Financial Analysis

Note 5 Business Acquisitions Our acquisition strategy is focused on investments in companies, including high growth high margin businesses aligned with our BOLD+1 strategy, that add new customers and sales teams, increase our geographic footprint (whether entering a new country, such as emerging markets, or building scale where we have already invested in businesses), and finally, those that enable us to access new products and technologies. 2025 Acquisitions During the year ended December 27, 2025, we acquired companies within the Global Distribution and Value- Added Services, Global Specialty Products and Global Technology segments. Our acquired ownership interest in these companies range from 60 % to 100 %. The following table aggregates the preliminary estimated fair value, as of the date of the acquisition, of consideration paid and net assets acquired for acquisitions during the year ended December 27, 2025: Preliminary Allocation as of December 27, 2025 Acquisition consideration: Cash $ 194 Deferred consideration 3 Estimated fair value of contingent consideration payable 19 Fair value of previously held equity method investments 91 Redeemable noncontrolling interests 85 Total consideration $ 392 Identifiable assets acquired and liabilities assumed: Current assets $ 59 Intangible assets 150 Other noncurrent assets 42 Current liabilities (26) Long-term debt (1) Deferred income taxes (23) Other noncurrent liabilities (8) Total identifiable net assets 193 Goodwill 199 Tota …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Note 17 Commitments and Contingencies Purchase Commitments In our Global Distribution and Value-Added Services business, we sometimes enter into long-term purchase commitments to ensure the availability of products for distribution. Future minimum annual payments for inventory purchase commitments as of December 27, 2025 were: 2026 $ 8 2027 1 2028 - 2029 - 2030 - Thereafter - Total minimum inventory purchase commitment payments $ 9 Employment, Consulting and Non-Compete Agreements We have employment, consulting and non-compete agreements that have varying base aggregate annual payments for the years 2026 through 2030 and thereafter of approximately $ 13 million, $ 3 million, $ 0 million, $ 0 million, $ 0 million, and $ 0 million, respectively. We also have lifetime consulting agreements that provide for current compensation of four-hundred thousand dollars per year, with small scheduled increases every fifth year with the next increase in 2027. In addition, some agreements have provisions for additional incentives and compensation. Legal Proceedings Henry Schein, Inc. was named as a defendant in multiple opioid related lawsuits (currently less than ten ( 10 ); one or more of Henry Schein, Inc.s subsidiaries was also named as a defendant in a number of those cases). Generally, the lawsuits allege that the manufacturers of prescription opioid drugs engaged in a false advertising campaign to expand the market for such drugs and their own market share and that the entities in the …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Note 14 Debt Bank Credit Lines Bank credit lines consisted of the following: December 27, December 28, 2025 2024 Revolving credit agreement $ 100 $ - Other short-term bank credit lines 664 650 Total $ 764 $ 650 Revolving Credit Agreement On August 20, 2021 , we entered into a $ 1.0 billion revolving credit agreement (the Revolving Credit Agreement) which was amended and restated on July 11, 2023 to extend the maturity date to July 11, 2028 and update the interest rate provisions to reflect the current market approach for a multicurrency facility. On June 6, 2025, we amended and restated the Revolving Credit Agreement to, among other things, modify certain financial definitions and covenants. The interest rate on this revolving credit facility is based on Term Secured Overnight Financing Rate ( Term SOFR ) plus a spread based on our leverage ratio at the end of each financial reporting quarter. As of December 27, 2025 the interest rate on this revolving credit facility was 3.78 % plus 1.08 % for a combined rate of 4.86 %. As of December 28, 2024 the interest rate on this revolving credit facility was 4.45 % plus 1.18 % for a combined rate of 5.63 %. The Revolving Credit Agreement requires, among other things, that we maintain certain maximum leverage ratios. Additionally, the Revolving Credit Agreement contains customary representations, warranties and affirmative covenants as well as customary negative covenants, subject to negotiated exceptions, on liens, indebtedness, signi …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Years Ended December 27, 2025 December 28, 2024 December 30, 2023 Net Sales: Global Distribution and Value -Added Services Global Dental merchandise $ 4,831 $ 4,723 $ 4,783 Global Dental equipment 1,799 1,723 1,675 Global Value -added services 238 233 191 Global Dental 6,868 6,679 6,649 Global Medical 4,270 4,081 3,912 Total Global Distribution and Value -Added Services 11,138 10,760 10,561 Global Specialty Products 1,544 1,446 1,331 Global Technology 675 630 602 Eliminations (173) (163) (155) Total $ 13,184 $ 12,673 $ 12,339

