Henry Schein Reports Strong Second Quarter 2026 Financial Results and Raises FY2026 Guidance

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 second quarter ended June 27, 2026.

“We delivered strong sales performance and margin improvement in the second quarter, driven by sustained momentum across our businesses and solid operational execution by the team. Internal local currency sales growth accelerated compared to the first quarter, which, combined with strong gross margins and the early benefits from our value creation initiatives, drove strong earnings growth,” said Fred Lowery, Chief Executive Officer of Henry Schein. “Our first-half performance and the sustained momentum have positioned us to raise our FY2026 guidance.”

“Our value creation plans remain a top focus for our team, and we are on track to achieve our goals. As we sharpen our focus, our priorities ahead are accelerating growth, simplifying our business, driving operational rigor, and further deepening our customer relationships, all of which we believe will create sustainable shareholder value,” Mr. Lowery added.

Second Quarter 2026 Financial Results

Total net sales for the quarter were $3.5 billion, an increase of 6.7% compared to the second quarter of 2025 and reflects 4.6% internal sales growth, 0.7% sales growth from acquisitions, and a 1.4% increase resulting from foreign currency exchange. Second quarter sales growth is detailed in Exhibit A¹.
Global Distribution and Value-Added Services sales for the quarter increased 6.6%, and reflects 4.5% internal sales growth, 0.6% sales growth from acquisitions, and a 1.5% increase resulting from foreign currency exchange compared with the second quarter of 2025. The main components are:
- Global Dental Distribution merchandise sales for the quarter increased 9.7%, and by 5.9% internal sales growth, compared with the second quarter of 2025.
- Global Dental Distribution equipment sales for the quarter increased 3.8%, and by 2.2% internal sales growth, compared with the second quarter of 2025.
- Global Medical Distribution sales for the quarter increased 4.0%, and by 3.9% internal sales growth, compared with the second quarter of 2025.
- Global Value-Added Services sales for the quarter increased 5.1%, and by 3.7% internal sales growth, compared with the second quarter of 2025.
Global Specialty Products sales for the quarter increased 8.7%, and reflects 3.2% internal sales growth, 3.4% sales growth from acquisitions, and a 2.1% increase resulting from foreign currency exchange, compared with the second quarter of 2025.
Global Technology sales for the quarter increased 8.2%, and reflects 9.1% internal sales growth,1.3% sales decrease due to a business disposal, and a 0.4% increase resulting from foreign currency exchange, compared with the second quarter of 2025.
GAAP net income² for the quarter was $94 million, or $0.82 per diluted share⁴, and compares with second-quarter 2025 GAAP net income of $86 million, or $0.70 per diluted share.
Non-GAAP net income²for the quarter was $145 million, or $1.27 per diluted share⁴, and compares with second-quarter 2025 non-GAAP net income of $135 million, or $1.10 per diluted share.
Adjusted EBITDA³ for the quarter was $288 million and compares with second-quarter 2025 Adjusted EBITDA of $256 million.

Year-to-Date Financial Results

Total net sales for the first half of 2026 were $6.8 billion, an increase of 6.5% compared to the first half of 2025 and reflects 3.6% internal sales growth, 0.7% sales growth from acquisitions, and a 2.2% increase resulting from foreign currency exchange. Year-to-date sales growth is detailed in Exhibit A¹.
GAAP net income² for the first half of 2026 was $201 million, or $1.74 per diluted share⁴, and compares with GAAP net income for the first half of 2025 of $196 million, or $1.58 per diluted share.
Non-GAAP net income²for the first half of 2026 was $298 million, or $2.59 per diluted share⁴, and compares with non-GAAP net income for the first half of 2025 of $278 million, or $2.25 per diluted share.
Adjusted EBITDA³ for the first half of 2026 was $577 million, and compares with Adjusted EBITDA for the first half of 2025 of $515 million.

Share Repurchases

During the second quarter of 2026, the Company repurchased approximately 2.6 million shares of common stock at an average price of $76.69 per share for a total of $200 million.

