Healthequity (HQY) Gross Margin (2013 - 2026)
Healthequity's (HQY) quarterly Gross Margin came in at 72.27% in Q2 2026, up 447.0% year-on-year from 13.21% in Q2 2025, and up 5.99% quarter-over-quarter from 68.19% in Q1 2026.
Healthequity (HQY) Gross Margin (2013 - 2026) Analysis & Trends
Healthequity's Gross Margin history runs 14 years deep, the most recent figure standing at 72.27% for Q2 2026.
- On a quarterly basis, Gross Margin rose 447.0% year-over-year to 72.27% in Q2 2026; TTM through Apr 2026 was 70.68%, a 516.0% increase from a year earlier, with the FY2026 full-year figure at 69.52%, up 474.0% from the prior year.
- Gross Margin grew to 72.27% in Q2 2026 per HQY's latest filing, from 68.19% in the prior quarter.
- Across five years, Gross Margin topped out at 72.27% in Q2 2026 and bottomed at 51.95% in Q1 2022.
- The 5-year median for Gross Margin is 63.07% (2023), against an average of 63.28%.
- Across the five-year window, Gross Margin plunged 198 bps in 2022 and soared 756 bps in 2026, its largest moves.
- Year by year, Gross Margin stood at 58.92% in 2022, then gained by 8 bps to 63.87% in 2023, then rose by 3 bps to 65.58% in 2024, then gained by 8 bps to 70.79% in 2025, then gained by 2 bps to 72.27% in 2026.
- Per Business Quant, the three latest HQY Gross Margin figures stand at 72.27% (Q2 2026), 68.19% (Q1 2026), and 70.79% (Q4 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Veeva Systems | 29.34 Bn | 22.03 Bn | 662.02 Mn | 74.98% |
| 2 | BrightSpring Health Services | 13.49 Bn | 12.59 Bn | 482.22 Mn | 13.34% |
| 3 | Healthequity | 7.96 Bn | 7.70 Bn | 256.31 Mn | 72.27% |
| 4 | 10x Genomics | 6.17 Bn | 5.63 Bn | 106.18 Mn | 70.39% |
| 5 | Hinge Health | 6.02 Bn | 5.70 Bn | 154.23 Mn | 84.60% |
| 6 | MiniMed | 4.19 Bn | 3.89 Bn | 480.00 Mn | 57.35% |
| 7 | Waystar Holding | 4.14 Bn | 4.07 Bn | 216.84 Mn | 69.08% |
| 8 | Doximity | 3.82 Bn | 3.08 Bn | 125.97 Mn | 86.65% |
| 9 | Privia Health | 3.10 Bn | 2.73 Bn | - | - |
| 10 | Omnicell | 1.81 Bn | 1.57 Bn | 140.36 Mn | 45.30% |
Historic Data
Download Data| Date | Value |
|---|---|
| Apr 30, 2026 | 72.27% |
| Jan 31, 2026 | 68.19% |
| Oct 31, 2025 | 70.79% |
| Jul 31, 2025 | 71.38% |
| Apr 30, 2025 | 67.80% |
| Jan 31, 2025 | 60.63% |
| Oct 31, 2024 | 65.58% |
| Jul 31, 2024 | 68.03% |
| Apr 30, 2024 | 65.07% |
| Jan 31, 2024 | 62.24% |
| Oct 31, 2023 | 63.87% |
| Jul 31, 2023 | 62.27% |
| Apr 30, 2023 | 60.74% |
| Jan 31, 2023 | 57.63% |
| Oct 31, 2022 | 58.92% |
| Jul 31, 2022 | 57.36% |
| Apr 30, 2022 | 54.26% |
| Jan 31, 2022 | 51.95% |
| Oct 31, 2021 | 57.55% |
| Jul 31, 2021 | 59.35% |