Henry Schein Reports Fourth Quarter and Full Year 2025 Financial Results and Introduces 2026 Financial Guidance

• Q4 2025 GAAP diluted EPS of $0.85, compared to $0.74 GAAP diluted EPS in Q4 2024
• Q4 2025 non-GAAP diluted EPS of $1.34, compared to $1.19 non-GAAP diluted EPS in Q4 2024
• 2026 non-GAAP diluted EPS expected to be in the range of $5.23 to $5.37, with total sales growth expected to be 3-5%

MELVILLE, N.Y.–(BUSINESS WIRE)–Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care solutions to office-based dental and medical practitioners, today reported financial results for the fourth quarter ended December 27, 2025.

“Our fourth-quarter sales reflect continuing momentum resulting in the highest sales growth in 15 quarters. We are pleased with the sales results across all our businesses, particularly our global equipment, specialty products and technology businesses. This drove our strong fourth-quarter earnings which exceeded the increased 2025 financial guidance we provided in our third quarter earnings release,” said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein.

“The growth we have achieved, especially over the second half of 2025, demonstrates the effective execution of our 2025-2027 BOLD+1 strategic plan, and positions us well for the future. Our 2026 financial guidance underscores sustained growth through continued strong execution of these strategies,” added Mr. Bergman. “I am excited that Fred Lowery will join Henry Schein as our CEO next week and believe that he will lead Henry Schein to even greater success.”

Fourth Quarter 2025 Financial Results

• Total net sales for the quarter were $3.4 billion. Total net sales increased 7.7% compared with the fourth quarter of 2024 and reflects 4.9% internal sales growth, 0.9% sales growth from acquisitions, and a 1.9% increase resulting from foreign currency exchange. Fourth-quarter sales growth is detailed in Exhibit A¹.
• Global Distribution and Value-Added Services sales for the quarter increased 7.0%, and by 5.2% in constant currencies compared with the fourth quarter of 2024. The main components are:
  • Global Dental Distribution merchandise sales for the quarter increased 6.4%, and by 3.7% in constant currencies, compared with the fourth quarter of 2024, reflecting continuing strong sales momentum from the prior quarter.
  • Global Dental Distribution equipment sales for the quarter increased 12.2%, and by 9.1% in constant currencies, compared with the fourth quarter of 2024, with strong growth particularly in the U.S., Germany, Brazil, Canada and Australia.
  • Global Medical Distribution sales for the quarter increased 4.9%, and by 4.8% in constant currencies, compared with the fourth quarter of 2024, reflecting good underlying growth in medical products despite softness in the respiratory product category.
  • Global Value-Added Services sales for the quarter increased 9.6%, and by 8.5% in constant currencies, compared with the fourth quarter of 2024, with sales growth driven by consulting services.
• Global Specialty Products sales for the quarter increased 14.6%, and by 11.1% in constant currencies, compared with the fourth quarter of 2024, reflecting strong overall dental implant and solid endodontics sales growth.
• Global Technology sales for the quarter increased 8.4%, and by 7.6% in constant currencies, compared with the fourth quarter of 2024, reflecting accelerated adoption of cloud-based software and revenue from newly launched solutions.

• GAAP net income² for the quarter was $101 million, or $0.85 per diluted share⁴, and compares with fourth-quarter 2024 GAAP net income of $94 million, or $0.74 per diluted share.
• Non-GAAP net income² for the quarter was $160 million, or $1.34 per diluted share⁴, and compares with fourth-quarter 2024 non-GAAP net income of $149 million, or $1.19 per diluted share.
• Adjusted EBITDA³ for the quarter was $291 million, and compares with fourth-quarter 2024 Adjusted EBITDA of $270 million.

Full-Year Financial Results

• Total net sales for 2025 were $13.2 billion. Total net sales increased 4.0% compared with 2024 and reflects 2.6% internal sales growth, 0.9% sales growth from acquisitions, and a 0.5% increase resulting from foreign currency exchange. Sales growth is detailed in Exhibit A¹.
• GAAP net income² for 2025 was $398 million, or $3.27 per diluted share⁴, and compares with 2024 GAAP net income of $390 million, or $3.05 per diluted share.
• Non-GAAP net income² for 2025 was $605 million, or $4.97 per diluted share⁴, and compares with 2024 non-GAAP net income of $605 million, or $4.74 per diluted share.
• Adjusted EBITDA³ for 2025 was $1,101 million and compares with 2024 Adjusted EBITDA of $1,061 million. 

Share Repurchases

During the fourth quarter of 2025, the Company repurchased approximately 2.8 million shares of common stock at an average price of $71.10 per share for a total of $200 million.

