Henry Schein, Inc. stock research
FY2025 Q4
Henry Schein (HSIC) Gross Margin — Quarter Ended Dec 27, 2025
Revenue and gross profit were higher than both the prior quarter and the same quarter one year earlier. Gross margin improved slightly from the prior quarter but weakened compared to the same quarter last year.
Gross margin takeaway
Quarter ended Dec 27, 2025 · FY2025 Q4
Revenue and gross profit were higher than both the prior quarter and the same quarter one year earlier. Gross margin improved slightly from the prior quarter but weakened compared to the same quarter last year.
- The gross margin change was driven by the relationship between revenue and cost of revenue growth. Sequentially, revenue grew faster than cost of revenue, leading to margin improvement; year-over-year, cost of revenue grew faster than revenue, causing margin decline.
- Compared to the immediately preceding quarter, both revenue and cost of revenue increased, with gross profit rising and margin improving. Compared to the same quarter one year earlier, revenue and cost of revenue also increased, but gross profit growth was outpaced by cost growth, resulting in a lower margin.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
30.9%
Gross profit
$1.1B
Revenue
$3.4B
Cost of revenue
$2.4B
Quarter-over-quarter change
+0.2 pts
Year-over-year change
-0.2 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 |
|---|---|---|---|---|
| Mar 29, 2025 | $3.2B | $1.0B | $2.2B | 31.6% |
| Jun 28, 2025 | $3.2B | $1.0B | $2.2B | 31.4% |
| Sep 27, 2025 | $3.3B | $1.0B | $2.3B | 30.7% |
| Dec 27, 2025 | $3.4B | $1.1B | $2.4B | 30.9% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 27, 2025
+0.2 pts
Year-over-year change
Dec 28, 2024
-0.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin change was driven by the relationship between revenue and cost of revenue growth. Sequentially, revenue grew faster than cost of revenue, leading to margin improvement; year-over-year, cost of revenue grew faster than revenue, causing margin decline.
Compared to the immediately preceding quarter, both revenue and cost of revenue increased, with gross profit rising and margin improving. Compared to the same quarter one year earlier, revenue and cost of revenue also increased, but gross profit growth was outpaced by cost growth, resulting in a lower margin.
Monitor the effect of year-end inventory forward buy-in opportunities on cost of revenue, as referenced in the filing.