Revenue has stagnated or declined in most quarters, with 2026Q2 down 4.1% year-over-year to $898M, while gross margin improved to 54.9% but operating income of $82M remains volatile and net income has been negative in six of the last ten quarters.
DENTSPLY SIRONA Inc. (XRAY) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 3.58B | 3.68B | 3.79B | 3.96B | 3.92B | 4.23B | 3.34B | 4.02B | 3.99B | 3.99B | 3.75B | 2.67B | 2.92B | 2.95B | 2.93B | 2.54B | 2.22B | 2.16B | 2.19B | 2.01B | 1.81B | 1.72B | 1.69B | 1.57B | 1.51B | 1.13B | 889.8M | 830.9M | 795.1M | 720.8M | 656.6M |
| Revenue Growth % | -1.35% | -2.98% | -4.34% | 1.1% | -7.3% | 26.71% | -16.98% | 0.9% | -0.18% | 6.62% | 40.05% | -8.5% | -0.95% | 0.76% | 15.4% | 14.26% | 2.83% | -1.54% | 9.15% | 11.01% | 5.56% | 1.23% | 7.85% | 3.78% | 34.07% | 26.89% | 7.09% | 4.5% | 10.31% | 9.78% | 14.79% |
| Cost of Goods Sold | 1.77B | 1.84B | 1.83B | 1.88B | 1.79B | 1.88B | 1.68B | 1.86B | 1.92B | 1.8B | 1.74B | 1.16B | 1.32B | 1.37B | 1.37B | 1.26B | 1.09B | 1.05B | 1.04B | 969.05M | 881.49M | 846.12M | 847.71M | 797.72M | 780.84M | 559.42M | 384.84M | 359.3M | 341.2M | 319.6M | 303.8M |
| COGS % of Revenue | - | 50% | 48.38% | 47.39% | 45.77% | 44.53% | 50.4% | 46.2% | 48.13% | 45.2% | 46.58% | 43.27% | 45.26% | 46.54% | 46.85% | 49.82% | 49.12% | 48.55% | 47.49% | 48.22% | 48.69% | 49.33% | 50.04% | 50.78% | 51.58% | 49.55% | 43.25% | 43.24% | 42.91% | 44.34% | 46.27% |
| Gross Profit | 1.81B | 1.84B | 1.96B | 2.09B | 2.13B | 2.35B | 1.66B | 2.16B | 2.07B | 2.19B | 2B | 1.52B | 1.6B | 1.58B | 1.56B | 1.27B | 1.13B | 1.11B | 1.15B | 1.04B | 929.01M | 869.02M | 846.52M | 773.2M | 732.9M | 569.67M | 504.95M | 471.6M | 453.9M | 401.2M | 352.8M |
| Gross Margin % | 50.52% | 50% | 51.62% | 52.61% | 54.23% | 55.47% | 49.6% | 53.8% | 51.87% | 54.8% | 53.42% | 56.73% | 54.74% | 53.46% | 53.15% | 50.18% | 50.88% | 51.45% | 52.51% | 51.78% | 51.31% | 50.67% | 49.96% | 49.22% | 48.42% | 50.45% | 56.75% | 56.76% | 57.09% | 55.66% | 53.73% |
| Gross Profit Growth % | - | -6.03% | -6.14% | -1.93% | -9.37% | 41.73% | -23.47% | 4.65% | -5.52% | 9.38% | 31.88% | -5.16% | 1.42% | 1.35% | 22.22% | 12.68% | 1.7% | -3.53% | 10.68% | 12.03% | 6.9% | 2.66% | 9.48% | 5.5% | 28.65% | 12.82% | 7.07% | 3.9% | 13.14% | 13.72% | 16.71% |
| Operating Expenses | 1.39B | 1.59B | 2.84B | 2.17B | 3.06B | 1.74B | 1.66B | 1.81B | 1.72B | 1.67B | 1.52B | 1.08B | 1.14B | 1.14B | 1.15B | 936.85M | 738.9M | 723.23M | 739.17M | 680.54M | 602.98M | 563.34M | 544.26M | 501.52M | 479.13M | 391.31M | 341.09M | 322M | 312.6M | 268.7M | 233.3M |
| OpEx % of Revenue | - | 43.15% | 74.8% | 54.75% | 78.12% | 41.1% | 49.69% | 45.03% | 43.13% | 41.94% | 40.66% | 40.28% | 39.11% | 38.8% | 39.23% | 36.92% | 33.27% | 33.48% | 33.69% | 33.86% | 33.3% | 32.85% | 32.12% | 31.92% | 31.65% | 34.66% | 38.33% | 38.75% | 39.32% | 37.28% | 35.53% |