DisaggregationOfRevenueTableTextBlock

Note 18 Stock-Based Compensation Stock-based awards are provided to certain employees under our 2024 Stock Incentive Plan (formerly known as our 2020 Stock Incentive Plan) and to non-employee directors under our 2023 Non-Employee Director Stock Incentive Plan (together, the Plans). The Plans are administered by the Compensation Committee of the Board (the Compensation Committee). Historically, equity-based awards to our employees have been granted solely in the form of time-based and performance-based restricted stock units (RSUs) with the exception of our 2021 plan year in which non-qualified stock options were issued in place of performance-based RSUs and in 2022, when we granted time-based and performance-based RSUs, as well as non-qualified stock options. Our non-employee directors receive equity-based awards solely in the form of time-based RSUs with 12 -month cliff vesting. Starting with our 2023 plan year, we returned to granting our employees equity-based awards solely in the form of time-based RSUs (which vest solely based on the recipients continued service over time) and performance-based RSUs (which vest based on achieving specified performance measurements and the recipients continued service over time). In our 2025 plan year, stock awards issued to our Chief Executive Officer were allocated 35 % to time-based RSU awards with four-year cliff vesting and 65 % to performance-based RSU awards with three-year cliff vesting. In our 2025 plan year, stock awards issued …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Note 9 Goodwill and Other Intangibles, Net Changes in the carrying amounts of goodwill for the years ended December 27, 2025 and December 28, 2024 were as follows: Global Distribution and Value-Added Services Global Specialty Products Global Technology Total Balance as of December 30, 2023 $ 2,007 $ 1,077 $ 791 $ 3,875 Adjustments to goodwill: Acquisitions 41 107 - 148 Impairment - (11) (2) (13) Foreign currency translation (39) (80) (4) (123) Balance as of December 28, 2024 2,009 1,093 785 3,887 Adjustments to goodwill: Acquisitions 49 124 26 199 Disposal (1) - (2) (3) Foreign currency translation 49 74 7 130 Balance as of December 27, 2025 $ 2,106 $ 1,291 $ 816 $ 4,213 In January 2025, we performed a geographical realignment within the Global Distribution and Value-Added Services reportable segment intended to provide increased transparency into the performance of our global distribution businesses and to reflect evolving management oversight and decision-making. As a result of the realignment and the change in reporting units, we reallocated goodwill to each of our new reporting units using a relative fair value approach. The relative fair values of the new reporting units were determined based on a quantitative valuation analysis that considered projected cash flows, market assumptions, and other relevant valuation inputs. Reporting units under the former and new structures of the Global Distribution and Value-Added Services reportable segment were tested for impairment a …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Note 15 Income Taxes Income before taxes and equity in earnings of affiliates was as follows: Years ended December 27, December 28, December 30, 2025 2024 2023 Domestic $ 384 $ 338 $ 424 Foreign 149 175 118 Total $ 533 $ 513 $ 542 The provisions for income taxes were as follows: Years ended December 27, December 28, December 30, 2025 2024 2023 Current income tax expense: U.S. Federal $ 42 $ 100 $ 72 State and local 15 33 28 Foreign 64 56 40 Total current 121 189 140 Deferred income tax expense (benefit): U.S. Federal 33 (29) 9 State and local 3 (12) (3) Foreign (31) (20) (26) Total deferred 5 (61) (20) Total provision $ 126 $ 128 $ 120 The tax effects of temporary differences that give rise to our deferred income tax asset (liability) were as follows: Years Ended December 27, December 28, 2025 2024 Deferred income tax asset: Net operating losses $ 105 $ 91 Other carryforwards 52 37 Inventory, premium coupon redemptions and accounts receivable valuation allowances 38 37 Operating lease liability 75 76 Capitalization of research and development costs 10 27 Other asset 62 49 Total deferred income tax asset 342 317 Valuation allowance for deferred tax assets (1) (53) (38) Net deferred income tax asset 289 279 Deferred income tax liability Intangibles amortization (266) (260) Operating lease right-of-use asset (70) (67) Property and equipment (7) (7) Total deferred tax liability (343) (334) Net deferred income tax asset (liability) $ (54) $ (55) (1) Primarily relates to operating …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Note 8 Leases We have operating and finance leases for corporate offices, office space, distribution and other facilities, vehicles and certain equipment. Our