HealthEquity, Inc. (HQY) — Earnings Call X-Ray
Our AI read all 40 of HQY's earnings calls (2015–2025) and answered the same battery of questions about each one. Every past call is free; the newest quarter unlocks with a free account.
Previous Call Grade
C+
Q4 2025
Calls Analyzed
40
2015–2025
Avg Candor
6.9/9
evasion 2.9/9
Call-by-call analysis
🔒 Q1 2026 earnings call
2025-06-04
NEWEST
Guidance: ■■■■■Demand: ■■■■■■
Margins: ■■■■Backlog: ■■■■
■ analysts, ■■ questionsexpected move ±■■%
Management ■■■■■■ guidance against ■■■■■■■■ demand and ■■■■■■■ margins. The delivery was ■■■■■■■■ and ■■■■ in specifics, with ■■■ questions left hanging.
🔒 The Q1 2026 call grade is ready
The full 37-point AI read of HQY's newest earnings call — grade, expected move, and every question answered — is free with an account.
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C+
Q4 2025 earnings call
2025-03-18
move ±23.2%
Management held guidance steady against accelerating demand and contracting margins. The delivery was unusually candid, rich in specifics.
Guidance: maintainedDemand: acceleratingMargins: contractingPricing: stableCapex: flat 10 analysts · 11 questions
⚑ Critic ammunition✓ Skeptic reassured✓ Guidance underwritable✓ Resolves doubts✓ Early product, fast growthDirection beats results
All 20 questions our AI answered about this call
YES Would a skeptical short-seller find this call reassuring?
YES Would a careful investor underwrite management's guidance?
YES Is management's confidence proportionate to the evidence presented?
YES Does the call resolve more doubts than it creates?
YES Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
NO Does an obvious question remain unanswered?
YES Is a product early in its life but growing very fast?
YES Do they serve a small fraction of their addressable customers?
NO Is volume about to step up rather than grow gradually?
NO Are high fixed costs currently underutilised?
NO Is pricing recovering from a depressed level?
YES Do current results look bad while the direction looks better?
NO Are deferred revenue or customer prepayments growing?
NO Is consolidation happening among their peers?
NO Is a founder still running the company?
NO Does the final speaker sound like they are summarizing a finished story?
NO Is a fast-growing segment obscured by a declining one?
NO Does the CFO speak more than the CEO?
NO Does the call read rehearsed rather than lived?
B+
Q3 2025 earnings call
2024-12-10
move ±9.7%
Management raised guidance against accelerating demand and expanding margins. The delivery was unusually candid, rich in specifics.
Guidance: raisedDemand: acceleratingMargins: expandingBacklog: growingPricing: raisingHeadcount: growing 11 analysts · 13 questions
⚑ Critic ammunition✓ Skeptic reassured✓ Guidance underwritable✓ Resolves doubts✓ Early product, fast growth
All 20 questions our AI answered about this call
YES Would a skeptical short-seller find this call reassuring?
YES Would a careful investor underwrite management's guidance?
YES Is management's confidence proportionate to the evidence presented?
YES Does the call resolve more doubts than it creates?
YES Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
NO Does an obvious question remain unanswered?
YES Is a product early in its life but growing very fast?
YES Do they serve a small fraction of their addressable customers?
NO Is volume about to step up rather than grow gradually?
NO Are high fixed costs currently underutilised?
YES Is pricing recovering from a depressed level?
NO Do current results look bad while the direction looks better?
NO Are deferred revenue or customer prepayments growing?
YES Is consolidation happening among their peers?
NO Is a founder still running the company?
YES Does the final speaker sound like they are summarizing a finished story?
NO Is a fast-growing segment obscured by a declining one?
NO Does the CFO speak more than the CEO?
NO Does the call read rehearsed rather than lived?
A
Q2 2025 earnings call
2024-09-03
move ±12.2%
Management raised guidance against accelerating demand and expanding margins. The delivery was unusually candid, rich in specifics.
