Healthequity (HQY) Operating Margin (2013 - 2026)
Healthequity's quarterly Operating Margin came in at 21.24% in Q1 2026, up 772.0% year-on-year from 2.44% in Q1 2025, and down 13.04% quarter-over-quarter from 24.43% in Q4 2025.
Healthequity has reported Operating Margin for 14 years, with the latest figure at 21.24% in Q1 2026.
- For the quarter ending Q1 2026, Operating Margin rose 772.0% year-over-year to 21.24%; the trailing twelve-month figure through Jan 2026 stood at 24.55% (up 1102.0% YoY), and the FY2026 full-year result was 24.55%, up 1102.0% from the prior year.
- Operating Margin for Q1 2026 stood at 21.24%, down from 24.43% in the prior quarter.
- The five-year high for Operating Margin was 27.5% in Q3 2025, with the low at 13.4% in Q1 2022.
- Average Operating Margin over 5 years is 11.14%, with a median of 12.4% recorded in 2023.
- Year-over-year, Operating Margin tumbled 1256 bps in 2022 and surged 1906 bps in 2023.
- Tracing HQY's Operating Margin over 5 years: stood at 2.56% in 2022, then soared by 383 bps to 12.4% in 2023, then plunged by 47 bps to 6.53% in 2024, then jumped by 274 bps to 24.43% in 2025, then decreased by 13 bps to 21.24% in 2026.
- The last three Operating Margin figures came in at 21.24% (Q1 2026), 24.43% (Q4 2025), and 27.5% (Q3 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Veeva Systems | 30.85 Bn | 24.28 Bn | 622.47 Mn | 29.41% |
| 2 | BrightSpring Health Services | 12.29 Bn | 11.41 Bn | 482.22 Mn | 3.36% |
| 3 | Healthequity | 7.80 Bn | 7.48 Bn | 256.31 Mn | 29.03% |
| 4 | Hinge Health | 4.82 Bn | 4.51 Bn | 154.23 Mn | 17.59% |
| 5 | Doximity | 4.21 Bn | 3.46 Bn | 125.97 Mn | 17.08% |
| 6 | Waystar Holding | 4.18 Bn | 4.03 Bn | 268.04 Mn | 25.64% |
| 7 | 10x Genomics | 3.78 Bn | 3.24 Bn | 106.18 Mn | -11.30% |
| 8 | Privia Health | 2.65 Bn | 2.28 Bn | 595.71 Mn | 1.23% |
| 9 | Omnicell | 1.95 Bn | 1.78 Bn | 140.36 Mn | 5.44% |
| 10 | Teladoc Health | 1.42 Bn | 672.39 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% |
| Apr 30, 2021 | 2.31% |
| Jan 31, 2021 | -0.84% |
| Oct 31, 2020 | 6.41% |
| Jul 31, 2020 | 5.13% |
| Apr 30, 2020 | 7.93% |
| Jan 31, 2020 | 7.23% |
| Oct 31, 2019 | 6.31% |
| Jul 31, 2019 | 28.70% |
| Apr 30, 2019 | 31.79% |
| Jan 31, 2019 | 21.88% |
| Oct 31, 2018 | 26.93% |
| Jul 31, 2018 | 30.34% |
| Apr 30, 2018 | 29.38% |
| Jan 31, 2018 | 13.96% |
| Oct 31, 2017 | 23.88% |
| Jul 31, 2017 | 29.00% |
| Apr 30, 2017 | 28.74% |
| Jan 31, 2017 | 13.20% |
| Oct 31, 2016 | 20.85% |
| Jul 31, 2016 | 28.83% |
| Apr 30, 2016 | 30.10% |
| Jan 31, 2016 | 12.15% |
| Oct 31, 2015 | 20.63% |
| Jul 31, 2015 | 24.59% |
| Apr 30, 2015 | 26.74% |
| Jan 31, 2015 | 8.12% |
| Oct 31, 2014 | 19.64% |
| Jul 31, 2014 | 24.27% |
| Apr 30, 2014 | 27.13% |
| Jan 31, 2014 | 9.26% |
| Oct 31, 2013 | 22.27% |
| Jul 31, 2013 | 24.12% |
| Apr 30, 2013 | 20.01% |