Dentsply Sirona Reports First Quarter 2026 Results

Rhea-AI Summary

Dentsply Sirona (Nasdaq: XRAY) reported Q1 2026 net sales of $880 million and GAAP gross margin of 48.5%, with a GAAP net loss attributable of $10 million (diluted loss per share $0.05).

Non-GAAP results included adjusted EBITDA of $129 million (14.7% margin) and adjusted EPS of $0.27. The company launched Smart View-Detect (FDA-cleared, CE-marked) and reiterated 2026 guidance: net sales $3.5–3.6 billion, adjusted EPS $1.40–$1.50.

AI-generated analysis. Not financial advice.

Positive

• Net sales essentially flat at $880M versus $879M prior year
• Launched Smart View-Detect — FDA-cleared and CE-marked AI diagnostic aid
• Operating cash flow improved to $40M from $7M in Q1 2025
• Company reiterated 2026 outlook: $3.5–$3.6B sales and $1.40–$1.50 adjusted EPS
• Began implementing capital allocation strategy, including reducing debt and managing liquidity

Negative

• GAAP net loss of $10M and diluted loss per share of $0.05
• Adjusted EBITDA down to $129M (14.7% margin), a 22.8% decline year-over-year
• Adjusted EPS fell to $0.27, down 39.0% year-over-year
• Gross profit declined to $427M and gross margin fell to 48.5% (from 53.0%)
• Constant currency net sales down 6.7%; free cash flow remained negative at $12M

News Market Reaction – XRAY

-2.02%

3 alerts

-2.02% News Effect

-$47M Valuation Impact

$2.28B Market Cap

0.0x Rel. Volume

On the day this news was published, XRAY declined 2.02%, reflecting a moderate negative market reaction. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $47M from the company's valuation, bringing the market cap to $2.28B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q1 2026 net sales: $880M Q1 2026 gross margin: 48.5% GAAP EPS: ($0.05) +5 more

8 metrics

Q1 2026 net sales $880M Q1 2026 reported net sales vs $879M in Q1 2025

Q1 2026 gross margin 48.5% GAAP gross margin in Q1 2026 vs 53.0% in Q1 2025

GAAP EPS ($0.05) Q1 2026 diluted loss per share vs $0.10 in Q1 2025

Adjusted EPS $0.27 Q1 2026 adjusted EPS vs $0.44 in Q1 2025 (‑39.0%)

Adjusted EBITDA $129M Q1 2026 adjusted EBITDA; margin 14.7% vs 19.0% in Q1 2025

Operating cash flow $40M Operating cash flow Q1 2026 vs $7M in Q1 2025

Cash & equivalents $190M Cash and cash equivalents as of March 31, 2026

2026 sales outlook $3.5B–$3.6B Maintained 2026 net sales guidance range

Market Reality Check

Price: $10.21 Vol: Volume 5,630,334 is about...

high vol

$10.21 Last Close

Volume Volume 5,630,334 is about 1.67x the 20-day average of 3,381,509, signaling elevated trading interest ahead of/around the earnings release. high

Technical At $11.20, XRAY trades below its 200-day MA of $12.60 and is 34.81% under its 52-week high, sitting closer to the 52-week low (+13.71%).

Peers on Argus

XRAY fell 5.17% with elevated volume, while key peers like NVST (-1.34%), LMAT (...

1 Up

XRAY fell 5.17% with elevated volume, while key peers like NVST (-1.34%), LMAT (-0.11%), WRBY (-4.02%), ICUI (+1.02%), and MMSI (-0.24%) showed smaller, mixed moves. Momentum scanner only flagged WRBY up 0.19%, indicating XRAY’s decline was stock-specific rather than a broad dental/medtech selloff.