leases have remaining terms of less than one year to approximately 23 years, some of which may include options to extend the leases for up to 10 years. The components of lease expense were as follows: Years Ended December 27, December 28, December 30, 2025 2024 2023 Operating lease cost: $ 94 $ 107 $ 99 Variable lease cost 11 12 12 Short-term lease cost 10 11 10 Total operating lease cost (1) 115 130 121 Finance lease cost 3 4 5 Total lease cost $ 118 $ 134 $ 126 (1) Total operating lease cost for the years ended December 27, 2025, December 28, 2024 and December 30, 2023, included costs of $ 3 million, $ 17 million and $ 11 million, respectively, related to facility leases recorded in restructuring and related costs within our consolidated statements of income. Further, for the year ended December 27, 2025 we recognized a gain of $ 4 million on early lease termination related to facility leases which was recorded in restructuring and related costs within our consolidated statement of income. For the years ended December 28, 2024 and December 30, 2023, we recognized a net impairment of operating lease right-of-use assets of $ 0 million and $ 3 million respectively, related to facility leases recorded in restructuring and related costs within our consolidated statement of income. Supplemental balance sheet information rel …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Accounting Pronouncements Recently Adopted During the year ended December 27, 2025, we adopted Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold. In addition to new disclosures associated with the rate reconciliation, this ASU requires information pertaining to taxes paid (net of refunds received) to be disaggregated for federal, state and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. This ASU also describes items that need to be disaggregated based on their nature, which is determined by reference to the items fundamental or essential characteristics, such as the transaction or event that triggered the establishment of the reconciling item and the activity with which the reconciling item is associated. This ASU eliminates the historic requirement that entities disclose information concerning unrecognized tax benefits having a reasonable possibility of significantly increasing or decreasing in the 12 months following the reporting date. We adopted …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Note 19 Employee Benefit Plans Defined benefit plans Certain of our employees in our international markets participate in various noncontributory defined benefit plans. These plans are managed to provide pension benefits to covered employees in accordance with local regulations and practices. Our net unfunded liability for these plans are recorded in accrued expenses: other; and other liabilities within our consolidated balance sheets. The following table presents the changes in projected benefit obligations, plan assets, and the funded status of our defined benefit pension plans: Years Ended December 27, December 28, 2025 2024 Obligation and funded status: Change in benefit obligation Projected benefit obligation, beginning of period $ 129 $ 125 Service costs 4 4 Interest cost 3 3 Past service cost (credit) - (1) Actuarial gain (loss) (2) 6 Benefits paid 1 - Participant contributions 2 2 Settlements and curtailments (7) (1) Effect of foreign currency translation 16 (9) Projected benefit obligation, end of period $ 146 $ 129 Change in plan assets Fair value of plan assets at beginning of period $ 90 $ 86 Actual return on plan assets 1 3 Employer contributions 3 3 Plan participant contributions 2 2 Expected return on plan assets 3 3 Benefit received 4 1 Settlements (6) (2) Effect of foreign currency translation 9 (6) Fair value of plan assets at end of period $ 106 $ 90 Unfunded status at end of period $ 40 $ 39 The majority of our defined benefit plans are unfunded, with the …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Note 24 Related Party Transactions During 2018, we entered into a joint venture with Internet Brands to create Henry Schein One, LLC. Internet Brands initially held a 26 % noncontrolling interest, which has since increased to a 33.6 % noncontrolling interest in Henry Schein One, LLC, and a freestanding and separately exercisable right to put its noncontrolling interest to Henry Schein, Inc. for fair value following the fifth anniversary of the effective date of the formation of the joint venture. On January 29, 2025, Henry Schein, Inc. signed a Memorandum of Understanding with Internet Brands to extend the time-based trigger for the exercise of our call option to July 1, 2032 and to pause the exercise by Internet Brands of its put option for a period of four years , to January 29, 2029. In connection with the formation of Henry Schein One, LLC we entered into a ten-year royalty agreement with Internet Brands whereby we will pay Internet Brands approximately $ 31 million annually for the use of their intellectual property. During the