Guidance: raisedDemand: acceleratingMargins: expandingBacklog: growingPricing: stableHeadcount: growingCapex: increasing 11 analysts · 18 questions
✓ Clean call✓ Skeptic reassured✓ Guidance underwritable✓ Resolves doubts✓ Volume step-up ahead✓ Early product, fast growth
All 20 questions our AI answered about this call
YES Would a skeptical short-seller find this call reassuring?
YES Would a careful investor underwrite management's guidance?
YES Is management's confidence proportionate to the evidence presented?
YES Does the call resolve more doubts than it creates?
NO Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
NO Does an obvious question remain unanswered?
YES Is a product early in its life but growing very fast?
YES Do they serve a small fraction of their addressable customers?
YES Is volume about to step up rather than grow gradually?
NO Are high fixed costs currently underutilised?
YES Is pricing recovering from a depressed level?
NO Do current results look bad while the direction looks better?
NO Are deferred revenue or customer prepayments growing?
YES Is consolidation happening among their peers?
YES Is a founder still running the company?
NO Does the final speaker sound like they are summarizing a finished story?
NO Is a fast-growing segment obscured by a declining one?
NO Does the CFO speak more than the CEO?
NO Does the call read rehearsed rather than lived?
B+
Q1 2025 earnings call
2024-06-03
move ±9%
Management raised guidance against accelerating demand and expanding margins. The delivery was unusually candid, rich in specifics.
Guidance: raisedDemand: acceleratingMargins: expandingBacklog: growingPricing: stable 10 analysts · 14 questions
⚑ Critic ammunition✓ Skeptic reassured✓ Guidance underwritable✓ Resolves doubts✓ Early product, fast growthFounder-led
All 20 questions our AI answered about this call
YES Would a skeptical short-seller find this call reassuring?
YES Would a careful investor underwrite management's guidance?
YES Is management's confidence proportionate to the evidence presented?
YES Does the call resolve more doubts than it creates?
YES Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
NO Does an obvious question remain unanswered?
YES Is a product early in its life but growing very fast?
YES Do they serve a small fraction of their addressable customers?
NO Is volume about to step up rather than grow gradually?
NO Are high fixed costs currently underutilised?
YES Is pricing recovering from a depressed level?
NO Do current results look bad while the direction looks better?
NO Are deferred revenue or customer prepayments growing?
YES Is consolidation happening among their peers?
YES Is a founder still running the company?
NO Does the final speaker sound like they are summarizing a finished story?
NO Is a fast-growing segment obscured by a declining one?
NO Does the CFO speak more than the CEO?
NO Does the call read rehearsed rather than lived?
B+
Q4 2024 earnings call
2024-03-19
move ±8.6%
Management raised guidance against accelerating demand and expanding margins. The delivery was unusually candid, rich in specifics.
Guidance: raisedDemand: acceleratingMargins: expandingBacklog: growingPricing: under pressureCapex: increasing 10 analysts · 15 questions
⚑ Critic ammunition✓ Skeptic reassured✓ Guidance underwritable✓ Resolves doubts✓ Volume step-up ahead✓ Early product, fast growth
All 20 questions our AI answered about this call
YES Would a skeptical short-seller find this call reassuring?
YES Would a careful investor underwrite management's guidance?
YES Is management's confidence proportionate to the evidence presented?
YES Does the call resolve more doubts than it creates?
YES Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
NO Does an obvious question remain unanswered?
YES Is a product early in its life but growing very fast?
NO Do they serve a small fraction of their addressable customers?
YES Is volume about to step up rather than grow gradually?
NO Are high fixed costs currently underutilised?
NO Is pricing recovering from a depressed level?
NO Do current results look bad while the direction looks better?
NO Are deferred revenue or customer prepayments growing?
YES Is consolidation happening among their peers?
YES Is a founder still running the company?
NO Does the final speaker sound like they are summarizing a finished story?
