Press Release Details

MELVILLE, N.Y.--(BUSINESS WIRE)-- 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 third quarter ended September 26, 2026. The Company reported $3.5 billion in sales with total growth of 4.0%, and 3.1% internally in local currencies. GAAP earnings per share grew 26.2% versus the prior year. Non-GAAP earnings per share grew 13.0%, or 19.1% when excluding current-quarter net tariff refunds and the prior-year remeasurement gains (refer to Exhibit D).

“We delivered another strong quarter that increases our confidence in the momentum we are building at Henry Schein. I am very pleased with the U.S. dental merchandise sales growth of 8.6% driven primarily by volume in a stable market and our 19% adjusted earnings per share growth⁴,” said Fred Lowery, Chief Executive Officer of Henry Schein. “Our strategy is translating into stronger financial results. We are gaining share in key businesses, improving our portfolio mix, maintaining a disciplined approach to capital allocation, and realizing the benefits of our value creation initiatives,” Mr. Lowery added.

Third Quarter 2026 Financial Results

• Total net sales for the quarter were $3.5 billion, an increase of 4.0% in total compared to the third quarter of 2025, reflecting 3.1% internal sales growth, 0.7% sales growth from acquisitions, and a 0.2% increase resulting from foreign currency exchange. Third quarter sales growth is detailed in Exhibit A ¹.
• Global Distribution and Value-Added Services sales for the quarter increased 3.7% in total, reflecting 2.9% internal sales growth, 0.5% sales growth from acquisitions, and a 0.3% increase from foreign currency exchange compared with the third quarter of 2025. The main components compared with the third quarter of 2025 are:
  • Global Dental Distribution merchandise sales for the quarter increased 7.0% in total, and by 5.1% internal sales growth, compared with the third quarter of 2025.
  • Global Dental Distribution equipment sales for the quarter increased 2.3% in total, and by 2.4% internal sales growth, compared with the third quarter of 2025.
  • Global Medical Distribution sales for the quarter increased 1.1% in total, and by 1.0% internal sales growth, compared with the third quarter of 2025.
  • Global Value-Added Services sales for the quarter decreased 4.8%, on both a reported and internal sales growth basis, compared with the third quarter of 2025.
• Global Specialty Products sales for the quarter increased 6.1% in total, reflecting 3.4% internal sales growth, 2.6% sales growth from acquisitions, and a 0.1% increase resulting from foreign currency exchange, compared with the third quarter of 2025.
• Global Technology sales for the quarter increased 5.2% in total, reflecting 6.5% internal sales growth, 1.3% sales decrease due to a business disposal, and no impact from foreign currency exchange, compared with the third quarter of 2025.

• GAAP net income² for the quarter was $119 million. GAAP diluted earnings per share were $1.06 per diluted share ³, up 26.2% compared with the third quarter of 2025.
• Non-GAAP net income² for the quarter was $175 million. Non-GAAP diluted earnings per share were $1.56 per diluted share, up 13.0% compared with the third quarter of 2025.
  • The Company recognized a $0.19 per diluted share ^3,4 net benefit from tariff refunds in the third quarter of 2026, and a $0.23 per diluted share ^3,4 remeasurement gain in the third quarter of 2025, included in our GAAP and non-GAAP results.
  • Excluding these items, non-GAAP diluted EPS was $1.37 ⁴ compared with $1.15 ⁴ in the prior-year period, an increase of 19.1%.
• Adjusted EBITDA⁵ for the quarter was $321 million, compared with Adjusted EBITDA for the third quarter 2025 of $295 million, with Adjusted EBITDA margin growing 40 basis points to 9.24%.

Year-to-Date Financial Results

• Total net sales for the first nine months of 2026 were $10.3 billion, an increase of 5.6% in total compared to the first nine months of 2025, reflecting 3.4% internal sales growth, 0.7% sales growth from acquisitions, and a 1.5% increase resulting from foreign currency exchange. Year-to-date sales growth is detailed in Exhibit A ¹.
• GAAP net income² for the first nine months of 2026 was $320 million. GAAP diluted earnings per share were $2.80 per diluted share ³, up 15.7% compared with the first nine months of 2025.
• Non-GAAP net income² for the first nine months of 2026 was $473 million. Non-GAAP diluted earnings per share were $4.14 per diluted share ³, up 14.0% compared with the first nine months of 2025.
• Adjusted EBITDA⁵ for the first nine months of 2026 was $898 million, compared with Adjusted EBITDA for the first nine months of 2025 of $810 million, with Adjusted EBITDA margin growing 41 basis points to 8.72%.

