HENRY SCHEIN INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HENRY SCHEIN INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	11,572	12,462	13,202	9,986	10,119	12,401	12,647	12,339	12,673	13,184
Cost of revenue	8,345	6,137	6,507	6,895	7,303	8,727	8,816	8,479	8,657	9,079
Gross profit	3,226	2,747	2,911	3,091	2,816	3,674	3,831	3,860	4,016	4,105
Selling, general and administrative	2,409	2,072	2,217	2,358	2,086	2,634	2,771	2,956	3,034	3,084
Selling and marketing	18.4	0.8	12.9	25.2	32	48	47	47	43	46
Operating expenses	2,409	2,534	2,702
Operating income	772	670	601	718	535	852	747	615	621	653
Interest expense	31.9	51.1	76	50.8	41	27	35	87	131	150
Interest income	13.3	12.4	15.5	15.8	10	6	8	17	24	33
Other non-operating income	2.88	-1.34	-3.26	-2.92	-4	0	1	-3	-1	-3
Pre-tax income	756	630	537	680	500	831	721	542	513	533
Income tax	218	309	107	160	95	198	170	120	128	126
Income from continuing operations		293	431	701	403	631	538
Net income to minority interests	49.6	53	26.2	24.4	16	29	28	20	8	21
Net income	507	406	536	695	404	631	538	416	390	398
EBITDA	941	804	744	903	721	1,062	959	863	918	964
EPS, basic	3.14	2.59	3.51	4.70	2.83	4.51	3.95	3.18	3.07	3.29
EPS, diluted	3.10	2.57	3.49	4.65	2.82	4.45	3.91	3.16	3.05	3.27
Shares, basic (weighted)	162	157	153	148	143	140	136	131	127	121
Shares, diluted (weighted)	164	158	154	149	143	142	138	132	128	122

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	62.4	158	56.9	106	421	118	117	171	122	156
Receivables	1,254	1,523	1,169	1,246	1,425	1,452	1,442	1,863	1,482	1,651
Inventory	1,666	1,934	1,416	1,429	1,512	1,861	1,963	1,815	1,810	2,002
Other current assets	361	455	451	445	433	413	466	639	569	655
Total current assets	3,343	4,086	4,175	3,227	3,791	3,844	3,988	4,488	3,983	4,464
Property, plant and equipment	334	375	314	330	342	366	383	498	531	621
Lease right-of-use assets			0	232	289	325	284	325	293	301
Goodwill	2,020	1,554	2,081	2,462	2,504	2,854	2,893	3,875	3,887	4,213
Intangible assets	621	670	376	573	479	668	587	916	1,023	1,018
Total assets	6,812	7,864	8,501	7,151	7,773	8,481	8,607	10,573	10,218	11,215
Accounts payable	1,007	1,153	786	880	1,006	1,054	1,004	1,020	962	1,154
Accrued liabilities	266	273	243	265	295	385	314	332	303	340
Deferred revenue		85.7	65.3	70.8	71.5	89	89	81	81	81
Short-term debt	65.9	16.7	8.28	110	110	11	6	150	56	33
Total current liabilities	2,321	2,829	3,219	2,038	2,283	2,307	2,224	2,683	2,803	3,228
Long-term debt	715	908	980	623	516	811	1,040	1,937	1,830	2,310
Lease liabilities			0	176	239	268	275	310	259	251
Other non-current liabilities	264	420	358	331	393	377	361	436	387	486
Total liabilities	3,352	4,207	4,647	3,234	3,460	3,805	3,936	5,420	5,381	6,421
Total debt	781	924	989	733	626	822	1,046	2,087	1,886	2,343
Paid-in capital	127	0	0	47.8	0	0	0	0	0	177
Retained earnings	2,982	2,940	3,209	3,116	3,455	3,595	3,678	3,860	3,771	3,293
Other comprehensive income	-317	-130	-249	-167	-108	-171	-233	-206	-379	-226
Shareholders' equity	2,793	2,811	2,961	2,998	3,348	3,425	3,446	3,655	3,393	3,245
Minority interests	7.74	12.9	580	632	636	638	649	634	638	654
Total equity	2,801	2,824	3,542	3,630	3,984	4,063	4,095	4,289	4,031	3,899
Total liabilities and equity	6,760	7,864	8,501	7,151	7,773	8,481	8,607	10,573	10,218	11,215
Shares outstanding	159	154	151	143	142	137	132	129	124	116

