Henry Schein: Q4 2025 Revenue of $3.4 Billion, 7.7% Growth Rate Hits 15-Quarter High

Image Source: Henry Schein Reports Fourth Quarter and Full Year 2025 Financial Results and Introduces 2026 Financial Guidance 2026

Q4 Revenue Achieves Highest Sales Growth Rate in Nearly 15 Quarters / Q4 Global Dental Distribution Equipment Sales Grow 12.2% / Full Year 2025 Revenue of $13.2 Billion

DentalGoodNews | Henry Schein, Inc. announced its fourth quarter and full year 2025 financial results on February 24, 2026, and simultaneously issued its 2026 financial guidance. In the fourth quarter of 2025, the company achieved revenue of $3.437 billion (approximately RMB 23.745 billion), a year-over-year increase of 7.7%, marking the highest growth rate in nearly 15 quarters. Organic growth contributed 4.9 percentage points, acquisitions contributed 0.9 percentage points, and foreign exchange had a positive impact of 1.9 percentage points. Full-year cumulative revenue was $13.184 billion (approximately RMB 91.085 billion), a year-over-year increase of 4.0%, with organic growth of 2.6%, acquisition contribution of 0.9%, and foreign exchange contribution of 0.5%.

Image Source: Henry Schein Reports Fourth Quarter and Full Year 2025 Financial Results and Introduces 2026 Financial Guidance 2026

Regarding profitability, Q4 GAAP Net Profit Attributable to Shareholders of the Parent Company was $101 million (approximately RMB 698 million), a year-over-year increase of 7.9%. GAAP Diluted EPS (Earnings Per Share) was $0.85 (approximately RMB 5.87), an increase of 14.9% compared to the same period last year. For the full year, GAAP Net Profit Attributable to Shareholders of the Parent Company was $398 million (approximately RMB 2.750 billion), a year-over-year increase of 2.2%, and full-year Diluted EPS was $3.27 (approximately RMB 22.59), an increase of 7.2% compared to the previous year. The growth rate of full-year EPS exceeded that of net profit, primarily due to the cumulative repurchase of approximately 12.1 million shares for the year, which reduced the weighted average diluted shares outstanding from approximately 127.8 million in 2024 to approximately 121.7 million in 2025.

After excluding non-cash expenses such as equity incentives, Q4 Non-Generally Accepted Accounting Principles (Non-GAAP) Net Profit Attributable to Shareholders of the Parent Company was $160 million (approximately RMB 1.105 billion), a year-over-year increase of 6.6%. Non-GAAP Diluted EPS was $1.34 (approximately RMB 9.26), a year-over-year increase of 12.6%. For the full year, Non-GAAP Net Profit Attributable to Shareholders of the Parent Company was $605 million (approximately RMB 4.180 billion), a slight decrease of 0.1% year-over-year, while Non-GAAP Diluted EPS was $4.97 (approximately RMB 34.34), a year-over-year increase of 4.9%.

The primary differences between full-year GAAP and Non-GAAP Net Profit Attributable to Shareholders of the Parent Company stemmed from: restructuring and related costs net of tax of $72 million (approximately RMB 497 million), amortization of acquired intangible assets net of tax of $109 million (approximately RMB 753 million), shareholder advisory and value creation consulting fees net of tax of $27 million (approximately RMB 187 million), and the final recovery of insurance proceeds related to the Q1 2025 cybersecurity incident net of tax of $15 million (approximately RMB 104 million).

Image Source: Henry Schein Reports Fourth Quarter and Full Year 2025 Financial Results and Introduces 2026 Financial Guidance 2026

Adjusted EBITDA for Q4 was $291 million (approximately RMB 2.010 billion), an increase from $270 million (approximately RMB 1.865 billion) in the same period last year. Full-year Adjusted EBITDA reached $1.101 billion (approximately RMB 7.607 billion), up from $1.061 billion (approximately RMB 7.330 billion) the previous year.

Image Source: Henry Schein Reports Fourth Quarter and Full Year 2025 Financial Results and Introduces 2026 Financial Guidance 2026

In terms of business performance, Q4 global distribution and value-added services sales grew 7.0%, or 5.2% on a constant currency basis. Key components include: Global dental distribution consumables sales increased 6.4% in the fourth quarter, or 3.7% on a constant currency basis. Global dental distribution equipment sales grew 12.2% for the quarter, or 9.1% on a constant currency basis, with particularly strong growth in the U.S., Germany, Brazil, Canada, and Australia. Global value-added services sales grew 9.6%, or 8.5% on a constant currency basis, driven by sales growth in consulting services. Global medical distribution business sales increased 4.9% for the quarter, or 4.8% on a constant currency basis. Additionally, global specialty products sales grew 14.6% in the fourth quarter, or 11.1% on a constant currency basis, benefiting from overall growth in Dental Implant and steady growth in endodontic product sales. Global technology services sales increased 8.4%, or 7.6% on a constant currency basis, driven by accelerated adoption of cloud-based software and revenue from newly launched solutions.

Image Source: Henry Schein Reports Fourth Quarter and Full Year 2025 Financial Results and Introduces 2026 Financial Guidance 2026

For the full year 2025, the company's global distribution and value-added services sales grew 3.5%, or 3.0% on a constant currency basis. Key components include: Global dental distribution consumables sales grew 2.2% for the year, or 1.6% on a constant currency basis. Global dental distribution equipment sales grew 4.4% for the year, or 3.2% on a constant currency basis. Global value-added services sales grew 2.2% for the year, or 2.0% on a constant currency basis. Global medical distribution business sales increased 4.6% for the year, or 4.6% on a constant currency basis.

Regarding share repurchases, in the fourth quarter of 2025, the company repurchased approximately 2.8 million shares of common stock at an average price of $71.10 per share (approximately RMB 491.21), for a total amount of $200 million (approximately RMB 1.382 billion). For the full year, cumulative repurchases totaled approximately 12.1 million shares at an average price of $70.47 per share (approximately RMB 486.86), for a total amount of $850 million (approximately RMB 5.872 billion) — this includes the 3.5 million shares from the accelerated share repurchase (ASR) program completed in Q3. As of year-end, the remaining authorization under the share repurchase program was $780 million (approximately RMB 5.389 billion).

For 2026, the company expects its Non-GAAP Diluted EPS guidance range to be $5.23 to $5.37 (approximately RMB 36.13-37.10). Total sales growth is projected to be 3%-5%, and Adjusted EBITDA is expected to achieve mid-single-digit growth. Additionally, the company announced that Fred Lowery will succeed as CEO of Henry Schein next week, with Bergman continuing to serve as Chairman of the Board.