Healthequity (HQY) Gross Margin (2013 - 2026)
Healthequity's Gross Margin was 73.55% in fiscal Q2 2027 (quarter ended Jul 31, 2026), up 2.16 percentage points from 71.38% a year earlier and up 1.27 percentage points from the prior quarter.
Healthequity (HQY) Gross Margin (2013 - 2026) Analysis & Trends
On a trailing twelve-month basis, Healthequity's Gross Margin was 71.25% through Jul 31, 2026, up 4.82 percentage points year-over-year; for FY2026 (ended Jan 31, 2026), it was 69.52%, up 4.74 percentage points from FY2025.
- Gross Margin has now increased for four consecutive fiscal years, with a five-year change of +12.90 percentage points (FY2021 to FY2026).
- In earlier fiscal years, Gross Margin was 64.78% in FY2025 (+2.49 pp), 62.29% in FY2024 (+5.20 pp), 57.09% in FY2023 (+0.94 pp) and 56.14% in FY2022 (-0.47 pp).
- The fiscal Q2 2027 figure marks the highest quarterly Gross Margin in data going back to fiscal Q2 2014.
- Compared with a year earlier, Gross Margin has increased for six straight quarters, with an average year-over-year change of +3.20 percentage points over the last eight quarters.
- The best year-over-year quarter for Gross Margin over five years was fiscal Q4 2026 (a gain of 7.56 percentage points); the worst was fiscal Q2 2023 (a drop of 1.98 percentage points).
- Per Business Quant data, HQY's Gross Margin in the three fiscal quarters before Q2 2027 was 72.27% (Q1 2027), 68.19% (Q4 2026) and 70.79% (Q3 2026).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Robinhood Markets | 104.70 Bn | 85.79 Bn | - | - |
| 2 | Bank of New York Mellon | 100.72 Bn | 40.09 Bn | - | - |
| 3 | Cme | 94.58 Bn | 94.58 Bn | - | - |
| 4 | Intercontinental Exchange | 85.83 Bn | 79.63 Bn | - | - |
| 5 | Nasdaq | 52.05 Bn | 49.49 Bn | 1.50 Bn | 59.24% |
| 6 | State Street | 49.39 Bn | 49.39 Bn | - | - |
| 7 | Interactive Brokers | 39.24 Bn | 32.69 Bn | - | - |
| 8 | Northern Trust | 31.94 Bn | 31.94 Bn | - | - |
| 9 | Cboe Global Markets | 26.47 Bn | 18.13 Bn | 731.60 Mn | 50.71% |
| 10 | Healthequity | 7.33 Bn | 6.18 Bn | 257.95 Mn | 73.55% |
Historic Data
| Date | Value |
|---|---|
| Jul 31, 2026 | 73.55% |
| 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% |
Healthequity Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=HQY&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "HQY", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=HQY&period=max&api_key=YOUR_API_KEY");
const data = await res.json();