Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q1'25 → | B- | B |
| Q2'25 → | B+ | B+ |
| Q3'25 → | B+ | B |
| Q4'25 → | B- | B- |
| Q1'26 → | B+ | B+ |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q1'26 | ⚠️ | Stable dental and medical end markets assumption Dental performing better than expected, medical weaker due to respiratory product decline | mixed |
| Q1'26 | ❌ | Specialty Products improved growth in 2026 Specialty growth decelerated to 8.1% from 14.6% prior quarter, though management expects improvement ahead | missed |
| Q1'26 | ✅ | Mid-single-digit adjusted EBITDA growth in 2026 Q1 EBITDA up 11.6% YoY, well ahead of mid-single-digit guidance | exceeded |
| Q1'26 | ✅ | Value creation benefits beginning in 2026 Gross margin expansion and 'early benefits perhaps of the gross profit initiative' visible in Q1 | delivered |
| Q1'26 | ✅ | High-growth, high-margin businesses approaching 50% of operating income Confirmed 'approaching 50%' as promised, on track for >50% by 2027 | delivered |
| Q1'26 | ⏳ | Complete US and Canadian henryschein.com rollout in Q1 2026 Shifted timeline-now expecting US rollout completion by end of August, Canadian already done | pending |
| Q4'25 | ❌ | Continue buybacks at similar pace to Q3 Q3 was $229M, Q4 was $200M - reduction despite guidance | missed |
| Q4'25 | ⏳ | Over 50% of operating income from high-growth, high-margin businesses by 2027 Approaching 50% currently, on track per management | pending |
| Q4'25 | ⏳ | Return to high single-digit, low double-digit earnings growth 2026 guidance of 5-8% EPS growth is bottom end of this range | pending |
| Q4'25 | ⏳ | Annual run-rate savings over $100M from restructuring Still in progress, costs accelerated to $105M for full year | pending |
| Q4'25 | ✅ | Expect equipment results to help in Q4 from DS World order intake Equipment sales delivered 10.6% growth in Q4 as promised | delivered |
| Q4'25 | ⏳ | Complete rollout to U.S. dental and Canadian customers in Q1 and U.S. medical shortly thereafter Henryschein.com rollout timeline restated exactly - trackable for Q1 2026 | pending |
| Q3'25 | ⏳ | CEO succession announcement by end of year Still on track according to management | pending |
| Q3'25 | ✅ | Annual run rate savings of over $100 million by end of 2025 Reconfirmed target, now described as 'slightly over $100 million' | delivered |
| Q3'25 | ✅ | New henryschein.com platform rollout in North America Phased launch confirmed in North America | delivered |
| Q3'25 | ✅ | Returns to normal promotional activity levels Confirmed return to normal levels with July sales strength | delivered |
| Q3'25 | ⏳ | Equipment sales to improve in second half of year Q3 saw modest improvement, Q4 guidance maintained not improved | pending |
| Q3'25 | ✅ | We will provide a further update on value creation initiatives on Q3 call Delivered with specific $200M target and timeline | delivered |
| Q2'25 | ✅ | High-growth, high-margin businesses to contribute over 50% by 2027 Reached 45% in Q2, ahead of trajectory to 50%+ target. | delivered |
| Q2'25 | ⏳ | Sales growth 2% to 4% for 2025 Q2 was 3.3%, maintaining full-year guidance range. | pending |
| Q2'25 | ⏳ | Operating cash flow to exceed net income for full year Still maintained this guidance despite Q2 working capital investments. | pending |
| Q2'25 | ✅ | High-end of $75M-$100M restructuring savings by end of 2025 Now expects 'slightly over $100 million' - beat the high end of range. | exceeded |
| Q2'25 | ✅ | GEP platform phased launch in North America during Q3 (Q1) Launched in Canada and began US launch in Q2, continuing into Q4 as promised. | delivered |
| Q2'25 | ⏳ | Equipment sales will improve in second half of year (Q1: 'consistent demand') Q2 saw tariff-related uncertainty but backlog recovered. Still expecting H2 improvement. | pending |
| Q1'25 | ⏳ | More heavily weighted earnings to second half of year Q1 represents about 23% of midpoint guidance, consistent with back-half weighting | pending |
| Q1'25 | ✅ | Operating income from high-growth, high-margin businesses to grow steadily Exceeded by raising 2027 target from 40% to over 50% | delivered |
| Q1'25 | ⏳ | Mid-single digit adjusted EBITDA growth in 2025 Q1 EBITDA of $259M vs $255M prior year on track | pending |
| Q1'25 | ⏳ | GEP platform launch in North America during 2025 Narrowed to Q3 launch, on track | pending |
| Q1'25 | ✅ | $75-100M annual restructuring savings by end of 2025 Now expect high end of range, ahead of schedule | delivered |
| Q1'25 | ⏳ | 2025 total sales growth of 2% to 4% Q1 at -0.1% but excluding FX/PPE was 2%, within range | pending |
| Q1'25 | ⏳ | 2025 non-GAAP EPS range of $4.80 to $4.94 Q1 run rate of $1.15 puts them on track for mid-point | pending |
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