Healthequity (HQY) Operating Margin (2013 - 2026)
Healthequity (HQY) recorded quarterly Operating Margin of 29.03% in Q2 2026, up 36.67% quarter-over-quarter from 21.24% in Q1 2026, and up 392.0% on a YoY basis from 5.9% in Q2 2025.
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.
- In Q2 2026, Operating Margin rose 392.0% year-over-year to 29.03%; the TTM figure through Apr 2026 stood at 25.6% (up 921.0% YoY), while the FY2026 annual figure was 24.55%, up 1102.0% from the prior year.
- Operating Margin was 29.03% for Q2 2026 at Healthequity, up from 21.24% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 29.03% in Q2 2026 to a low of 13.4% in Q1 2022.
- Historically, Operating Margin has averaged 12.14% across 5 years, with a median of 12.96% in 2023.
- The sharpest annual moves came in 2022 and 2023: Operating Margin tumbled 1256 bps in 2022, then soared 1906 bps in 2023.
- A 5-year view of Operating Margin shows it stood at 2.56% in 2022, then surged by 383 bps to 12.4% in 2023, then sank 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.
- The last three Operating Margin figures came in at 29.03% (Q2 2026), 21.24% (Q1 2026), and 24.43% (Q4 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Veeva Systems | 24.83 Bn | 17.52 Bn | 662.02 Mn | 30.93% |
| 2 | BrightSpring Health Services | 13.57 Bn | 12.69 Bn | 482.22 Mn | 3.36% |
| 3 | Healthequity | 7.20 Bn | 6.93 Bn | 256.31 Mn | 29.03% |
| 4 | Hinge Health | 5.42 Bn | 5.11 Bn | 154.23 Mn | 17.59% |
| 5 | 10x Genomics | 4.46 Bn | 3.92 Bn | 106.18 Mn | -11.30% |
| 6 | Doximity | 3.81 Bn | 3.06 Bn | 125.97 Mn | 17.08% |
| 7 | Waystar Holding | 3.52 Bn | 3.36 Bn | 268.04 Mn | 25.64% |
| 8 | Privia Health | 2.94 Bn | 2.57 Bn | 595.71 Mn | 1.23% |
| 9 | Omnicell | 1.76 Bn | 1.59 Bn | 140.36 Mn | 5.44% |
| 10 | Teladoc Health | 1.45 Bn | 696.57 Mn | 562.57 Mn | -10.06% |
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% |