Form 11-K HENRY SCHEIN INC For: Dec 31
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended
OR
__ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission File Number: 0-27078
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Henry Schein, Inc.
135 Duryea Road
2
HENRY SCHEIN, INC. 401(k) SAVINGS PLAN
TABLE OF CONTENTS
Page
Number
3
Financial Statements:
4
Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2025 and
5
6
Supplemental schedule for the year ended December 31, 2025:
15
16
Exhibits:
Exhibit 23.1
All other schedules required by Section 2520.103-10 of the U.S. Department of Labor’s Rules and Regulations
for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted
because they are not applicable.
3
Report of Independent Registered Public Accounting Firm
Plan Administrator and Participants
Henry Schein, Inc. 401(k) Savings Plan
Melville, New York
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the Henry Schein, Inc. 401(k) Savings Plan (the
“Plan”) as of December 31, 2025 and 2024, the related statements of changes in net assets available for benefits for the years then ended,
and the related notes (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for
benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight
Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The
Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our
audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an
opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and
significant estimates made by the Plan’s management, as well as evaluating the overall presentation of the financial statements. We
believe that our audits provide a reasonable basis for our opinion.
Supplemental Information
The supplemental information in the accompanying ERISA-required Supplemental Schedule H, line 4i- Schedule of Assets (Held at End
of Year) as of December 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial
statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial
statements but included supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the
Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial
statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and
accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we
evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of
Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our
opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ BDO USA, P.C.
We have served as the Plan’s auditor since 1984.
New York, New York
June 18, 2026
4
HENRY SCHEIN, INC. 401(k) SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31,
December 31,
2025
2024
Assets
Investments, at fair value (Note 4):
Money market account
$
$
Mutual funds
Common collective trust funds
Common stock
Total investments
Receivables:
Notes receivable from participants
Employer’s contribution (Note 1(b))
Other
Total receivables
Total Assets
Liabilities
Benefits payable
Net assets available for benefits
$
$
See accompanying Notes to Financial Statements
5
HENRY SCHEIN, INC. 401(k) SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended
December 31,
December 31,
2025
2024
Additions:
Investment income:
Interest and dividends
$
$
Net appreciation (depreciation) in fair value of investments:
Common collective trust funds and mutual funds
Common stock
(3,813,353 )
Total investment income, net
Participants’ contributions
Employer’s contribution (Note 1(b))
Interest income - notes receivable from participants
Total additions
Deductions:
Benefits paid to participants
Administrative expenses
Total deductions
Net increase before transfer in from a related plan
Transfer in from a related plan (Note 1(a))
Net increase in plan assets
Net assets available for benefits, beginning of year
Net assets available for benefits, end of year
$
$
See accompanying Notes to Financial Statements
6
HENRY SCHEIN, INC. 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
Note 1 – Description of Plan
The following description of the Henry Schein, Inc. 401(k) Savings Plan (the “Plan”) provides only general information. Participants
should refer to the Plan document or Summary Plan Description for a more complete description of the Plan’s provisions.
(a) Nature of Operations
The Plan is a contributory defined contribution 401(k) plan originally effective January 1, 1970. The Plan was amended effective
December 26, 1993, to include an Internal Revenue Code Section 401(k) feature. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (“ERISA”). The third-party administrator is Fidelity Investments Institutional Operations
Company, Inc., (the “Administrator”). The Plan trustee is Fidelity Management Trust Company (the “Trustee”). Eligible employees
are those employed by Henry Schein, Inc. (the “Plan Sponsor” or the “Company”) and certain of the Company’s affiliates (collectively,
the “Employer”).
All employees (other than temporary employees) are eligible to make salary reduction contributions to the Plan upon hire and become
eligible to be credited with Profit Sharing Contributions and the Employer Match (each as described below) upon completion of a
Profit Sharing Contributions and the Employer Match on the first July 1 or January 1 following the completion of a
twelve
month period during which the temporary employee is credited with at least
one thousand hours
three
consecutive plan years starting on or after January 1, 2021 in each of which the temporary employee is credited with at least
five hundred hours
participant, the participant is immediately eligible to make salary reduction contributions to the Plan, and is eligible to be credited with
Profit Sharing Contributions and the Employer Match upon the earlier of a completion of a
would have been eligible to be credited with Profit Sharing Contributions and the Employer Match if he or she would have remained a
temporary employee.
