Henry Schein, Inc. · HSIC · FY2026 Q3 · Calendar Q4 2026
Henry Schein raises 2026 EPS outlook as U.S. dental sales grow
Q3 results point to operating momentum in Henry Schein’s U.S. dental business, supported by volume and market-share gains, while the raised EPS outlook also reflects a tariff-refund benefit that may not recur. The durability of growth depends on demand, execution of cost initiatives, and progress in technology and exclusive products.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Management reported 8.6% year-over-year growth in U.S. dental merchandise sales, driven primarily by volume and market-share gains, and raised 2026 non-GAAP EPS guidance. The quarter included a $28 million tariff-refund benefit through cost of goods sold; management also described limited incremental Q4 investment focused on customer wins and share of wallet.
Guidance delta
Management raised 2026 non-GAAP EPS guidance to $5.50–$5.56. The supplied analysis attributes the change to tariff refunds and limited Q4 investments; the tariff-refund contribution should be distinguished from underlying operating progress.
Key takeaways
- U.S. dental merchandise sales grew 8.6% year over year, primarily from volume and market-share gains.
- Management reported adjusted non-GAAP EPS growth of 19.1% to $1.37.
- The 2026 non-GAAP EPS outlook was raised to $5.50–$5.56.
- A $28 million tariff-refund benefit flowed through cost of goods sold; recurrence is uncertain.
- Management cited roughly 200 monthly additions to its practice-management platforms and continued rollout of exclusive products.
Management priorities
- Keep investment in Q4 limited and focused on new customer wins and increasing share of wallet.
- Continue development of AI-enabled features in Henry Schein 1 and Dentrix Ascend, and expand exclusive products including Versalis.
- Advance shared services, outsourcing, procurement centralization, and selective bolt-on acquisitions.
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Analyst 52W Price Targets
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Leerink Partners | Market Perform | Market Perform | Maintain | Oct 14, 2026 |
| BTIG | Buy | Buy | Maintain | Aug 19, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 6, 2026 |
| UBS | Neutral | Neutral | Maintain | Aug 5, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 5, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jul 29, 2026 |
| Mizuho | Neutral | Neutral | Maintain | May 6, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Apr 24, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Apr 8, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Feb 25, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Feb 25, 2026 |
| Barrington Research | Outperform | Outperform | Maintain | Feb 25, 2026 |
| Baird | Outperform | Neutral | Upgrade | Feb 23, 2026 |
| Stifel | Hold | Buy | Downgrade | Jul 25, 2025 |
| Jefferies | Hold | Hold | Maintain | Jan 23, 2025 |
| B of A Securities | Buy | Underperform | Upgrade | Jan 6, 2025 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 8, 2023 |
| Goldman Sachs | Neutral | Buy | Downgrade | Jul 21, 2022 |
| CFRA | Hold | Hold | Maintain | May 5, 2020 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Apr 2, 2020 |
| Bank of America | Neutral | Neutral | Maintain | Dec 3, 2019 |
| William Blair | Market Perform | Outperform | Downgrade | Aug 7, 2019 |
| SVB Leerink | Market Perform | Outperform | Downgrade | May 15, 2019 |
| Guggenheim | Buy | Buy | Maintain | Apr 18, 2019 |
| Edward Jones | Sell | Hold | Downgrade | Oct 25, 2018 |
| Stifel Nicolaus | Hold | Hold | Maintain | Aug 7, 2018 |
| Deutsche Bank | Buy | Buy | Maintain | Apr 24, 2018 |
| Leerink Swann | Outperform | Market Perform | Upgrade | Apr 4, 2018 |
| Stephens & Co. | Equal Weight | Equal Weight | Maintain | Nov 28, 2017 |
| Craig-Hallum | Buy | Hold | Upgrade | Nov 7, 2017 |
| RBC Capital | Perform | Sector Perform | Maintain | Sep 19, 2017 |
| PiperJaffray | Overweight | Neutral | Upgrade | Sep 15, 2017 |
| Gabelli & Co. | Buy | Hold | Upgrade | Jan 10, 2017 |
| ISI Group | Underweight | Underweight | Maintain | Jul 12, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $83.85. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Leerink Partners | Analyst unavailable | $92 | $84.98 | +9.7% | Oct 14, 2026 |