years ended December 27, 2025, December 28, 2024 and December 30, 2023, we recorded $ 31 million, $ 31 million and $ 31 million, respectively, within selling, general and administrative in our consolidated statements of income, in connection with costs related to this royalty agreement. As of December 27, 2025 and December 28, 2024, Henry Schein One, LLC had a net payable balance to Internet Brands of $ 9 million and $ 1 million, respectively, com …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Note 16 Plans of Restructuring and Related Costs On August 6, 2024, we committed to a restructuring plan (the 2024 Plan) to integrate our acquisitions, right-size operations and further increase efficiencies. We currently expect this plan to be completed at the end of 2027. During the years ended December 27, 2025 and December 28, 2024, we recorded restructuring and related charges associated with the 2024 Plan of $ 105 million and $ 73 million, respectively. The restructuring and related costs for these periods primarily related to severance and employee-related costs, accelerated amortization of right-of-use assets and fixed assets, and other exit costs. We expect to record restructuring and related charges associated with the 2024 Plan through the end of 2027; however, an estimate of the amount of these charges for 2026 through 2027 has not yet been determined. During the year ended December 27, 2025, in connection with the 2024 Plan, we recorded a loss of $ 1 million and $ 12 million related to the disposal of businesses in the Global Distribution and Value-Added Services and Global Specialty Product segments, respectively, and a net gain related to disposal of a business in the Global Technology segment. These amounts are included in the $ 105 million of restructuring and related charges discussed above. During the year ended December 28, 2024, in connection with the 2024 Plan, we recorded an impairment of goodwill and intangible assets of $ 13 million related to the dis …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Note 3 Net Sales from Contracts with Customers Net sales are recognized in accordance with policies disclosed in Disaggregation of Net Sales The following table disaggregates our net sales by reportable segment: Years Ended December 27, 2025 December 28, 2024 December 30, 2023 Net Sales: Global Distribution and Value -Added Services Global Dental merchandise $ 4,831 $ 4,723 $ 4,783 Global Dental equipment 1,799 1,723 1,675 Global Value -added services 238 233 191 Global Dental 6,868 6,679 6,649 Global Medical 4,270 4,081 3,912 Total Global Distribution and Value -Added Services 11,138 10,760 10,561 Global Specialty Products 1,544 1,446 1,331 Global Technology 675 630 602 Eliminations (173) (163) (155) Total $ 13,184 $ 12,673 $ 12,339 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Note 4 Segment and Geographic Data We conduct our business through three reportable segments: (i) Global Distribution and Value-Added Services; (ii) Global Specialty Products; and (iii) Global Technology. We aggregate operating segments into these reportable segments based on economic similarities, the nature of their products, customer base and methods of distribution. Global Distribution and Value-Added Services includes distribution to the global dental and medical markets of national brand and corporate brand merchandise, as well as equipment and related technical services. This segment also includes value-added services such as financial services, continuing education services, consulting and other services. This segment also markets and sells under our own corporate brand a portfolio of cost-effective, high- quality consumable merchandise. Global Specialty Products includes manufacturing, marketing and sales of dental implant and biomaterial products; and endodontic, orthodontic and orthopedic products and other health care- related products and services. Global Technology includes development and distribution of practice management software, e-services and other products, which are distributed to health care providers. Our organizational structure also includes Corporate, which consists primarily of income and expenses associated with support functions and projects. Our chief operating decision maker (CODM) is our Chairman and Chief Executive Officer. Our CODM uses adj …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Note 6 Business Acquisitions Our acquisition strategy is focused on investments in companies that add new customers and sales teams, increase our geographic footprint (whether entering a new country, such as emerging markets, or building scale where we have already invested in businesses), and finally, those that enable us to access new products and technologies. 