HealthEquity grows accounts 7% but cedes market-share lead; AI and marketplace push forward

Filed March 17, 2026 · Period ending January 31, 2026 · Compared to 10-K Mar 18, 2025 · ~2 min read

Key Changes

• high

  HSA market share fell from 21% to 20% and the company dropped from #1 to #2 by assets, despite growing absolute accounts 7% to 10.6M and assets 14% to $36.5B.

  Business: Market Share verify on EDGAR →
• high

  Net income more than doubled (+123%, $118.5M) as a $30M FY2025 lease settlement did not recur and merger integration costs fell 88%; Adjusted EBITDA grew 20%, outpacing 10% revenue growth.

  MD&A: Profitability verify on EDGAR →
• high

  Launched marketplace offering connecting members to third-party healthcare products (telehealth, GLP-1 medications) with tax-advantaged payment; new risk factor warns of regulatory volatility and sophisticated competitors.

  Business & Risk Factors: Marketplace verify on EDGAR →