Henry Schein lifts 2026 outlook after Q2 earnings rise
Henry Schein, Inc. reported higher second-quarter 2026 results, with net sales of $3.458 billion, up 6.7% from the prior-year quarter, driven by 4.6% internal sales growth, contributions from acquisitions, and foreign currency tailwinds.
Rhea-AI Filing Summary
Henry Schein, Inc. reported higher second-quarter 2026 results, with net sales of $3.458 billion, up 6.7% from the prior-year quarter, driven by 4.6% internal sales growth, contributions from acquisitions, and foreign currency tailwinds. Global Distribution and Value-Added Services sales grew 6.6%, Global Specialty Products 8.7%, and Global Technology 8.2%.
GAAP net income attributable to Henry Schein was $94 million, or $0.82 diluted EPS, versus $86 million and $0.70 a year ago. Non-GAAP net income was $145 million, or $1.27 diluted EPS, compared with $135 million and $1.10. Adjusted EBITDA reached $288 million, up from $256 million. For the first half of 2026, net sales were $6.826 billion, up 6.5%. The company raised 2026 guidance to non-GAAP diluted EPS of $5.29–$5.39, total sales growth of 4.5%–5.5%, and mid to high-single-digit Adjusted EBITDA growth, and repurchased 2.6 million shares in the quarter for $200 million.
Positive
- Non-GAAP diluted EPS grew 15.5% in Q2 2026 to $1.27 from $1.10, alongside Adjusted EBITDA rising to $288 million from $256 million, indicating solid earnings expansion.
- 2026 guidance was raised, with non-GAAP diluted EPS now expected at $5.29–$5.39 and total sales growth of 4.5%–5.5%, signaling improved management expectations.
- Q2 2026 net sales increased 6.7% to $3.458 billion, supported by 4.6% internal sales growth and broad-based contributions across distribution, specialty products, and technology.
Negative
- None.
Insights
Analyzing...
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Q2 2026 net sales: $3,458 million
Q2 2026 GAAP diluted EPS: $0.82
Q2 2026 non-GAAP diluted EPS: $1.27
+5 more
8 metrics
Q2 2026 net sales
$3,458 million
Total net sales for the quarter ended June 27, 2026; 6.7% growth vs Q2 2025.
Q2 2026 GAAP diluted EPS
$0.82
GAAP diluted EPS attributable to Henry Schein, Inc. vs $0.70 in Q2 2025.
Q2 2026 non-GAAP diluted EPS
$1.27
Non-GAAP diluted EPS attributable to Henry Schein, Inc. vs $1.10 in Q2 2025.
Q2 2026 Adjusted EBITDA
$288 million
Adjusted EBITDA for Q2 2026 vs $256 million in Q2 2025.
First-half 2026 net sales
$6,826 million
Net sales for the six months ended June 27, 2026; 6.5% growth year over year.
Q2 2026 share repurchases
2.6 million shares; $200 million
Common shares repurchased in Q2 2026 at an average price of $76.69 per share.
Remaining repurchase authorization
$455 million
Authorized and available for future stock repurchases at end of Q2 2026.
2026 non-GAAP EPS guidance
$5.29 to $5.39
Updated full-year 2026 non-GAAP diluted EPS guidance range.
Key Terms
Adjusted EBITDA, non-GAAP diluted EPS, internal sales growth, redeemable noncontrolling interests, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA 3 for the quarter was $288 million"
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.
non-GAAP diluted EPS financial
"Q2 2026 non-GAAP diluted EPS of $1.27 compared to $1.10"
Non-GAAP diluted EPS (Earnings Per Share) is a measure of a company's profit allocated to each share of stock, calculated using adjusted earnings that exclude certain items like one-time expenses or gains. It provides a view of ongoing performance by removing irregular or non-recurring factors. Investors use it to better understand the company's core profitability and compare performance across different periods or companies.