2025 Acquisitions During the nine months ended September 27, 2025, we acquired companies within the Global Distribution and Value -Added Services and Global Specialty Products segments. We acquired ownership interest in these companies ranging from 60 % to 100 %. The following table aggregates the preliminary estimated fair value, as of the date of the acquisition, of consideration paid and net assets acquired for acquisitions during the nine months ended September 27, 2025: Preliminary Allocation as of September 27, 2025 Acquisition consideration: Cash $ 112 Deferred consideration 1 Estimated fair value of contingent consideration payable 11 Fair value of previously held equity method investments 81 Noncontrolling interests 85 Total consideration $ 290 Identifiable assets acquired and liabilities assumed: Current assets $ 50 Intangible assets 116 Other noncurrent assets 35 Current liabilities (15) Long-term debt (1) Deferred income taxes (21) Other noncurrent liabilities (4) Total identifiable net assets 160 Goodwill 130 Total net assets acquired $ 290 The accounting for acquisitions in the nine months ended Septemb …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Note 8 Debt Bank Credit Lines Bank credit lines consisted of the following: September 27, December 28, 2025 2024 Revolving credit agreement $ 250 $ - Other short-term bank credit lines 663 650 Total $ 913 $ 650 Revolving Credit Agreement On August 20, 2021 , we entered into a $ 1.0 billion revolving credit agreement (the Revolving Credit Agreement) which was amended and restated on July 11, 2023 to extend the maturity date to July 11, 2028 and update the interest rate provisions to reflect the current market approach for a multicurrency facility. On June 6, 2025, we amended and restated the Revolving Credit Agreement to, among other things, modify certain financial definitions and covenants. The interest rate on this revolving credit facility is based on Term Secured Overnight Financing Rate ( Term SOFR ) plus a spread based on our leverage ratio at the end of each financial reporting quarter. As of September 27, 2025 the interest rate on this revolving credit facility was 4.14 % plus 1.07 % for a combined rate of 5.21 %. As of December 28, 2024 the interest rate on this revolving credit facility was 4.45 % plus 1.18 %, for a combined rate of 5.63 %. The Revolving Credit Agreement requires, among other things, that we maintain certain maximum leverage ratios. Additionally, the Revolving Credit Agreement contains customary representations, warranties and affirmative covenants as well as customary negative covenants, subject to negotiated exceptions, on liens, indebtedness, sig …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Three Months Ended Nine Months Ended September 27, September 28, September 27, September 28, 2025 2024 2025 2024 Net Sales: Global Distribution and Value -Added Services Global Dental merchandise $ 1,210 $ 1,155 $ 3,613 $ 3,579 Global Dental equipment 440 417 1,263 1,245 Global Value -added services 64 63 174 175 Global Dental 1,714 1,635 5,050 4,999 Global Medical 1,126 1,076 3,197 3,059 Total Global Distribution and Value -Added Services 2,840 2,711 8,247 8,058 Global Specialty Products 369 348 1,122 1,078 Global Technology 173 157 502 470 Eliminations (43) (42) (124) (124) Total $ 3,339 $ 3,174 $ 9,747 $ 9,482

DisaggregationOfRevenueTableTextBlock

Note 12 Stock-Based Compensation Stock-based awards are provided to certain employees under our 2024 Stock Incentive Plan (formerly known as our 2020 Stock Incentive Plan) and to non-employee directors under our 2023 Non-Employee Director Stock Incentive Plan (together, the Plans). The Plans are administered by the Compensation Committee of the Board of Directors (the Compensation Committee). Historically, equity-based awards to our employees have been granted solely in the form of time-based and performance-based restricted stock units (RSUs) with the exception of our 2021 plan year in which non-qualified stock options were issued in place of performance-based RSUs and in 2022, when we granted time-based and performance-based RSUs, as well as non-qualified stock options. Starting with our 2023 plan year, we returned to granting our employees equity-based awards solely in the form of time-based RSUs (which vest solely based on the recipients continued service over time) and performance-based RSUs (which vest based on achieving specified performance measurements and the recipients continued service over time). Our non-employee directors receive equity-based awards solely in the form of time-based RSUs. In our 2025 plan year, stock awards issued to our Chief Executive Officer were allocated 35 % to time-based RSU awards with four-year cliff vesting and 65 % to performance-based RSU awards with three-year cliff vesting. In our 2025 plan year, stock awards issued to members of ou …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Note 9 Income Taxes For the three months ended September 27, 2025, our effective tax rate was 21.3 %, compared to 24.7 % for the prior year period. The difference between our effective and federal statutory tax rates primarily relates to state and foreign income taxes and interest expense. For the three months ended September 27, 