Previous Earnings Reports

5 past events · Latest: Feb 26 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 26	Q4/FY 2025 earnings	Positive	+15.5%	Q4 beat on adjusted EPS with 2026 guidance of $3.5B–$3.6B sales, $1.40–$1.50 EPS.
Nov 06	Q3 2025 earnings	Negative	-12.7%	Q3 sales decline, large non‑cash impairments, adjusted EPS $0.37 and softer FY25 outlook.
Aug 07	Q2 2025 earnings	Negative	-3.3%	Q2 sales down 4.9%, net loss from $214M impairment despite higher adjusted EPS and margins.
May 08	Q1 2025 earnings	Negative	+16.3%	Q1 2025 revenue decline and Byte weakness but margin improvement and maintained FY25 outlook.
Feb 27	FY 2024 earnings	Negative	-8.8%	FY24 net sales down with large impairment‑driven net loss and weak Q4 performance.

Pattern Detected

Earnings have often produced sizable moves, with mostly negative fundamental tone but mixed market reactions; strong positive spikes have occurred even on challenging reports.

Recent Company History

Over the past year, Dentsply Sirona’s earnings reports have highlighted declining or pressured net sales and recurring GAAP losses tied to sizable impairment charges, alongside restructuring and a Return‑to‑Growth plan. Q1 2025 and Q4 2025 earnings on May 8, 2025 and Feb 26, 2026 saw sharp positive reactions of 16.3% and 15.5%, while other quarters like Q3 2025 and FY 2024 results triggered notable selloffs. Today’s Q1 2026 release fits into this volatile, transformation‑driven earnings pattern.

Historical Comparison

+1.4% avg move · In the past year, XRAY’s 5 earnings releases saw an average move of about ±1.4%. The current -5.17% ...

earnings

+1.4%

Average Historical Move earnings

In the past year, XRAY’s 5 earnings releases saw an average move of about ±1.4%. The current -5.17% reaction to Q1 2026 results is notably larger on the downside than prior same‑tag averages.

Across recent earnings, Dentsply Sirona has reported pressured sales, recurring GAAP losses and impairment charges while rolling out a Return‑to‑Growth and restructuring program, maintaining revenue and EPS outlooks into 2026 despite transformation headwinds.

Market Pulse Summary

This announcement detailed Q1 2026 results with net sales of $880M, a GAAP loss of ($0.05) per share...

Analysis

This announcement detailed Q1 2026 results with net sales of $880M, a GAAP loss of ($0.05) per share, and adjusted EPS of $0.27, alongside weaker margins versus the prior year. Management reiterated its 2026 outlook for $3.5B–$3.6B in sales and $1.40–$1.50 adjusted EPS, while highlighting product innovation and a new capital allocation strategy. Investors may watch future earnings for margin trends, cash generation, and progress on the Return‑to‑Growth plan.

Key Terms

adjusted gross margin, adjusted EBITDA, adjusted EPS, free cash flow, +4 more

8 terms

adjusted gross margin financial

"Achieved adjusted gross margin of 50.7%, adjusted EBITDA margin of 14.7%,"

Adjusted gross margin is a measure of how much profit a company makes from its sales after accounting for certain expenses or one-time costs, but before deducting other operating expenses. It helps investors see the company's core profitability more clearly by removing factors that might distort the usual profit picture, similar to a runner measuring their speed without considering obstacles or weather. This metric provides a clearer view of the company's ongoing financial health.

adjusted EBITDA financial

"Achieved adjusted gross margin of 50.7%, adjusted EBITDA margin of 14.7%, adjusted EPS of $0.27"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

adjusted EPS financial

"adjusted EBITDA margin of 14.7%, adjusted EPS of $0.27"

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

free cash flow financial

"Free cash flow, a Non-GAAP measure, in the first quarter of 2026 was ($12) million"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

non-gaap financial

"Free cash flow, a Non-GAAP measure, in the first quarter of 2026 was ($12) million"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

constant currency sales financial

"Constant Currency Sales | | (6.7 %)"

Constant currency sales measure a company’s revenue as if exchange rates had not changed over the comparison period, isolating underlying business growth from swings in foreign currencies. For investors, this is like comparing two years’ prices after converting both into the same currency rate so you can see whether sales rose because of real demand and pricing or merely because the local currency moved; it helps assess true operational performance.

