HealthEquity gains HSA tailwind from new law, but market share slips to 20%

Filed May 28, 2026 · Period ending April 30, 2026 · Compared to 10-Q Jun 3, 2025 · ~1 min read

Key Changes

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  July 2025 law expanded HSA eligibility to Bronze and Catastrophic health plans, broadening addressable market. Company launching campaigns to reach newly eligible individuals.

  MD&A: Legislative Expansion verify on EDGAR →
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  Market share by HSA assets declined from 21% (Dec 2024) to 20% (Dec 2025), first reported decline despite maintaining #1 position by account count.

  MD&A: Market Share verify on EDGAR →
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  Service costs dropped 11% year-over-year driven by technology efficiencies, lower fraud reimbursements, and non-recurring expenses—reversing prior year's 7% increase.

  MD&A: Service Costs verify on EDGAR →