2025, the difference was further impacted by the tax treatment associated with the acquisition of a controlling interest of a previously held non-controlling equity investment. For the nine months ended September 27, 2025, our effective tax rate was 23.5 %, compared to 25.1 % for the prior year period. The difference between our effective tax rate and the federal statutory tax rate is primarily due to state and foreign income taxes and interest expense. For the nine months ended September 27, 2025, the difference was further impacted by the tax treatment associated with the acquisition of a controlling interest of a previously held non-controlling equity investment. On July 4, 2025, President Trump signed the reconciliation tax bill, commonly known as the One Big Beautiful Bill Act (OBBBA), into law. Corporate provisions in the OBBBA include immediate expensing of domestic research and experimental expenditures, limitations on certain deductions and modifications to international tax provisions. As a result of the OBBBA, we anticipate a reduction in current income tax liabilities and deferred tax assets. The Organization of Economic Co-Operation and …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Note 11 Legal Proceedings Henry Schein, Inc. has been named as a defendant in multiple opioid related lawsuits (currently less than twenty ( 20 ); one or more of Henry Schein, Inc.s subsidiaries is also named as a defendant in a number of those cases). Generally, the lawsuits allege that the manufacturers of prescription opioid drugs engaged in a false advertising campaign to expand the market for such drugs and their own market share and that the entities in the supply chain (including Henry Schein, Inc. and its subsidiaries) reaped financial rewards by refusing or otherwise failing to monitor appropriately and restrict the improper distribution of those drugs. The actions that remain have been consolidated within the MultiDistrict Litigation (MDL) proceeding In Re National Prescription Opiate Litigation (MDL No. 2804; Case No. 17-md-2804) and are currently stayed. Of Henry Scheins 2024 net sales of approximately $ 12.7 billion, sales of opioids represented less than four -tenths of 1 percent. Opioids represent a negligible part of our business. We intend to defend ourselves vigorously against these actions. From time to time, we may become a party to other legal proceedings, including, without limitation, product liability claims, employment matters, commercial disputes, governmental inquiries and investigations (which may in some cases involve our entering into settlement arrangements or consent decrees), and other matters arising out of the ordinary course of our business …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Standards In September 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software , which removes all references to software development project stages. The ASU requires entities to begin capitalizing software costs when management authorizes and commits to funding the software project, and it is probable that the project will be completed and the software will be used for its intended purpose. This ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. Upon adoption, the guidance can be applied prospectively, retrospectively, or with a modified transition approach. We are currently evaluating the impact that ASU 2025-06 will have on our consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Subtopic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which introduces a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged throughout the remaining life of the asset when estimating expected credit losses on current accounts receivable and current contract asset under Topic 606 on revenue from contrac …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Note 17 Related Party Transactions During 2018, we entered into a joint venture with Internet Brands to create Henry Schein One, LLC. Internet Brands initially held a 26 % noncontrolling interest, which has since increased to a 33.6 % noncontrolling interest in Henry Schein One, LLC, and a freestanding and separately exercisable right to put its noncontrolling interest to Henry Schein, Inc. for fair value following the fifth anniversary of the effective date of the formation of the joint venture. On January 29, 2025, Henry Schein, Inc. signed a Memorandum of Understanding with Internet Brands to extend the time-based trigger for the exercise of our call option to July 1, 2032 and to pause the exercise by Internet Brands of its put option for a period of four years , to January 29, 2029. In connection with the formation of Henry Schein One, LLC, we entered into a ten-year royalty agreement with Internet Brands whereby we will pay Internet Brands approximately $ 31 million annually for the use of their intellectual property. During the three and nine months ended September 27, 2025, we recorded $ 8 million and $ 23 million, respectively, within selling, general and