internal sales growth financial
"reflects 4.6% internal sales growth, 0.7% sales growth from acquisitions"
redeemable noncontrolling interests financial
"Redeemable noncontrolling interests 906 895"
A redeemable noncontrolling interest is a minority ownership stake in a company that the holder can force the company to buy back at a set price or under certain conditions. For investors this matters because it creates a future cash obligation and can be treated more like a liability than permanent equity, affecting a company’s reported debt, net income and valuation — think of it as a part-owner who can cash out, forcing the business to pay them.
contingent consideration financial
"Represents a change in the fair value of contingent consideration of $2 million"
Contingent consideration is an additional payment agreed when one company buys another that will be paid later only if specific future targets are met, such as revenue, profit, or regulatory milestones. It matters to investors because it shifts risk between buyer and seller and affects the acquiring company's future cash flow and reported value — like promising a bonus after results are proven.
Earnings Snapshot
Q2 2026 net sales: $3.458 billion · Guidance included
Second quarter and six months ended June 27, 2026
Q2 2026 net sales
$3.458 billion
6.7% increase vs Q2 2025
Q2 2026 GAAP diluted EPS
$0.82
up from $0.70; 17.1% growth
Q2 2026 non-GAAP diluted EPS
$1.27
up from $1.10; 15.5% growth
Q2 2026 Adjusted EBITDA
$288 million
vs $256 million in Q2 2025
First-half 2026 net sales
$6.826 billion
6.5% increase vs first half 2025
Guidance
For 2026, Henry Schein guides to non-GAAP diluted EPS of $5.29–$5.39, total sales growth of 4.5%–5.5%, and mid to high-single-digit Adjusted EBITDA growth, excluding specified non-GAAP adjustments.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did Henry Schein (HSIC) perform financially in Q2 2026?
Henry Schein reported Q2 2026 net sales of $3.458 billion, up 6.7% year over year, with GAAP diluted EPS of $0.82 versus $0.70 in Q2 2025. Non-GAAP diluted EPS was $1.27, compared to $1.10 a year earlier, and Adjusted EBITDA was $288 million.
What were Henry Schein’s (HSIC) non-GAAP results for Q2 and first half 2026?
For Q2 2026, Henry Schein reported non-GAAP net income of $145 million, or $1.27 diluted EPS. For the first half of 2026, non-GAAP net income was $298 million, or $2.59 diluted EPS, compared with $278 million and $2.25, respectively, in the first half of 2025.
What guidance did Henry Schein (HSIC) provide for full-year 2026?
Henry Schein raised its 2026 outlook, guiding to non-GAAP diluted EPS of $5.29–$5.39 and total sales growth of 4.5%–5.5%. The company also now expects mid to high-single-digit Adjusted EBITDA growth, excluding specified non-GAAP adjustments and assuming stable foreign exchange rates.
How did Henry Schein’s (HSIC) business segments perform in Q2 2026?
In Q2 2026, Global Distribution and Value-Added Services sales rose 6.6%, Global Specialty Products sales increased 8.7%, and Global Technology sales grew 8.2%. Internal sales growth and acquisitions, along with foreign currency, contributed to these gains versus Q2 2025.
What were Henry Schein’s (HSIC) first-half 2026 sales and earnings?
For the first half of 2026, Henry Schein posted net sales of $6.826 billion, up 6.5% from the prior year, with GAAP diluted EPS of $1.74 versus $1.58. Non-GAAP diluted EPS for the period was $2.59, compared with $2.25 in the first half of 2025.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
,
,
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (
)
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
The
Nasdaq
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 2.02. Results of Operations and Financial Condition.
On August 4, 2026, Henry Schein, Inc. issued a press release reporting the financial results for the three and six
months ended June 27, 2026. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated
herein by reference.
The information in this Item 2.02 and the press release attached as Exhibit 99.1 are considered furnished to the
Securities and Exchange Commission and are not deemed filed for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended.