NO Is a fast-growing segment obscured by a declining one?
YES Does the CFO speak more than the CEO?
NO Does the call read rehearsed rather than lived?
B+
Q3 2024 earnings call
2023-12-05
move ±7.6%
Management raised guidance against steady demand and expanding margins. The delivery was unusually candid, rich in specifics.
Guidance: raisedDemand: stableMargins: expandingBacklog: growingPricing: under pressure 8 analysts · 16 questions
⚑ Critic ammunition✓ Skeptic reassured✓ Guidance underwritable✓ Resolves doubts✓ Volume step-up aheadFounder-led
All 20 questions our AI answered about this call
YES Would a skeptical short-seller find this call reassuring?
YES Would a careful investor underwrite management's guidance?
YES Is management's confidence proportionate to the evidence presented?
YES Does the call resolve more doubts than it creates?
YES Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
NO Does an obvious question remain unanswered?
NO Is a product early in its life but growing very fast?
NO Do they serve a small fraction of their addressable customers?
YES Is volume about to step up rather than grow gradually?
NO Are high fixed costs currently underutilised?
NO Is pricing recovering from a depressed level?
NO Do current results look bad while the direction looks better?
NO Are deferred revenue or customer prepayments growing?
YES Is consolidation happening among their peers?
YES Is a founder still running the company?
NO Does the final speaker sound like they are summarizing a finished story?
NO Is a fast-growing segment obscured by a declining one?
NO Does the CFO speak more than the CEO?
NO Does the call read rehearsed rather than lived?
C+
Q2 2024 earnings call
2023-09-05
move ±10.9%
Management raised guidance against steady demand and expanding margins. The delivery was rich in specifics.
Guidance: raisedDemand: stableMargins: expandingBacklog: growingPricing: raisingCapex: flat 10 analysts · 22 questions
⚑ Critic ammunition✓ Skeptic reassured✓ Guidance underwritable✓ Resolves doubts✓ Early product, fast growthFounder-led
All 20 questions our AI answered about this call
YES Would a skeptical short-seller find this call reassuring?
YES Would a careful investor underwrite management's guidance?
YES Is management's confidence proportionate to the evidence presented?
YES Does the call resolve more doubts than it creates?
YES Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
NO Does an obvious question remain unanswered?
YES Is a product early in its life but growing very fast?
NO Do they serve a small fraction of their addressable customers?
NO Is volume about to step up rather than grow gradually?
NO Are high fixed costs currently underutilised?
YES Is pricing recovering from a depressed level?
NO Do current results look bad while the direction looks better?
NO Are deferred revenue or customer prepayments growing?
YES Is consolidation happening among their peers?
YES Is a founder still running the company?
NO Does the final speaker sound like they are summarizing a finished story?
NO Is a fast-growing segment obscured by a declining one?
NO Does the CFO speak more than the CEO?
NO Does the call read rehearsed rather than lived?