For the year-to-date, the Company repurchased approximately 4.2 million shares of common stock at an average price of $77.05 per share for a total of $325 million.

At the end of the quarter, Henry Schein had $455 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 guidance does not include any remeasurement gains for the remainder of 2026, or any future benefits from tariff refunds. In summary, the change in financial guidance is as follows:

	Updated Guidance	Prior Guidance

2026 non-GAAP diluted EPS⁴	$5.29 to $5.39	$5.23 to $5.37

2026 total sales growth	4.5% to 5.5%	3% to 5%

2026 Adjusted EBITDA growth	Mid to high- single-digits	Mid-single-digits

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.

Second-Quarter 2026 Conference Call Webcast

The Company will hold a conference call to discuss second-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 second-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 more than 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 healthcare 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, Facebook.com/HenrySchein, Instagram.com/HenrySchein, and @HenrySchein on X.

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 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, the transition to our new Chief Executive Officer); 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 war 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.

³See Exhibit C for a reconciliation of GAAP net income to Adjusted EBITDA.

⁴ References to diluted EPS refer to diluted EPS attributable to Henry Schein, Inc.

(TABLES TO FOLLOW)

HENRY SCHEIN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except share and per share data)
(unaudited)

	Three Months Ended				Six Months Ended
	June 27,		June 28,		June 27,		June 28,
	2026		2025		2026		2025


Net sales	$	3,458	$	3,240	$	6,826	$	6,408
Cost of sales		2,357		2,224		4,655		4,392
Gross profit		1,101		1,016		2,171		2,016
Operating expenses:
Selling, general and administrative		831		778		1,640		1,516
Depreciation and amortization		70		64		137		126
Restructuring and related costs		29		23		41		48
Operating income		171		151		353		326
Other income (expense):
Interest income		8		9		15		15
Interest expense		(43)		(38)		(82)		(73)
Other, net		1		(1)		1		(2)
Income before taxes, equity in earnings of affiliates and noncontrolling interests		137		121		287		266
Income taxes		(34)		(31)		(72)		(66)
Equity in earnings (loss) of affiliates, net of tax		(1)		4		(1)		7
Net income		102		94		214		207
Less: Net income attributable to noncontrolling interests		(8)		(8)		(13)		(11)
Net income attributable to Henry Schein, Inc.	$	94	$	86	$	201	$	196

Earnings per share attributable to Henry Schein, Inc.:

Basic	$	0.83	$	0.71	$	1.76	$	1.59
Diluted	$	0.82	$	0.70	$	1.74	$	1.58

Weighted-average common shares outstanding:
Basic		113,451,329		121,927,867		114,194,349		122,852,702
Diluted		114,390,366		122,636,948		115,238,506		123,739,381

HENRY SCHEIN, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share data)

	June 27,		December 27,
	2026		2025
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	157	$	156
Accounts receivable, net of allowance for credit losses of $97 and $90		1,763		1,651
Inventories, net		2,059		2,002
Prepaid expenses and other		621		655
Total current assets		4,600		4,464
Property and equipment, net		618		621
Operating lease right-of-use assets		322		301
Goodwill		4,272		4,213
Other intangibles, net		965		1,018
Investments and other		604		598
Total assets	$	11,381	$	11,215

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,135	$	1,154
Bank credit lines		1,024		764
Current maturities of long-term debt		138		33
Operating lease liabilities		76		78
Accrued expenses:
Payroll and related		307		340
Taxes		199		179
Other		609		680
Total current liabilities		3,488		3,228
Long-term debt		2,300		2,310
Deferred income taxes		153		146
Operating lease liabilities		275		251
Other liabilities		442		486
Total liabilities		6,658		6,421

Redeemable noncontrolling interests		906		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,
111,916,222 issued and outstanding on June 27, 2026 and
115,771,149 issued and outstanding on December 27, 2025		1		1
Additional paid-in capital		140		177
Retained earnings		3,200		3,293
Accumulated other comprehensive loss		(184)		(226)
Total Henry Schein, Inc. stockholders’ equity		3,157		3,245
Noncontrolling interests		660		654
Total stockholders’ equity		3,817		3,899
Total liabilities, redeemable noncontrolling interests and stockholders’ equity	$	11,381	$	11,215

