Henry Schein Reports Strong 2026 Third Quarter and Raises FY2026 Guidance

Henry Schein Reports Strong 2026 Third Quarter and Raises FY2026 Guidance MELVILLE, N.Y.--( BUSINESS WIRE)--Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of healthcare solutions to office-based dental and medical practitioners, today reported financial results for the third quarter ended September 26, 2026. The Company reported $3.5 billion in sales with total growth of 4.0%, and 3.1% internally in local currencies. GAAP earnings per share grew 26.2% versus the prior year. Non-GAAP earnings per share grew 13.0%, or 19.1% when excluding current-quarter net tariff refunds and the prior-year remeasurement gains (refer to Exhibit D).

“We delivered another strong quarter that increases our confidence in the momentum we are building at Henry Schein,” said Fred Lowery, Chief Executive Officer of Henry Schein.

“We delivered another strong quarter that increases our confidence in the momentum we are building at Henry Schein. I am very pleased with the U.S. dental merchandise sales growth of 8.6% driven primarily by volume in a stable market and our 19% adjusted earnings per share growth 4,” said Fred Lowery, Chief Executive Officer of Henry Schein. “Our strategy is translating into stronger financial results. We are gaining share in key businesses, improving our portfolio mix, maintaining a disciplined approach to capital allocation, and realizing the benefits of our value creation initiatives,” Mr. Lowery added.

Third Quarter 2026 Financial Results

Year-to-Date Financial Results

Share Repurchases

During the third quarter of 2026, the Company repurchased approximately 1.4 million shares of common stock at an average price of $86.67 per share for a total of $125 million.

For the year-to-date, the Company repurchased approximately 5.7 million shares of common stock at an average price of $79.50 per share for a total of $450 million.

At the end of the quarter, Henry Schein had approximately $330 million authorized and available for future stock repurchases.

2026 Financial Guidance

Henry Schein today raised its financial guidance for 2026. Guidance is for current continuing operations and does not include the impact of restructuring expenses and related costs, amortization expense of acquired intangible assets, the impairment of intangible assets, changes in contingent consideration, select implementation-related costs supporting value creation initiatives, and litigation settlements. This guidance also assumes that foreign currency exchange rates remain generally consistent with current levels.

The Company’s FY2026 non-GAAP diluted EPS guidance includes the net benefit from tariff refunds recognized in the third quarter, targeted and limited growth-investments in the fourth quarter which will contribute to growth in 2027, and improved underlying business performance. The updated guidance assumes no significant tariff refunds or remeasurement gains for the remainder of 2026. The changes to the Company’s financial guidance are summarized below:

Updated

Prior

Guidance

2026 non-GAAP diluted EPS 3

$5.50 to $5.56

$5.29 to $5.39

2026 total sales growth

4.5% to 5.5%

2026 Adjusted EBITDA growth

High-single-digits

Mid to high-single-digits

(A) Adjustments to 2026 GAAP Net Income and Diluted EPS

The Company is providing guidance for 2026 diluted EPS and for 2026 Adjusted EBITDA on a non-GAAP basis, as noted above. The Company is not providing a reconciliation of its 2026 non-GAAP diluted EPS guidance to its projected 2026 diluted EPS prepared on a GAAP basis, or its 2026 Adjusted EBITDA guidance to net income prepared on a GAAP basis. This is because the Company is unable to provide without unreasonable effort an estimate of restructuring expenses and related or similar costs, including its ongoing value creation initiatives, and the corresponding tax effect, which will be included in the Company’s 2026 diluted EPS and net income, prepared on a GAAP basis. The inability to provide this reconciliation is due to the uncertainty and inherent difficulty of predicting the occurrence, magnitude, financial impact and timing of related costs.

Management does not believe these items are representative of the Company’s underlying business performance. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

Third-Quarter 2026 Conference Call Webcast

The Company will hold a conference call to discuss third-quarter 2026 financial results today, beginning at 8:00 a.m. Eastern time. Individual investors are invited to listen to the conference call through Henry Schein’s website by visiting https://investor.henryschein.com/webcasts. In addition, a replay will be available beginning shortly after the call has ended for a period of one week.

