Company file · HSIC

Henry Schein

Global Technology was Henry Schein's fastest-growing segment in FY2025, up 7.1%

Revenue rose 4.0% to $13.2B in FY2025, from $12.7B in FY2024. Net income rose 2.1% to $398M. Global Distribution and Value-Added Services was the largest segment, at 84% of the segment total.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 24, 2026) · Latest quarter: 10-Q for the quarter ended Sep 26, 2026 (filed Nov 3, 2026) · Data pulled Nov 11, 2026

Key facts

In fiscal 2025, which ended Dec 27, 2025, Henry Schein (Nasdaq: HSIC) took in $13.2B of revenue (up 4.0% on fiscal 2024); net income was $398M (up 2.1%). The most recent quarter, ended Sep 26, 2026, brought revenue of $3.5B, up 4.0% year over year, with net income of $119M. Global Distribution and Value-Added Services was the biggest single line by segment: 84% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 24, 2026) and 10-Q for the quarter ended Sep 26, 2026 (filed Nov 3, 2026).

Revenue$13.2BFY2025 · +4.0% vs FY2024

Net income$398MFY2025 · +2.1% vs FY2024

Operating cash flow$712MFY2025 · −16.0% vs FY2024

Cash & equivalents$184Mat Sep 26, 2026 · +17.9% vs FY2025 end

Total debt$3.5Bat Sep 26, 2026 · +13.4% vs FY2025 end

Diluted shares122MFY2025 avg · −4.7% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 24, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 5, 2026 · 10-Q filed Aug 4, 2026 · 10-Q filed Nov 3, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Global Distribution and Value-Added Services$11.1B84%+3.6%
Global Specialty Products$1.4B11%+5.7%
Global Technology$675M5%+7.1%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Global Distribution and Value-Added Services (84%), Global Specialty Products (11%) and Global Technology (5%), as shares of the segment total. Total revenue was $13.2B.

By segment: three-year mixShare of the total each fiscal year

FY2023

85%10%

FY2024

85%10%

FY2025

84%11%

Global Distribution and Value-Added ServicesGlobal Specialty ProductsGlobal Technology

Source: 10-K FY2025

By region, FY2025

United States$9.1B69%+3.1%

Non US$4.1B31%+6.2%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$3.5B Q3 2026

$3.3B Q3 2025

4.0% increase

Net income

$119M Q3 2026

$101M Q3 2025

17.8% increase

Source: Henry Schein 10-Q for the quarter ended Sep 26, 2026, filed Nov 3, 2026

By segment

Global Distribution and Value-Added Services

$2.9B Q3 2026

$2.8B Q3 2025

3.7% increase

Global Specialty Products

$350M Q3 2026

$331M Q3 2025

5.7% increase

Global Technology

$181M Q3 2026

$173M Q3 2025

4.6% increase

Source: Henry Schein 10-Q for the quarter ended Sep 26, 2026, filed Nov 3, 2026

Cash & equivalents $184M at Sep 26, 2026, vs $156M at FY2025 end.
Total debt $3.5B at Sep 26, 2026, vs $3.1B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $306M vs $331M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 4.0% in FY2025 to $13.2B, from $12.7B a year earlier. 10-K, FY2025
Net income rose 2.1% in FY2025 to $398M, from $390M. 10-K, FY2025
Diluted shares fell 4.7% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Revenue in the quarter ended Sep 26, 2026 was $3.5B, up 4.0% on a year earlier. 10-Q, quarter ended Sep 26, 2026

The bear case

Operating cash flow fell 16.0% in FY2025 to $712M. 10-K, FY2025
Total debt rose 22.5% in FY2025 to $3.1B. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include regulation; pricing and reimbursement; competition. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Henry Schein is in the health care distributors industry, part of the health care sector. The SEC files it under Wholesale-Medical, Dental & Hospital Equipment & Supplies.

Henry Schein reports 3 segments: Global Distribution and Value-Added Services, Global Specialty Products and Global Technology.

Its fiscal year ends in December; the latest, FY2025, ended Dec 27, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the health care distributors industry. They are not a summary of Henry Schein’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

RegulationApprovals, safety rules and government oversight shape what it can sell and how.
Pricing and reimbursementPayers, insurers and governments influence what it can charge.
CompetitionNew treatments, generics and rival products can take share.
LitigationProduct liability and other legal claims can lead to costs.
SupplyManufacturing and supplier problems can interrupt products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$12.3B	$12.7B	$13.2B
Net income	$416M	$390M	$398M
Operating cash flow	$500M	$848M	$712M
Cash & equivalents (year end)	$171M	$122M	$156M
Total debt (year end)	$2.4B	$2.5B	$3.1B
Diluted shares	132M	128M	122M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash, cash equivalents and restricted cash, the only cash total tagged in its filings.
Total debt: Short-term borrowings and the current part of long-term debt and lease obligations plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Segment figures are shown before eliminations and other items, so shares are of the segment total rather than of consolidated revenue.

Recent filings

Form	Filed	Period
10-Q	Nov 3, 2026	Sep 26, 2026
10-Q	Aug 4, 2026	Jun 27, 2026
10-Q	May 5, 2026	Mar 28, 2026
DEF 14A	Apr 8, 2026	May 21, 2026
10-K	Feb 24, 2026	Dec 27, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Henry Schein

How does Henry Schein make money?

In fiscal 2025, revenue totaled $13.2B. By segment in FY2025: Global Distribution and Value-Added Services (84%), Global Specialty Products (11%) and Global Technology (5%), as shares of the segment total. Total revenue was $13.2B. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

What was Henry Schein's revenue in fiscal 2025?

Revenue came to $13.2B in the year ended Dec 27, 2025. Going back two years, it was $12.3B in fiscal 2023 and $12.7B in fiscal 2024, so the latest year was up 4.0%. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

Is Henry Schein profitable?

Yes, by US accounting rules (GAAP): net income was $398M in fiscal 2025, up 2.1% from $390M a year earlier. For the quarter ended Sep 26, 2026, net income was $119M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

What did Henry Schein report in its latest quarterly filing?

The 10-Q for the quarter ended Sep 26, 2026 shows revenue of $3.5B, against $3.3B in the same quarter a year before (up 4.0%), and net income of $119M, against $101M (up 17.8%). Source: 10-Q for the quarter ended Sep 26, 2026, filed Nov 3, 2026.

How much cash and debt does Henry Schein have?

On Sep 26, 2026, cash and cash equivalents stood at $184M and total debt at $3.5B. Total debt here is short-term borrowings and the current part of long-term debt and lease obligations plus long-term debt, at carrying value. Source: 10-Q filed Nov 3, 2026.

What are the main risks Henry Schein faces?

Henry Schein's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 24, 2026. Risks that are common among companies in the health care distributors industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.

Where do these Henry Schein numbers come from?

Two filings Henry Schein made with the SEC: its fiscal 2025 10-K, filed Feb 24, 2026, and its 10-Q for the quarter ended Sep 26, 2026, filed Nov 3, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in HSIC: The editor holds no position in Henry Schein (HSIC). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell HSIC from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold HSIC, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Henry ScheinHSIC	FY2025	$13.2B	+4.0%	$398M
McKessonMCK	FY2026	$403.4B	+12.4%	$4.8B
CencoraCOR	FY2025	$321.3B	+9.3%	$1.6B
Cardinal HealthCAH	FY2026	$254.2B	+14.2%	$1.7B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.