Healthequity (HQY) Operating Margin (2013 - 2026)
Healthequity's (HQY) quarterly Operating Margin came in at 29.03% in Q2 2026, up 392.0% year-on-year from 5.9% in Q2 2025, and up 36.67% quarter-over-quarter from 21.24% in Q1 2026.
Healthequity (HQY) Operating Margin (2013 - 2026) Analysis & Trends
Healthequity's Operating Margin history runs 14 years deep, the most recent figure standing at 29.03% for Q2 2026.
- On a quarterly basis, Operating Margin rose 392.0% year-over-year to 29.03% in Q2 2026; TTM through Apr 2026 was 25.6%, a 921.0% increase from a year earlier, with the FY2026 full-year figure at 24.55%, up 1102.0% from the prior year.
- Operating Margin advanced to 29.03% in Q2 2026 per HQY's latest filing, from 21.24% in the prior quarter.
- Across five years, Operating Margin topped out at 29.03% in Q2 2026 and bottomed at 13.4% in Q1 2022.
- The 5-year median for Operating Margin is 12.96% (2023), against an average of 12.14%.
- Across the five-year window, Operating Margin tumbled 1256 bps in 2022 and surged 1906 bps in 2023, its largest moves.
- Year by year, Operating Margin stood at 2.56% in 2022, then surged by 383 bps to 12.4% in 2023, then tumbled by 47 bps to 6.53% in 2024, then soared by 274 bps to 24.43% in 2025, then climbed by 19 bps to 29.03% in 2026.
- Per Business Quant, the three latest HQY Operating Margin figures stand at 29.03% (Q2 2026), 21.24% (Q1 2026), and 24.43% (Q4 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Veeva Systems | 29.34 Bn | 22.03 Bn | 662.02 Mn | 30.93% |
| 2 | BrightSpring Health Services | 13.49 Bn | 12.59 Bn | 482.22 Mn | 3.36% |
| 3 | Healthequity | 7.96 Bn | 7.70 Bn | 256.31 Mn | 29.03% |
| 4 | 10x Genomics | 6.17 Bn | 5.63 Bn | 106.18 Mn | -11.30% |
| 5 | Hinge Health | 6.02 Bn | 5.70 Bn | 154.23 Mn | 17.59% |
| 6 | MiniMed | 4.19 Bn | 3.89 Bn | 480.00 Mn | -11.11% |
| 7 | Waystar Holding | 4.14 Bn | 4.07 Bn | 216.84 Mn | 25.64% |
| 8 | Doximity | 3.82 Bn | 3.08 Bn | 125.97 Mn | 17.08% |
| 9 | Privia Health | 3.10 Bn | 2.73 Bn | - | 1.23% |
| 10 | Omnicell | 1.81 Bn | 1.57 Bn | 140.36 Mn | 5.44% |
Historic Data
Download Data| Date | Value |
|---|---|
| Apr 30, 2026 | 29.03% |
| Jan 31, 2026 | 21.24% |
| Oct 31, 2025 | 24.43% |
| Jul 31, 2025 | 27.50% |
| Apr 30, 2025 | 25.11% |
| Jan 31, 2025 | 13.52% |
| Oct 31, 2024 | 6.53% |
| Jul 31, 2024 | 19.65% |
| Apr 30, 2024 | 14.48% |
| Jan 31, 2024 | 14.82% |
| Oct 31, 2023 | 12.40% |
| Jul 31, 2023 | 10.16% |
| Apr 30, 2023 | 9.48% |
| Jan 31, 2023 | 5.65% |
| Oct 31, 2022 | 2.56% |
| Jul 31, 2022 | -1.17% |
| Apr 30, 2022 | -3.54% |
| Jan 31, 2022 | -13.40% |
| Oct 31, 2021 | -0.20% |
| Jul 31, 2021 | -0.46% |