The Company will be posting slides that provide a summary of its third-quarter 2026 financial results on its website at https://investor.henryschein.com/financials/quarterly-results/

About Henry Schein, Inc.

Henry Schein, Inc. (Nasdaq: HSIC) is a products, services, and technology platforms company for healthcare customers. With approximately 25,000 Team Schein Members worldwide, the Company's network of trusted advisors provides more than 1 million customers globally with more than 300 valued solutions that help improve operational success and clinical outcomes. Our Business, Clinical, Technology and Supply Chain solutions help office-based dental and medical practitioners work more efficiently so they can provide quality care more effectively. These solutions also support dental laboratories, government and institutional health care clinics, as well as other alternate care sites.

Henry Schein operates through a centralized and automated distribution network, with a selection of more than 300,000 branded products and Henry Schein corporate brand products in our main distribution centers.

A FORTUNE 500 Company and a member of the S&P 500® index, Henry Schein is headquartered in Melville, N.Y., and has operations or affiliates in 34 countries and territories. The Company's sales reached $13.2 billion in 2025, and have grown at a compound annual rate of approximately 11.0 percent since Henry Schein became a public company in 1995.

For more information, visit Henry Schein at  www.henryschein.com.

Cautionary Note Regarding Forward-Looking Statements and Use of Non-GAAP Financial Information

In accordance with the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995, we provide the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the forward-looking statements, expectations and assumptions expressed or implied herein. All forward-looking statements made by us are subject to risks and uncertainties and are not guarantees of future performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

These statements include total sales growth, EPS and Adjusted EBITDA guidance and statements about our business expectations, and are generally identified by the use of such terms as “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “forecast,” “project,” “anticipate,” “to be,” “to make”, or other comparable terms. A fuller discussion of our operations, financial condition and status of litigation matters, including factors that may affect our business and future prospects, is contained in documents we file with the United States Securities and Exchange Commission, or SEC, including our Annual Report on Form 10-K, and will be contained in subsequent periodic filings we make with the SEC. These documents identify in detail important risk factors that could cause our actual performance to differ materially from current expectations.

Risk factors and uncertainties that could cause actual results to differ materially from current and historical results include, but are not limited to: our dependence on third parties for the manufacture and supply of our products and where we manufacture products, our dependence on third parties for raw materials or purchased components; risks relating to the achievement of our strategic growth objectives, including anticipated results of restructuring and value creation initiatives; risks related to the Strategic Partnership Agreement with KKR Hawaii Aggregator L.P. entered into in January 2025; transitions in senior company leadership (including, without limitation, our Chief Executive Officer, Chief Financial Officer, and other executive officers); our ability to develop or acquire and maintain and protect new products (particularly technology and specialty products) and services and utilize new technologies that achieve market acceptance with acceptable margins; transitional challenges associated with acquisitions and joint ventures, including the failure to achieve anticipated synergies/benefits, as well as significant demands on our operations, information systems, legal, regulatory, compliance, financial and human resources functions in connection with acquisitions, dispositions and joint ventures; certain provisions in our governing documents that may discourage third-party acquisitions of us; adverse changes in supplier rebates or other purchasing incentives; risks related to the sale of corporate brand products; risks related to activist investors; security risks associated with our information systems and technology products and services, such as cyberattacks or other privacy or data security breaches (including the October 2023 incident); effects of a highly competitive (including, without limitation, competition from third-party online commerce sites) and consolidating market; political, economic, and regulatory influences on the health care industry; risks from expansion of customer purchasing power and multi-tiered costing structures; increases in shipping costs for our products or other service issues with our third-party shippers, and increases in fuel and energy costs; changes in laws and policies governing manufacturing, development and investment in territories and countries where we do business; general global and domestic macro-economic and political conditions, including inflation, deflation, recession, unemployment (and corresponding increase in under-insured populations), consumer confidence, sovereign debt levels, fluctuations in energy pricing and the value of the U.S. dollar as compared to foreign currencies and changes to other economic indicators; failure to comply with existing and future regulatory requirements, including relating to health care; risks associated with the EU Medical Device Regulation; failure to comply with laws and regulations relating to health care fraud or other laws and regulations; failure to comply with laws and regulations relating to the collection, storage and processing of sensitive personal information or standards in electronic health records or transmissions; changes in tax legislation, changes in tax rates and availability of certain tax deductions; risks related to product liability, intellectual property and other claims; risks associated with customs policies or legislative import restrictions; risks associated with disease outbreaks, epidemics, pandemics (such as the COVID-19 pandemic), or similar wide-spread public health concerns and other natural or man-made disasters; risks associated with our global operations; the threat or outbreak of war (including, without limitation, geopolitical wars), terrorism or public unrest (including, without limitation, the wars in Ukraine and Iran, the Israel-Gaza conflict and other unrest and threats in the Middle East and the possibility of a wider European or global conflict); changes to laws and policies governing foreign trade, tariffs and sanctions or greater restrictions on imports and exports, including changes to international trade agreements and the current imposition of (and the potential for additional) tariffs by the U.S. on numerous countries and retaliatory tariffs; supply chain disruption; litigation risks; new or unanticipated litigation developments and the status of litigation matters; our dependence on our senior management, employee hiring and retention, increases in labor costs or health care costs, and our relationships with customers, suppliers and manufacturers; and disruptions in financial markets. The order in which these factors appear should not be construed to indicate their relative importance or priority.

