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

Henry Schein, 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/.

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