Effective for plan years beginning after December 31, 2023, the Plan was amended to incorporate certain provisions of the Setting Every
Community Up for Retirement Enhancement Act of 2022 (“SECURE 2.0”), including provisions relating to required minimum
distributions and additional distribution options for participants, such as personal emergency expense distributions and qualified disaster
expense distributions.
In connection with an operational restructuring of certain subsidiaries of Henry Schein, Inc., the account balances of certain participants
in the Ace Surgical Supply Co., Inc. 401(k) Plan were transferred into the Plan effective August 12, 2024, and the account balances of
certain participants in the SAS, Inc. 401(k) Plan were transferred into the Plan effective September 3, 2024. The remaining assets and
liabilities of the SAS, Inc. 401(k) Plan were transferred into the Plan effective May 19, 2025. Effective April 28, 2025, the Henry
Schein Medical Systems, Inc. 401(k) Plan was merged into the Plan and the assets and liabilities associated with the accounts of
participants in that plan were transferred into the Plan.
On December 18, 2024, the Plan was amended to (i) change the calculation of matching contributions from a quarterly to an annual
basis, effective January 1, 2025; and (ii) require that a participant be employed on the last Friday of the Plan Year, or have retired, died,
or become disabled during the year, in order to be eligible for a matching contribution for that Plan Year.
(b) Contributions
The Plan provides for a discretionary Employer contribution (the “Profit Sharing Contribution”) of a percentage of a participant’s base
compensation, as defined under the Plan. There were
2025 and 2024.
7
Plan participants may voluntarily make qualified retirement contributions to the Plan which are deductible by the participants for federal
income tax purposes under Section 401(k) of the Internal Revenue Code (“IRC”) or may be made after-tax in the form of a Roth elective
deferral 401(k) contribution (collectively, 401(k) Contributions). The Plan allows employees to elect to contribute, through payroll
deductions, stated percentages from
% to
% of their compensation, as defined under the Plan, not to exceed $23,500 for 2025 and
$
January 1, 2021, the Employer Match is a percentage of participant 401(k) Contributions set by the Company in its discretion. Starting
with the 2021 Plan Year, this percentage was set at
% of participant 401(k) Contributions up to the lesser of
% or the participant’s
deferral percentage, multiplied by the participant’s base compensation, as defined under the Plan. Effective January 1, 2025, the
Employer Match was set at
% of participant 401(k) Contributions up to the lesser of
% or the participant’s deferral percentage,
multiplied by the participant’s base compensation, as defined under the Plan. For the 2025 and 2024 Plan years, the Employer Match
was allocated
% to the participant’s investment elections on file, subject to a
% allocation limit to the Henry Schein, Inc. Common
Stock Fund.
Participants age 50 or over are permitted to make catch-up 401(k) Contributions once the participant has reached a limit on those
contributions imposed either by the Plan or by law. The additional amount a participant may contribute may not exceed $7,500 in each
of the years 2025 and 2024. Effective January 1, 2025, participants who attain age 60 through 63 during the calendar year may make
catch-up 401(k) Contributions of up to $11,250. Participants may also contribute amounts representing distributions from other
qualified defined benefit or defined contribution plans (rollover).
The Plan provides for the automatic enrollment in the Plan, at a deferral percentage of
% of compensation, of eligible employees
initially hired by the Company or its participating affiliates on or after March 1, 2014, unless the employee elects not to make 401(k) plan
contributions or elects to make 401(k) Contributions at a different percentage.
(c) Participants’ Accounts
Each participant’s account is credited with the participant’s 401(k) Contributions and the Employer contributions. Expenses directly
related to participant transactions are deducted from the respective participant’s account. Participants also have the option to direct up
to
% of their account balances to common shares of Henry Schein, Inc.
(d) Vesting
Participants are immediately vested in their 401(k) Contributions plus actual earnings thereon. Vesting in the Profit Sharing
Contribution and the Employer Match, plus actual earnings thereon, is based on years of continuous service, on a graded scale as
follows:
Vested
Vesting
percentage
(e) Investments
Participants direct the investment of their 401(k) Contributions and Employer contributions into various investment options offered by
the Plan. The Plan currently offers two mutual funds, twenty-three common collective trust funds, and a Company stock fund, subject
to certain limitations, as investment options for participants.