We caution that these factors may not be exhaustive and that many of these factors are beyond our ability to control or predict. Accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. We undertake no duty and have no obligation to update forward-looking statements except as required by law.

Included within the press release are non-GAAP financial measures that supplement the Company’s Consolidated Statements of Income prepared under generally accepted accounting principles (GAAP). These non-GAAP financial measures adjust the Company’s actual results prepared under GAAP to exclude certain items. In the schedule attached to the press release, the non-GAAP measures have been reconciled to and should be considered together with the Consolidated Statements of Income. Management believes that non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance and allow for greater transparency with respect to key metrics used by management in operating our business. The impact of certain items that are excluded include integration and restructuring costs, amortization of acquisition-related assets, the insurance claim recovery associated with the cybersecurity incident, changes in contingent consideration, costs associated with shareholder advisory matters and select value creation consulting costs, and litigation settlements because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate and occur on an unpredictable basis. These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding, similarly captioned, GAAP measures.

1 See Exhibit A for details of sales growth. Internal sales growth is calculated from total net sales using constant foreign currency exchange rates and excludes sales from acquisitions.

2 See Exhibit B for a reconciliation of GAAP net income and diluted EPS to non-GAAP net income and diluted EPS.

3 References to diluted EPS refer to diluted EPS attributable to Henry Schein, Inc.

4 See Exhibit D for a summary of Net Acquisition Related Fair Value Adjustments and Net Tariff Refunds

5 See Exhibit C for a reconciliation of GAAP net income to Adjusted EBITDA.

(TABLES TO FOLLOW)

HENRY SCHEIN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in millions, except share and per share data)

(unaudited)

Three Months Ended

Nine Months Ended

September 26,

September 27,

September 26,

September 27,

2026

2025

2026

2025

Net sales

3,471

3,339

10,297

9,747

Cost of sales

2,366

2,313

7,021

6,705

Gross profit

1,105

1,026

3,276

3,042

Operating expenses:

Selling, general and administrative

819

760

2,459

2,276

Depreciation and amortization

208

194

Restructuring and related costs

Operating income

193

164

546

490

Other income (expense):

Interest income

Interest expense

(42)

(38)

(124)

(111)

Other, net

(1)

(3)

Income before taxes, equity in earnings of affiliates and noncontrolling interests

160

134

447

400

Income taxes

(37)

(28)

(109)

(94)

Equity in earnings of affiliates, net of tax

Net income

126

109

340

316

Less: Net income attributable to noncontrolling interests

(7)

(8)

(20)

(19)

Net income attributable to Henry Schein, Inc.