| BTIG | David Larsen | $110 | $90.62 | +31.2% | Aug 19, 2026 |
| Barclays | Analyst unavailable | $100 | $89.59 | +19.3% | Aug 6, 2026 |
| Barrington | Michael Petusky | $104 | $89.11 | +24.0% | Aug 5, 2026 |
| UBS | Kevin Caliendo | $94 | $89.11 | +12.1% | Aug 5, 2026 |
| Stifel Nicolaus | Analyst unavailable | $95 | $89.11 | +13.3% | Aug 5, 2026 |
| UBS | Analyst unavailable | $89 | $85.88 | +6.1% | Jul 28, 2026 |
| BMO Capital | Vik Chopra | $85 | $83.22 | +1.4% | Jul 8, 2026 |
| BTIG | Analyst unavailable | $100 | $78.85 | +19.3% | Jun 11, 2026 |
| UBS | Kevin Caliendo | $85 | $74.35 | +1.4% | May 6, 2026 |
| Mizuho Securities | Analyst unavailable | $82 | $74.37 | -2.2% | May 6, 2026 |
| Robert W. Baird | Analyst unavailable | $97 | $74.37 | +15.7% | May 6, 2026 |
| Morgan Stanley | Erin Wright | $64 | $78.22 | -23.7% | Apr 24, 2026 |
| Barrington | Analyst unavailable | $97 | $81.6 | +15.7% | Feb 25, 2026 |
| Leerink Partners | Analyst unavailable | $87 | $83.35 | +3.8% | Feb 24, 2026 |
| Robert W. Baird | Analyst unavailable | $100 | $79.57 | +19.3% | Feb 23, 2026 |
| Mizuho Securities | Steven Valiquette | $81 | $79.98 | -3.4% | Jan 20, 2026 |
| Barclays | Analyst unavailable | $86 | $72.86 | +2.6% | Dec 8, 2025 |
| Evercore ISI | Analyst unavailable | $90 | $71.68 | +7.3% | Nov 5, 2025 |
| Barrington | Analyst unavailable | $79 | $71.32 | -5.8% | Nov 5, 2025 |
| Evercore ISI | Analyst unavailable | $83 | $69.04 | -1.0% | Aug 26, 2025 |
| Leerink Partners | Michael Cherny | $75 | $70.8 | -10.6% | Jul 14, 2025 |
| Barrington | Michael Petusky | $86 | $66.24 | +2.6% | May 6, 2025 |
| CFRA | Daniel Rich | $67 | $71.1 | -20.1% | Oct 15, 2024 |
| Evercore ISI | Elizabeth Anderson | $74 | $69.3 | -11.7% | Oct 8, 2024 |
| Robert W. Baird | Jeff Johnson | $92 | $70.34 | +9.7% | Jul 22, 2024 |
| Stifel Nicolaus | Jonathan Block | $70 | $64.07 | -16.5% | Nov 13, 2023 |
| Stifel Nicolaus | Jonathan Block | $80 | $73.17 | -4.6% | Jun 17, 2022 |
| Robert W. Baird | Jeff Johnson | $88 | $78.82 | +4.9% | Jun 14, 2022 |
| Barclays | Steven Valiquette | $82 | $77.3 | -2.2% | Aug 4, 2021 |
Track every rating change on HSIC the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationHenry Schein, Inc. (HSIC) is a global leader in delivering a comprehensive suite of healthcare products and services. The company caters to a diverse clientele across the globe, including dental professionals and laboratories, physician practices, governmental entities, and various institutional and alternative healthcare facilities. Its operations are organized into two principal segments: Health Care Distribution, and Technology and Value-Added Services. The Health Care Distribution division supplies an extensive array of dental goods, encompassing consumables (such as infection control items, impression materials, composites, anesthetics, and artificial teeth), specialized tools and equipment (like handpieces, dental chairs, delivery units, X-ray machinery, and advanced digital restoration systems), and personal protective equipment.…
Historical context
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| IDXX IDEXX Laboratories, Inc. | FY2026 Q3 · Calendar Q4 2026 | +6.2% | +21.8% | IDEXX Raises FY2026 Outlook on Diagnostics and Software Growth |
Latest beats and misses
Who reports nextBeat on EPS
- EQH-PAFY2026 Q3 · November 2, 2026+14.5% EPS— move
- WMBFY2026 Q3 · November 2, 2026+0.2% EPS+3.5% move
- TSEMFY2026 Q3 · November 2, 2026+7.5% EPS-6.7% move
- CLXFY2027 Q1 · November 2, 2026+44.9% EPS+2.2% move
- AAPLFY2026 Q4 · November 2, 2026+3.0% EPS-1.8% move
- PLTRFY2026 Q3 · November 2, 2026+8.3% EPS-3.1% move
Missed on EPS
- CRBGFY2026 Q3 · November 2, 2026-0.8% EPS+2.5% move
- VRTXFY2026 Q3 · November 2, 2026-1.2% EPS-1.0% move
- PEGFY2026 Q3 · November 2, 2026-3.4% EPS+0.1% move
- RYAAYFY2027 Q2 · November 2, 2026-0.3% EPS+2.9% move
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
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Sources
- Earnings call transcript and parsed analysis · 2026-11-03T16:06:49.910330+00:00
- FN2 earnings calendar · 2026-11-03T01:23:13.143323+00:00
- Polygon adjusted daily market bars · 2026-11-03T16:50:45.392033+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-03T16:50:45.389344+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-03. For educational purposes only; not investment advice.