HENRY SCHEIN INC

Listed Company

HSICCIK 0001000228NasdaqLarge AcceleratedWholesale-Medical, Dental & Hospital Equipment & SuppliesDelawareFY ends Dec 26

Period

FY 2025

Revenue

$13.18B

Net Income

$398.00M

Total Assets

$11.21B

Equity

$3.25B

Shares Out

114.70M

Op. Cash Flow

$712.00M

Business

HENRY SCHEIN INC is a solutions company serving health care professionals through a network of people and technology, primarily distributing products and services to office-based dental and medical practitioners and alternate care sites. It offers a comprehensive selection of consumable merchandise, equipment, specialty products (implants, biomaterials, endodontic, orthodontic, orthopedic), practice management and patient engagement software, repair and technical services, and value-added services such as financial services, consulting and continuing education. The company reports three principal segments: Global Distribution and Value-Added Services, Global Specialty Products, and Global Technology. It serves more than one million customers worldwide through direct sales, telesales, e-commerce, distribution centers, subsidiaries and third-party distribution partners across North America, Europe, Latin America, Asia Pacific and other international markets.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	13,184	12,673	12,339	12,647	12,401
Cost of sales	9,079	8,657	8,479	8,816	8,727
Gross profit	4,105	4,016	3,860	3,831	3,674
Selling, general and administrative	3,084	3,034	2,956	2,771	2,634
Depreciation and amortization	263	251	209	182	180
Restructuring and related costs	105	110	—	—	—
Operating income	653	621	615	747	852
Interest income	33	24	17	8	6
Interest expense	−150	−131	−87	−35	−27
Other, net	−3	−1	−3	1	0
Income before taxes, equity in earnings of affiliates and noncontrolling interests	533	513	542	721	831
Income taxes	−126	−128	−120	−170	−198
Equity in earnings of affiliates, net of tax	12	13	14	15	20
Net Income	419	398	436	566	660
Less: Net income attributable to noncontrolling interests	−21	−8	−20	−28	−29
Net income attributable to Henry Schein, Inc.	398	390	416	538	631
Basic (in dollars per share)	3.29	3.07	3.18	3.95	4.51
Diluted (in dollars per share)	3.27	3.05	3.16	3.91	4.45
Basic (in shares)	121	127	131	136	140
Diluted (in shares)	122	128	132	138	142

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	156	122	171	117	118
Accounts receivable, net of allowance for credit losses of $90 and $78	1,651	1,482	1,863	1,442	1,452
Inventories, net	2,002	1,810	1,815	1,963	1,861
Prepaid expenses and other	655	569	639	466	413
Total current assets	4,464	3,983	4,488	3,988	3,844
Property and equipment, net	621	531	498	383	366
Operating lease right-of-use assets	301	293	325	284	325
Goodwill	4,213	3,887	3,875	2,893	2,854
Other intangibles, net	1,018	1,023	916	587	668
Investments and other	598	501	471	472	424
Total assets	11,215	10,218	10,573	8,607	8,481
Accounts payable	1,154	962	1,020	1,004	1,054
Bank credit lines	764	650	264	103	51
Current maturities of long-term debt	33	56	150	6	11
Operating lease liabilities	78	75	80	73	76
Payroll and related	340	303	332	314	385
Taxes	179	139	137	132	137
Other	680	618	700	592	593
Total current liabilities	3,228	2,803	2,683	2,224	2,307
Long-term debt	2,310	1,830	1,937	1,040	811
Deferred income taxes	146	102	54	36	42
Operating lease liabilities	251	259	310	275	268
Other liabilities	486	387	436	361	377
Total liabilities	6,421	5,381	5,420	3,936	3,805
Redeemable noncontrolling interests	895	806	864	576	613
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none outstanding	0	0	0	0	0
Common stock, $0.01 par value, 480,000,000 shares authorized, 115,771,149 issued and outstanding on December 27, 2025 and 124,155,884 issued and outstanding on December 28, 2024	1	1	1	1	1
Additional paid-in capital	177	0	0	0	0
Retained earnings	3,293	3,771	3,860	3,678	3,595
Accumulated other comprehensive loss	−226	−379	−206	−233	−171
Total Henry Schein, Inc. stockholders' equity	3,245	3,393	3,655	3,446	3,425
Noncontrolling interests	654	638	634	649	638
Total stockholders' equity	3,899	4,031	4,289	4,095	4,063
Total liabilities, redeemable noncontrolling interests and stockholders' equity	11,215	10,218	10,573	8,607	8,481

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	311	297	248	212	210
Impairment charge on intangible assets	16	0	7	34	1
Impairment of capitalized software	0	12	27	0	0
Non-cash restructuring and related charges	8	32	27	93	0
Stock-based compensation expense	39	39	39	54	78
Provision for losses on trade and other accounts receivable	16	14	18	5	−8
Provision for (benefit from) deferred income taxes	5	−61	−20	−73	−11
Distributions from equity affiliates	11	12	15	15	18
Changes in unrecognized tax benefits	4	5	10	12	−2
Other	−57	−27	−3	−20	−10
Accounts receivable	−124	315	−327	−7	4
Inventories	−95	−59	231	−126	−295
Other current assets	−45	47	−138	−52	9
Accounts payable and accrued expenses	216	−163	−56	−96	86
Net cash provided by operating activities	712	848	500	602	710
Purchases of property and equipment	−139	−148	−147	−96	−79
Payments related to equity investments and business acquisitions, net of cash acquired	−199	−230	−955	−158	−571
Proceeds from loan to affiliate	3	4	6	11	−4
Settlements for net investment hedges	0	0	22	0	0
Capitalized software costs	−52	−39	−40	−32	−33
Other	−13	−17	−21	−1	0
Net cash used in investing activities	−400	−430	−1,135	−276	−677
Net change in bank credit lines	108	387	153	48	−18
Proceeds from issuance of long-term debt	489	120	1,368	270	305
Principal payments for long-term debt	−44	−318	−468	−59	−122
Debt issuance costs	−2	0	−3	0	−3
Issuance of common stock	250	0	0	—	—
Proceeds from issuance of stock upon exercise of stock options	2	6	1	2	0
Payments for repurchases and retirement of common stock	−850	−385	−250	−485	−401
Payments for taxes related to shares withheld for employee taxes	−15	−9	−34	−32	−8
Distributions to noncontrolling shareholders	−30	−54	−47	−21	−26
Payments for contingent consideration	−19	−2	0	0	—
Acquisitions of noncontrolling interests in subsidiaries	−77	−255	−19	−38	−60
Net cash provided by (used in) financing activities	−188	−510	701	−315	−333
Effect of exchange rate changes on cash and cash equivalents	−90	43	−12	−12	−3
Net change in cash and cash equivalents	34	−49	54	−1	−303

Filings

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