A sluggish U.S. economy did more to increase sales of health savings account programs in the fourth quarter of 2025 than to hurt HSA sales.
Scott Cutler, the chief executive officer of HealthEquity, gave that assessment earlier this week during a conference call with securities analysts.
HealthEquity is one of the pioneers in the HSA market.
Its 2025 fiscal year ended Jan. 31.
The company was administering 10.6 million HSAs at the end of its fiscal year, up 7% from the total recorded a year earlier.
The amount of customer assets held in the HSAs increased 14%, to $36 billion.
Sales of new HSAs rose 17% during the fourth quarter of its fiscal year, to 553,000.
The U.S. economy did not create many new jobs in 2025, but, "against that backdrop, we delivered record HSA sales," Cutler said.
HSA sales performed much better than the economy because employers are having a hard time keeping up with the increases in the cost of traditional health coverage, he said.
By combining HSAs with high-deductible, HSA-compatible health coverage, employers "can reduce their cost per employee significantly," Cutler said. "So, health care affordability is driving growth in the market."
HealthEquity streamed the call live on the web and posted a recording on its website.
The backdrop: Job hunters have reported having difficulty finding new jobs.
U.S. Labor Department reports have shown modest growth in employment, but officials reported earlier this month that employers cut 185,000 jobs in February. Economists had expected employers to add jobs.
Top executives at some benefits firms have reported seeing stability in employment at the kinds of employers that typically use their services.
Cutler did not say job growth would help HealthEquity this year.
"We don't see the macro environment changing," Cutler said. "We think it's going to continue into this year. But we think the other counteracting forces there around health care affordability and driving greater adoption are things like we've seen this year that have enabled us to be able to drive significant performance in the business despite that weaker macro backdrop."
The earnings: HealthEquity held the analyst call to go over results for the three-month period that started Nov. 1, 2025, and ended Jan. 31.
The company reported $50 million in net income and comprehensive income for the quarter on $335 million in revenue, up from $26 million in net income and comprehensive income on $312 million in revenue for the fourth quarter of its 2024 fiscal year.
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