Item 9.01. Financial Statements and Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibit 99.1 – Press Release dated August 4, 2026.
Exhibit 104 - Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.
HENRY SCHEIN, INC.
By:
/s/ Ronald N. South
Ronald N. South
Senior Vice President and
Chief Financial Officer
(Authorized Signatory and Principal
Financial and Accounting Officer)
August 4, 2026
EXHIBIT INDEX
Exhibit No.
Description
99.1
Press Release dated August 4, 2026.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
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FOR IMMEDIATE RELEASE
HENRY SCHEIN REPORTS STRONG SECOND QUARTER 2026 FINANCIAL RESULTS
AND RAISES FY2026 GUIDANCE
●
Q2 2026 GAAP diluted EPS of $0.82 compared to $0.70 GAAP diluted EPS in Q2 2025
●
Q2 2026 non-GAAP diluted EPS of $1.27 compared to $1.10 non-GAAP diluted EPS in Q2 2025
●
Raises guidance for 2026 to the following: non-GAAP diluted EPS to $5.29 to $5.39, Adjusted EBITDA growth
to mid to high-single digits, and sales growth to 4.5% to 5.5%
MELVILLE, N.Y., August 4, 2026 –
Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of healthcare
solutions to office-based dental and medical practitioners, today reported financial results for the second quarter ended June
27, 2026.
“We delivered strong sales performance and margin improvement in the second quarter, driven by sustained
momentum across our businesses and solid operational execution by the team. Internal local currency sales growth
accelerated compared to the first quarter, which, combined with strong gross margins and the early benefits from our value
creation initiatives, drove strong earnings growth,” said Fred Lowery, Chief Executive Officer of Henry Schein. “Our first-
half performance and the sustained momentum have positioned us to raise our FY2026 guidance.”
“Our value creation plans remain a top focus for our team, and we are on track to achieve our goals. As we sharpen
our focus, our priorities ahead are accelerating growth, simplifying our business, driving operational rigor, and further
deepening our customer relationships, all of which we believe will create sustainable shareholder value,” Mr. Lowery added.
Second Quarter 2026 Financial Results
●
Total net sales
reflects 4.6% internal sales growth, 0.7% sales growth from acquisitions, and a 1.4% increase resulting from foreign
currency exchange. Second quarter sales growth is detailed in Exhibit A
1
.
●
Global Distribution and Value -Added Services sales
sales growth, 0.6% sales growth from acquisitions, and a 1.5% increase resulting from foreign currency exchange
compared with the second quarter of 2025. The main components are:
●
Global Dental Distribution merchandise sales
growth, compared with the second quarter of 2025.
●
Global Dental Distribution equipment sales
growth, compared with the second quarter of 2025.
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●
Global Medical Distribution sales
compared with the second quarter of 2025.
●
Global Value -Added Services sales
for the
quarter increased 5.1%, and by 3.7% internal sales growth,
compared with the second quarter of 2025.
●
Global Specialty Products sales
growth from acquisitions, and a 2.1% increase resulting from foreign currency exchange, compared with the second
quarter of 2025.
●
Global Technology sales
due to a business disposal, and a 0.4% increase resulting from foreign currency exchange, compared with the second
quarter of 2025.
●
GAAP net income
2
4
, and compares with second-quarter
2025 GAAP net income of $86 million, or $0.70 per diluted share.
●
Non-GAAP net income
2
for the quarter was $145 million, or $1.27
per diluted share
4
, and compares with second-
quarter 2025 non-GAAP net income of $135 million, or $1.10 per diluted share.
●
Adjusted EBITDA
3
$256 million.
Year -to-Date Financial Results
●
Total net sales
reflects 3.6% internal sales growth, 0.7% sales growth from acquisitions, and a 2.2% increase resulting from foreign
currency exchange. Year -to-date sales growth is detailed in Exhibit A
1
.
●
GAAP net income
2
4
, and compares with
GAAP net income for the first half of 2025 of $196 million, or $1.58 per diluted share.
