HealthEquity reported a solid QQ3 2025 (fiscal year 2025) with double‑digit top‑line growth and meaningful margin expansion, led by continued outperformance in HSA assets and interchange revenue. Revenue rose 21% YoY to $300.4 million, while non‑GAAP net income reached $69.4 million and adjusted EBITDA climbed 24% to $118.2 million. The company ended the quarter with $322 million in cash and cash equivalents and total debt of about $1.135 billion, leaving net debt in a negative position of approximately $268 million. HSA assets reached $30.0 billion with 16.5 million total accounts, including 9.5 million HSAs, and HSA invested assets jumped 58% YoY to $13.6 billion, underscoring a shift toward higher‑margin investment activity. Management signaled ongoing operating discipline, a favorable mix shift toward higher‑margin HSAs, and a strategic focus on technology enablement to drive efficiencies (AI, mobile wallet adoption). The guidance framework underscores a constructive outlook: FY2025 revenue guidance of $1.185–1.195 billion and Adjusted EBITDA of $470–480 million, with FY2026 revenue guidance of $1.275–1.295 billion and EBITDA margins expanding to roughly 41.5%–42.5% of revenue, anchored by a 3.4%–3.5% HSA cash yield. The QQ3 results and guidance reflect both the earnings cadence and the growth runway from expanding HSAs, stronger monetization, and ongoing investments in technology and scale. The company also highlighted regulatory tailwinds via HOPE Act debates, with a potential TAM expansion that could meaningfully widen the addressable market for HQY’s platform, albeit with regulatory risk and execution uncertainty. A leadership transition is underway, with Scott Cutler assuming the President & CEO role in January 2025, signaling a technology‑driven growth agenda in HealthEquity’s core value proposition for members, employers, and health plans.