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Jun 28, 2025
Henry Schein Q2 2025 Earnings Report
Henry Schein reported its second quarter 2025 financial results, with total net sales increasing by 3.3% to $3.2 billion. GAAP diluted EPS was $0.70, and non-GAAP diluted EPS was $1.10. The company maintained its full-year 2025 guidance.
Key Takeaways
Henry Schein delivered a mixed performance in the second quarter of 2025. While total net sales saw a modest increase of 3.3% to $3.2 billion, driven by growth in Global Medical Distribution, Global Specialty Products, and Global Technology, GAAP and non-GAAP diluted EPS both declined compared to the prior year. The company noted lower margins in the U.S. due to glove pricing and targeted sales initiatives, but expressed satisfaction with these initiatives and a return to normal promotional activity. Henry Schein is maintaining its full-year 2025 guidance, anticipating earnings to be weighted towards the second half of the year.
Total net sales for Q2 2025 increased by 3.3% to $3.2 billion, reflecting 1.9% internal sales growth, 0.8% from acquisitions, and 0.6% from foreign currency exchange.
GAAP diluted EPS for Q2 2025 was $0.70, a decrease from $0.80 in Q2 2024, while non-GAAP diluted EPS was $1.10, down from $1.23 in Q2 2024.
Global Medical Distribution sales grew by 6.1%, Global Specialty Products by 4.2%, and Global Technology by 7.4%, contributing positively to overall sales.
The company maintained its 2025 financial guidance, including non-GAAP diluted EPS of $4.80 to $4.94 and total sales growth of 2% to 4%, expecting earnings to be stronger in the second half of the year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Henry Schein maintained its financial guidance for 2025, expecting non-GAAP diluted EPS to be between $4.80 and $4.94, representing 1% to 4% growth. Total sales growth is projected to be approximately 2% to 4% over 2024, and Adjusted EBITDA growth is expected to increase mid-single digits.
Positive Outlook
- Maintained 2025 non-GAAP diluted EPS guidance of $4.80 to $4.94, reflecting 1% to 4% growth.
- Maintained 2025 total sales growth guidance of approximately 2% to 4% over 2024.
- Maintained 2025 Adjusted EBITDA growth guidance to increase mid-single digits compared with 2024.
- Expects earnings to be weighted to the second half of the year, indicating anticipated improvement.
- Collaboration with KKR Capstone and management consulting firms to enhance distribution gross margins and increase efficiencies, with results expected by early 2026.
Challenges Ahead
- Guidance does not include the impact of restructuring expenses, which are ongoing.
- Guidance does not include amortization expense of acquired intangible assets.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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