●
Non-GAAP net income
2
for the first half of 2026 was $298 million, or $2.59
per diluted share
4
, and compares with
non-GAAP net income for the first half of 2025 of $278 million, or $2.25 per diluted share.
●
Adjusted EBITDA
3
half of 2025 of $515 million.
Share Repurchases
During the second quarter of 2026, the Company repurchased approximately 2.6 million shares of common stock at
an average price of $76.69 per share for a total of $200 million.
For the year-to-date, the Company repurchased approximately 4.2 million shares of common stock at an average
price of $77.05 per share for a total of $325 million.
At the end of the quarter, Henry Schein had $455 million authorized and available for future stock repurchases.
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2026 Financial Guidance
Henry Schein today raised its 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, 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.
The Company’s FY2026 guidance does not include any remeasurement gains for the remainder of 2026, or any
future benefits from tariff refunds. In summary, the change in financial guidance is as follows:
Updated
Guidance
Prior
Guidance
2026 non-GAAP diluted EPS
4
$5.29 to $5.39
$5.23 to $5.37
2026 total sales growth
4.5% to 5.5%
3% to 5%
2026 Adjusted EBITDA growth
Mid to high-
single-digits
Mid-single-digits
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 or similar 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.
Second-Quarter 2026 Conference Call Webcast
The Company will hold a conference call to discuss second-quarter 2026 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.
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The Company will be posting slides that provide a summary of its second-quarter 2026 financial results on its
website at https://investor.henryschein.com/financials/quarterly -results/
About Henry Schein, Inc.
Henry Schein, Inc. (Nasdaq: HSIC) is a products, services, and technology platforms company for healthcare
customers. 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 healthcare 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.
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 file with the United States Securities and Exchange Commission,
or SEC, including our Annual Report on Form 10-K, and will be contained in 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 (including, without limitation,
the transition to our new Chief Executive Officer); 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-
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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 wars in Ukraine and Iran, 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, 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.
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
3
See Exhibit C for a reconciliation of GAAP net income to Adjusted EBITDA.
4
CONTACTS: Investors
Ronald N. South
Senior Vice President and Chief Financial Officer
ronald.south@henryschein.com
(631) 843-5500
Graham Stanley
Vice President, Investor Relations and Strategic Financial Project Officer
graham.stanley@henryschein.com
(631) 843-5500
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Media
Tim Vassilakos
Vice President, Global Corporate Communications
timothy.vassilakos@henryschein.com
(516) 510-0926
(TABLES TO FOLLOW)
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HENRY SCHEIN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except share and per share data)
(unaudited)
Three Months Ended
Six Months Ended
June 27,
June 28,
June 27,
June 28,
2026
2025
2026
2025
Net sales
$
3,458
$
3,240
$
6,826
$
6,408
Cost of sales
2,357
2,224
4,655
4,392
Gross profit
1,101
1,016
2,171
2,016
Operating expenses:
Selling, general and administrative
831
778
1,640
1,516
Depreciation and amortization
70
64
137
126
Restructuring and related costs
29
23
41
48
Operating income
171
151
353
326
Other income (expense):
Interest income
8
9
15
15
Interest expense
(43)
(38)
(82)
(73)
Other, net
1
(1)
1
(2)
Income before taxes, equity in earnings of affiliates and
noncontrolling interests
137
121
287
266
Income taxes
(34)
(31)
(72)
(66)
Equity in earnings (loss) of affiliates, net of tax
(1)
4
(1)
7
Net income
102
94
214
207
Less: Net income attributable to noncontrolling interests
(8)
(8)
(13)
(11)
Net income attributable to Henry Schein, Inc.
