HealthEquity, Inc.
Cash Flow Statement
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $215.2M | $96.7M | $55.7M | $-26.1M | $-44.3M | $8.8M | $39.7M | $73.9M |
| Depreciation & Amortization | $154.7M | $162.5M | $153.1M | $161.2M | $137.2M | $115.9M | $55.4M | $18.2M |
| Depreciation | $2.0M | $4.6M | $8.8M | $12.3M | $14.7M | $16.0M | $8.9M | $3.5M |
| Amortization | $152.7M | $157.8M | $144.3M | $148.9M | $122.5M | $99.9M | $46.5M | $14.7M |
| Stock-Based Compensation | $73.1M | $96.4M | $77.2M | $62.6M | $52.8M | $42.9M | $39.8M | $21.1M |
| Net Cash from Operating Activities | $457.1M | $339.9M | $242.8M | $150.7M | $141.0M | $181.6M | $105.0M | $113.4M |
| Investing Activities | ||||||||
| Capital Expenditures | $2.0M | $2.1M | $1.7M | $3.4M | $8.9M | $13.1M | $7.3M | $3.9M |
| Business Acquisitions | — | — | $0 | $0 | $504.5M | $0 | $1.64B | $0 |
| Net Cash from Investing Activities | $-47.1M | $-505.5M | $-46.1M | $-119.1M | $-639.2M | $-97.0M | $-1.74B | $25.7M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $299.3M | $121.5M | $0 | $0 | — | — | — | — |
| Net Cash from Financing Activities | $-387.0M | $57.6M | $-47.0M | $-2.7M | $394.9M | $52.4M | $1.47B | $22.9M |
| Net Change in Cash | $23.0M | $-108.0M | $149.7M | $28.9M | $-103.4M | $137.1M | $-169.7M | $162.0M |
| Free Cash Flow | $455.1M | $337.8M | $241.1M | $147.3M | $132.1M | $168.5M | $97.7M | $109.6M |