fda-cleared regulatory

"Launched Smart View-Detect, the world's first FDA-cleared, AI-enabled diagnostic aid"

FDA-cleared means a medical product—typically a device or diagnostic—has passed a U.S. regulator’s review showing it is substantially similar to an existing approved product and is safe and effective for its intended use. For investors, clearance acts like an official safety stamp that lowers regulatory risk and can speed market access, comparable to getting a trusted roadworthy certificate before selling cars, which can make sales and adoption happen faster.

cbct medical

"diagnostic aid designed to identify teeth with periapical radiolucencies (PARL) in CBCT scans, now also"

Cone beam computed tomography (CBCT) is a type of 3D X‑ray scan that creates detailed, three‑dimensional images of teeth, jaws and facial bones by rotating a cone‑shaped X‑ray beam around the head. For investors, CBCT matters because it drives demand for specialized imaging equipment, software and clinics; changes in adoption, reimbursement or regulatory approval can directly affect revenues and margins in dental and medical device businesses. Think of it as upgrading from a flat photo to a full 3D model that clinicians use to plan treatment more precisely.

AI-generated analysis. Not financial advice.

News Summary

• Reported net sales of $880 million
• Delivered GAAP gross margin of 48.5%, GAAP net loss per share of ($0.05)
• Achieved adjusted gross margin of 50.7%, adjusted EBITDA margin of 14.7%, adjusted EPS of $0.27
• Launched Smart View-Detect, the world's first FDA-cleared, AI-enabled diagnostic aid designed to identify teeth with periapical radiolucencies (PARL) in CBCT scans, now also CE-marked for use across Europe
• Continued to penetrate connected technology solutions market with new Atlanta Dental Supply distributor agreement
• Installed first CEREC^® system under the new Benco Dental distribution agreement, marking an important early milestone
• Began implementing new capital allocation strategy by reducing debt, managing liquidity, and improving working capital
• Reiterated 2026 outlook for net sales and adjusted EPS

CHARLOTTE, N.C., May 05, 2026 (GLOBE NEWSWIRE) -- DENTSPLY SIRONA Inc. ("Dentsply Sirona" or the "Company") (Nasdaq: XRAY) today announced its financial results for the first quarter of 2026.

“We are executing our Return-to-Growth Action Plan as expected, and our first quarter results reflect our current stage of transformation,” said Dan Scavilla, President and Chief Executive Officer of Dentsply Sirona. “While near-term performance is impacted by external pressures and investment timing, we are making solid progress toward sustainable growth.

"During the quarter, we advanced our commercial restructuring and continued portfolio innovation, with early traction from distributor partners. We remain confident in our strategy, maintain our full-year outlook, and expect momentum to build throughout the year.”

Q1 2026 Summary Results (Reported)

(in millions, except per share amount and percentages)		Q1 26		Q1 25		YoY
Net Sales		$880		$879		0.1%
Gross Profit		$427		$466		(8.3%)
Gross Margin		48.5%		53.0%
Net (Loss) Income Attributable to Dentsply Sirona		($10)		$20		NM
Diluted (Loss) Earnings Per Share1		($0.05)		$0.10		NM

Q1 2026 Summary Results (Non-GAAP)

(in millions, except per share amount and percentages)		Q1 26		Q1 25		YoY
Constant Currency Sales						(6.7%)
Adjusted EBITDA		$129		$168		(22.8%)
Adjusted EBITDA Margin		14.7%		19.0%
Adjusted EPS		$0.27		$0.44		(39.0%)

NM - not meaningful
Percentages are based on actual values and may not reconcile due to rounding.
^[1] Weighted-average shares outstanding used to calculate diluted loss per share for the first quarter of 2026 excludes potential dilutive common shares.

New Regional Reporting

Beginning in the three months ended March 31, 2026, the Company's geographic regions for reporting net sales were revised to consist of countries in (i) North and South America ("Americas"), (ii) Europe, the Middle East, and Africa ("EMEA"), and (iii) Asia Pacific ("APAC"). The revised regions align with how the Company manages commercial activities and reports net sales internally. This change did not impact the Company's consolidated financial statements and prior period amounts have been recast to conform to the current period presentation.

