$HSIC

HENRY SCHEIN INC

CIK:0001000228|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2026	Jun. 28, 2025	Jun. 27, 2026	Jun. 28, 2025
CONDENSED CONSOLIDATED STATEMENTS OF INCOME [Abstract]
Net sales	$ 3,458	$ 3,240	$ 6,826	$ 6,408
Cost of sales	2,357	2,224	4,655	4,392
Gross profit	1,101	1,016	2,171	2,016
Operating expenses:
Selling, general and administrative	831	778	1,640	1,516
Depreciation and amortization	70	64	137	126
Restructuring and related costs	29	23	41	48
Operating income	171	151	353	326
Other income (expense):
Interest income	8	9	15	15
Interest expense	(43)	(38)	(82)	(73)
Other, net	1	(1)	1	(2)
Income before taxes, equity in earnings of affiliates and noncontrolling interests	137	121	287	266
Income taxes	(34)	(31)	(72)	(66)
Equity in earnings (loss) of affiliates, net of tax	(1)	4	(1)	7
Net income	102	94	214	207
Less: Net income attributable to noncontrolling interests	(8)	(8)	(13)	(11)
Net income attributable to Henry Schein, Inc.	$ 94	$ 86	$ 201	$ 196
Earnings per share attributable to Henry Schein, Inc.:
Basic (in dollars per share)	$ 0.83	$ 0.71	$ 1.76	$ 1.59
Diluted (in dollars per share)	$ 0.82	$ 0.70	$ 1.74	$ 1.58
Weighted-average common shares outstanding:
Basic (in shares)	113,451,329	121,927,867	114,194,349	122,852,702
Diluted (in shares)	114,390,366	122,636,948	115,238,506	123,739,381

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 27, 2026	Jun. 28, 2025
Cash flows from operating activities:
Net income	$ 214	$ 207
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	165	149
Impairment of intangible assets	0	1
Non-cash restructuring and related charges	4	3
Stock-based compensation expense	16	16
Provision for losses on trade and other accounts receivable	8	5
Benefit from deferred income taxes	(8)	(7)
Equity in (earnings) losses of affiliates	1	(7)
Distributions from equity affiliates	4	8
Changes in unrecognized tax benefits	(4)	(1)
Other	(21)	(31)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(116)	(100)
Inventories	(49)	(29)
Other current assets	10	37
Accounts payable and accrued expenses	(79)	(94)
Net cash provided by operating activities	145	157
Cash flows from investing activities:
Purchases of property and equipment	(55)	(63)
Payments related to equity investments and business acquisitions, net of cash acquired	(30)	(101)
Proceeds from loan to affiliate	2	2
Capitalized software costs	(30)	(26)
Other	(15)	(9)
Net cash used in investing activities	(128)	(197)
Cash flows from financing activities:
Net change in bank credit lines	261	248
Proceeds from issuance of long-term debt	144	244
Principal payments for long-term debt	(50)	(21)
Debt issuance costs	0	(2)
Issuance of common stock	0	250
Proceeds from issuance of stock upon exercise of stock options	2	1
Payments for repurchases and retirement of common stock	(325)	(447)
Payments for taxes related to shares withheld for employee taxes	(12)	(14)
Distributions to noncontrolling shareholders	(22)	(18)
Payments for contingent consideration	(4)	(19)
Acquisitions of noncontrolling interests in subsidiaries	(42)	(77)
Net cash provided by (used in) financing activities	(48)	145
Effect of exchange rate changes on cash and cash equivalents	32	(82)
Net change in cash and cash equivalents	1	23
Cash and cash equivalents, beginning of period	156	122
Cash and cash equivalents, end of period	$ 157	$ 145

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Jun. 27, 2026

Dec. 27, 2025

Current assets:

Cash and cash equivalents

$ 157

$ 156

Accounts receivable, net of allowance for credit losses of $97 and $90

^[1]

1,763

1,651

Inventories, net

2,059

2,002

Prepaid expenses and other

621

655

Total current assets

4,600

4,464

Property and equipment, net

618

621

Operating lease right-of-use assets

322

301

Goodwill

4,272

4,213

Other intangibles, net

965

1,018

Investments and other

604

598

Total assets

11,381

11,215

Current liabilities:

Accounts payable

1,135

1,154

Bank credit lines

1,024

764

Current maturities of long-term debt

138

Operating lease liabilities

Accrued expenses:

Payroll and related

307

340

Taxes

199

179

Other

609

680

Total current liabilities

3,488

3,228

Long-term debt

^[1]

2,300

2,310

Deferred income taxes

153

146

Operating lease liabilities

275

251

Other liabilities

442

486

Total liabilities

6,658

6,421

Redeemable noncontrolling interests

906

895

Commitments and contingencies

Stockholders' equity:

Preferred stock, $0.01 par value, 1,000,000 shares authorized, none outstanding

Common stock, $0.01 par value, 480,000,000 shares authorized,111,916,222 issued and outstanding on June 27, 2026 and 115,771,149 issued and outstanding on December 27, 2025

Additional paid-in capital

140

177

Retained earnings

3,200

3,293

Accumulated other comprehensive loss

(184)

(226)

Total Henry Schein, Inc. stockholders' equity

3,157

3,245

Noncontrolling interests

660

654

Total stockholders' equity

3,817

3,899

Total liabilities, redeemable noncontrolling interests and stockholders' equity

$ 11,381

$ 11,215

[1]	Amounts presented include balances held by our consolidated variable interest entity (“VIE”). At June 27, 2026 and December 27, 2025, amounts include trade accounts receivable of $ 526 million and $ 491 million, respectively, and long-term debt of $ 430 million and $ 390 million, respectively.