119

101

320

297

Earnings per share attributable to Henry Schein, Inc.:

Basic

1.07

0.84

2.83

2.44

Diluted

1.06

0.84

2.80

2.42

Weighted-average common shares outstanding:

Basic

111,272,868

120,199,552

113,220,442

121,965,991

Diluted

112,538,936

121,036,247

114,338,114

122,840,062

HENRY SCHEIN, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share data)

September 26,

December 27,

2026

2025

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

184

156

Accounts receivable, net of allowance for credit losses of $103 and $90

1,875

1,651

Inventories, net

2,050

2,002

Prepaid expenses and other

667

655

Total current assets

4,776

4,464

Property and equipment, net

619

621

Operating lease right-of-use assets

336

301

Goodwill

4,270

4,213

Other intangibles, net

921

1,018

Investments and other

588

598

Total assets

11,510

11,215

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

1,203

1,154

Bank credit lines

1,000

764

Current maturities of long-term debt

142

Operating lease liabilities

Accrued expenses:

Payroll and related

325

340

Taxes

191

179

Other

658

680

Total current liabilities

3,598

3,228

Long-term debt

2,382

2,310

Deferred income taxes

152

146

Operating lease liabilities

288

251

Other liabilities

359

486

Total liabilities

6,779

6,421

Redeemable noncontrolling interests

914

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,

110,538,632 issued and outstanding on September 26, 2026 and

115,771,149 issued and outstanding on December 27, 2025

Additional paid-in capital

140

177

Retained earnings

3,205

3,293

Accumulated other comprehensive loss

(187)

(226)

Total Henry Schein, Inc. stockholders' equity

3,159

3,245

Noncontrolling interests

658

654

Total stockholders' equity

3,817

3,899

Total liabilities, redeemable noncontrolling interests and stockholders' equity

11,510

11,215

HENRY SCHEIN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)/(unaudited)

Three Months Ended

Nine Months Ended

September 26,

September 27,

September 26,

September 27,

2026

2025

2026

2025

Cash flows from operating activities:

Net income

126

109

340

316

Adjustments to reconcile net income to net cash

provided by operating activities:

Depreciation and amortization

251

229

Impairment charge on intangible assets

Non-cash restructuring charges

Stock-based compensation expense

Provision for losses on trade and other accounts receivable

Provision for (benefit from) deferred income taxes

(2)

Equity in earnings of affiliates

(3)

(2)

(10)

Distributions from equity affiliates

Changes in unrecognized tax benefits

(13)

(17)

Other

(5)

(13)

(26)

(44)

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable

(122)

(98)

(238)

(198)

Inventories

(41)

(25)

Other current assets

(31)

(40)

(21)

(3)

Accounts payable and accrued expenses

Net cash provided by operating activities

161

174

306

331

Cash flows from investing activities:

Purchases of property and equipment

(30)

(33)

(85)

(96)

Payments related to equity investments and business acquisitions,

net of cash acquired

(11)

(30)

(112)

Proceeds from loan to affiliate

Capitalized software costs

(15)

(12)

(45)

(38)

Other

(1)

(16)

(9)

Net cash used in investing activities

(45)

(56)

(173)

(253)

Cash flows from financing activities:

Net change in bank credit lines

(24)

237

257

Proceeds from issuance of long-term debt

239

314

Principal payments for long-term debt

(10)

(7)

(60)

(28)

Debt issuance costs

(3)

(2)

Proceeds from issuance of stock upon exercise of stock options

Payments for repurchases and retirement of common stock

(125)

(203)

(450)

(650)

Issuance of common stock

250

Payments for taxes related to shares withheld for employee taxes

(3)

(15)

(14)

Proceeds from (distributions to) noncontrolling shareholders

(22)

(44)

(12)

Payments for contingent consideration

(4)

(19)

Acquisitions of noncontrolling interests in subsidiaries

(2)

(42)

(79)

Net cash provided by (used in) financing activities

(90)

(127)

(138)

Effect of exchange rate changes on cash and cash equivalents

(82)

Net change in cash and cash equivalents

(9)

Cash and cash equivalents, beginning of period

157

145

156

122

Cash and cash equivalents, end of period

184

136

184

136

Exhibit A - Third Quarter Sales

Henry Schein, Inc.