							Percentage Change
Net Sales by Segment	(in millions, except percentages)						Three Months Ended March 31, 2026 vs. 2025
												Americas					EMEA					APAC
	2026			2025			As Reported1		Constant Currency1			As Reported		Constant Currency			As Reported		Constant Currency			As Reported		Constant Currency
Connected Technology Solutions	$	246		$	235		4.4	%	(2.9	)%		1.9	%	(1.1	)%		7.0	%	(5.5	)%		3.1	%	0.1	%
Essential Dental Solutions		350			353		(0.9	)%	(7.2	)%		(7.3	)%	(8.5	)%		2.0	%	(10.5	)%		17.3	%	12.6	%
Orthodontic and Implant Solutions		199			217		(8.1	)%	(13.5	)%		(23.7	)%	(24.2	)%		7.1	%	(4.5	)%		(2.5	)%	(5.7	)%
Wellspect Healthcare		85			74		15.0	%	3.4	%		(3.2	)%	(0.6	)%		18.2	%	4.0	%		12.2	%	10.6	%
Total	$	880		$	879		0.1	%	(6.7	)%		(9.4	)%	(10.7	)%		6.9	%	(5.6	)%		6.3	%	2.7	%
(1) Constant currency sales are a Non-GAAP measure in which the reported net sales are adjusted for the impact of foreign currency changes, which is calculated by translating current period net sales using the comparable prior period’s currency exchange rates. The foreign currency impact is the only reconciling item between as reported and constant currency sales.

Cash Flow and Liquidity

Operating cash flow in the first quarter of 2026 was $40 million, compared to $7 million in the first quarter of 2025, primarily due to favorable collections on accounts receivable. Free cash flow, a Non-GAAP measure, in the first quarter of 2026 was ($12) million compared to ($12) million in the first quarter of 2025. The Company had $190 million of cash and cash equivalents as of March 31, 2026.

2026 Outlook

The Company is maintaining its 2026 outlook for net sales in the range of $3.5 billion to $3.6 billion and adjusted EPS in the range of $1.40 to $1.50.

We are unable to present a quantitative reconciliation of our expected earnings per diluted share to expected adjusted earnings per diluted share as we are unable to predict with reasonable certainty and without unreasonable effort, items which may include, but are not limited to, restructuring charges, transformation-related costs, impairment charges, certain tax adjustments, and other significant items. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our Consolidated Statements of Operations.

Conference Call/Webcast Information
Dentsply Sirona's management team will host an investor conference call and live webcast on May 5, 2026, at 4:30 p.m. ET. The live webcast and a presentation related to the call will be available on the Investors section of the Company's website at https://investor.dentsplysirona.com. For those planning to participate on the call, please register at http://register-conf.media-server.com/register/BIc1c93f4a84c14e3ea70e14bf07b0e306. A webcast replay of the conference call will be available on the Investors section of the Company's website following the call.

About Dentsply Sirona

Dentsply Sirona is the world's largest diversified manufacturer of professional dental products and technologies, with over a century of innovation and service to the dental industry and patients worldwide. Dentsply Sirona develops, manufactures, and markets a comprehensive solutions offering, including dental and oral health products as well as other consumable medical devices under a strong portfolio of world-class brands. Dentsply Sirona's innovative products provide high-quality, effective and connected solutions to advance patient care and deliver better and safer dental care. Dentsply Sirona is headquartered in Charlotte, North Carolina. The Company's shares are listed in the United States on Nasdaq under the symbol XRAY. Visit www.dentsplysirona.com for more information about Dentsply Sirona and its products.