administrative in our condensed consolidated statements of income, in connection with costs related to this royalty agreement. During the three and nine months ended September 28, 2024 we recorded $ 8 million and $ 23 million, respectively, within selling, general and administrative in our condensed consolidated stat …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Note 10 Plans of Restructuring On August 6, 2024, we committed to a new restructuring plan (the 2024 Plan) to integrate recent acquisitions, right-size operations and further increase efficiencies. We currently expect completion of this plan to be at the end of 2027. During the three months ended September 27, 2025 and September 28, 2024, we recorded restructuring charges associated with the 2024 Plan of $ 34 million and $ 36 million, respectively. During the nine months ended September 27, 2025 and September 28, 2024, we recorded restructuring charges associated with the 2024 Plan of $ 82 million and $ 36 million, respectively. The restructuring costs for these periods primarily related to severance and employee-related costs, accelerated amortization of right-of-use assets and fixed assets, and other exit costs. We expect to record restructuring charges associated with the 2024 Plan through the end of 2027; however, an estimate of the amount of these charges for 2025 through 2027 has not yet been determined. On August 1, 2022, we committed to a restructuring plan (the 2022 Plan) focused on funding the priorities of the BOLD+1 strategic plan, streamlining operations and other initiatives to increase efficiency. The 2022 Plan was completed as of July 31, 2024. During the three and nine months ended September 28, 2024, in connection with our 2022 Plan, we recorded restructuring costs of $ 12 million and $ 37 million, respectively, which primarily related to severance and emplo …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Note 4 Net Sales from Contracts with Customers Net sales are recognized in accordance with policies disclosed in Item 8 of our Annual Report on Form 10-K for the year ended December 28, 2024. Disaggregation of Net Sales As noted further in during the fourth quarter of our fiscal year ended December 28, 2024, we revised our reportable segments to align with how the Chairman and Chief Executive Officer manages the business, assesses performance and allocates resources. All prior comparative segment information has been recast to reflect our new segment structure. The following table disaggregates our net sales by reportable segment: Three Months Ended Nine Months Ended September 27, September 28, September 27, September 28, 2025 2024 2025 2024 Net Sales: Global Distribution and Value -Added Services Global Dental merchandise $ 1,210 $ 1,155 $ 3,613 $ 3,579 Global Dental equipment 440 417 1,263 1,245 Global Value -added services 64 63 174 175 Global Dental 1,714 1,635 5,050 4,999 Global Medical 1,126 1,076 3,197 3,059 Total Global Distribution and Value -Added Services 2,840 2,711 8,247 8,058 Global Specialty Products 369 348 1,122 1,078 Global Technology 173 157 502 470 Eliminations (43) (42) (124) (124) Total $ 3,339 $ 3,174 $ 9,747 $ 9,482 Contract Liabilities The following table presents our contract liabilities: As of September 27, December 28, September 28, December 30, Description 2025 2024 2024 2023 Current contract liabilities $ 79 $ 81 $ 76 $ 89 Non-current contract li …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Note 5 Segment Data During the fourth quarter of our fiscal year ended December 28, 2024, we revised our reportable segments to align with how the Chairman and Chief Executive Officer manages the business, assesses performance and allocates resources. Our revised reportable segments now consist of: (i) Global Distribution and Value-Added Services; (ii) Global Specialty Products; and (iii) Global Technology. These segments offer different products and services to the same customer base. All prior comparative segment information has been recast to reflect our new segment structure. We aggregate operating segments into these reportable segments based on economic similarities, the nature of their products, customer base and methods of distribution. Global Distribution and Value-Added Services includes distribution to the global dental and medical markets of national brand and corporate brand merchandise, as well as equipment and related technical services. This segment also includes value-added services such as financial services, continuing education services, consulting and other services. This segment also markets and sells under our own corporate brand a portfolio of cost-effective, high- quality consumable merchandise. Global Specialty Products includes manufacturing, marketing and sales of dental implant and biomaterial products; and endodontic, orthodontic and orthopedic products and other health care- related products and services. Global Technology includes development a …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing