Short answer
Henry Schein (HSIC) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $13.2B (+4.0% year over year) and net income of $398M.
- Top risk flagged: CEO Stanley Bergman retiring March 1, 2026 after 37-year tenure; successor Frederick Lowery appointed January 2026 amid intensifying senior management competition
FY2025 key financial metrics · XBRL
- Revenue
- $13.2B
- +4.0% YoY
- Net income
- $398M
- +2.1% YoY
- Operating margin
- 5.0%
- +0.1 pp YoY
- Gross margin
- 31.1%
- −0.6 pp YoY
- EPS (diluted)
- $3.27
- +7.2% YoY
- ROE
- 12.3%
- +0.8 pp YoY
- Operating cash flow
- $712M
- −16.0% YoY
Source: XBRL data from the Henry Schein (HSIC) FY2025 10-K on SEC EDGAR. USD.
Henry Schein FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Global distribution of dental/medical products and services to office-based practitioners, supplemented by specialty products and healthcare technology software
- Global Technology fastest-growing segment at +7.1% driven by cloud-based practice management platform adoption and revenue cycle management solutions; launched Global E-Commerce Platform (henryschein.com)
- Active 2024 restructuring plan (completing 2027) reshaping portfolio via business disposals across all three segments; $105M charges in FY2025 vs $73M in FY2024
- Net sales $13.2B, up 4.0% YoY; share count fell from 124M to 116M as company repurchased $250M via accelerated buyback plus new $750M repurchase authorization
- Total debt surged to $3.1B from $2.5B YoY while operating cash flow declined $136M to $712M; $36M in shareholder advisory/consulting costs flagged as unusual adjustment vs just $2M prior year
Management Discussion & Analysis
- Revenue $13,184M in FY2025, up 4.0% YoY from $12,673M; internal growth 2.6%, acquisitions 0.9%, FX 0.5%
- Gross margin 31.1% vs 31.7% prior year; operating expense ratio 26.2% vs 26.8%; effective tax rate 23.7% vs 24.9%
- Best segment: Global Technology +7.1% sales, gross margin 67.7% vs 67.4%; worst: Global Distribution gross margin 25.0% vs 25.8%
- Operating cash flow $712M vs $848M; investing cash outflow $400M; $250M accelerated share repurchase executed May 2025; $780M remaining buyback capacity; total debt $3,107M vs $2,536M
- Key risks: OBBBA Medicaid cuts and tariffs flagged as likely adverse to utilization and costs; restructuring charges $105M in FY2025 with plan continuing through end of 2027
Risk Factors
- CEO Stanley Bergman retiring March 1, 2026 after 37-year tenure; successor Frederick Lowery appointed January 2026 amid intensifying senior management competition
- October 2023 cyberattack disrupted North American and European distribution operations; residual financial impact persisted through 2024 with ongoing remediation costs
- KKR strategic investment of $250M at ~$76.10/share; ownership limit raised to 19.9%, creating potential conflicts via KKR investments in customers, suppliers, or competitors
- False Claims Act exposure: whistleblower relators entitled to up to 30% of government recoveries; penalties include treble damages plus potential Medicare/Medicaid exclusion
- Top 10 Global Distribution suppliers represent ~24% of aggregate purchases; no long-term contracts, creating supply disruption risk for high-margin products
Generated from the filing text; verify against the original. How to read a 10-K
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