Health Catalyst (HCAT) Operating Expenses (2018 - 2026)
Health Catalyst's (HCAT) quarterly Operating Expenses came in at $141.9 million in Q1 2026, up 151.64% YoY from $56.4 million in Q1 2025, and up 13.13% on a QoQ basis from $125.5 million in Q4 2025.
Health Catalyst (HCAT) Operating Expenses (2018 - 2026) Analysis & Trends
Health Catalyst (HCAT) has 9 years of Operating Expenses data on file, last reported at $141.9 million in Q1 2026.
- Quarterly Operating Expenses rose 151.64% year-over-year to $141.9 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $398.1 million (up 91.4% YoY) and the FY2025 annual result came in at $312.5 million, up 48.41% from the prior year.
- Operating Expenses improved to $141.9 million in Q1 2026, from $125.5 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $141.9 million in Q1 2026 to a low of $47.7 million in Q3 2024.
- A 5-year average of $70.4 million and a median of $63.3 million in 2023 frame the typical range for Operating Expenses.
- Annual changes were most pronounced in 2023 — Operating Expenses dropped 27.23% — and 2026, when it jumped 151.64%.
- Tracing HCAT's Operating Expenses over 5 years: stood at $67.8 million in 2022, then dropped by 6.65% to $63.3 million in 2023, then retreated by 17.54% to $52.2 million in 2024, then jumped by 140.39% to $125.5 million in 2025, then climbed by 13.13% to $141.9 million in 2026.
- The last three Operating Expenses figures came in at $141.9 million (Q1 2026), $125.5 million (Q4 2025), and $55.3 million (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Veeva Systems | 39.72 Bn | 32.40 Bn | 662.02 Mn | 388.91 Mn |
| 2 | BrightSpring Health Services | 12.19 Bn | 11.64 Bn | 492.75 Mn | 362.36 Mn |
| 3 | Healthequity | 8.79 Bn | 8.52 Bn | 256.31 Mn | 153.36 Mn |
| 4 | 10x Genomics | 7.31 Bn | 6.76 Bn | 112.50 Mn | 132.05 Mn |
| 5 | Hinge Health | 7.10 Bn | 6.71 Bn | 183.95 Mn | 143.51 Mn |
| 6 | MiniMed | 5.66 Bn | 5.36 Bn | 480.00 Mn | 398.00 Mn |
| 7 | Waystar Holding | 4.76 Bn | 4.56 Bn | 221.99 Mn | 243.63 Mn |
| 8 | Doximity | 4.46 Bn | 3.77 Bn | 132.93 Mn | 99.28 Mn |
| 9 | Heartflow | 3.66 Bn | 3.28 Bn | 53.19 Mn | 71.09 Mn |
| 10 | Health Catalyst | 138.20 Mn | 34.76 Mn | 34.86 Mn | 71.34 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 71.34 Mn |
| Mar 31, 2026 | 141.94 Mn |
| Dec 31, 2025 | 125.46 Mn |
| Sep 30, 2025 | 55.33 Mn |
| Jun 30, 2025 | 75.34 Mn |
| Mar 31, 2025 | 56.41 Mn |
| Dec 31, 2024 | 52.19 Mn |
| Sep 30, 2024 | 47.73 Mn |
| Jun 30, 2024 | 51.65 Mn |
| Mar 31, 2024 | 59.02 Mn |
| Dec 31, 2023 | 63.29 Mn |
| Sep 30, 2023 | 56.57 Mn |
| Jun 30, 2023 | 68.39 Mn |
| Mar 31, 2023 | 70.48 Mn |
| Dec 31, 2022 | 67.80 Mn |
| Sep 30, 2022 | 77.74 Mn |
| Jun 30, 2022 | 69.22 Mn |
| Mar 31, 2022 | 58.44 Mn |
| Dec 31, 2021 | 75.60 Mn |
| Sep 30, 2021 | 70.90 Mn |