Share Repurchases

During the third quarter of 2026, the Company repurchased approximately 1.4 million shares of common stock at an average price of $86.67 per share for a total of $125 million.

For the year-to-date, the Company repurchased approximately 5.7 million shares of common stock at an average price of $79.50 per share for a total of $450 million.

At the end of the quarter, Henry Schein had approximately $330 million authorized and available for future stock repurchases.

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 non-GAAP diluted EPS guidance includes the net benefit from tariff refunds recognized in the third quarter, targeted and limited growth-investments in the fourth quarter which will contribute to growth in 2027, and improved underlying business performance. The updated guidance assumes no significant tariff refunds or remeasurement gains for the remainder of 2026. The changes to the Company’s financial guidance are summarized below:

(A) 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.

Third-Quarter 2026 Conference Call Webcast

The Company will hold a conference call to discuss third-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.

The Company will be posting slides that provide a summary of its third-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 approximately 25,000 Team Schein Members worldwide, the Company's network of trusted advisors provides more than 1 million customers globally with more than 300 valued solutions that help improve operational success and clinical outcomes. Our Business, Clinical, Technology and Supply Chain solutions help office-based dental and medical practitioners work more efficiently so they can provide quality care more effectively. These solutions also support dental laboratories, government and institutional health care clinics, as well as other alternate care sites.

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

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

For more information, visit Henry Schein at www.henryschein.com.

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

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

These statements include total sales growth, EPS and Adjusted EBITDA guidance and statements about our business expectations, and are generally identified by the use of such terms as “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “forecast,” “project,” “anticipate,” “to be,” “to make”, or other comparable terms. A fuller discussion of our operations, financial condition and status of litigation matters, including factors that may affect our business and future prospects, is contained in documents we 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, our Chief Executive Officer, Chief Financial Officer, and other executive officers); our ability to develop or acquire and maintain and protect new products (particularly technology and specialty products) and services and utilize new technologies that achieve market acceptance with acceptable margins; transitional challenges associated with acquisitions and joint ventures, including the failure to achieve anticipated synergies/benefits, as well as significant demands on our operations, information systems, legal, regulatory, compliance, financial and human resources functions in connection with acquisitions, dispositions and joint ventures; certain provisions in our governing documents that may discourage third-party acquisitions of us; adverse changes in supplier rebates or other purchasing incentives; risks related to the sale of corporate brand products; risks related to activist investors; security risks associated with our information systems and technology products and services, such as cyberattacks or other privacy or data security breaches (including the October 2023 incident); effects of a highly competitive (including, without limitation, competition from third-party online commerce sites) and consolidating market; political, economic, and regulatory influences on the health care industry; risks from expansion of customer purchasing power and multi-tiered costing structures; increases in shipping costs for our products or other service issues with our third-party shippers, and increases in fuel and energy costs; changes in laws and policies governing manufacturing, development and investment in territories and countries where we do business; general global and domestic macro-economic and political conditions, including inflation, deflation, recession, unemployment (and corresponding increase in under-insured populations), consumer confidence, sovereign debt levels, fluctuations in energy pricing and the value of the U.S. dollar as compared to foreign currencies and changes to other economic indicators; failure to comply with existing and future regulatory requirements, including relating to health care; risks associated with the EU Medical Device Regulation; failure to comply with laws and regulations relating to health care fraud or other laws and regulations; failure to comply with laws and regulations relating to the collection, storage and processing of sensitive personal information or standards in electronic health records or transmissions; changes in tax legislation, changes in tax rates and availability of certain tax deductions; risks related to product liability, intellectual property and other claims; risks associated with customs policies or legislative import restrictions; risks associated with disease outbreaks, epidemics, pandemics (such as the COVID-19 pandemic), or similar wide-spread public health concerns and other natural or man-made disasters; risks associated with our global operations; the threat or outbreak of war (including, without limitation, geopolitical wars), terrorism or public unrest (including, without limitation, the wars in Ukraine and Iran, the Israel-Gaza conflict 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.

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

¹ See Exhibit A for details of sales growth. Internal sales growth is calculated from total net sales using constant foreign currency exchange rates and excludes sales from acquisitions.
² See Exhibit B for a reconciliation of GAAP net income and diluted EPS to non-GAAP net income and diluted EPS.
³ References to diluted EPS refer to diluted EPS attributable to Henry Schein, Inc.
⁴ See Exhibit D for a summary of Net Acquisition Related Fair Value Adjustments and Net Tariff Refunds
⁵ See Exhibit C for a reconciliation of GAAP net income to Adjusted EBITDA.

(TABLES TO FOLLOW)

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.

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.