Earlier calls
| Call | Date | Grade | Guidance | Demand | Margins | Candor | Evasion |
|---|
| Q1 2024 |
2023-06-05 |
A |
raised | stable | expanding |
7/9 |
2/9 |
| Q4 2023 |
2023-03-21 |
B+ |
raised | stable | expanding |
7/9 |
4/9 |
| Q3 2023 |
2022-12-07 |
A |
raised | stable | expanding |
7/9 |
3/9 |
| Q2 2023 |
2022-09-07 |
B+ |
raised | accelerating | contracting |
7/9 |
2/9 |
| Q1 2023 |
2022-06-06 |
B+ |
raised | accelerating | contracting |
7/9 |
2/9 |
| Q4 2022 |
2022-03-23 |
C+ |
maintained | accelerating | contracting |
7/9 |
2/9 |
| Q3 2022 |
2021-12-06 |
F |
lowered | mixed | stable |
7/9 |
4/9 |
| Q2 2022 |
2021-09-08 |
C |
maintained | accelerating | stable |
7/9 |
4/9 |
| Q1 2022 |
2021-06-07 |
B |
raised | accelerating | contracting |
7/9 |
3/9 |
| Q4 2021 |
2021-03-15 |
C+ |
maintained | mixed | contracting |
7/9 |
3/9 |
| Q3 2021 |
2020-12-07 |
B+ |
raised | mixed | stable |
7/9 |
3/9 |
| Q2 2021 |
2020-09-09 |
A |
raised | mixed | expanding |
7/9 |
2/9 |
| Q1 2021 |
2020-06-02 |
C |
withdrawn | mixed | contracting |
8/9 |
3/9 |
| Q4 2020 |
2020-03-17 |
C |
lowered | stable | expanding |
7/9 |
2/9 |
| Q3 2020 |
2019-12-04 |
C+ |
raised | accelerating | expanding |
6/9 |
3/9 |
| Q2 2020 |
2019-09-04 |
B+ |
raised | accelerating | expanding |
7/9 |
3/9 |
| Q1 2020 |
2019-06-04 |
B |
raised | accelerating | expanding |
6/9 |
4/9 |
| Q4 2019 |
2019-03-18 |
B |
maintained | accelerating | expanding |
6/9 |
2/9 |
| Feb 2019 |
2019-02-06 |
B+ |
raised | mixed | stable |
7/9 |
3/9 |
| Q3 2019 |
2018-12-04 |
B |
raised | accelerating | expanding |
6/9 |
3/9 |
| Q2 2019 |
2018-09-04 |
A |
raised | accelerating | expanding |
7/9 |
2/9 |
| Q1 2019 |
2018-06-05 |
A |
raised | accelerating | expanding |
7/9 |
2/9 |
| Q4 2018 |
2018-03-20 |
B |
raised | accelerating | expanding |
6/9 |
3/9 |
| Q3 2018 |
2017-12-05 |
B+ |
maintained | accelerating | stable |
7/9 |
2/9 |
| Q2 2018 |
2017-09-06 |
B |
raised | accelerating | expanding |
7/9 |
3/9 |
| Q1 2018 |
2017-06-06 |
B+ |
raised | stable | stable |
7/9 |
3/9 |
| Q4 2017 |
2017-03-22 |
B+ |
maintained | accelerating | expanding |
7/9 |
3/9 |
| Q3 2017 |
2016-12-06 |
B+ |
maintained | accelerating | expanding |
7/9 |
3/9 |
| Q2 2017 |
2016-09-07 |
B+ |
raised | accelerating | expanding |
7/9 |
3/9 |
| Q1 2017 |
2016-06-07 |
B+ |
raised | accelerating | expanding |
7/9 |
3/9 |
| Q4 2016 |
2016-03-22 |
B+ |
none | accelerating | expanding |
7/9 |
2/9 |
| Q3 2016 |
2015-12-07 |
B+ |
raised | accelerating | expanding |
6/9 |
3/9 |
Research question bank — earlier calls
During our 1,600-question research program, batches of experimental hypotheses were tested directly against some of HQY's earlier calls. The YES answers — the rare hits — are shown; click any question to see every company that matched it. Full list: the question bank.
A
Q1 2024 earnings call
2023-06-05
1 more research questions answered NO
B
Q3 2019 earnings call
2018-12-04
19 more research questions answered NO
How to read this page
The grade is a transparent composite of call quality — candor, specificity, low evasion, low stress, whether the call resolves more doubts than it creates, and the guidance action — not a buy or sell signal. The expected move is a volatility estimate from the one signal that survived our out-of-sample tests: how a stock's own reaction and pre-call volatility predict the size (not direction) of its next move. Full detail, including everything that failed: methodology.
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Not investment advice. Artul.ai publishes AI-generated earnings-call quality grades and expected-volatility estimates — never buy or sell recommendations. We tested over 1,600 predictive hypotheses against 165,000 transcripts; the honest result, including what failed, is documented in our
methodology.