| Selling, General & Admin | 1.46B | 1.44B | 1.6B | 1.61B | 1.59B | 1.55B | 1.3B | 1.59B | 1.72B | 1.67B | 1.52B | 1.08B | 1.14B | 1.14B | 1.15B | 936.85M | 738.9M | 723.23M | 739.17M | 675.37M | 606.41M | 563.34M | 544.26M | 501.52M | 479.13M | 386.24M | 299.73M | 282.4M | 275.1M | 236.3M | 205.2M |
| SG&A % of Revenue | - | 39.08% | 42.31% | 40.68% | 40.52% | 36.66% | 38.99% | 39.46% | 43.13% | 41.94% | 40.66% | 40.28% | 39.11% | 38.8% | 39.23% | 36.92% | 33.27% | 33.48% | 33.69% | 33.6% | 33.49% | 32.85% | 32.12% | 31.92% | 31.65% | 34.21% | 33.69% | 33.99% | 34.6% | 32.78% | 31.25% |
| Research & Development | 171M | 150M | 165M | 184M | 174M | 171M | 123M | 143M | 160.5M | 151.7M | 128.5M | 74.9M | 80.8M | 85.1M | 85.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 4.08% | 4.35% | 4.64% | 4.44% | 4.04% | 3.68% | 3.56% | 4.03% | 3.8% | 3.43% | 2.8% | 2.76% | 2.88% | 2.92% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 1.07B | 374M | 1.3B | 17M | 234M | 81M | 1.33B | 2.07B | 44.1M | 81.2M | 11.1M | 13.4M | -490K | 0 | 0 | 0 | 0 | 0 | -3.43M | 0 | 0 | 0 | 0 | 5.07M | 41.36M | 39.6M | 37.5M | 32.4M | 28.1M |
| Operating Income | 417M | 252M | -879M | -85M | -937M | 608M | -3M | 353M | -958.1M | -1.59B | 454.7M | 375.2M | 445.6M | 419.17M | 381.94M | 300.73M | 380.27M | 381.19M | 380.42M | 354.89M | 314.79M | 72.92M | 295.13M | 267.98M | 256.5M | 178.36M | 163.86M | 149.6M | 141.3M | 132.5M | 119.5M |
| Operating Margin % | 11.66% | 6.85% | -23.17% | -2.14% | -23.89% | 14.37% | -0.09% | 8.78% | -24.03% | -39.7% | 12.14% | 14.03% | 15.25% | 14.21% | 13.04% | 11.85% | 17.12% | 17.65% | 17.34% | 17.66% | 17.39% | 4.25% | 17.42% | 17.06% | 16.94% | 15.8% | 18.42% | 18% | 17.77% | 18.38% | 18.2% |
| Operating Income Growth % | - | 128.67% | -934.12% | 90.93% | -254.11% | 20366.67% | -100.85% | 136.84% | 39.56% | -448.65% | 21.19% | -15.8% | 6.31% | 9.75% | 27% | -20.92% | -0.24% | 0.2% | 7.19% | 12.74% | 331.69% | -75.29% | 10.13% | 4.48% | 43.81% | 8.85% | 9.53% | 5.87% | 6.64% | 10.88% | 18.67% |
| EBITDA | 756M | 604M | -530M | 258M | -609M | 954M | 331M | 676M | -627.3M | -1.27B | 726.4M | 498.1M | 574.68M | 547.07M | 511.14M | 385.76M | 446.61M | 446.36M | 437.35M | 405.18M | 362.23M | 123.48M | 344.43M | 313.64M | 300.36M | 232.7M | 205.22M | 189.2M | 178.8M | 164.9M | 147.6M |
| EBITDA Margin % | 21.15% | 16.41% | -13.97% | 6.51% | -15.53% | 22.55% | 9.91% | 16.81% | -15.74% | -31.77% | 19.39% | 18.63% | 19.66% | 18.54% | 17.45% | 15.2% | 20.11% | 20.67% | 19.94% | 20.16% | 20.01% | 7.2% | 20.33% | 19.97% | 19.84% | 20.61% | 23.06% | 22.77% | 22.49% | 22.88% | 22.48% |
| EBITDA Growth % | 517.68% | 213.96% | -305.43% | 142.36% | -163.84% | 188.22% | -51.04% | 207.76% | 50.56% | -274.68% | 45.83% | -13.33% | 5.05% | 7.03% | 32.5% | -13.62% | 0.06% | 2.06% | 7.94% | 11.86% | 193.34% | -64.15% | 9.81% | 4.42% | 29.08% | 13.39% | 8.47% | 5.82% | 8.43% | 11.72% | 20.79% |
