HSIC · 10-Q · 2026Q2 · Full report
Capital Return Program
HENRY SCHEIN INC · 2026-08-04 · Importance 52 · Surprise 42 · Contradicted
Net cash used in financing activities was $48 million in the first six months of 2026, compared with $145 million of net cash provided in the prior-year period. KKR-affiliated funds invested $250 million in Henry Schein in May 2025 by purchasing 3,285,152 common shares. Henry Schein subsequently initiated a $250 million accelerated share-repurchase program to offset the resulting dilution. The year-over-year financing change primarily reflected lower common-stock issuance proceeds, lower share repurchases, lower net borrowings, and lower payments for acquisitions of noncontrolling interests and contingent consideration.
Key facts
- On January 27, 2025, our Board of Directors authorized the repurchase of up to an additional $500 million in shares of our common stock. source
- On September 8, 2025, our Board of Directors authorized the repurchase of up to an additional $750 million in shares of our common stock. source
- As of June 27, 2026, $455 million was available for future share repurchases. source
- Shortly after the KKR investment, Henry Schein initiated a $250 million accelerated share repurchase program to offset the resulting dilution. source
- As a result of the KKR investment and repurchase program, during the six months ended June 27, 2026 Henry Schein had lower proceeds from issuance of common stock and lower share repurchases compared to the prior year period, contributing to lower net financing activity by $193 million. source
- On May 19, 2025, we executed an accelerated share repurchase program to repurchase a total of $250 million of our outstanding common stock based on volume-weighted average prices. source
- In May 2025, we received 3,122,832 shares at an estimated fair value of $224 million. source
- From March 3, 2003 through June 27, 2026, we repurchased $6.3 billion, or 112,094,874 shares, under our common stock repurchase programs. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | committed | -3.4% | As of June 27, 2026, $455 million was available for future share repurchases. |
| cash | negative | realized | -1.7% | As a result of the KKR investment and repurchase program, during the six months ended June 27, 2026 Henry Schein had lower proceeds from… |