$
94
$
86
$
201
$
196
Earnings per share attributable to Henry Schein, Inc.:
Basic
$
0.83
$
0.71
$
1.76
$
1.59
Diluted
$
0.82
$
0.70
$
1.74
$
1.58
Weighted-average common shares outstanding:
Basic
113,451,329
121,927,867
114,194,349
122,852,702
Diluted
114,390,366
122,636,948
115,238,506
123,739,381
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HENRY SCHEIN, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
June 27,
December 27,
2026
2025
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
157
$
156
Accounts receivable, net of allowance for credit losses of $97 and $90
1,763
1,651
Inventories, net
2,059
2,002
Prepaid expenses and other
621
655
Total current assets
4,600
4,464
Property and equipment, net
618
621
Operating lease right-of-use assets
322
301
Goodwill
4,272
4,213
Other intangibles, net
965
1,018
Investments and other
604
598
Total assets
$
11,381
$
11,215
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND
STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
1,135
$
1,154
Bank credit lines
1,024
764
Current maturities of long-term debt
138
33
Operating lease liabilities
76
78
Accrued expenses:
Payroll and related
307
340
Taxes
199
179
Other
609
680
Total current liabilities
3,488
3,228
Long-term debt
2,300
2,310
Deferred income taxes
153
146
Operating lease liabilities
275
251
Other liabilities
442
486
Total liabilities
6,658
6,421
Redeemable noncontrolling interests
906
895
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 1,000,000 shares authorized,
none outstanding
-
-
Common stock, $0.01 par value, 480,000,000 shares authorized,
111,916,222 issued and outstanding on June 27, 2026 and
115,771,149 issued and outstanding on December 27, 2025
1
1
Additional paid-in capital
140
177
Retained earnings
3,200
3,293
Accumulated other comprehensive loss
(184)
(226)
Total Henry Schein, Inc. stockholders' equity
3,157
3,245
Noncontrolling interests
660
654
Total stockholders' equity
3,817
3,899
Total liabilities, redeemable noncontrolling interests and stockholders' equity
$
11,381
$
11,215
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more
HENRY SCHEIN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)/(unaudited)
Three Months Ended
Six Months Ended
June 27,
June 28,
June 27,
June 28,
2026
2025
2026
2025
Cash flows from operating activities:
Net income
$
102
$
94
$
214
$
207
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization
84
76
165
149
Impairment charge on intangible assets
-
-
-
1
Non-cash restructuring charges
2
2
4
3
Stock-based compensation expense
13
11
16
16
Provision for losses on trade and other accounts receivable
2
3
8
5
Benefit from deferred income taxes
(10)
-
(8)
(7)
Equity in (earnings) losses of affiliates
1
(4)
1
(7)
Distributions from equity affiliates
1
6
4
8
Changes in unrecognized tax benefits
(3)
(3)
(4)
(1)
Other
6
(4)
(21)
(31)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable
(47)
(26)
(116)
(100)
Inventories
(57)
(15)
(49)
(29)
Other current assets
4
(38)
10
37
Accounts payable and accrued expenses
144
18
(79)
(94)
Net cash provided by operating activities
242
120
145
157
Cash flows from investing activities:
Purchases of property and equipment
(30)
(32)
(55)
(63)
Payments related to equity investments and business acquisitions,
net of cash acquired
(6)
(50)
(30)
(101)
Proceeds from loan to affiliate
1
2
2
2
Capitalized software costs
(16)
(14)
(30)
(26)
Other
(14)
(4)
(15)
(9)
Net cash used in investing activities
(65)
(98)
(128)
(197)
Cash flows from financing activities:
Net change in bank credit lines
(22)
33
261
248
Proceeds from issuance of long-term debt
87
94
144
244
Principal payments for long-term debt
(11)
(6)
(50)
(21)
Debt issuance costs
-
(2)
-
(2)
Proceeds from issuance of stock upon exercise of stock options
1
-
2
1
Payments for repurchases and retirement of common stock
(200)
(286)
(325)
(447)
Issuance of common stock
-
250
-
250
Payments for taxes related to shares withheld for employee taxes
(3)
(2)
(12)
(14)
Distributions to noncontrolling shareholders
(6)
(14)
(22)
(18)
Payments for contingent consideration
(4)
(7)
(4)
(19)
Acquisitions of noncontrolling interests in subsidiaries
(10)
(4)
(42)
(77)
Net cash provided by (used in) financing activities
(168)
56
(48)
145
Effect of exchange rate changes on cash and cash equivalents
10
(60)
32
(82)
Net change in cash and cash equivalents
19
18
1
23
Cash and cash equivalents, beginning of period
138
127
156
122
Cash and cash equivalents, end of period
$
157
$
145
$
157
$
145
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more
Exhibit A - Second Quarter Sales
Henry Schein, Inc.
