Healthequity (HQY) Research & Development (2013 - 2026)
Healthequity (HQY) recorded Research & Development of $73.92 million in fiscal Q2 2027 (quarter ended Jul 31, 2026), up 14.1% from $64.8 million a year earlier and up 9.1% from the prior quarter.
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Analysis
Healthequity (HQY) Research & Development (2013 - 2026) Analysis & Trends
On a TTM basis, Healthequity's Research & Development came in at $277.96 million as of Jul 31, 2026, up 10.7% year-over-year; for FY2026 (ended Jan 31, 2026), it was $262.51 million, up 9.6% from FY2025.
- Annual Research & Development has increased for 13 straight fiscal years, with a five-year compound annual growth rate of 16.0% (FY2021 to FY2026).
- Across earlier fiscal years, Research & Development came in at $239.51 million in FY2025 (+9.5%), $218.81 million in FY2024 (+13.2%), $193.38 million in FY2023 (+22.9%) and $157.36 million in FY2022 (+26.1%).
- The fiscal Q2 2027 figure is the highest quarterly Research & Development in data going back to fiscal Q2 2014.
- On a year-over-year basis, Research & Development has increased for 49 consecutive quarters, with growth averaging 11.0% over the last eight quarters.
- Over the past five years, the year-over-year growth in Research & Development ranged from 4.8% (fiscal Q4 2024) to 42.1% (fiscal Q4 2022).
- Per Business Quant, the preceding three fiscal quarters came in at $67.77 million (Q1 2027), $70.35 million (Q4 2026) and $65.92 million (Q3 2026).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Robinhood Markets | 104.48 Bn | 85.58 Bn | - | 256.00 Mn |
| 2 | Bank of New York Mellon | 99.71 Bn | 39.09 Bn | - | - |
| 3 | Cme | 94.57 Bn | 94.57 Bn | - | - |
| 4 | Intercontinental Exchange | 85.38 Bn | 79.19 Bn | - | - |
| 5 | Nasdaq | 51.62 Bn | 49.05 Bn | 1.50 Bn | - |
| 6 | State Street | 48.84 Bn | 48.84 Bn | - | - |
| 7 | Interactive Brokers | 38.83 Bn | 32.29 Bn | - | - |
| 8 | Northern Trust | 31.65 Bn | 31.65 Bn | - | - |
| 9 | Cboe Global Markets | 27.38 Bn | 19.03 Bn | 731.60 Mn | - |
| 10 | Healthequity | 7.23 Bn | 6.08 Bn | 257.95 Mn | 73.92 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jul 31, 2026 | 73.92 Mn |
| Apr 30, 2026 | 67.77 Mn |
| Jan 31, 2026 | 70.35 Mn |
| Oct 31, 2025 | 65.92 Mn |
| Jul 31, 2025 | 64.80 Mn |
| Apr 30, 2025 | 61.44 Mn |
| Jan 31, 2025 | 64.65 Mn |
| Oct 31, 2024 | 60.19 Mn |
| Jul 31, 2024 | 58.58 Mn |
| Apr 30, 2024 | 56.09 Mn |
| Jan 31, 2024 | 55.24 Mn |
| Oct 31, 2023 | 55.61 Mn |
| Jul 31, 2023 | 54.77 Mn |
| Apr 30, 2023 | 53.19 Mn |
| Jan 31, 2023 | 52.72 Mn |
| Oct 31, 2022 | 48.89 Mn |
| Jul 31, 2022 | 46.58 Mn |
| Apr 30, 2022 | 45.18 Mn |
| Jan 31, 2022 | 45.93 Mn |
| Oct 31, 2021 | 38.07 Mn |
API Access
Healthequity Research & Development 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=research-and-development&ticker=HQY&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "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=research-and-development&ticker=HQY&period=max&api_key=YOUR_API_KEY");
const data = await res.json();