Henry Schein
HSIC · NasdaqWholesale-Medical, Dental & Hospital Equipment & Supplies · Fiscal year ends Dec 26
Henry Schein reported revenue of $13.2B in the fiscal year ended Dec 2025, up 4.0% from the year before. Operating income was $653M, an operating margin of 5.0%, and net income was $398M. Operating cash flow of $712M less capital expenditure of $139M left free cash flow of $573M. Net debt was $2.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $12.4B | $12.6B | $12.3B | $12.7B | $13.2B |
| Cost of revenue | $8.7B | $8.8B | $8.5B | $8.7B | $9.1B |
| Gross profit | $3.7B | $3.8B | $3.9B | $4B | $4.1B |
| Selling, general & admin | $2.6B | $2.8B | $3B | $3B | $3.1B |
| Operating income | $852M | $747M | $615M | $621M | $653M |
| Interest expense | $27M | $35M | $87M | $131M | $150M |
| Pre-tax income | $831M | $721M | $542M | $513M | $533M |
| Income tax | $198M | $170M | $120M | $128M | $126M |
| Net income | $631M | $538M | $416M | $390M | $398M |
| Diluted EPS | 4.45 | 3.91 | 3.16 | 3.05 | 3.27 |
| Diluted shares | 142M | 138M | 132M | 128M | 122M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $118M | $117M | $171M | $122M | $156M |
| Receivables | $1.5B | $1.4B | $1.9B | $1.5B | $1.7B |
| Inventory | $1.9B | $2B | $1.8B | $1.8B | $2B |
| Current assets | $3.8B | $4B | $4.5B | $4B | $4.5B |
| Net PP&E | $366M | – | – | – | – |
| Goodwill | $2.9B | $2.9B | $3.9B | $3.9B | $4.2B |
| Total assets | $8.5B | $8.6B | $10.6B | $10.2B | $11.2B |
| Payables | $1.1B | $1B | $1B | $962M | $1.2B |
| Deferred revenue | $89M | $89M | $81M | $81M | $81M |
| Current liabilities | $2.3B | $2.2B | $2.7B | $2.8B | $3.2B |
| Short-term debt | $51M | $103M | $264M | $650M | $764M |
| Long-term debt | $822M | $1B | $1.9B | $1.8B | $2.3B |
| Total liabilities | $3.8B | $3.9B | $5.4B | $5.4B | $6.4B |
| Shareholders' equity | $3.4B | $3.4B | $3.7B | $3.4B | $3.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $710M | $602M | $500M | $848M | $712M |
| Capital expenditure | $79M | $96M | $147M | $148M | $139M |
| Free cash flow | $631M | $506M | $353M | $700M | $573M |
| Depreciation & amortisation | $210M | $212M | $248M | $297M | $311M |
| Stock-based compensation | $78M | $54M | $39M | $39M | $39M |
| Share buybacks | $401M | $485M | $250M | $385M | $850M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.0% | −2.4% | 2.7% | 4.0% |
| Operating income growth (YoY) | – | −12.3% | −17.7% | 1.0% | 5.2% |
| EPS growth (YoY) | – | −12.1% | −19.2% | −3.5% | 7.2% |
| Gross margin | 29.6% | 30.3% | 31.3% | 31.7% | 31.1% |
| Operating margin | 6.9% | 5.9% | 5.0% | 4.9% | 5.0% |
| Net margin | 5.1% | 4.3% | 3.4% | 3.1% | 3.0% |
| Return on equityBlank when equity is negative | 18.4% | 15.6% | 11.4% | 11.5% | 12.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.8% | 11.7% | 7.8% | 8.4% | 8.2% |
| Free cash flow margin | 5.1% | 4.0% | 2.9% | 5.5% | 4.3% |
| Cash conversion (CFO ÷ net income) | 1.13x | 1.12x | 1.20x | 2.17x | 1.79x |
| Receivable days | 43 | 42 | 55 | 43 | 46 |
| Inventory days | 78 | 81 | 78 | 76 | 80 |
| Payable days | 44 | 42 | 44 | 41 | 46 |
| Interest cover | 31.6x | 21.3x | 7.07x | 4.74x | 4.35x |
| Debt ÷ equity | 0.25x | 0.33x | 0.60x | 0.73x | 0.95x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $755M | $1B | $2B | $2.4B | $2.9B |
| Current ratio | 1.67x | 1.79x | 1.67x | 1.42x | 1.38x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.