Henry Schein (HSIC) Q4 FY2025 earnings: revenue $3.4 billion, up 7.7% on the year

Henry Schein Inc. (HSIC) reported revenue of $3.4 billion for Q4 FY2025, the quarter ended 27 December 2025, up 7.7% on the same quarter a year earlier. Net income was $101 million, up 7.4% on the year, and diluted earnings per share $0.85. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.

Revenue

$3.4 billion

+7.7% on the year · +2.9% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

4.7%

4.9% a year earlier

Q1 FY2024Q4 FY2025

Net income

$101 million

+7.4% on the year · 0.0% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.85

+14.9% on the year · +1.2% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 new.

Q4 net sales rose 7.7%: Net sales were $3.4 billion, up 7.7% from Q4 2024. The increase was made up of 4.9% internal growth, 0.9% from acquisitions and 1.9% from foreign exchange.
Q4 EPS rose on both bases: Q4 GAAP diluted EPS was $0.85, against $0.74. Non-GAAP diluted EPS was $1.34, against $1.19 in Q4 2024.
Global Dental equipment up 12.2%: Global Dental Distribution equipment sales rose 12.2%, or 9.1% in constant currencies. The company named growth in the U.S., Germany, Brazil, Canada and Australia.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	3,437	3,339	3,191	+2.9%	+7.7%
Cost of revenue	2,374	2,313	2,198	+2.6%	+8.0%
Gross profit	1,063	1,026	993	+3.6%	+7.0%
Gross margin	30.9%	30.7%	31.1%
Selling, general and administrative	808	760	738	+6.3%	+9.5%
Operating income	163	164	155	-0.6%	+5.2%
Operating margin	4.7%	4.9%	4.9%
Interest expense	39.0	38.0	35.0	+2.6%	+11.4%
Pre-tax income	133	134	126	-0.7%	+5.6%
Income tax	32.0	28.0	31.0	+14.3%	+3.2%
Effective tax rate	24.1%	20.9%	24.6%
Net income	101	101	94.0	0.0%	+7.4%
Net margin	2.9%	3.0%	2.9%
Diluted EPS	$0.85	$0.84	$0.74	+1.2%	+14.9%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	381	174	204	+119.0%	+86.8%
Capital expenditure	43.0	33.0	36.0	+30.3%	+19.4%
Free cash flow	338	141	168	+139.7%	+101.2%
Free cash flow margin	9.8%	4.2%	5.3%
Cash from investing	-147	-56.0	-58.0
Cash from financing	-206	-127	-204
Depreciation and amortisation	82.0	80.0	76.0	+2.5%	+7.9%
Share-based compensation	10.0	13.0	9.0	-23.1%	+11.1%
Buybacks	200	203	75.0	-1.5%	+166.7%
Diluted shares, weighted	122m	121m	n/a	+0.6%
Shares outstanding at period end	116m	119m	124m	-2.4%	-6.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	3,245	3,361	3,393	-3.5%	-4.4%
Non-controlling interest	654	662	638	-1.2%	+2.5%
Redeemable equity	895	877	806	+2.1%	+11.0%
Debt	3,107	3,096	2,536	+0.4%	+22.5%
Operating lease liabilities	251	264	259	-4.9%	-3.1%
Finance lease liabilities	4.0	n/a	3.0		+33.3%
Other liabilities	3,059	2,837	2,583	+7.8%	+18.4%
Total liabilities and equity	11,215	11,097	10,218	+1.1%	+9.8%
Goodwill	4,213	4,147	3,887	+1.6%	+8.4%
Intangible assets	1,018	1,046	1,023	-2.7%	-0.5%
Cash and equivalents	156	136	122	+14.7%	+27.9%
Receivables	1,651	1,743	1,482	-5.3%	+11.4%
Inventory	2,002	1,912	1,810	+4.7%	+10.6%
Other assets	2,175	2,113	1,894	+2.9%	+14.8%
Total assets	11,215	11,097	10,218	+1.1%	+9.8%

Questions

What was Henry Schein's revenue in Q4 FY2025?

Henry Schein (HSIC) reported revenue of $3.4 billion for Q4 FY2025, the quarter ended 27 December 2025, up 7.7% on the same quarter a year earlier.

How much did Henry Schein earn in Q4 FY2025?

Net income for Q4 FY2025 was $101 million, up 7.4% on the year, and diluted earnings per share $0.85.

When did Henry Schein report Q4 FY2025 results?

Henry Schein filed its 10-K for the year that ended with the quarter on 24 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 * †	Q1 FY2022	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,331	3,179	3,030	3,067	3,371	3,060	3,100	3,162	3,017	3,172	3,136	3,174	3,191	3,168	3,240	3,339	3,437	3,368	3,458	3,471
Cost of revenue	2,351	2,206	2,085	2,153	2,372	2,094	2,125	2,167	2,092	2,160	2,118	2,181	2,198	2,168	2,224	2,313	2,374	2,298	2,357	2,366
Gross profit	980	973	945	914	999	966	975	995	925	1,012	1,018	993	993	1,000	1,016	1,026	1,063	1,070	1,101	1,105
Gross margin	29%	31%	31%	30%	30%	32%	31%	31%	31%	32%	32%	31%	31%	32%	31%	31%	31%	32%	32%	32%
SG&A	774	682	680	648	761	717	707	725	807	791	781	724	738	738	778	760	808	809	831	819
Operating income	201	244	220	211	72.0	175	201	200	39.0	150	159	157	155	175	151	164	163	182	171	193
Operating margin	6%	8%	7%	7%	2%	6%	6%	6%	1%	5%	5%	5%	5%	6%	5%	5%	5%	5%	5%	6%
Interest expense	8.2	7.0	8.0	8.0	17.0	14.0	19.0	25.0	29.0	30.0	32.0	34.0	35.0	35.0	38.0	38.0	39.0	39.0	43.0	42.0
Pre-tax income	194	239	214	205	63.0	163	186	179	14.0	127	132	128	126	145	121	134	133	150	137	160
Tax rate	22%	24%	24%	22%	24%	24%	22%	22%	7%	25%	25%	25%	25%	24%	26%	21%	24%	25%	25%	23%
Net income	147	181	160	150	47.0	121	140	137	18.0	93.0	104	99.0	94.0	110	86.0	101	101	107	94.0	119
Net margin	4%	6%	5%	5%	1%	4%	5%	4%	1%	3%	3%	3%	3%	3%	3%	3%	3%	3%	3%	3%
Diluted EPS	$1.04	$1.30	$1.16	$1.09	$0.36	$0.91	$1.06	$1.05	$0.14	$0.72	$0.80	$0.78	$0.74	$0.88	$0.70	$0.84	$0.85	$0.92	$0.82	$1.06
Operating cash flow	277	93.0	157	98.0	254	27.0	274	231	-32.0	197	296	151	204	37.0	120	174	381	-97.0	242	161
Capital expenditure	30.3	19.0	24.0	24.0	29.0	31.0	37.0	40.0	39.0	41.0	37.0	34.0	36.0	31.0	32.0	33.0	43.0	25.0	30.0	30.0
Free cash flow	246	74.0	133	74.0	225	-4.0	237	191	-71.0	156	259	117	168	6.0	88.0	141	338	-122	212	131
Buybacks	150	0.0	110	90.0	285	100	50.0	50.0	50.0	75.0	100	135	75.0	161	286	203	200	125	200	125
Shares outstanding	137m	138m	136m	135m	132m	131m	131m	130m	129m	128m	127m	125m	124m	122m	122m	119m	116m	114m	112m	111m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 27 December 2025, filed 24 February 2026: the filing.