2026 Third Quarter

Sales Summary

(in millions)

(unaudited)

Q3 2026 over Q3 2025

Constant Currency

Growth

Q3 2026

Q3 2025

Local

Internal

Growth

Acquisition/

(Disposition)

Growth

Total

Constant

Currency

Growth

Foreign

Exchange

Impact

Total Sales

Growth

U.S. Distribution and Value-Added Services

Merchandise

660

607

7.0%

1.6%

8.6%

0.0%

8.6%

Equipment

220

217

1.6%

0.0%

1.6%

0.0%

1.6%

Value-Added Services

-7.6%

0.0%

-7.6%

0.0%

-7.6%

Total Dental

933

881

4.7%

1.2%

5.9%

0.0%

5.9%

Medical

1,110

1,099

1.0%

0.0%

1.0%

0.0%

1.0%

Total U.S. Distribution and Value-Added Services

2,043

1,980

2.6%

0.6%

3.2%

0.0%

3.2%

International Distribution and Value-Added Services

Merchandise

635

603

3.3%

0.9%

4.2%

1.2%

5.4%

Equipment

229

223

3.2%

0.0%

3.2%

-0.3%

2.9%

Value-Added Services

15.7%

0.0%

15.7%

0.7%

16.4%

Total Dental

873

833

3.4%

0.7%

4.1%

0.8%

4.9%

Medical

2.0%

0.0%

2.0%

2.2%

4.2%

Total International Distribution and Value-Added Services

901

860

3.3%

0.7%

4.0%

0.8%

4.8%

Global Distribution and Value-Added Services

Global Merchandise

1,295

1,210

5.1%

1.3%

6.4%

0.6%

7.0%

Global Equipment

449

440

2.4%

0.0%

2.4%

-0.1%

2.3%

Global Value-Added Services

-4.8%

0.0%

-4.8%

0.0%

-4.8%

Global Dental

1,806

1,714

4.1%

0.9%

5.0%

0.4%

5.4%

Global Medical

1,138

1,126

1.0%

0.0%

1.0%

0.1%

1.1%

Total Global Distribution and Value-Added Services

2,944

2,840

2.9%

0.5%

3.4%

0.3%

3.7%

Global Specialty Products

391

369

3.4%

2.6%

6.0%

0.1%

6.1%

Global Technology

181

173

6.5%

-1.3%

5.2%

0.0%

5.2%

Eliminations

(45)

(43)

n/a

Total Global

3,471

3,339

3.1%

0.7%

3.8%

0.2%

4.0%

Exhibit A - Year-to-Date Sales

Henry Schein, Inc.

2026 Third Quarter Year-to-Date

Sales Summary

(in millions)

(unaudited)

Q3 2026 Year-to-Date over Q3 2025 Year-to-Date

Constant Currency

Growth

Q3 2026

Q3 2025

Local

Internal

Growth

Acquisition/

(Disposition)