HENRY SCHEIN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)/(unaudited)

	Three Months Ended				Six Months Ended
	June 27,		June 28,		June 27,		June 28,
	2026		2025		2026		2025

Cash flows from operating activities:
Net income	$	102	$	94	$	214	$	207
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		84		76		165		149
Impairment charge on intangible assets		–		–		–		1
Non-cash restructuring charges		2		2		4		3
Stock-based compensation expense		13		11		16		16
Provision for losses on trade and other accounts receivable		2		3		8		5
Benefit from deferred income taxes		(10)		–		(8)		(7)
Equity in (earnings) losses of affiliates		1		(4)		1		(7)
Distributions from equity affiliates		1		6		4		8
Changes in unrecognized tax benefits		(3)		(3)		(4)		(1)
Other		6		(4)		(21)		(31)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		(47)		(26)		(116)		(100)
Inventories		(57)		(15)		(49)		(29)
Other current assets		4		(38)		10		37
Accounts payable and accrued expenses		144		18		(79)		(94)
Net cash provided by operating activities		242		120		145		157

Cash flows from investing activities:
Purchases of property and equipment		(30)		(32)		(55)		(63)
Payments related to equity investments and business acquisitions,
net of cash acquired		(6)		(50)		(30)		(101)
Proceeds from loan to affiliate		1		2		2		2
Capitalized software costs		(16)		(14)		(30)		(26)
Other		(14)		(4)		(15)		(9)
Net cash used in investing activities		(65)		(98)		(128)		(197)

Cash flows from financing activities:
Net change in bank credit lines		(22)		33		261		248
Proceeds from issuance of long-term debt		87		94		144		244
Principal payments for long-term debt		(11)		(6)		(50)		(21)
Debt issuance costs		–		(2)		–		(2)
Proceeds from issuance of stock upon exercise of stock options		1		–		2		1
Payments for repurchases and retirement of common stock		(200)		(286)		(325)		(447)
Issuance of common stock		–		250		–		250
Payments for taxes related to shares withheld for employee taxes		(3)		(2)		(12)		(14)
Distributions to noncontrolling shareholders		(6)		(14)		(22)		(18)
Payments for contingent consideration		(4)		(7)		(4)		(19)
Acquisitions of noncontrolling interests in subsidiaries		(10)		(4)		(42)		(77)
Net cash provided by (used in) financing activities		(168)		56		(48)		145

Effect of exchange rate changes on cash and cash equivalents		10		(60)		32		(82)

Net change in cash and cash equivalents		19		18		1		23
Cash and cash equivalents, beginning of period		138		127		156		122
Cash and cash equivalents, end of period	$	157	$	145	$	157	$	145

Exhibit A – Second Quarter Sales

Henry Schein, Inc.

2026 Second Quarter

Sales Summary

(in millions)

(unaudited)