| D&A (Non-Cash Add-back) | 339M | 352M | 349M | 343M | 328M | 346M | 334M | 323M | 330.8M | 316.4M | 271.7M | 122.9M | 129.08M | 127.9M | 129.2M | 85.03M | 66.34M | 65.17M | 56.93M | 50.29M | 47.43M | 50.56M | 49.3M | 45.66M | 43.86M | 54.33M | 41.36M | 39.6M | 37.5M | 32.4M | 28.1M |
| EBIT | 2M | -398M | -867M | -94M | -990M | 606M | -4M | 365M | -921M | -1.57B | 476.8M | 385.6M | 446.17M | 416.98M | 387.53M | 299.93M | 373.65M | 385.25M | 388M | 381.92M | 326.03M | 305.68M | 302.25M | 271.68M | 253.77M | 178.36M | 163.86M | 149.6M | 141.2M | 132.5M | 119.5M |
| Net Interest Income | -93M | -88M | -69M | -81M | -65M | -61M | -61M | -27M | -35M | -35.9M | -33.9M | -53.7M | -41.3M | -41.5M | -48.09M | -35.58M | -20.84M | -16.86M | -15.44M | 2.65M | 1.68M | -8.77M | -19.63M | -24.2M | 0 | 0 | -9.29M | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 2.4M | 2.1M | 2.4M | 2M | 2.2M | 5.59M | 8.12M | 8.76M | 9.46M | 4.25M | 5.03M | 17.09M | 26.43M | 12.48M | 9.01M | 5.47M | 1.87M | 0 | 0 | 862K | 0 | 0 | 0 | 0 |
| Interest Expense | 93M | 88M | 69M | 81M | 65M | 61M | 62M | 29.4M | 37.3M | 38.3M | 35.9M | 55.9M | 46.91M | 49.63M | 56.85M | 44.62M | 25.09M | 17.83M | 32.53M | 11.98M | 10.8M | 17.77M | 25.1M | 26.08M | 38.18M | 0 | 10.15M | 8.5M | 157.1M | 8.1M | 6M |
| Other Income/Expense | -508M | -738M | -57M | -90M | -118M | -63M | -47M | -15M | -400K | -41.2M | -13.8M | -45.5M | -41.23M | -49.87M | -51.26M | -44.62M | -22.62M | -17.83M | -24.95M | 3.24M | 43K | -234.64M | -20.98M | -16.79M | -35.52M | 6.76M | -12.06M | -11.5M | -86.1M | -10.4M | -8.6M |
| Pretax Income | -91M | -486M | -936M | -175M | -1.05B | 545M | -50M | 338M | -958.4M | -1.63B | 440.9M | 329.7M | 404.37M | 369.33M | 330.68M | 256.11M | 357.66M | 363.36M | 355.47M | 358.13M | 314.84M | 71.04M | 274.15M | 251.2M | 220.99M | 185.13M | 151.8M | 138.1M | 55.1M | 122.1M | 110.9M |
| Pretax Margin % | -2.55% | -13.21% | -24.68% | -4.41% | -26.9% | 12.88% | -1.5% | 8.4% | -24.04% | -40.73% | 11.77% | 12.33% | 13.84% | 12.52% | 11.29% | 10.09% | 16.1% | 16.82% | 16.2% | 17.82% | 17.39% | 4.14% | 16.18% | 15.99% | 14.6% | 16.4% | 17.06% | 16.62% | 6.93% | 16.94% | 16.89% |
| Income Tax | 31M | 112M | -26M | -43M | -105M | 134M | 23M | 82M | 52.5M | -53.2M | 9.5M | 77M | 81.12M | 52.15M | 8.92M | -11.02M | 89.22M | 88.94M | 71.6M | 98.48M | 91.12M | 25.63M | 63.87M | 81.34M | 73.03M | 63.63M | 50.78M | 48.2M | 20.3M | 47.5M | 43.7M |
| Effective Tax Rate % | -34.07% | -23.05% | 2.78% | 24.57% | 9.95% | 24.59% | -46% | 24.26% | -5.48% | 3.27% | 2.15% | 23.35% | 20.06% | 14.12% | 2.7% | -4.3% | 24.95% | 24.48% | 20.14% | 27.5% | 28.94% | 36.07% | 23.3% | 32.38% | 33.05% | 34.37% | 33.45% | 34.9% | 36.84% | 38.9% | 39.4% |
| Net Income | -121M | -598M | -910M | -132M | -950M | 411M | -73M | 256M | -1.01B | -1.55B | 429.9M | 251.2M | 322.85M | 313.19M | 314.21M | 244.52M | 265.71M | 274.26M | 283.87M | 259.65M | 223.72M | 45.41M | 253.16M | 174.18M | 147.95M | 121.5M | 101.02M | 89.9M | 34.8M | 74.6M | 67.2M |