2026 Second Quarter
Sales Summary
(in millions)
(unaudited)
Q2 2026 over Q2 2025
Constant Currency
Growth
Q2 2026
Q2 2025
Local
Internal
Growth
Acquisition
Growth
Total
Constant
Currency
Growth
Foreign
Exchange
Impact
Total Sales
Growth
U.S. Distribution and Value-Added
Services
Merchandise
$
652
$
602
6.5%
1.8%
8.3%
0.0%
8.3%
Equipment
216
219
-1.1%
0.0%
-1.1%
0.0%
-1.1%
Value-Added Services
51
51
1.4%
0.0%
1.4%
0.0%
1.4%
Total Dental
919
872
4.3%
1.3%
5.6%
0.0%
5.6%
Medical
1,027
988
3.8%
0.0%
3.8%
0.0%
3.8%
Total U.S. Distribution and Value -Added
Services
1,946
1,860
4.0%
0.6%
4.6%
0.0%
4.6%
International Distribution and Value-
Added Services
Merchandise
685
616
5.4%
0.9%
6.3%
4.8%
11.1%
Equipment
240
220
5.4%
0.0%
5.4%
3.3%
8.7%
Value-Added Services
10
7
19.9%
5.8%
25.7%
5.6%
31.3%
Total Dental
935
843
5.5%
0.8%
6.3%
4.3%
10.6%
Medical
30
28
5.7%
0.0%
5.7%
6.0%
11.7%
Total International Distribution and
Value-Added Services
965
871
5.5%
0.7%
6.2%
4.5%
10.7%
Global Distribution and Value-Added
Services
Global Merchandise
1,337
1,218
5.9%
1.4%
7.3%
2.4%
9.7%
Global Equipment
456
439
2.2%
0.0%
2.2%
1.6%
3.8%
Global Value-Added Services
61
58
3.7%
0.7%
4.4%
0.7%
5.1%
Global Dental
1,854
1,715
4.9%
1.0%
5.9%
2.2%
8.1%
Global Medical
1,057
1,016
3.9%
0.0%
3.9%
0.1%
4.0%
Total Global Distribution and Value-
Added Services
2,911
2,731
4.5%
0.6%
5.1%
1.5%
6.6%
Global Specialty Products
419
386
3.2%
3.4%
6.6%
2.1%
8.7%
Global Technology
181
167
9.1%
-1.3%
7.8%
0.4%
8.2%
Eliminations
(53)
(44)
n/a
n/a
n/a
n/a
n/a
Total Global
$
3,458
$
3,240
4.6%
0.7%
5.3%
1.4%
6.7%
-11-
more
Exhibit A - Year-to-Date Sales
Henry Schein, Inc.
