Henry Schein (HSIC) financial statements
Henry Schein reported revenue of $13.2B in fiscal 2025, up 1.5% a year over 9 years.
Net income was $398M and the operating margin 5.0%, against 6.7% in 2016.
Free cash flow was $573M, and the company returned $850M in net buybacks.
The diluted share count fell 26% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Henry Schein's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.6B | $8.9B | $9.4B | $10.0B | $10.1B | $12.4B | $12.6B | $12.3B | $12.7B | $13.2B |
| Cost of revenue | $8.3B | $6.1B | $6.5B | $6.9B | $7.3B | $8.7B | $8.8B | $8.5B | $8.7B | $9.1B |
| Gross profit | $3.2B | $2.7B | $2.9B | $3.1B | $2.8B | $3.7B | $3.8B | $3.9B | $4.0B | $4.1B |
| Selling, general and admin | $2.4B | $2.1B | $2.2B | $2.4B | $2.1B | $2.6B | $2.8B | $3.0B | $3.0B | $3.1B |
| Operating income | $772M | $670M | $601M | $718M | $535M | $852M | $747M | $615M | $621M | $653M |
| Interest expense | $32M | $51M | $76M | $51M | $41M | $27M | $35M | $87M | $131M | $150M |
| Pre-tax income | $756M | $630M | $537M | $680M | $500M | $831M | $721M | $542M | $513M | $533M |
| Income tax | $218M | $309M | $107M | $160M | $95M | $198M | $170M | $120M | $128M | $126M |
| Net income | $507M | $406M | $536M | $695M | $404M | $631M | $538M | $416M | $390M | $398M |
| EPS (diluted) | $3.10 | $2.57 | $3.49 | $4.65 | $2.82 | $4.45 | $3.91 | $3.16 | $3.05 | $3.27 |
| Diluted shares | 164M | 158M | 154M | 149M | 143M | 142M | 138M | 132M | 128M | 122M |
| Gross margin | 27.9% | 30.9% | 30.9% | 31.0% | 27.8% | 29.6% | 30.3% | 31.3% | 31.7% | 31.1% |
| Operating margin | 6.7% | 7.5% | 6.4% | 7.2% | 5.3% | 6.9% | 5.9% | 5.0% | 4.9% | 5.0% |
| Net margin | 4.4% | 4.6% | 5.7% | 7.0% | 4.0% | 5.1% | 4.3% | 3.4% | 3.1% | 3.0% |
Balance sheet
Fiscal years, from Henry Schein's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $62M | $158M | $57M | $106M | $421M | $118M | $117M | $171M | $122M | $156M |
| Receivables | $1.3B | $1.5B | $1.2B | $1.2B | $1.4B | $1.5B | $1.4B | $1.9B | $1.5B | $1.7B |
| Inventory | $1.7B | $1.9B | $1.4B | $1.4B | $1.5B | $1.9B | $2.0B | $1.8B | $1.8B | $2.0B |
| Total current assets | $3.3B | $4.1B | $4.2B | $3.2B | $3.8B | $3.8B | $4.0B | $4.5B | $4.0B | $4.5B |
| Property, plant and equipment | $334M | $375M | $314M | $330M | $342M | $366M | $383M | $498M | $531M | $621M |
| Goodwill | $2.0B | $1.6B | $2.1B | $2.5B | $2.5B | $2.9B | $2.9B | $3.9B | $3.9B | $4.2B |
| Total assets | $6.8B | $7.9B | $8.5B | $7.2B | $7.8B | $8.5B | $8.6B | $10.6B | $10.2B | $11.2B |
| Total current liabilities | $2.3B | $2.8B | $3.2B | $2.0B | $2.3B | $2.3B | $2.2B | $2.7B | $2.8B | $3.2B |
| Long-term debt | $715M | $908M | $980M | $623M | $516M | $811M | $1.0B | $1.9B | $1.8B | $2.3B |
| Total liabilities | $3.4B | $4.2B | $4.6B | $3.2B | $3.5B | $3.8B | $3.9B | $5.4B | $5.4B | $6.4B |
| Shareholders' equity | $2.8B | $2.8B | $3.0B | $3.0B | $3.3B | $3.4B | $3.4B | $3.7B | $3.4B | $3.2B |
| Net debt | $653M | $750M | $923M | $517M | $95M | $693M | $923M | $1.8B | $1.7B | $2.2B |
Cash flow
Fiscal years, from Henry Schein's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $643M | $546M | $685M | $654M | $599M | $710M | $602M | $500M | $848M | $712M |
| Capital spending | $70M | $62M | $71M | $76M | $49M | $79M | $96M | $147M | $148M | $139M |
| Free cash flow | $572M | $483M | $613M | $578M | $550M | $631M | $506M | $353M | $700M | $573M |
| Stock-based compensation | $58M | $37M | $33M | $45M | $9M | $78M | $54M | $39M | $39M | $39M |
| Share buybacks (net) | -$550M | -$450M | -$200M | -$525M | -$74M | -$401M | -$485M | -$250M | -$385M | -$850M |
| Net borrowing | $245M | $141M | $90M | -$260M | -$110M | $183M | $211M | $900M | -$198M | $445M |
| Free cash flow margin | 4.9% | 5.4% | 6.5% | 5.8% | 5.4% | 5.1% | 4.0% | 2.9% | 5.5% | 4.3% |
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Open HSIC in InvestinglyQuestions
What was Henry Schein's revenue in 2025?
$13.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Henry Schein generate?
$573M in fiscal 2025 (operating cash flow minus capital spending).
From Henry Schein's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.