| Net Margin % | -3.38% | -16.25% | -23.99% | -3.33% | -24.22% | 9.71% | -2.19% | 6.37% | -25.36% | -38.81% | 11.48% | 9.39% | 11.05% | 10.61% | 10.73% | 9.64% | 11.96% | 12.7% | 12.94% | 12.92% | 12.36% | 2.65% | 14.94% | 11.09% | 9.77% | 10.76% | 11.35% | 10.82% | 4.38% | 10.35% | 10.23% |
| Net Income Growth % | 86.28% | 34.29% | -589.39% | 86.11% | -331.14% | 663.01% | -128.52% | 125.32% | 34.77% | -460.55% | 71.14% | -22.19% | 3.08% | -0.32% | 28.5% | -7.97% | -3.12% | -3.39% | 9.33% | 16.06% | 392.63% | -82.06% | 45.34% | 17.73% | 21.78% | 20.27% | 12.36% | 158.33% | -53.35% | 11.01% | 24.44% |
| Net Income (Continuing) | -122M | -598M | -910M | -132M | -950M | 411M | -73M | 256M | -1.01B | -1.55B | 431.4M | 251.1M | 322.9M | 318.2M | 321.76M | 247.45M | 268.43M | 274.41M | 283.27M | 259.71M | 223.86M | 45.41M | 210.29M | 169.85M | 147.95M | 121.5M | 101.02M | 89.9M | 34.8M | 74.6M | 67.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 223K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -1M | 1M | 1M | 1M | 1M | 1M | 3M | 2M | 11.9M | 11.6M | 11.6M | 1.4M | 919K | 42.92M | 40.74M | 36.07M | 70.53M | 74.85M | 0 | 296K | 222K | 188K | 600K | 418K | 1.26M | 437K | 4.56M | 2.5M | 2.7M | 4M | 4.3M |
| EPS (Diluted) | -0.61 | -3.00 | -4.48 | -0.62 | -4.41 | 1.87 | -0.38 | 1.17 | -4.51 | -6.86 | 1.94 | 1.76 | 2.24 | 2.16 | 2.18 | 1.70 | 1.82 | 1.83 | 1.87 | 1.68 | 1.41 | 0.28 | 1.55 | 1.09 | 0.93 | 0.77 | 0.65 | 0.56 | 0.22 | 0.46 | 0.42 |
| EPS Growth % | 86.23% | 33.04% | -622.58% | 85.94% | -335.83% | 592.11% | -132.48% | 125.94% | 34.26% | -453.61% | 10.23% | -21.43% | 3.7% | -0.92% | 28.24% | -6.59% | -0.55% | -2.14% | 11.31% | 19.15% | 403.57% | -81.94% | 42.2% | 17.2% | 20.78% | 18.46% | 16.07% | 154.55% | -52.17% | 9.52% | 27.27% |
| EPS (Basic) | - | -3.00 | -4.48 | -0.62 | -4.41 | 1.88 | -0.38 | 1.18 | -4.51 | -6.86 | 1.97 | 1.79 | 2.28 | 2.20 | 2.22 | 1.73 | 1.85 | 1.85 | 1.90 | 1.71 | 1.44 | 0.29 | 1.58 | 1.11 | 0.95 | 0.78 | 0.65 | 0.57 | 0.22 | 0.46 | 0.42 |
| Diluted Shares Outstanding | 199.2M | 199.4M | 203.2M | 212M | 215.5M | 220.2M | 219.2M | 224.4M | 224.3M | 229.4M | 221.6M | 142.5M | 144.2M | 145M | 143.94M | 143.55M | 145.99M | 150.1M | 151.68M | 154.72M | 158.27M | 162.02M | 164.03M | 161.29M | 159.99M | 157.95M | 157.12M | 158.73M | 160.79M | 162.69M | 161.52M |
| Basic Shares Outstanding | 199.2M | 199.4M | 203.2M | 212M | 215.5M | 218.4M | 219.2M | 223.1M | 224.17M | 229.29M | 218M | 140M | 141.7M | 142.7M | 141.85M | 141.39M | 143.98M | 148.32M | 149.07M | 151.71M | 155.23M | 159.19M | 160.77M | 157.65M | 156.36M | 155.34M | 155.57M | 158.26M | 159.99M | 161.81M | 161.52M |
| Dividend Payout Ratio | - | - | - | - | - | 22.38% | - | 31.64% | - | - | 15.03% | 15.92% | 11.55% | 11.11% | 10% | 11.71% | 10.94% | 10.88% | 9.49% | 9.68% | 9.77% | 42.15% | 6.25% | 8.61% | 9.7% | 11.71% | 12.87% | 13.19% | 31.61% | 13.67% | 13.24% |
Quick answers to the most common questions about buying XRAY stock.