Q2 2026 over Q2 2025

Constant Currency

Growth

Q2 2026

Q2 2025

Local Internal Growth

Acquisition Growth

Total Constant Currency Growth

Foreign Exchange Impact

Total Sales Growth

U.S. Distribution and Value-Added Services

Merchandise

652

602

6.5%

1.8%

8.3%

0.0%

8.3%

Equipment

216

219

-1.1%

0.0%

-1.1%

0.0%

-1.1%

Value-Added Services

1.4%

0.0%

1.4%

0.0%

1.4%

Total Dental

919

872

4.3%

1.3%

5.6%

0.0%

5.6%

Medical

1,027

988

3.8%

0.0%

3.8%

0.0%

3.8%

Total U.S. Distribution and Value-Added Services

1,946

1,860

4.0%

0.6%

4.6%

0.0%

4.6%

International Distribution and Value-Added Services

Merchandise

685

616

5.4%

0.9%

6.3%

4.8%

11.1%

Equipment

240

220

5.4%

0.0%

5.4%

3.3%

8.7%

Value-Added Services

19.9%

5.8%

25.7%

5.6%

31.3%

Total Dental

935

843

5.5%

0.8%

6.3%

4.3%

10.6%

Medical

5.7%

0.0%

5.7%

6.0%

11.7%

Total International Distribution and Value-Added Services

965

871

5.5%

0.7%

6.2%

4.5%

10.7%

Global Distribution and Value-Added Services

Global Merchandise

1,337

1,218

5.9%

1.4%

7.3%

2.4%

9.7%

Global Equipment

456

439

2.2%

0.0%

2.2%

1.6%

3.8%

Global Value-Added Services

3.7%

0.7%

4.4%

0.7%

5.1%

Global Dental

1,854

1,715

4.9%

1.0%

5.9%

2.2%

8.1%

Global Medical

1,057

1,016

3.9%

0.0%

3.9%

0.1%

4.0%

Total Global Distribution and Value-Added Services

2,911

2,731

4.5%

0.6%

5.1%

1.5%

6.6%

Global Specialty Products

419

386

3.2%

3.4%

6.6%

2.1%

8.7%

Global Technology

181

167

9.1%

-1.3%

7.8%

0.4%

8.2%

Eliminations

(53)

(44)

n/a

Total Global

3,458

3,240

4.6%

0.7%

5.3%

1.4%

6.7%

Exhibit A – Year-to-Date Sales

Henry Schein, Inc.

2026 Second Quarter Year-to-Date

Sales Summary

(in millions)

(unaudited)

Q2 2026 Year-to-Date over Q2 2025 Year-to-Date

Constant Currency

Growth

Q2 2026

Q2 2025

Local Internal Growth

Acquisition Growth

Total Constant Currency Growth

Foreign Exchange Impact

Total Sales Growth

U.S. Distribution and Value-Added Services

Merchandise

1,276

1,193

5.3%

1.7%

7.0%

0.0%

7.0%

Equipment

410

406

1.0%

0.0%

1.0%

0.0%

1.0%

Value-Added Services

3.6%

0.0%

3.6%

0.0%

3.6%

Total Dental

1,785

1,695

4.2%

1.1%

5.3%

0.0%

5.3%

Medical

2,070

2,018

2.5%

0.0%

2.5%

0.0%

2.5%

Total U.S. Distribution and Value-Added Services

3,855

3,713

3.3%

0.5%

3.8%

0.0%

3.8%

International Distribution and Value-Added Services

Merchandise

1,353

1,210

3.6%

1.0%

4.6%

7.2%

11.8%

Equipment

463

417

4.5%

0.0%

4.5%

6.4%

10.9%

Value-Added Services

19.5%

7.5%

27.0%

8.9%

35.9%

Total Dental

1,835

1,641

4.0%

0.8%

4.8%

7.0%

11.8%

Medical

5.2%

0.0%

5.2%

8.6%

13.8%

Total International Distribution and Value-Added Services

1,895

1,694

4.0%

0.8%

4.8%

7.0%

11.8%

Global Distribution and Value-Added Services

Global Merchandise

2,629

2,403

4.5%

1.3%

5.8%

3.6%

9.4%

Global Equipment

873

823

2.8%

0.0%

2.8%

3.2%

6.0%

Global Value-Added Services

118

110

5.6%

1.0%

6.6%

1.1%

7.7%

Global Dental

3,620

3,336

4.1%

1.0%

5.1%

3.4%

8.5%

Global Medical

2,130

2,071

2.6%

0.0%

2.6%

0.2%

2.8%

Total Global Distribution and Value-Added Services

5,750

5,407

3.5%

0.6%

4.1%

2.2%

6.3%

Global Specialty Products

816

753

2.2%

2.8%

5.0%

3.4%

8.4%

Global Technology

354

329

8.0%

-1.3%

6.7%

0.9%

7.6%

Eliminations

(94)

(81)

n/a

Total Global

6,826

6,408

3.6%

0.7%

4.3%

2.2%

6.5%

Exhibit B

Henry Schein, Inc.
2026 Second 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)

