Henry Schein (HSIC) official guidance

Each of these products should contribute to additional savings and help us progress toward our goal of double-digit earnings growth next year.

Regarding taxes, we are assuming an estimated non-GAAP effective tax rate of approximately 24% for the full year, and our 2026 adjusted EBITDA is expected to grow in the mid to high single digits off a base of 2025 adjusted EBITDA of $1.1 billion.

Regarding taxes, we are assuming an estimated non-GAAP effective tax rate of approximately 24% for the full year, and our 2026 adjusted EBITDA is expected to grow in the mid to high single digits off a base of 2025 adjusted EBITDA of $1.1 billion.

For 2026, we now expect non-GAAP diluted EPS attributable to Henry Schein, Inc. to be in the range of $5.29-$5.39, reflecting growth of 6%-8% compared to 2025 non-GAAP diluted EPS of $4.97.

Operating cash flow remains on track to exceed net income for the full year.

We continue to expect to achieve our goal of achieving greater than $200 million of operating income improvement resulting from our value creation initiatives, with a $125 million run rate by the end of 2026, and for these projects to continue into the early part of 2028, providing us confidence as we progress toward our goal of double-digit earnings growth.

Note that total remeasurement gains in FY 2025 were $38 million, and in 2026, we expect total remeasurement gains of $11 million, which was already recorded in the first quarter.

Our 2026 total sales growth is now expected to be in the range of 4.5%-5.5% over 2025, compared to our previous guidance of 3%-5%.

This reflects approximately 3.5%-4.5% of expected internal local currency sales growth in the second half of the year, versus actual internal local currency sales growth of 3.6% in the first half of the year, despite a higher prior year comparison in the second half of the year.

Confirming that value creation initiatives are expected to deliver over $200 million of operatingincome improvement over the next few years, with $125 million run-rate by year-end2026

We are encouraged by the underlying demand trends in the U.S. dental equipment market, and in particular, as it relates to customers viewing us as their supplier, and we expect good growth in 2026.

We are maintaining our 2025 Adjusted EBITDA guidance, which is expected to grow in the mid-single digits versus 2024 Adjusted EBITDA of $1.1 billion.

We expect a full-year non-GAAP effective tax rate of approximately 24%-25%.

We expect the effective tax rate to be in the 24%-25% range in the fourth quarter, which is more in line with recent historical rates.

We now expect non-GAAP diluted EPS attributable to Henry Schein to be in the range of $4.88 per share-$4.96 per share, reflecting stable markets and good third quarter financial results, as well as the remeasurement gain realized in the third quarter.

We generated strong operating cash flow of $174 million in the third quarter of 2025 and continue to expect operating cash flow to exceed net income for the full year.

In addition, we expect more than 10% coming from our corporate brands.

We remain on track to achieve our goal of over 50% of non-GAAP operating income coming from high-growth, high-margin businesses by the end of 2027, which is the current strategic planning cycle.

2025 sales growth is now expected to be 3%-4% over 2024.