Henry Schein (HSIC) FY2025 results: revenue $13.2 billion, up 4.0% on the year

Henry Schein distributes health care products and services, mainly to office-based dental and medical practitioners and alternate sites of care, and states that it is the world's largest provider of them. With 94 years of distribution history it serves more than one million customers worldwide across dental practices, laboratories, physician practices and ambulatory surgery centres, plus government and institutional clinics and home health providers. It is headquartered in Melville, New York, employs more than 25,000 people, approximately 48% of them in the United States, and has operations or affiliates in 34 countries. It stocks more than 300,000 branded and own brand products, with over 5.4 million square feet across 38 distribution centres and 0.6 million square feet across 17 manufacturing sites. There are three reportable segments: Global Distribution and Value-Added Services, at 84.5% of consolidated net sales in 2025, Global Specialty Products at 11.7% and Global Technology at 5.1%.

Distribution and services

The largest segment distributes consumable products, small and large equipment, laboratory products, repair services, branded and generic pharmaceuticals, vaccines, dental specialty products, diagnostic tests, infection-control products and vitamins. A home health business ships homecare products direct to patients, covering incontinence, urology, ostomy, enteral nutrition, wound and diabetes supplies and continuous glucose monitoring devices. It runs 127 equipment sales and service centres worldwide whose manufacturer-trained technicians install and repair dental handpieces, small equipment, table-top sterilisers and large dental equipment, and value-added work includes continuing education, consulting and practice services. It also arranges financial products from third-party suppliers, including non-recourse financing for equipment, technology and software, practice and patient financing and card processing, at rates it says are generally lower than customers could get alone, plus staffing, practice valuation and brokerage. Within it, dental merchandise was 36.6% of consolidated net sales in 2025, dental equipment 13.6% and medical 32.5%.

Specialty products

The segment develops, makes and distributes dental implants, prosthetic components, instruments and digital workflow products for implant-based tooth restorations, with research and manufacturing in five countries and sales in approximately 90, plus a biomaterials range for dental tissue regeneration of privately branded allograft, xenograft and synthetic products. Orthodontics covers brackets, braces, aligners and accessories, made in the United States, Mexico and France and sold to practices in over 70 countries. Endodontics covers stainless steel and nickel titanium shaping files, irrigation solutions, power equipment, sealers and root repair materials, made in the United States, Switzerland and Brazil and marketed in over 90 countries. Orthopedics covers implants and instruments for injuries and disorders of the limbs and joints, plus surgical accessories such as blades, burs, drills, pins and wires, sold through independent agencies and direct specialists, mostly in the United States.

Technology

The segment sells practice management, business analytics, revenue cycle management, clinical workflow, artificial intelligence, patient engagement and demand creation software to dental customers, carrying electronic medical records, treatment history, billing, appointment calendars, claims processing and electronic prescribing. At 27 December 2025 the active user base was approximately 95,000 practices and 324,000 consumers, on products including Dentrix Dental Systems, Dentrix Ascend, AxiUm, EXACT and Demandforce.

Competition and supply

In United States dental distribution the main competitors are the Patterson Dental division of Patterson Companies and Benco Dental Supply, alongside national, regional and local distributors; in medical distribution, the large majority of global medical sales, they are McKesson and Medline. Outside the country the filing states that it is the only global distributor of supplies and equipment to dental practices, competing mainly with local and regional companies including Cadence Group, Proclinic Group, DD Group, Lifco, Planmeca Group and Dental Bauer. In specialty products the main implant competitors are Straumann, Envista, Zimvie and Dentsply Sirona, and in technology they include the Eaglesoft division of Patterson, Carestream Dental, Open Dental Software, PlanetDDS, Curve Dental, eClinicalWorks and Epic Systems. Specialty products are made at its 17 manufacturing sites with some work outsourced, and raw materials come from distributors or mills, no single supplier being material.

The markets and the year

It points to demographics, with the United States population aged 45 and older expected to grow by approximately 10% between 2025 and 2035 against approximately 4% for the total population. The filing states that dental spending is predicted to rise with that age group and that demand is increasing for technologies which raise dentist productivity. In the medical market it points to procedures migrating from acute-care settings to physicians' offices and the home, where the filing states the company has established a leading position as a vaccine supplier. Sales and profitability have generally been higher in the third and fourth quarters, because of seasonal products such as influenza vaccine, purchasing patterns for equipment and software, year-end promotions, dental tradeshows, and practices delaying equipment purchases for tax reasons.

From Henry Schein's annual report on Form 10-K for the year ended 27 December 2025. The filing

Written from the 10-K filed 24 February 2026: read the full 10-K.