HealthEquity (HQY) is trading higher as the market continues to re-rate the stock after the company’s latest results and outlook pointed to improving profitability and sustained account growth. The most concrete catalyst in recent weeks is HealthEquity’s raised fiscal 2027 guidance alongside evidence of operating leverage, which is supporting dip-buying and incremental long positioning.

In its fiscal 2026 year-end update (released March 17, 2026), HealthEquity reported revenue of $1.31 billion (+9% year over year) and adjusted EBITDA of $566.0 million (+20%), with adjusted EBITDA margin of 43%. Management guided for fiscal 2027 revenue of $1.405 billion to $1.415 billion, net income of $239 million to $246 million (EPS $2.78 to $2.85), non-GAAP EPS of $4.56 to $4.65, and adjusted EBITDA of $618 million to $628 million—figures that investors are treating as confirmation of a higher earnings power profile.

HealthEquity also highlighted meaningful capital return, buying back $301.7 million of stock during fiscal 2026, with $177.7 million still authorized for repurchases as of January 31, 2026. Separately, investors continue to watch how HSA cash yields and repricing dynamics flow through custodial revenue; the company has discussed steps to reduce repricing risk (including hedging activity) as it manages through a shifting rate environment.

For the next leg in the move, traders will likely watch for incremental commentary on the cadence of custodial revenue, updates on sales momentum (new HSAs from sales), and any additional guidance refinement. Any fresh analyst rating changes or price-target revisions could also amplify day-to-day volatility given the stock’s recent sensitivity to forward-looking profitability assumptions.