2026 Second Quarter Year -to-Date
Sales Summary
(in millions)
(unaudited)
Q2 2026 Year -to-Date over Q2 2025 Year -to-Date
Constant Currency
Growth
Q2 2026
Q2 2025
Local
Internal
Growth
Acquisition
Growth
Total
Constant
Currency
Growth
Foreign
Exchange
Impact
Total Sales
Growth
U.S. Distribution and Value-Added
Services
Merchandise
$
1,276
$
1,193
5.3%
1.7%
7.0%
0.0%
7.0%
Equipment
410
406
1.0%
0.0%
1.0%
0.0%
1.0%
Value-Added Services
99
96
3.6%
0.0%
3.6%
0.0%
3.6%
Total Dental
1,785
1,695
4.2%
1.1%
5.3%
0.0%
5.3%
Medical
2,070
2,018
2.5%
0.0%
2.5%
0.0%
2.5%
Total U.S. Distribution and Value -Added
Services
3,855
3,713
3.3%
0.5%
3.8%
0.0%
3.8%
International Distribution and Value-
Added Services
Merchandise
1,353
1,210
3.6%
1.0%
4.6%
7.2%
11.8%
Equipment
463
417
4.5%
0.0%
4.5%
6.4%
10.9%
Value-Added Services
19
14
19.5%
7.5%
27.0%
8.9%
35.9%
Total Dental
1,835
1,641
4.0%
0.8%
4.8%
7.0%
11.8%
Medical
60
53
5.2%
0.0%
5.2%
8.6%
13.8%
Total International Distribution and
Value-Added Services
1,895
1,694
4.0%
0.8%
4.8%
7.0%
11.8%
Global Distribution and Value-Added
Services
Global Merchandise
2,629
2,403
4.5%
1.3%
5.8%
3.6%
9.4%
Global Equipment
873
823
2.8%
0.0%
2.8%
3.2%
6.0%
Global Value-Added Services
118
110
5.6%
1.0%
6.6%
1.1%
7.7%
Global Dental
3,620
3,336
4.1%
1.0%
5.1%
3.4%
8.5%
Global Medical
2,130
2,071
2.6%
0.0%
2.6%
0.2%
2.8%
Total Global Distribution and Value-
Added Services
5,750
5,407
3.5%
0.6%
4.1%
2.2%
6.3%
Global Specialty Products
816
753
2.2%
2.8%
5.0%
3.4%
8.4%
Global Technology
354
329
8.0%
-1.3%
6.7%
0.9%
7.6%
Eliminations
(94)
(81)
n/a
n/a
n/a
n/a
n/a
Total Global
$
6,826
$
6,408
3.6%
0.7%
4.3%
2.2%
6.5%
-12-
more
Exhibit B
Henry Schein, Inc.
2026 Second Quarter and Year-to-Date
Reconciliation of reported GAAP net income and diluted EPS attributable to Henry Schein, Inc.
to non-GAAP net income and diluted EPS attributable to Henry Schein, Inc.
(in millions, except per share data)
(unaudited)
Second Quarter
Year-to-Date
%
%
2026
2025
Growth
2026
2025
Growth
Net income attributable to Henry Schein, Inc.
$
94
$
86
9.1
%
$
201
$
196
2.7
%
Diluted EPS attributable to Henry Schein, Inc.
$
0.82
$
0.70
17.1
%
$
1.74
$
1.58
10.1
%
Non-GAAP Adjustments, net of tax and attribution to
noncontrolling interests
Restructuring and related costs (1)
$
20
$
16
$
28
$
33
Acquisition intangible amortization (2)
28
27
55
54
Cyber incident-insurance proceeds, net of third-party advisory
expenses (3)
-
-
-
(15)
Change in contingent consideration (4)
(1)
-
-
(2)
Costs associated with shareholder advisory matters and select
implementation related value creation consulting costs (5)
4
5
14
11
Litigation settlements (6)
-
1
-
1
Non-GAAP adjustments to net income
$
51
$
49
$
97
$
82
Non-GAAP net income attributable to Henry Schein, Inc.
$
145
$
135
7.7
%
$
298
$
278
7.1
%
Non-GAAP diluted EPS attributable to Henry Schein, Inc.
$
1.27
$
1.10
15.5
%
$
2.59
$
2.25
15.1
%
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.
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. Net income growth rates are based on actual values and may not
recalculate due to rounding. Amounts may not sum due to rounding.