(f) Notes Receivable from Participants
Participants may borrow up to a maximum of the lesser of $
% of their vested account balance from their accounts pursuant
to rules set forth in the Plan document. The minimum amount that may be borrowed is $
calendar year, and no more than
accounts and bear interest at prevailing rates. The loans must be for a term of
of purchasing a principal residence). Principal and interest are paid ratably through payroll deductions.
If an employee is terminated and has an outstanding loan balance at the time of termination, the employee will be permitted to repay any
outstanding loans directly to the Trustee. The employee may also roll-over any outstanding loans, as part of a rollover of the terminated
employee’s entire vested account balance to certain other retirement plans in which the terminated employee participates.
HENRY SCHEIN, INC. 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – (Continued)
8
(g) Payment of Benefits
The Plan provides that, upon termination of service, retirement, disability or death of the participant, a benefit equal to the vested,
nonforfeitable portion of the participant’s account is distributed as outlined in the Plan. Participants may also receive in-service or
hardship distributions based on criteria as described in the Plan document.
(h) Administrative Expenses
All reasonable costs, charges and expenses incurred in connection with the administration of the Plan may be paid by the Plan Sponsor
but, if not paid by the Plan Sponsor when due, shall be paid from Plan assets. For the years ended December 31, 2025 and 2024, the
Plan Sponsor did not use any Plan assets from forfeited accounts to pay costs associated with the Plan. Amounts reflected in the
statements of changes in net assets available for benefits reflect various participant directed expenses which have been deducted from the
respective participant accounts.
The Plan pays a flat administrative fee equal to $
proportionally based on their account balance. If participants elect to make use of optional financial advisory services, fees are
deducted directly from the participants’ account. Fees are calculated and deducted quarterly, and as a result, the actual fee per
participant can vary.
(i) Forfeitures
Forfeiture allocations are used first to reduce the contribution to fund the Employer Match, and if any remain they may be used to offset
administrative expenses of the Plan. Forfeited invested accounts totaled $
respectively, and are included primarily in the T. Rowe Price Stable Value Common Trust Fund Class P. Forfeitures in the amount of
$
respectively.
Note 2 – Summary of Significant Accounting Policies
Basis of Accounting
The financial statements of the Plan are prepared under the accrual method of accounting.
Use of Estimates
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein
and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Investment Valuation and Income Recognition
Investments are stated at fair value based upon quoted market prices. Gains and losses on investment transactions are recognized when
realized based on trade dates. Net appreciation (depreciation) in fair value of investments includes realized and unrealized appreciation
(depreciation). Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
Notes Receivable from Participants
Notes receivable from participants are valued at the aggregate of the unpaid principal balance and accrued but unpaid interest at the end
of the period.
recorded as distributions based on the terms of the Plan document.
HENRY SCHEIN, INC. 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – (Continued)
9
Risk and Uncertainties
The Plan utilizes various investment instruments which are exposed to various risks, such as interest rate, credit and overall market
volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of
investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the
amounts reported in the financial statements. The Plan’s investments are not insured or protected by the Plan’s Trustee, or any other
governmental agency; accordingly, the Plan is subject to the normal investment risks associated with money market funds, mutual funds,
stocks, bonds, and other similar types of investments. At December 31, 2025,
% of net assets available
for benefits. At December 31, 2024,
% of net assets available for benefits.
Payment of Benefits
Benefits are recorded when paid.
Note 3 – Tax Status
The Internal Revenue Service (“IRS”) has determined and informed the Company, by a letter dated
, that the Plan, which
was amended and restated effective as of January 1, 2015, with certain amendments effective on subsequent dates, and related trust are
designed in accordance with the applicable sections of the Internal Revenue Code (“IRC”). Although the Plan has been amended since
receiving the
determination letter
, the Company’s 401(k) Administrative Committee, the members of which are appointed by the
Compensation Committee of the Company’s Board of Directors (the “Plan Administrator”), believes that the Plan is currently designed
and being operated
in compliance with the applicable requirements of the IRC
. The related trust, therefore, is not subject to tax under
present income tax law. Accordingly, no provision for income taxes has been included in the Plan’s financial statements.
U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an
uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits
by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
Note 4 – Fair Value Measurements
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820 defines fair value as the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. ASC 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on
market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant
assumptions developed based on the best information available in the circumstances (unobservable inputs).
The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for
identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). In accordance with ASC 820, the Plan
classifies its investments into:
· Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible at the measurement
date.
· Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or
similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or
liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
· Level 3 - Inputs that are unobservable for the asset or liability.
The following section describes the valuation methodologies that were used to measure different financial instruments at fair value,
including an indication of the level in the fair value hierarchy in which each instrument is classified. There have been no changes in the
methodologies used at December 31, 2025 and 2024.
HENRY SCHEIN, INC. 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – (Continued)
10
Money Market Account
Funds held in the money market account are valued at the net asset value of shares held by the Plan as of December 31, 2025 and 2024,
which approximates fair value and are classified as Level 1 within the fair value hierarchy.
Mutual Funds
Mutual funds are valued at the net asset value of shares held by the Plan as of December 31, 2025 and 2024. The Company has
classified its mutual fund holdings as Level 1 within the fair value hierarchy based upon unadjusted quoted prices in active markets for
identical assets or liabilities that were accessible.
Common Collective Trust Funds
The common collective trust funds at December 31, 2025 and December 31, 2024 are valued at net asset value per unit as a practical
expedient, which is calculated based on the fair values of the underlying investments held by the fund less its liabilities as reported by the
issuer of the fund. The practical expedient is used for purposes of these statements, but is not used in situations when it is determined to
be probable that the fund will sell the investments for an amount different than the reported net asset value.
Common Stock Fund
The Henry Schein, Inc. Common Stock Fund is a unitized stock fund. The fund consists of both Henry Schein, Inc. common stock and
a short-term cash component that provides liquidity for daily trading. Henry Schein, Inc. common stock is valued at the quoted market
price from a national securities exchange and the short-term cash investment is valued at cost, which approximates fair value. The
Henry Schein, Inc. Common Stock Fund is classified within Level 1 of the fair value hierarchy based upon unadjusted quoted prices in
active markets for identical assets or liabilities that were accessible at December 31, 2025 and 2024. The Henry Schein, Inc. common
stock component of $
Benefits and the short-term cash component of $
Net Assets Available for Benefits as of December 31, 2025 and 2024.
HENRY SCHEIN, INC. 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – (Continued)
11
The following tables present the Plan’s investments that are measured and recognized at fair value on a recurring basis classified under
the appropriate level of the fair value hierarchy and investments measured at net asset value per unit, or its equivalent, as a practical
expedient as of December 31, 2025 and 2024:
December 31, 2025
Measured at
Net Asset Value
Level 1
Level 2
Level 3
Total
Investments:
Money market account
$
$
$
$
$
Mutual funds
Henry Schein, Inc. Common Stock
Common collective trust funds
(1)
Total investments at fair value
$
$
$
$
$
December 31, 2024
Measured at
Net Asset Value
Level 1
Level 2
Level 3
Total
Investments:
Money market account
$
$
$
$
$
Mutual funds
Henry Schein, Inc. Common Stock
Common collective trust funds
(1)
Total investments at fair value
$
$
$
$
$
(1)
This class represents investments measured at fair value using the net asset value per unit (or its equivalent) as a practical
expedient and, therefore, such investments have not been categorized within the fair value hierarchy. The fair value amounts
presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the
statements of net assets available for benefits.
The valuation methods as described above may produce a fair value calculation that may not be indicative of net realizable value or
reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other
market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could
result in a different fair value measurement at the reporting date.
HENRY SCHEIN, INC. 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – (Continued)
12
The following tables set forth additional disclosures of the Plan’s common collective trust funds that have fair value estimated using net
asset value:
Fair Value Estimated Using Net Asset Value Per Share
December 31, 2025
Fair Value*
Unfunded
Commitment
Redemption
Frequency
Other
Redemption
Restrictions
Redemption
Notice Period
Investment:
Spartan® 500 Index Pool Class D
$
$
n/a
Daily
n/a
n/a
FRDM Index Target Date 2040
Commingled Pool Class T
n/a
Daily
n/a
n/a
FRDM Index Target Date 2030
Commingled Pool Class T
n/a
Daily
n/a
n/a
Spartan® Total International Index Pool
Class D
n/a
Daily
n/a
n/a
FRDM Index Target Date 2050
Commingled Pool Class T
n/a
Daily
n/a
n/a
State Street U.S. Bond Index Securities
Lending Series Fund Class XIV
n/a
Daily
n/a
n/a
William Blair US Small-Mid Cap Core
Fund Class 4
n/a
Daily
n/a
n/a
Spartan® Extended Market Index Pool
Class D
n/a
Daily
n/a
n/a
T. Rowe Price Stable Value Common
Trust Fund Class P
n/a
Daily
n/a
Prudential Core Plus Bond Fund
n/a
Daily
n/a
n/a
FRDM Index Target Date 2035
Commingled Pool Class T
n/a
Daily
n/a
n/a
MFS International Equity Fund Class 3B
n/a
Daily
n/a
n/a
FRDM Index Target Date 2020
Commingled Pool Class T
n/a
Daily
n/a
n/a
FRDM Index Target Date 2045
Commingled Pool Class T
n/a
Daily
n/a
n/a
FRDM Index Target Date 2060
Commingled Pool Class T
n/a
Daily
n/a
n/a
FRDM Index Target Date 2055
Commingled Pool Class T
n/a
Daily
n/a
n/a
FRDM Index Target Date 2025
Commingled Pool Class T
n/a
Daily
n/a
n/a
FRDM Index Target Date 2065
Commingled Pool Class T
n/a
Daily
n/a
n/a
BlackRock Strategic Completion
Non-Lendable Fund M
n/a
Daily
n/a
n/a
FRDM Index Retirement Commingled
Pool Class T
n/a
Daily
n/a
n/a
FRDM Index Target Date 2015
Commingled Pool Class T
n/a
Daily
n/a
n/a
FRDM Index Target Date 2010
Commingled Pool Class T
n/a
Daily
n/a
n/a
FRDM Index Target Date 2070
Commingled Pool Class T
n/a
Daily
n/a
n/a
HENRY SCHEIN, INC. 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – (Continued)
13
Fair Value Estimated Using Net Asset Value Per Share
December 31, 2024
Fair Value*
Unfunded
Commitment
Redemption
Frequency
Other
Redemption
Restrictions
Redemption
Notice Period
Investment:
FRDM Index Target Date 2030
Commingled Pool Class T
$
$
n/a
Daily
n/a
n/a
FRDM Index Target Date 2040
Commingled Pool Class T
n/a
Daily
n/a
n/a
FRDM Index Target Date 2050
Commingled Pool Class T
n/a
Daily
n/a
n/a
T. Rowe Price Stable Value Common
Trust Fund Class P
n/a
Daily
n/a
Prudential Core Plus Bond Fund
n/a
Daily
n/a
n/a
FRDM Index Target Date 2035
Commingled Pool Class T
n/a
Daily
n/a
n/a
FRDM Index Target Date 2020
Commingled Pool Class T
n/a
Daily
n/a
n/a
FRDM Index Target Date 2025
Commingled Pool Class T
n/a
Daily
n/a
n/a
FRDM Index Target Date 2045
Commingled Pool Class T
n/a
Daily
n/a
n/a
FRDM Index Target Date 2060
Commingled Pool Class T
n/a
Daily
n/a
n/a
FRDM Index Target Date 2055
Commingled Pool Class T
n/a
Daily
n/a
n/a
BlackRock Strategic Completion
Non-Lendable Fund M
n/a
Daily
n/a
n/a
FRDM Index Target Date 2065
Commingled Pool Class T
n/a
Daily
n/a
n/a
FRDM Index Target Date 2010
Commingled Pool Class T
n/a
Daily
n/a
n/a
FRDM Index Retirement Commingled
Pool Class T
n/a
Daily
n/a
n/a
FRDM Index Target Date 2015
Commingled Pool Class T
n/a
Daily
n/a
n/a
Note 5 – Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time
and to terminate the Plan subject to ERISA. In the event of Plan termination, participants will become
% vested in their accounts.
Note 6 – Party-in-Interest and Related Party Transactions
The Plan invests in shares of funds managed by an affiliate of the Trustee as defined by the Plan and, therefore, these transactions in such
investments qualify as party-in-interest. The Plan invests in the common stock of Henry Schein, Inc., which is a party-in-interest and a
related party to the Plan. Notes receivable from participants also qualify as party-in-interest transactions. The Plan provides for an
Employer Match, as discussed in Note 1(b), which qualifies as a party-in-interest transaction.
HENRY SCHEIN, INC. 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – (Continued)
14
Note 7 – Subsequent Events
In preparing the financial statements, Plan management has evaluated events and transactions for potential recognition or disclosure
through June 18, 2026, the date the Plan’s financial statements are available to be issued.
In December 2022, SECURE 2.0 was enacted, which includes a provision requiring that catch-up contributions made by certain
"high-wage earners" to qualified retirement plans be designated as Roth (after -tax) contributions, effective January 1, 2026.
A
"high-wage earner" is defined as a participant who is age
FICA wages, affecting 2026 contributions. Participants meeting the wage threshold who are
make pre-tax catch-up contributions starting in 2026 but may continue to make standard pre-tax elective deferrals up to the annual limit
in addition to the aforementioned Roth catch-up contributions.
15
HENRY SCHEIN, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4i SCHEDULE OF ASSETS
(HELD AT END OF YEAR)
(EIN:
)
DECEMBER 31, 2025
(a)
(b)
(c)
(d)
(e)
Identity of issue, borrower,
Description of Investment including maturity date, rate
lessor or similar party
of interest, collateral, par or maturity value
Cost (a)
Current Value
Money market/cash and cash equivalents:
*
Fidelity Investments
Government Money Market Fund
a
$
**
Common Stock Fund:
Henry Schein, Inc.
Common Stock
a
$
Common Collective Trust Funds:
Spartan®
500 Index Pool Class D
a
$
*
Fidelity Investments
FRDM Index Target Date 2040 Commingled Pool Class T
a
*
Fidelity Investments
FRDM Index Target Date 2030 Commingled Pool Class T
a
Spartan®
Total International Index Pool Class D
a
*
Fidelity Investments
FRDM Index Target Date 2050 Commingled Pool Class T
a
State Street
U.S. Bond Index Securities Lending Series Fund Class XIV
a
William Blair
US Small-Mid Cap Core Fund Class 4
a
Spartan®
Extended Market Index Pool Class D
a
T. Rowe Price
Stable Value Common Trust Fund Class P
a
Prudential
Core Plus Bond Fund
a
*
Fidelity Investments
FRDM Index Target Date 2035 Commingled Pool Class T
a
MFS
International Equity Fund Class 3B
a
*
Fidelity Investments
FRDM Index Target Date 2020 Commingled Pool Class T
a
*
Fidelity Investments
FRDM Index Target Date 2045 Commingled Pool Class T
a
*
Fidelity Investments
FRDM Index Target Date 2060 Commingled Pool Class T
a
*
Fidelity Investments
FRDM Index Target Date 2055 Commingled Pool Class T
a
*
Fidelity Investments
FRDM Index Target Date 2025 Commingled Pool Class T
a
*
Fidelity Investments
FRDM Index Target Date 2065 Commingled Pool Class T
a
BlackRock
Strategic Completion Non-Lendable Fund M
a
*
Fidelity Investments
FRDM Index Retirement Commingled Pool Class T
a
*
Fidelity Investments
FRDM Index Target Date 2015 Commingled Pool Class T
a
*
Fidelity Investments
FRDM Index Target Date 2010 Commingled Pool Class T
a
*
Fidelity Investments
FRDM Index Target Date 2070 Commingled Pool Class T
a
Total common collective trust funds
$
Shares of registered investment companies:
American Funds
Growth Fund of America Class R6
a
$
Dodge & Cox
Stock Fund
a
Total value of registered investment companies
$
Total Investments
$
**
Participant Loans
Fully secured loans with interest charges at current
-0-
$
commercial rates (current loans range from
% to
%)
* Funds are managed by an affiliate of Fidelity Management Trust Company, a party-in-interest as defined by ERISA.
** A party-in-interest as defined by ERISA.
a The cost of participant-directed investments is not required to be disclosed
HENRY SCHEIN, INC. 401(k) SAVINGS PLAN
SIGNATURE
16
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator has duly caused this annual report to be
signed on its behalf by the undersigned hereunto duly authorized.
HENRY SCHEIN, INC. 401(k) SAVINGS PLAN
Dated: June 18, 2026
/s/ GRAHAM STANLEY
Graham Stanley
Chairperson of the 401(k) Plan Administrative Committee
ATTACHMENTS / EXHIBITS
CONSENTS OF EXPERTS AND COUNSEL
XBRL TAXONOMY EXTENSION - CALCULATION LINKBASE
XBRL TAXONOMY EXTENSION - DEFINITION LINKBASE
XBRL TAXONOMY EXTENSION - LABEL LINKBASE
XBRL TAXONOMY EXTENSION - PRESENTATION LINKBASE
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