Henry Schein, Inc. stock research
FY2025 Q1
Henry Schein (HSIC) Gross Margin — Quarter Ended Mar 29, 2025
Revenue was stable compared to both the prior quarter and the same quarter last year. Gross profit and cost of revenue were also unchanged, while gross margin improved sequentially but was lower than the year-ago period.
Gross margin takeaway
Quarter ended Mar 29, 2025 · FY2025 Q1
Revenue was stable compared to both the prior quarter and the same quarter last year. Gross profit and cost of revenue were also unchanged, while gross margin improved sequentially but was lower than the year-ago period.
- The most notable change is the sequential improvement in gross margin, which resulted from a higher gross profit while revenue held steady. This indicates a positive shift in the relationship between revenue and cost of revenue compared to the prior quarter.
- Compared to the prior quarter, gross margin improved. Compared to the same quarter one year earlier, gross margin weakened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
31.6%
Gross profit
$1.0B
Revenue
$3.2B
Cost of revenue
$2.2B
Quarter-over-quarter change
+0.4 pts
Year-over-year change
-0.3 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 29, 2024 | $3.1B | $1.0B | $2.1B | 32.5% |
| Sep 28, 2024 | $3.2B | $993.0M | $2.2B | 31.3% |
| Dec 28, 2024 | $3.2B | $993.0M | $2.2B | 31.1% |
| Mar 29, 2025 | $3.2B | $1.0B | $2.2B | 31.6% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 28, 2024
+0.4 pts
Year-over-year change
Mar 30, 2024
-0.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most notable change is the sequential improvement in gross margin, which resulted from a higher gross profit while revenue held steady. This indicates a positive shift in the relationship between revenue and cost of revenue compared to the prior quarter.
Compared to the prior quarter, gross margin improved. Compared to the same quarter one year earlier, gross margin weakened.
Monitor the effect of inventory forward buy-in opportunities on cost of revenue and gross margin, as referenced in the filing's discussion of working capital requirements.