Contact Information:
Investors:
Wade Moody
Senior Manager, Investor Relations
Investorrelations@dentsplysirona.com

Press:
Marion Par-Weixlberger
Vice President, Public Relations, Corporate Communications & Brand
Publicrelations@dentsplysirona.com

Forward-Looking Statements and Associated Risks

All statements in this Press Release that do not directly and exclusively relate to historical facts constitute "forward-looking statements." Such statements are subject to numerous assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those described in such statements, many of which are outside of our control, including those described in Part I, Item 1A, "Risk Factors" of the Company's most recent Annual Report on Form 10-K, Part II, Item 1A, "Risk Factors" of the Company's Quarterly Reports on Form 10-Q for any subsequent fiscal quarters, and any updating information or other factors which may be described in the Company's other filings with the Securities and Exchange Commission (the "SEC"). No assurance can be given that any expectation, belief, goal or plan set forth in any forward-looking statement can or will be achieved, and readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this Press Release or to reflect the occurrence of unanticipated events. Investors should understand it is not possible to predict or identify all such factors or risks. As such, you should not consider the risks identified in the Company's SEC filings to be a complete discussion of all potential risks or uncertainties associated with an investment in the Company.

DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(unaudited)

	Three Months Ended March 31,
		2026				2025
Net sales	$	880			$	879
Cost of products sold		453				413
Gross profit		427				466
Selling, general, and administrative expenses		351				358
Research and development expenses		44				36
Restructuring and other costs		67				9
Operating (loss) income		(35	)			63
Other income and expenses:
Interest expense, net		24				19
Other (income) expense, net		(17	)			—
(Loss) income before income taxes		(42	)			44
(Benefit) provision for income taxes		(32	)			25
Net (loss) income		(10	)			19
Less: Net loss attributable to noncontrolling interest		—				(1	)
Net (loss) income attributable to Dentsply Sirona	$	(10	)		$	20
(Loss) earnings per common share attributable to Dentsply Sirona:
Basic	$	(0.05	)		$	0.10
Diluted	$	(0.05	)		$	0.10
Weighted average common shares outstanding:
Basic		199.9				199.1
Diluted		199.9				199.8

DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share amounts)
(unaudited)

	March 31, 2026			December 31, 2025
Assets
Current Assets:
Cash and cash equivalents	$	190		$	326
Accounts and notes receivable-trade, net		622			688
Inventories, net		659			642
Prepaid expenses and other current assets		374			367
Total Current Assets		1,845			2,023
Property, plant, and equipment, net		858			861
Operating lease right-of-use assets, net		139			139
Identifiable intangible assets, net		924			974
Goodwill		1,142			1,148
Other noncurrent assets		321			284
Total Assets	$	5,229		$	5,429
Liabilities and Equity
Current Liabilities:
Accounts payable	$	259		$	300
Accrued liabilities		688			700
Income taxes payable		30			30
Notes payable and current portion of long-term debt		230			313
Total Current Liabilities		1,207			1,343
Long-term debt		2,006			2,015
Operating lease liabilities		95			93
Deferred income taxes		84			94
Other noncurrent liabilities		518			544
Total Liabilities		3,910			4,089
Total Equity		1,319			1,340
Total Liabilities and Equity	$	5,229		$	5,429

DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)

	Three Months Ended March 31,
		2026				2025
Cash flows from operating activities:
Net (loss) income	$	(10	)		$	19
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		38				34
Amortization of intangible assets		41				45
Deferred income taxes		(60	)			1
Stock-based compensation expense		8				10
Other non-cash (income) expense		(15	)			9
Gain on disposal of assets		(6	)			—
Changes in operating assets and liabilities:
Accounts and notes receivable-trade, net		60				(31	)
Inventories, net		(23	)			(26	)
Prepaid expenses and other current assets		19				(1	)
Other noncurrent assets		1				4
Accounts payable		2				14
Accrued liabilities		(20	)			(44	)
Income taxes		7				(12	)
Other noncurrent liabilities		(2	)			(15	)
Net cash provided by operating activities		40				7
Cash flows from investing activities:
Capital expenditures		(52	)			(19	)
Net investment hedge settlements		(7	)			—
Other investing activities		6				2
Net cash used in investing activities		(53	)			(17	)
Cash flows from financing activities:
Proceeds from 364-day bridge loan		—				435
Repayments on short-term borrowings		(51	)			(272	)
Cash dividends paid		(32	)			(32	)
Repayments on long-term borrowings		(31	)			(2	)
Cash paid for deferred financing costs		—				(3	)
Other financing activities, net		(5	)			(3	)
Net cash (used in) provided by financing activities		(119	)			123
Effect of exchange rate changes on cash and cash equivalents		(4	)			13
Net (decrease) increase in cash and cash equivalents		(136	)			126
Cash and cash equivalents at beginning of period		326				272
Cash and cash equivalents at end of period	$	190			$	398
Supplemental disclosures of cash flow information:
Interest paid, net of amounts capitalized	$	44			$	13
Non-cash investing activities:
Property, plant and equipment in accounts payable at end of period	$	29			$	22
Exchange of inventory for naming and other rights	$	—			$	14