For the full year 2025, the Company repurchased approximately 12.1 million shares of common stock at an average price of $70.47 per share for a total of $850 million. This includes 3.5 million shares of common stock purchased under the Accelerated Stock Repurchase plan (ASR) which was completed in the third quarter, at an average price of $71.60 per share for a total of $250 million.

At year-end, Henry Schein had $780 million authorized and available for future stock repurchases.

2026 Financial Guidance

Henry Schein today provided financial guidance for 2026. Guidance is for current continuing operations and does not include the impact of restructuring expenses and related costs, amortization expense of acquired intangible assets, the impairment of intangible assets, changes in contingent consideration, costs associated with shareholder advisory matters, select implementation-related costs supporting value creation initiatives, and litigation settlements. This guidance also assumes that foreign currency exchange rates remain generally consistent with current levels.

• 2026 non-GAAP diluted EPS attributable to Henry Schein, Inc. is expected to be $5.23 to $5.37.
• 2026 total sales growth is expected to be approximately 3% to 5% over 2025.
• 2026 Adjusted EBITDA³ is expected to grow mid-single digits compared with 2025.

Adjustments to 2026 GAAP Net Income and Diluted EPS

The Company is providing guidance for 2026 diluted EPS and for 2026 Adjusted EBITDA on a non-GAAP basis, as noted above. The Company is not providing a reconciliation of its 2026 non-GAAP diluted EPS guidance to its projected 2026 diluted EPS prepared on a GAAP basis, or its 2026 Adjusted EBITDA guidance to net income prepared on a GAAP basis. This is because the Company is unable to provide without unreasonable effort an estimate of restructuring expenses and related costs, including its ongoing value-creation initiatives, and the corresponding tax effect, which will be included in the Company’s 2026 diluted EPS and net income, prepared on a GAAP basis. The inability to provide this reconciliation is due to the uncertainty and inherent difficulty of predicting the occurrence, magnitude, financial impact and timing of related costs.

Management does not believe these items are representative of the Company’s underlying business performance. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

Fourth-Quarter 2025 Conference Call Webcast

The Company will hold a conference call to discuss fourth-quarter 2025 financial results today, beginning at 8:00 a.m. Eastern time. Individual investors are invited to listen to the conference call through Henry Schein’s website by visiting https://investor.henryschein.com/webcasts. In addition, a replay will be available beginning shortly after the call has ended for a period of one week.

The Company will be posting slides that provide a summary of its fourth-quarter 2025 financial results on its website at https://investor.henryschein.com/financials/quarterly-results/.

About Henry Schein, Inc.

Henry Schein, Inc. (Nasdaq: HSIC) is a solutions company for health care professionals powered by a network of people and technology. With more than 25,000 Team Schein Members worldwide, the Company’s network of trusted advisors provides more than 1 million customers globally with more than 300 valued solutions that help improve operational success and clinical outcomes. Our Business, Clinical, Technology and Supply Chain solutions help office-based dental and medical practitioners work more efficiently so they can provide quality care more effectively. These solutions also support dental laboratories, government and institutional health care clinics, as well as other alternate care sites.

Henry Schein operates through a centralized and automated distribution network, with a selection of more than 300,000 branded products and Henry Schein corporate brand products in our main distribution centers.

A FORTUNE 500 Company and a member of the S&P 500® index, Henry Schein is headquartered in Melville, N.Y., and has operations or affiliates in 34 countries and territories. The Company’s sales reached $13.2 billion in 2025, and have grown at a compound annual rate of approximately 11.0 percent since Henry Schein became a public company in 1995.

For more information, visit Henry Schein at www.henryschein.com, Facebook.com/HenrySchein, Instagram.com/HenrySchein, and @HenrySchein on X.

Cautionary Note Regarding Forward-Looking Statements and Use of Non-GAAP Financial Information

In accordance with the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995, we provide the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the forward-looking statements, expectations and assumptions expressed or implied herein. All forward-looking statements made by us are subject to risks and uncertainties and are not guarantees of future performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

These statements include total sales growth, EPS and Adjusted EBITDA guidance and are generally identified by the use of such terms as “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “forecast,” “project,” “anticipate,” “to be,” “to make” or other comparable terms. A fuller discussion of our operations, financial condition and status of litigation matters, including factors that may affect our business and future prospects, is contained in documents we have filed with the United States Securities and Exchange Commission, or SEC, including our Annual Report on Form 10-K, and will be contained in all subsequent periodic filings we make with the SEC. These documents identify in detail important risk factors that could cause our actual performance to differ materially from current expectations.

