HEALTHEQUITY, INC.

2025-Q1 EPS reported $0.33 revenue$287,597,000

Revenue $287.6M, up 18% YoY; net income $28.8M ($0.33 diluted EPS) vs $4.1M ($0.05) in Q1 FY24.
Non-GAAP net income $70.3M ($0.80 per diluted share), up 64% YoY; Adjusted EBITDA $117.4M (41% of revenue), up 36% YoY.
HSAs grew 13% to 9.1M; total HSA assets $27.3B (+22% YoY); total accounts 16.0M (+7%).
Completed BenefitWallet HSA portfolio acquisition on May 9, 2024 for $425M, funded with revolver and cash.
FY2025 guidance raised: revenue $1.16B-$1.18B; Adjusted EBITDA $454M-$474M; non-GAAP EPS $2.93-$3.10.

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