Growth

Total

Constant

Currency

Growth

Foreign

Exchange

Impact

Total Sales

Growth

U.S. Distribution and Value-Added Services

Merchandise

1,936

1,800

5.9%

1.6%

7.5%

0.0%

7.5%

Equipment

630

623

1.2%

0.0%

1.2%

0.0%

1.2%

Value-Added Services

152

153

-0.6%

0.0%

-0.6%

0.0%

-0.6%

Total Dental

2,718

2,576

4.4%

1.1%

5.5%

0.0%

5.5%

Medical

3,180

3,117

2.0%

0.0%

2.0%

0.0%

2.0%

Total U.S. Distribution and Value-Added Services

5,898

5,693

3.1%

0.5%

3.6%

0.0%

3.6%

International Distribution and Value-Added Services

Merchandise

1,988

1,813

3.5%

1.0%

4.5%

5.2%

9.7%

Equipment

692

640

4.1%

0.0%

4.1%

4.0%

8.1%

Value-Added Services

18.1%

4.9%

23.0%

5.9%

28.9%

Total Dental

2,708

2,474

3.8%

0.7%

4.5%

4.9%

9.4%

Medical

4.1%

0.0%

4.1%

6.4%

10.5%

Total International Distribution and Value-Added Services

2,796

2,554

3.8%

0.7%

4.5%

5.0%

9.5%

Global Distribution and Value-Added Services

Global Merchandise

3,924

3,613

4.7%

1.3%

6.0%

2.6%

8.6%

Global Equipment

1,322

1,263

2.7%

0.0%

2.7%

2.0%

4.7%

Global Value-Added Services

180

174

1.8%

0.6%

2.4%

0.7%

3.1%

Global Dental

5,426

5,050

4.1%

0.9%

5.0%

2.4%

7.4%

Global Medical

3,268

3,197

2.0%

0.1%

2.1%

0.1%

2.2%

Total Global Distribution and Value-Added Services

8,694

8,247

3.3%

0.6%

3.9%

1.5%

5.4%

Global Specialty Products

1,207

1,122

2.6%

2.7%

5.3%

2.3%

7.6%

Global Technology

535

502

7.5%

-1.3%

6.2%

0.6%

6.8%

Eliminations

(139)

(124)

n/a

Total Global

10,297

9,747

3.4%

0.7%

4.1%

1.5%

5.6%

Exhibit B

Henry Schein, Inc.

2026 Third Quarter and Year-to-Date

Reconciliation of reported GAAP net income and diluted EPS attributable to Henry Schein, Inc.

to non-GAAP net income and diluted EPS attributable to Henry Schein, Inc.

(in millions, except per share data)

(unaudited)

Third Quarter

Year-to-Date

2026

2025

Growth

2026

2025

Growth

Net income attributable to Henry Schein, Inc.

119

101

17.1

320

297

7.6

Diluted EPS attributable to Henry Schein, Inc.

1.06

0.84

26.2

2.80

2.42

15.7

Non-GAAP Adjustments, net of tax and attribution to noncontrolling interests

Restructuring and related costs (1)

Acquisition intangible amortization (2)

Cyber incident-insurance proceeds, net of third-party advisory expenses (3)

(15)

Change in contingent consideration (4)

Costs associated with shareholder advisory matters and select implementation related value creation consulting costs (5)

Litigation settlements (6)

Impairment of intangible assets (7)

Non-GAAP adjustments to net income

153

148

Non-GAAP net income attributable to Henry Schein, Inc.

175

167

4.7

473

445

6.2

Non-GAAP diluted EPS attributable to Henry Schein, Inc.

1.56

1.38

13.0

4.14

3.63

14.0

Management believes that non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance and allow for greater transparency with respect to key metrics used by management in operating our business. These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding, similarly captioned, GAAP measures. Net income growth rates are based on actual values and may not recalculate due to rounding. Amounts may not sum due to rounding.

(1)

Restructuring and Related Costs

The following table presents details of our restructuring and related costs:

Third Quarter

Year-to-Date

2026

2025

2026

2025

Restructuring and related costs - pre-tax, as reported

Income tax benefit

(5)

(9)

(15)

(21)

Amount attributable to noncontrolling interests

(1)

(4)

(3)

Restructuring and related costs, net

(2)

Acquisition Intangible Amortization

The following table presents details of amortization of acquired intangible assets:

Third Quarter

Year-to-Date

2026

2025

2026

2025

Acquisition intangible amortization - pre-tax, as reported

135

133

Income tax benefit

(11)

(12)

(34)

(33)

Amount attributable to noncontrolling interests

(7)

(20)

(19)

Acquisition intangible amortization, net

(3)

Represents cyber insurance proceeds, net of one time professional and other fees related to remediation of our Q4 2023 cyber incident. During Q1 2025, we received insurance proceeds of $20 million ($15 million, net of taxes) under this policy representing the remaining insurance recovery of losses related to the cyber incident.