Supplemental Information – Reconciliation of GAAP to Non-GAAP Financial Measures

We supplement the reporting of our financial information determined under accounting principles generally accepted in the United States (“GAAP”) with certain non-GAAP financial measures, including percentage sales growth in constant currency; adjusted gross profit; adjusted gross profit as a percent of net sales (“Adjusted Gross Margin”); adjusted operating income; adjusted operating income as a percent of net sales (“Adjusted Operating Margin”); adjusted earnings before interest expense, income taxes, depreciation and amortization (“Adjusted EBITDA”); Adjusted EBITDA as a percent of net sales (“Adjusted EBITDA Margin”); adjusted net income (loss); adjusted earnings (loss) per diluted share (“Adjusted EPS”); and Free Cash Flow. These non-GAAP financial measures are used by the Company to measure its performance and management believes these non-GAAP financial measures provide meaningful information to assist investors and shareholders in understanding our financial results and assessing our prospects for future performance. Management believes percentage sales growth in constant currency and the other adjusted measures described above are important indicators of our operations because they exclude items that may not be indicative of or are unrelated to our core operating results and provide a baseline for analyzing trends in our underlying businesses. Management uses these non-GAAP financial measures for reviewing the operating results of reportable business segments and analyzing potential future business trends in connection with our budget process and bases certain management incentive compensation on these non-GAAP financial measures.

The Company has defined the non-GAAP measures used by management as follows:

• Constant Currency: reported net sales adjusted for the impact of foreign currency changes, which is calculated by translating current period net sales using the comparable period's foreign currency exchange rates.
• Adjusted Operating Income and Margin: Adjusted operating income is computed by excluding the following items from operating income (loss) as reported in accordance with US GAAP. Adjusted operating margin is calculated by dividing adjusted operating income by net sales.
  • Business combination-related costs: costs related to consummating and integrating acquired businesses, as well as net gains and losses related to disposed businesses. Costs include the post-acquisition roll-off of fair value adjustments recorded related to business combinations, except for amortization expense of purchased intangible assets noted below.
  • Restructuring-related charges and other costs: costs related to the implementation of restructuring initiatives, including but not limited to, severance costs, facility closure costs, and lease and contract termination costs, as well as related professional service costs associated with these restructuring initiatives and global transformation activity. Other costs include gains and losses on the sale of property, legal settlements, executive separation costs, write-offs of inventory as a result of product rationalization, and changes in accounting principles recorded within the period. This category also includes costs related to investigations and associated legal cases and remediation activities, which primarily include legal, accounting and other professional service fees, as well as turnover and other employee-related costs.
  • Goodwill and intangible asset impairments: include charges related to goodwill and intangible asset impairments.
  • Amortization of purchased intangible assets: includes the periodic amortization expense related to purchased intangible assets, which are recorded at fair value.
  • Fair value and credit risk adjustments: include the non-cash mark-to-market changes in fair value associated with pension assets and obligations, the credit risk component of hedging instruments, contingent consideration from past acquisitions, and equity-method investments.
• Adjusted Gross Profit and Margin: gross profit excluding the impact of any of the above adjustments that affect either net sales or cost of sales. Adjusted gross margin is calculated by dividing adjusted gross profit by net sales.
• Adjusted Net Income (Loss): net income (loss) as reported in accordance with US GAAP, adjusted to exclude the items identified above and the related income tax impacts of those items, as well as the tax effects of certain significant and discrete tax adjustments, including benefits and provisions related to changes in realization of deferred tax assets and tax credit carryforwards, as well as other events that affect comparability and are not core to our underlying operational performance.
• Adjusted EBITDA and Margin: in addition to the adjustments described above in arriving at adjusted net income, adjusted EBITDA is computed by further excluding any remaining interest expense, net, income tax expense, depreciation and amortization. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by net sales.
• Adjusted Earnings (Loss) Per Diluted Share: computed by dividing adjusted earnings (loss) attributable to Dentsply Sirona stockholders by the diluted weighted average number of common shares outstanding.
• Free Cash Flow: net cash provided by operating activities minus capital expenditures during the same period.

Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. These adjusted financial measures should not be considered in isolation or as a substitute for the most directly comparable GAAP financial measures. These non-GAAP financial measures are an additional way of viewing aspects of our operations that, when viewed with our GAAP results and the reconciliations to corresponding GAAP financial measures below, provide a more complete understanding of our business. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

The following reconciles the non-GAAP financial measures discussed above with the most directly comparable GAAP financial measures. The weighted-average diluted shares outstanding used in the calculation of adjusted net earnings per diluted share are the same as those used in the calculation of reported net earnings per diluted share for the respective period. The weighted-average diluted shares outstanding used in the calculation of adjusted net loss per diluted share excludes potential dilutive common shares.

DENTSPLY SIRONA INC. AND SUBSIDIARIES (in millions, except per share amounts and percentages) (unaudited)

Beginning in fiscal year 2026, the Company updated its definition of Adjusted Net Income (Loss), a non-GAAP financial measure, to include adjustments for certain significant and discrete tax items, including benefits and provisions related to changes in the realization of deferred tax assets and tax credit carryforwards, as well as other tax‑related items that affect comparability and are not considered part of the Company’s core operational performance. Prior-period information below has been updated to conform to current period presentation. A reconciliation of selected items as reported in the Condensed Consolidated Statements of Operations to adjusted Non-GAAP financial statements items are as follows:

Three Months Ended March 31, 2026		Gross Profit				Operating (Loss) Income				(Benefit) Provision for Income Taxes				Net (loss) Income Attributable to Dentsply Sirona				Diluted (Loss) Earnings per Share
Reported		$	427			$	(35	)		$	(32	)		$	(10	)		$	(0.05	)
Reported percent net sales			48.5	%			(4.0	%)
Non-GAAP Adjustments:
Amortization of Purchased Intangible Assets			19				42				11				31				0.15
Restructuring-Related Charges and Other Costs (a) (b)			1				74				18				50				0.25
Income Tax-Related Adjustments (c)			—				—				17				(17	)			(0.08	)
Adjusted		$	447			$	81			$	14			$	54			$	0.27
Adjusted percent net sales			50.7	%			9.2	%
Weighted average common shares outstanding used in calculating diluted GAAP net loss per common share																			199.9
Weighted average common shares outstanding used in calculating diluted Non-GAAP net income per common share																			201.1
(a) Restructuring‑Related Charges and Other Costs includes $60 of costs associated with the 2026 restructuring plan as well as costs from other restructuring actions and the new global ERP system. These amounts are on a pre-tax basis.
(b) Amounts will not cross foot due to a $6 gain on an asset divestiture that is presented in Other income and expense.
(c) Income Tax-Related Adjustments includes adjustments for decreased valuation allowances for Brazil of $27 and Luxembourg of $7, along with increased valuation allowances for Germany of $4 and Switzerland of $3, and other various tax adjustments.

Percentages are based on actual values and may not reconcile due to rounding.