Risk factors and uncertainties that could cause actual results to differ materially from current and historical results include, but are not limited to: our dependence on third parties for the manufacture and supply of our products and where we manufacture products, our dependence on third parties for raw materials or purchased components; risks relating to the achievement of our strategic growth objectives, including anticipated results of restructuring and value creation initiatives; risks related to the Strategic Partnership Agreement with KKR Hawaii Aggregator L.P. entered into in January 2025; transitions in senior company leadership; our ability to develop or acquire and maintain and protect new products (particularly technology and specialty products) and services and utilize new technologies that achieve market acceptance with acceptable margins; transitional challenges associated with acquisitions and joint ventures, including the failure to achieve anticipated synergies/benefits, as well as significant demands on our operations, information systems, legal, regulatory, compliance, financial and human resources functions in connection with acquisitions, dispositions and joint ventures; certain provisions in our governing documents that may discourage third-party acquisitions of us; adverse changes in supplier rebates or other purchasing incentives; risks related to the sale of corporate brand products; risks related to activist investors; security risks associated with our information systems and technology products and services, such as cyberattacks or other privacy or data security breaches (including the October 2023 incident); effects of a highly competitive (including, without limitation, competition from third-party online commerce sites) and consolidating market; political, economic, and regulatory influences on the health care industry; risks from expansion of customer purchasing power and multi-tiered costing structures; increases in shipping costs for our products or other service issues with our third-party shippers, and increases in fuel and energy costs; changes in laws and policies governing manufacturing, development and investment in territories and countries where we do business; general global and domestic macro-economic and political conditions, including inflation, deflation, recession, unemployment (and corresponding increase in under-insured populations), consumer confidence, sovereign debt levels, fluctuations in energy pricing and the value of the U.S. dollar as compared to foreign currencies and changes to other economic indicators; failure to comply with existing and future regulatory requirements, including relating to health care; risks associated with the EU Medical Device Regulation; failure to comply with laws and regulations relating to health care fraud or other laws and regulations; failure to comply with laws and regulations relating to the collection, storage and processing of sensitive personal information or standards in electronic health records or transmissions; changes in tax legislation, changes in tax rates and availability of certain tax deductions; risks related to product liability, intellectual property and other claims; risks associated with customs policies or legislative import restrictions; risks associated with disease outbreaks, epidemics, pandemics (such as the COVID-19 pandemic), or similar wide-spread public health concerns and other natural or man-made disasters; risks associated with our global operations; the threat or outbreak of war (including, without limitation, geopolitical wars), terrorism or public unrest (including, without limitation, the war in Ukraine, the Israel-Gaza war and other unrest and threats in the Middle East and the possibility of a wider European or global conflict); changes to laws and policies governing foreign trade, tariffs and sanctions or greater restrictions on imports and exports, including changes to international trade agreements and the current imposition of (and the potential for additional) tariffs by the U.S. on numerous countries and retaliatory tariffs; supply chain disruption; litigation risks; new or unanticipated litigation developments and the status of litigation matters; our dependence on our senior management (including, without limitation, the transition to a new Chief Executive Officer), employee hiring and retention, increases in labor costs or health care costs, and our relationships with customers, suppliers and manufacturers; and disruptions in financial markets. The order in which these factors appear should not be construed to indicate their relative importance or priority.

We caution that these factors may not be exhaustive and that many of these factors are beyond our ability to control or predict. Accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. We undertake no duty and have no obligation to update forward-looking statements except as required by law.

Included within the press release are non-GAAP financial measures that supplement the Company’s Consolidated Statements of Income prepared under generally accepted accounting principles (GAAP). These non-GAAP financial measures adjust the Company’s actual results prepared under GAAP to exclude certain items. In the schedule attached to the press release, the non-GAAP measures have been reconciled to and should be considered together with the Consolidated Statements of Income. Management believes that non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance and allow for greater transparency with respect to key metrics used by management in operating our business. The impact of certain items that are excluded include integration and restructuring costs, amortization of acquisition-related assets, the insurance claim recovery associated with the cybersecurity incident, changes in contingent consideration, costs associated with shareholder advisory matters and select value creation consulting costs, and litigation settlements because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate and occur on an unpredictable basis. These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding, similarly captioned, GAAP measures.

¹ See Exhibit A for details of sales growth. Internal sales growth is calculated from total net sales using constant foreign currency exchange rates and excludes sales from acquisitions.

² See Exhibit B for a reconciliation of GAAP net income and diluted EPS to non-GAAP net income and diluted EPS.

³ See Exhibit C for a reconciliation of GAAP net income to Adjusted EBITDA.

⁴ References to diluted EPS refer to diluted EPS attributable to Henry Schein, Inc.

Contacts

Investors

Ronald N. South

Senior Vice President and Chief Financial Officer

[email protected]
(631) 843-5500

Graham Stanley

Vice President, Investor Relations and Strategic Financial Project Officer

[email protected]
(631) 843-5500

Media

Tim Vassilakos

Vice President, Global Corporate Communications

[email protected]
(516) 510-0926

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