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Henry Schein cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$131M in Q3 2026 · $559M over twelve months

Operating cash flow$161M
Capital spending−$30.0M
Free cash flow+$131M
Cash / net income1.3×
Cash conversion cycle82 days

Analysis

In Q3 2026, Henry Schein generated $161M of operating cash flow and spent $30.0M on capital projects, leaving free cash flow of $131M.

Over the twelve months to Sep 26, 2026, operating cash flow was $687M; the largest uses were buybacks ($650M), capital spending ($128M), acquisitions ($117M); besides operations, cash came from net borrowing (+) / repaid (−) ($426M), shares issued ($5.0M); the cash balance rose by $48.0M.

Operating cash flow was $161M against net income of $126M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: receivables −$122M, payables +$89.0M, depreciation & amortization +$86.0M.

Its cash conversion cycle was 82 days (receivables 48 + inventory 79 − payables 45).

Free cash flow

Henry Schein: free cash flow by quarterHenry Schein: free cash flow by quarter$168MQ4 2024$6.0MQ1 2025$88.0MQ2 2025$141MQ3 2025$338MQ4 2025−$122MQ1 2026$212MQ2 2026$131MQ3 2026
Operating cash flow less capital spending.
Henry Schein: operating cash flow against capital spendingHenry Schein: operating cash flow against capital spendingOperating cash flowCapital spending$204M$36.0MQ4 2024$37.0M$31.0MQ1 2025$120M$32.0MQ2 2025$174M$33.0MQ3 2025$381M$43.0MQ4 2025−$97.0M$25.0MQ1 2026$242M$30.0MQ2 2026$161M$30.0MQ3 2026
Latest (Q3 2026): Operating cash flow $161M, Capital spending $30.0M.

Capital allocation, year by year

Henry Schein: where the cash came from (up) and went (down), by fiscal yearHenry Schein: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $710MFY2021: Net borrowing $162MFY2021: Capital spending −$79.0MFY2021: Acquisitions −$571MFY2021: Buybacks −$401M$872MFY2021FY2022: Operating cash flow $602MFY2022: Net borrowing $259MFY2022: Shares issued $2.0MFY2022: Capital spending −$96.0MFY2022: Acquisitions −$158MFY2022: Buybacks −$485M$863MFY2022FY2023: Operating cash flow $500MFY2023: Net borrowing $1.0BFY2023: Shares issued $1.0MFY2023: Capital spending −$147MFY2023: Acquisitions −$955MFY2023: Buybacks −$250M$1.5BFY2023FY2024: Operating cash flow $848MFY2024: Net borrowing $185MFY2024: Shares issued $6.0MFY2024: Capital spending −$148MFY2024: Acquisitions −$230MFY2024: Buybacks −$385M$1.0BFY2024FY2025: Operating cash flow $712MFY2025: Net borrowing $550MFY2025: Shares issued $252MFY2025: Capital spending −$139MFY2025: Acquisitions −$199MFY2025: Buybacks −$850M$1.5BFY2025
Over these 5 years operating cash flow totalled $3.4B; the largest uses were buybacks ($2.4B) and acquisitions ($2.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$184M
Debt$3.3B
Net debt$3.2B
Due within a year$1.1B

Henry Schein funds itself: free cash flow was $559M over the last twelve months, and $184M of cash and investments stands against $3.3B of debt ($1.1B due within a year, 0.2× covered by cash).

Where the cash came from and went

Henry Schein: sources (+) and uses (−) of cash, Q3 2026Henry Schein: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$161MBuybacks−$125MNet borrowing (+) / repaid (−)$61.0MCapital spending−$30.0MCash drawn (+) / kept (−)−$27.0MPartners−$22.0MOther investing−$15.0MTaxes on employees’ shares−$3.0MOther financing−$3.0MShares issued$2.0MExchange rates$1.0M
Henry Schein: sources (+) and uses (−) of cash, TTM to Q3 2026Henry Schein: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$687MBuybacks−$650MNet borrowing (+) / repaid (−)$426MCapital spending−$128MAcquisitions−$117MPartners−$102MOther investing−$75.0MCash drawn (+) / kept (−)−$48.0MExchange rates$25.0MTaxes on employees’ shares−$16.0MOther financing−$7.0MShares issued$5.0M

From profit to cash

Henry Schein: net income to operating cash flow, Q3 2026Henry Schein: net income to operating cash flow, Q3 2026Net income$126MDepreciation & amortization$86.0MStock-based pay$10.0MDeferred taxes$6.0MOther non-cash−$5.0MReceivables−$122MInventory$8.0MPayables$89.0MPrepaid and other assets−$31.0MOperating cash flow$161M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202648794582
Q2 202646794282
Q1 202646804482
Q4 202545754278
Q3 202546753883
Q2 202545773785
Q1 202544773981
Q4 202445744177

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$161M−$30.0M—−$125M$61.0M$2.0M−$27.0M$131M
Q2 2026$242M−$30.0M−$6.0M−$200M$54.0M$1.0M−$19.0M$212M
Q1 2026−$97.0M−$25.0M−$24.0M−$125M$301M$1.0M$18.0M−$122M
Q4 2025$381M−$43.0M−$87.0M−$200M$10.0M$1.0M−$20.0M$338M
Q3 2025$174M−$33.0M−$11.0M−$203M$72.0M—$9.0M$141M
Q2 2025$120M−$32.0M−$50.0M−$286M$121M—−$18.0M$88.0M
Q1 2025$37.0M−$31.0M−$51.0M−$161M$350M$1.0M−$5.0M$6.0M
Q4 2024$204M−$36.0M−$7.0M−$75.0M−$112M$3.0M$4.0M$168M

Henry Schein: income statement and cash flow

Henry Schein, Q3 2026: revenue $3.5B (+4% year over year), operating margin 5.6%. The chart follows the revenue to costs, profit and cash.

Henry Schein: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.