Three Months Ended March 31, 2025		Gross Profit				Operating (loss) income				(Benefit) Provision for Income Taxes				Net Income Attributable to Dentsply Sirona			Diluted Earnings per Share
Reported		$	466			$	63			$	25			$	20		$	0.10
Reported percent net sales			53.0	%			7.1	%
Non-GAAP Adjustments:
Amortization of Purchased Intangible Assets			28				45				12				33			0.16
Restructuring-Related Charges and Other Costs (a)			—				25				6				19			0.10
Business Combination-Related Costs			1				1				—				1			—
Income Tax-Related Adjustments (b)			—				—				(15	)			15			0.08
Adjusted		$	495			$	134			$	28			$	88		$	0.44
Adjusted percent net sales			56.3	%			15.1	%
Weighted average common shares outstanding used in calculating diluted GAAP net income per common share																		199.8
Weighted average common shares outstanding used in calculating diluted Non-GAAP net income per common share																		199.8
(a) Restructuring‑Related Charges and Other Costs includes $6 of costs associated with the 2024 restructuring plan, $8 of costs associated with legal fees and investigation costs, and other costs related to global supply chain transformation and the new global ERP system. These amounts are on a pre-tax basis.
(b) Income Tax-Related Adjustments includes adjustments for increased valuation allowances for Germany of $6 and Switzerland of $1, and other various tax adjustments.

Percentages are based on actual values and may not reconcile due to rounding.

DENTSPLY SIRONA INC. AND SUBSIDIARIES (in millions, except per share amounts and percentages) (unaudited)

Reconciliations of reported net (loss) income attributable to Dentsply Sirona to adjusted EBITDA and margin are as follows:

		Three Months Ended March 31,
			2026				2025
Net (loss) income attributable to Dentsply Sirona		$	(10	)		$	20
Interest expense, net			24				19
(Benefit) provision for income taxes			(32	)			25
Depreciation(1)			38				33
Amortization of intangible assets			41				45
Restructuring-related charges and other costs			68				25
Business combination-related costs and fair value adjustments			—				1
Adjusted EBITDA		$	129			$	168
Net sales		$	880			$	879
Adjusted EBITDA margin			14.7	%			19.0	%

(1) Excludes those depreciation-related amounts which were included as part of the business combination-related adjustments and Restructuring-related charges and other costs.
Percentages are based on actual values and may not reconcile due to rounding.

A reconciliation of free cash flow for the three months ended March 31, 2026 and 2025 is as follows:

		Three Months Ended March 31,
			2026				2025
Net cash provided by operating activities		$	40			$	7
Capital expenditures			(52	)			(19	)
Free cash flow		$	(12	)		$	(12	)

FAQ

What were Dentsply Sirona (XRAY) Q1 2026 net sales and GAAP profit/loss?

Dentsply Sirona reported $880 million in Q1 2026 net sales and a GAAP net loss attributable of $10 million. According to the company, diluted loss per share was $0.05 and gross margin was 48.5% for the quarter.

What were XRAY's non-GAAP results and margins in Q1 2026?

Non-GAAP adjusted EBITDA was $129 million with a margin of 14.7%, and adjusted EPS was $0.27. According to the company, adjusted EBITDA declined 22.8% and adjusted EPS declined 39.0% year-over-year.

Did Dentsply Sirona update its 2026 guidance on May 5, 2026?

Yes. The company reiterated 2026 guidance of net sales in a range of $3.5–$3.6 billion and adjusted EPS of $1.40–$1.50. According to the company, they could not reconcile adjusted EPS to GAAP due to variable items.

What product and regulatory milestones did XRAY announce on May 5, 2026?

Dentsply Sirona launched Smart View-Detect, described as FDA-cleared and now CE-marked for Europe. According to the company, Smart View-Detect aids identification of periapical radiolucencies in CBCT scans.

How did Dentsply Sirona's cash flow and liquidity look in Q1 2026?

Operating cash flow improved to $40 million from $7 million in Q1 2025, while free cash flow remained ($12 million). According to the company, cash and cash equivalents were $190 million as of March 31, 2026.