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	556	459	562	719	420	660	566	436	398	419
Depreciation and amortization	170	134	144	185	186	210	212	248	297	311
Stock-based compensation	58.2	36.8	32.6	44.9	9	78	54	39	39	39
Deferred income tax	-37.1	1.19	-25.4	-4.06	-53	-11	-73	-20	-61	5
Change in receivables	-7.66	-128	-127	-72.7	-189	4	-7	-327	315	-124
Change in inventory	-105	-143	-41	14.7	-32	-295	-126	231	-59	-95
Change in payables	7.23	81.5	181	161	196	86	-96	-56	-163	216
Cash from operations	643	546	685	654	599	710	602	500	848	712
Capital expenditures	-70.2	-62.4	-71.3	-76.2	-49	-79	-96	-147	-148	-139
Sales and maturities of investments	0
Cash from investing	-316	-342	-193	-424	-115	-677	-276	-1,135	-430	-400
Debt issued	261	200	115	0.74	501	305	270	1,368	120	489
Debt repaid	-15.4	-59.3	-24.7	-261	-611	-122	-59	-468	-318	-44
Stock issued	11.4	5.27	3.08	0.03	0	0	2	0	0	250
Share buybacks	-550	-450	-200	-525	-74	-401	-485	-250	-385	-850
Cash from financing	-327	-113	-604	-216	-187	-333	-315	701	-510	-188
Exchange rate effect	-8.52	27	14.4	14.4	18	-3	-12
Net change in cash	-9.71	225	-94.4	25.9	315	-303	-1	54	-49	34
Free cash flow	572	483	613	578	550	631	506	353	700	573
Interest paid	29.4	47	69.4	54.7	43	29	47	84	132	151
Income taxes paid	205	214	236	177	207	242	265	218	144	128

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $86.37 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	31.3%	Gross profit / revenue.
Operating margin	5.0%	Operating income / revenue.
EBITDA margin	7.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.1%	Pre-tax income / revenue.
Net margin	3.0%	Net income / revenue.
FCF margin	4.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.1%	Cash from operations / revenue.
Effective tax rate	23.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.5%	Net income / average total assets.
Return on invested capital (ROIC)	9.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	23.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.0%	Capital expenditures / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	5.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-4.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	4.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	2.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-9.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-0.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	7.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-5.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	3.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-16.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	5.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-18.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	4.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	0.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-4.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-0.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.32x	Current assets / current liabilities.
Quick ratio	0.55x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.77x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	21.4%	Total debt / total assets.
Liabilities / assets	58.5%	Total liabilities / total assets.
Net debt	$2.28B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.27x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.28x	Operating income / interest expense.
Working capital	$1.11B	Current assets - current liabilities.
Goodwill and intangibles / assets	46.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$2.08B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.20x	Revenue / average total assets.
Fixed asset turnover	22.0x	Revenue / average property, plant and equipment.
Inventory turnover	4.54x	Cost of revenue / average inventory.
Days inventory	80 days	365 x average inventory / cost of revenue.
Receivables turnover	7.72x	Revenue / average receivables.
Days sales outstanding	47 days	365 x average receivables / revenue.
Days payables	44 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	83 days	Days inventory + days sales outstanding - days payables.
FCF conversion	141.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	18.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.52	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$118.91	Revenue / diluted weighted shares.
FCF per share	$4.97	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.12	Cash from operations / diluted weighted shares.
Book value per share	$28.21	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$18.59	Tangible book value / shares outstanding.
Cash per share	$1.40	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	127.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.63B	Share price x shares outstanding.
Enterprise value	$11.91B	Market cap + total debt - cash - short-term investments.
P/E	23.9x	Market cap / net income. Only when net income is positive.
P/S	0.71x	Market cap / revenue.
P/B	3.05x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	16.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.8x	Market cap / cash from operations, when positive.
EV/Sales	0.88x	Enterprise value / revenue.
EV/EBIT	17.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.9%	Free cash flow / market cap.
Earnings yield	4.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	7.6%	(Dividends paid + share buybacks) / market cap.

What was HENRY SCHEIN INC's revenue in fiscal 2025?

HENRY SCHEIN INC reported revenue of $13.18B for fiscal 2025, 4% higher than the year before.

Was HENRY SCHEIN INC profitable in fiscal 2025?

Yes. Net income was $398.0M, a net margin of 3%.

How much free cash flow did HENRY SCHEIN INC generate in fiscal 2025?

Cash from operations of $712.0M minus capital expenditures of $139.0M left free cash flow of $573.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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