HealthEquity delivered a robust QQ2 2026 showing continued scale in HSAs and meaningful margin improvements. Revenue rose 9% year over year to $325.8 million, with gross margin expanding to a record 71% and Adjusted EBITDA at 46% of revenue, signaling strong operating leverage. Net income surged 67% YoY to $59.9 million, supported by disciplined cost management (9% fewer teammates) and ongoing efficiency initiatives, including AI-driven service modernization. The quarter also highlighted the strategic opportunity created by the July budget bill expanding HSA eligibility—most notably broader access to bronze and catastrophic ACA plans—together with a multi-year program to redesign enrollment and onboarding for new HSA-eligible populations. HealthEquity ended Q2 with substantial HSA scale: over 17 million total accounts, more than $33 billion in HSA assets, $16.1 billion in invested assets, and $17 billion in HSA cash, underpinning both growth and optionality.