(1)
Restructuring and Related Costs
The following table presents details of our restructuring and related costs:
Second Quarter
Year -to-Date
2026
2025
2026
2025
Restructuring and related costs - pre-tax, as reported
$
29
$
23
$
41
$
48
Income tax benefit
(7)
(5)
(10)
(12)
Amount attributable to noncontrolling interests
(2)
(2)
(3)
(3)
Restructuring and related costs, net
$
20
$
16
$
28
$
33
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(2)
Acquisition Intangible Amortization
The following table presents details of amortization of acquired intangible assets:
Second Quarter
Year -to-Date
2026
2025
2026
2025
Acquisition intangible amortization - pre-tax, as reported
$
46
$
44
$
91
$
87
Income tax benefit
(12)
(11)
(23)
(21)
Amount attributable to noncontrolling interests
(6)
(6)
(13)
(12)
Acquisition intangible amortization, net
$
28
$
27
$
55
$
54
(3)
Represents cyber insurance proceeds, net of one time professional and other fees related to remediation of our Q4 2023
cyber incident. During Q1 2025, we received insurance proceeds of $20 million ($15 million, net of taxes) under this
policy representing the remaining insurance recovery of losses related to the cyber incident.
(4)
Represents a change in the fair value of contingent consideration of $2 million ($1 million, net of taxes) and $1 million
($0 million, net of taxes) recorded during Q2 2026 and YTD 2026, respectively, and $2 million ($2 million, net of
taxes) recorded during YTD 2025 related to certain 2023, 2024 and 2025 acquisitions.
(5)
Represents costs associated with shareholder advisory matters and select value creation consulting costs of $6 million
($4 million, net of taxes) and $19 million ($14 million, net of taxes) recorded during Q2 2026 and YTD 2026,
respectively, and $6 million ($5 million, net of taxes) and $14 million ($11 million, net of taxes) recorded during Q2
2025 and YTD 2025, respectively.
(6)
Represents settlement amounts for litigation at one of our businesses during Q2 2025 and YTD 2025.
-14-
###
Exhibit C
Henry Schein, Inc.
2026 Second Quarter and Year-to-Date
Reconciliation of reported GAAP net income to Adjusted EBITDA
(in millions)
(unaudited)
Second Quarter
Year-to-Date
2026
2025
2026
2025
Net income attributable to Henry Schein, Inc. (GAAP)
$
94
$
86
$
201
$
196
Net income attributable to noncontrolling interests
8
8
13
11
Net income (GAAP)
102
94
214
207
Definitional adjustments:
Interest income
(8)
(9)
(15)
(15)
Interest expense
43
38
82
73
Income taxes
34
31
72
66
Depreciation and amortization
83
76
164
149
Non-GAAP adjustments:
Restructuring and related costs
29
23
41
48
Cyber incident-insurance proceeds, net of third-party advisory expenses
-
-
-
(20)
Impairment of intangible assets
-
-
-
1
Change in contingent consideration
(2)
-
(1)
(2)
Costs associated with shareholder advisory matters and select implementation related value
creation consulting costs
6
6
19
14
Litigation settlements
-
1
-
1
Other adjustments:
Equity in earnings of affiliates, net of tax
1
(4)
1
(7)
Adjusted EBITDA (non-GAAP)
$
288
$
256
$
577
$
515
Adjusted EBITDA is a non-GAAP measure that we calculate in the manner reflected on Exhibit C. We define Adjusted EBITDA as net
income, excluding (i) net income attributable to noncontrolling interests, (ii) interest income and expense, (iii) income taxes, (iv)
depreciation and amortization, (v) restructuring and related costs, (vi) cyber incident-insurance proceeds, net of third-party advisory
expenses, (vii) impairment of intangible assets, (viii) change in contingent consideration, (ix) costs associated with shareholder advisory
matters and select implementation related value creation consulting costs, (x) litigation settlements, and (xi) equity in earnings of
affiliates, net of tax. Amounts may not sum due to rounding.