		Second Quarter					Year-to-Date
					%					%
		2026		2025	Growth		2026		2025	Growth
Net income attributable to Henry Schein, Inc.	$	94	$	86	9.1%	$	201	$	196	2.7	%
Diluted EPS attributable to Henry Schein, Inc.	$	0.82	$	0.70	17.1%	$	1.74	$	1.58	10.1	%

Non-GAAP Adjustments, net of tax and attribution to noncontrolling interests
Restructuring and related costs (1)	$	20	$	16		$	28	$	33
Acquisition intangible amortization (2)		28		27			55		54
Cyber incident-insurance proceeds, net of third-party advisory expenses (3)		–		–			–		(15)
Change in contingent consideration (4)		(1)		–			–		(2)
Costs associated with shareholder advisory matters and select implementation related value creation consulting costs (5)		4		5			14		11
Litigation settlements (6)		–		1			–		1
Non-GAAP adjustments to net income	$	51	$	49		$	97	$	82

Non-GAAP net income attributable to Henry Schein, Inc.	$	145	$	135	7.7%	$	298	$	278	7.1	%
Non-GAAP diluted EPS attributable to Henry Schein, Inc.	$	1.27	$	1.10	15.5%	$	2.59	$	2.25	15.1	%

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:

			Second Quarter				Year-to-Date
		2026		2025		2026		2025
	Restructuring and related costs – pre-tax, as reported	$	29	$	23	$	41	$	48
	Income tax benefit		(7)		(5)		(10)		(12)
	Amount attributable to noncontrolling interests		(2)		(2)		(3)		(3)
	Restructuring and related costs, net	$	20	$	16	$	28	$	33

(2)	Acquisition Intangible Amortization

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

		Second Quarter					Year-to-Date
		2026		2025		2026		2025
	Acquisition intangible amortization – pre-tax, as reported	$	46	$	44	$	91	$	87
	Income tax benefit		(12)		(11)		(23)		(21)
	Amount attributable to noncontrolling interests		(6)		(6)		(13)		(12)
	Acquisition intangible amortization, net	$	28	$	27	$	55	$	54

(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 $2 million ($1 million, net of taxes) and $1 million ($0 million, net of taxes) recorded during Q2 2026 and YTD 2026, respectively, and $2 million ($2 million, net of taxes) recorded during YTD 2025 related to certain 2023, 2024 and 2025 acquisitions.

(5)	Represents costs associated with shareholder advisory matters and select value creation consulting costs of $6 million ($4 million, net of taxes) and $19 million ($14 million, net of taxes) recorded during Q2 2026 and YTD 2026, respectively, and $6 million ($5 million, net of taxes) and $14 million ($11 million, net of taxes) recorded during Q2 2025 and YTD 2025, respectively.

(6)	Represents settlement amounts for litigation at one of our businesses during Q2 2025 and YTD 2025.

Exhibit C

Henry Schein, Inc.
2026 Second Quarter and Year-to-Date
Reconciliation of reported GAAP net income to Adjusted EBITDA
(in millions)
(unaudited)

	Second Quarter					Year-to-Date
	2026		2025		2026		2025
Net income attributable to Henry Schein, Inc. (GAAP)	$	94	$	86	$	201	$	196
Net income attributable to noncontrolling interests		8		8		13		11
Net income (GAAP)		102		94		214		207
Definitional adjustments:
Interest income		(8)		(9)		(15)		(15)
Interest expense		43		38		82		73
Income taxes		34		31		72		66
Depreciation and amortization		83		76		164		149
Non-GAAP adjustments:
Restructuring and related costs		29		23		41		48
Cyber incident-insurance proceeds, net of third-party advisory expenses		–		–		–		(20)
Impairment of intangible assets		–		–		–		1
Change in contingent consideration		(2)		–		(1)		(2)
Costs associated with shareholder advisory matters and select implementation related value creation consulting costs		6		6		19		14
Litigation settlements		–		1		–		1
Other adjustments:
Equity in earnings of affiliates, net of tax		1		(4)		1		(7)
Adjusted EBITDA (non-GAAP)	$	288	$	256	$	577	$	515

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.

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