(4)

Represents a change in the fair value of contingent consideration of $1 million ($0 million, net of taxes) and $0 million ($0 million, net of taxes) recorded during Q3 2026 and YTD 2026, respectively, and $7 million ($5 million, net of taxes) and $5 million ($3 million, net of taxes) recorded during Q3 2025 and YTD 2025, respectively, related to certain 2023, 2024 and 2025 acquisitions.

(5)

Represents costs associated with shareholder advisory matters and select value creation consulting costs of $18 million ($14 million, net of taxes) and $37 million ($28 million, net of taxes) recorded during Q3 2026 and YTD 2026, respectively, and $10 million ($7 million, net of taxes) and $24 million ($18 million, net of taxes) recorded during Q3 2025 and YTD 2025, respectively.

(6)

Represents settlement amounts for litigation related to certain opioid related lawsuits during Q3 2025 and YTD 2025 and a settlement at one of our businesses.

(7)

Represents impairment charges recorded in Q1 2025 on certain intangible assets.

Exhibit C

Henry Schein, Inc.

2026 Third Quarter and Year-to-Date

Reconciliation of reported GAAP net income to Adjusted EBITDA

(in millions)

(unaudited)

Third Quarter

Year-to-Date

2026

2025

2026

2025

Net income attributable to Henry Schein, Inc. (GAAP)

119

101

320

297

Net income attributable to noncontrolling interests

Net income (GAAP)

126

109

340

316

Definitional adjustments:

Interest income

(9)

(24)

Interest expense

124

111

Income taxes

109

Depreciation and amortization

250

229

Non-GAAP adjustments:

Restructuring and related costs

Cyber incident-insurance proceeds, net of third-party advisory expenses

(20)

Impairment of intangible assets

Change in contingent consideration

Costs associated with shareholder advisory matters and select implementation related value creation consulting costs

Litigation settlements

Other adjustments:

Equity in earnings of affiliates, net of tax

(3)

(2)

(10)

Adjusted EBITDA (non-GAAP)

321

295

898

810

Adjusted EBITDA is a non-GAAP measure that we calculate in the manner reflected on Exhibit C. We define Adjusted EBITDA as net income, excluding (i) net income attributable to noncontrolling interests, (ii) interest income and expense, (iii) income taxes, (iv) depreciation and amortization, (v) restructuring and related costs, (vi) cyber incident-insurance proceeds, net of third-party advisory expenses, (vii) impairment of intangible assets, (viii) change in contingent consideration, (ix) costs associated with shareholder advisory matters and select implementation related value creation consulting costs, (x) litigation settlements, and (xi) equity in earnings of affiliates, net of tax. Amounts may not sum due to rounding.

Exhibit D

Henry Schein, Inc.

2026 Third Quarter and Year-to-Date

Impact of Net Tariff Refunds and Remeasurement Gains on Earnings Per Share

(unaudited)

Third Quarter

Year-to-Date

2026

2025

Growth

2026

2025

Growth

GAAP diluted EPS attributable to Henry Schein, Inc.

1.06

0.84

26.2%

2.80

2.42

15.7%

Non-GAAP adjustments (1)

0.50

0.54

1.34

1.21

Non-GAAP diluted EPS attributable to Henry Schein, Inc.

1.56

1.38

13.0%

4.14

3.63

14.0%

Net tariff refunds benefit, net of tax (2)

(0.19)

(0.20)

Remeasurement gains, net of tax (3)

(0.23)

(0.07)

(0.26)

Adjusted non-GAAP diluted EPS attributable to Henry Schein, Inc.

1.37

1.15

19.1%

3.87

3.37

14.8%

Management presents adjusted non-GAAP diluted EPS excluding net tariff refund benefits and remeasurement gains as we believe this presentation facilitates comparison of the Company's underlying operating performance between periods.

(1) See Exhibit B for adjustments reconciling GAAP diluted EPS attributable to Henry Schein, Inc. to non-GAAP diluted EPS attributable to Henry Schein, Inc.

(2) Represents the net benefit, net of tax, from the International Emergency Economic Powers Act (IEEPA) tariff refunds recognized during the period.

(3) Represents the benefits, net of tax, related to remeasurement to the fair value of previously held equity investments.