HSIC · 10-Q · 2026Q3 · Full report

Trade Policy and Tariffs

HENRY SCHEIN INC · 2026-11-03 · Importance 37 · Surprise 42

U.S. tariff policy remained volatile as the scope, applicability, and legal basis of tariffs continued to evolve through legislative and executive actions, exemptions, and judicial challenges. The U.S. Supreme Court invalidated certain tariffs imposed under the International Emergency Economic Powers Act (IEEPA), after which the U.S. government implemented additional measures under other statutory authorities; some countries imposed or may impose retaliatory tariffs. Tariffs did not have an adverse material impact on results in fiscal 2025 or the nine months ended September 26, 2026, although market uncertainty temporarily affected U.S. dental equipment sales in the second half of the quarter ended June 28, 2025. Henry Schein recognized net benefits of $28 million for the three months and $30 million for the nine months ended September 26, 2026 from previously paid IEEPA tariffs, and expects additional tariff-refund benefits in the fourth quarter of 2026.

Key facts

• Henry Schein recognized net benefits of $28 million for the three months and $30 million for the nine months ended September 26, 2026, related to previously paid IEEPA tariffs. source
• Henry Schein recognized a $20 million net benefit in Global Distribution and Value-Added Services in the third quarter of 2026 for refunds of previously paid U.S. IEEPA tariffs. source
• Henry Schein recognized an $8 million net benefit in Global Specialty Products in the third quarter of 2026 for refunds of previously paid U.S. IEEPA tariffs. source
• Henry Schein recognized a $21 million net benefit in Global Distribution and Value-Added Services for the first nine months of 2026 from refunds of previously paid U.S. IEEPA tariffs. source
• Henry Schein recognized a $9 million net benefit in Global Specialty Products for the first nine months of 2026 from refunds of previously paid U.S. IEEPA tariffs. source
• Henry Schein expected to recognize additional tariff-refund benefits during the fourth quarter of 2026. source
• Tariff-related market uncertainty temporarily affected U.S. dental equipment sales in the second half of the quarter ended June 28, 2025. source
• U.S. tariff developments created a volatile global trade environment, and further changes to U.S. trade policy remained possible. source