Dentsply Sirona (XRAY) FY2025 results: revenue $3.7 billion, down 3.0% on the year
Dentsply Sirona Inc. (XRAY) reported revenue of $3.7 billion for fiscal 2025, the year ended 31 December 2025, down 3.0% on the year before. Net income was -$598 million, and diluted earnings per share $-3.00. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 4 new.
- Q4 growth reflected prior-year comparison: Q4 net sales were $961 million, up 6.2% reported and 2.5% in constant currency, with 5.7% attributed to the Q4 2024 Byte impact and ERP pre-buy.
- Full-year sales fell 3.0%: FY2025 net sales were $3,680 million, down 3.0% reported and 4.3% in constant currency, including a 1.9% Byte sales impact.
- FY2026 net sales guided $3.5-3.6B: Management expects FY2026 net sales of $3.5 billion to $3.6 billion.
- FY2026 adjusted EPS guided $1.40-1.50: Adjusted EPS for FY2026 is expected to be between $1.40 and $1.50.
- Q4 goodwill and intangible impairments: Q4 non-cash impairment charges were $144 million net of tax, on Orthodontic and Implant Solutions and Connected Technology Solutions.
From this 10-K
Dentsply Sirona develops, makes and sells professional dental products and technologies, including dental equipment supported by cloud-based software, dental consumables, and healthcare consumables for urology and enterology. The filing states that it is the world's largest diversified manufacturer of professional dental products and technologies, with a 139-year history in the dental industry. It is headquartered in Charlotte, North Carolina, its shares trade on the Nasdaq stock market, and it sells to customers in approximately 140 countries, with a long presence in Germany, Sweden, France, the UK, Italy and Switzerland.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 3,680 | 3,793 | 3,965 | -3.0% | |
| Cost of revenue | 1,840 | 1,835 | 1,879 | +0.3% | |
| Gross profit | 1,840 | 1,958 | 2,086 | -6.0% | |
| Gross margin | 50.0% | 51.6% | 52.6% | ||
| Research and development | 150 | 165 | 184 | -9.1% | |
| Selling, general and administrative | 1,438 | 1,605 | 1,613 | -10.4% | |
| Operating income | -422 | -879 | -85.0 | ||
| Operating margin | -11.5% | -23.2% | -2.1% | ||
| Interest expense | 88.0 | 69.0 | 81.0 | +27.5% | |
| Pre-tax income | -486 | -936 | -175 | ||
| Income tax | 112 | -26.0 | -43.0 | ||
| Net income | -598 | -910 | -132 | ||
| Net margin | -16.2% | -24.0% | -3.3% | ||
| Diluted EPS | -$3.00 | -$4.48 | -$0.62 |
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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 | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 235 | 461 | 377 | -49.0% | |
| Capital expenditure | 131 | 180 | 149 | -27.2% | |
| Free cash flow | 104 | 281 | 228 | -63.0% | |
| Free cash flow margin | 2.8% | 7.4% | 5.8% | ||
| Cash from investing | -132 | -197 | -89.0 | ||
| Cash from financing | -80.0 | -302 | -307 | ||
| Depreciation and amortisation | 352 | 349 | 343 | +0.9% | |
| Share-based compensation | 33.0 | 39.0 | 46.0 | -15.4% | |
| Buybacks | 0.0 | 250 | 300 | ||
| Dividends paid | 128 | 126 | 116 | +1.6% | |
| Dividend per share | $0.64 | $0.64 | $0.56 | 0.0% | |
| Diluted shares, weighted | 199m | 203m | 212m | -1.9% | |
| Shares outstanding at period end | 200m | 199m | 207m | +0.4% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 1,339 | 1,942 | 3,293 | -31.1% | |
| Non-controlling interest | 1.0 | 1.0 | 1.0 | 0.0% | |
| Debt | 2,328 | 2,135 | 2,118 | +9.0% | |
| Operating lease liabilities | 93.0 | 91.0 | 125 | +2.2% | |
| Finance lease liabilities | 0.0 | 0.0 | 1.0 | ||
| Other liabilities | 1,668 | 1,584 | 1,832 | +5.3% | |
| Total liabilities and equity | 5,429 | 5,753 | 7,370 | -5.6% | |
| Fixed assets | n/a | n/a | 800 | ||
| Goodwill | 1,148 | 1,597 | 2,438 | -28.1% | |
| Intangible assets | 974 | 1,207 | 1,705 | -19.3% | |
| Cash and equivalents | 326 | 272 | 334 | +19.9% | |
| Inventory | 642 | 564 | 624 | +13.8% | |
| Other assets | 2,339 | 2,113 | 1,469 | +10.7% | |
| Total assets | 5,429 | 5,753 | 7,370 | -5.6% |
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.