For fiscal year 2025, DENTSPLY SIRONA Inc. (XRAY) reported total revenue of $3.68B. This represents a 460.5% increase compared to $656.6M in 1996.
DENTSPLY SIRONA Inc. (XRAY) reported a net loss of $598.0M for the fiscal year ending 2025.
DENTSPLY SIRONA Inc. (XRAY) reported an operating income of $252.0M, resulting in an operating profit margin of 6.8%. This margin reflects the operational efficiency of the business before interest and taxes.
DENTSPLY SIRONA Inc. (XRAY) generated $1.84B in gross profit for the year, representing a gross profit margin of 50.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative net income
Metrics are mathematically derived from official filings.
Revenue Stagnation Amidst Market Pressures
XRAY's revenue has contracted in most quarters, with 2026Q2 down 4.1% year-over-year to $898M, reflecting persistent demand softness in dental markets.
Revenue has been on a declining trend, with only 2025Q4 showing a 6.2% increase, which appears to be an anomaly. The consistent negative growth rates, such as -4.9% in 2025Q2 and -7.8% in 2025Q1, suggest a structural demand issue rather than a temporary blip. This stagnation may indicate market share losses or a broader industry slowdown, warranting close monitoring of volume versus pricing dynamics.
Gross Margin Volatility Signals Pricing Pressure
Gross margin fluctuated between 46.1% and 54.9% over the last ten quarters, with 2026Q2 at 54.9% but 2025Q4 dipping to 46.1%, indicating unstable pricing power.
The wide swings in gross margin, from a low of 46.1% in 2025Q4 to a high of 54.9% in 2026Q2, suggest that XRAY faces significant pricing pressure and input cost volatility. Compared to peers like ALGN at 68.3%, XRAY's margins are notably lower, implying weaker competitive positioning. The recent improvement in 2026Q2 may reflect cost actions, but sustainability is uncertain given the historical instability.
Operating Leverage Inconsistent with Revenue Declines
Operating income swung from -$509M in 2024Q4 to $268M in 2025Q4, but 2026Q2's $82M on $898M revenue shows operating leverage is not consistently scaling.
The operating margin has been highly erratic, ranging from -56.2% to 27.9%, indicating that fixed costs are not being managed effectively relative to revenue changes. In 2026Q2, operating income of $82M on $898M revenue yields a 9.1% margin, which is below the 2025Q4 peak, suggesting that cost reductions have not fully offset revenue declines. This inconsistency implies that SG&A and R&D expenses are not flexing sufficiently with sales, undermining operating leverage.
Net Income Distorted by Non-Recurring Charges
Net income has been negative in six of the last ten quarters, with 2025Q3 reporting -$427M, likely due to impairment charges, while 2026Q2's $37M profit appears non-recurring.
The pattern of large losses, such as -$430M in 2024Q4 and -$427M in 2025Q3, suggests significant one-time items like impairments or restructuring costs, which obscure underlying profitability. The positive EPS in 2026Q2 of $0.18 may not be sustainable if these charges recur. Investors should scrutinize the quality of earnings, as stock-based compensation of $17M in 2026Q2 adds to dilution, and the tax rate appears volatile, further complicating EPS comparability.
SG&A and R&D Costs Outpace Revenue Decline
SG&A expenses have remained above $343M even as revenue fell to $898M in 2026Q2, while R&D spending has increased to $45M, indicating cost discipline is lacking.
Despite revenue contraction, SG&A has not been proportionally reduced, with 2026Q2 SG&A at $364M representing 40.5% of revenue, up from 41.9% in 2024Q1. R&D spending has risen from $36M in 2025Q1 to $45M in 2026Q2, suggesting continued investment, but this is pressuring margins. The lack of cost flexibility in a declining revenue environment may indicate that management is prioritizing long-term innovation over near-term profitability, which could be a strategic choice but also a risk.
What Could Invalidate the Turnaround Narrative
The recent gross margin improvement to 54.9% in 2026Q2 may be unsustainable if revenue continues to decline, as fixed costs will weigh on profitability.
Short-sellers might argue that XRAY's positive EPS in 2026Q2 is a one-off, given the history of large losses and the persistent revenue decline. The company's inability to generate consistent operating income, with negative operating margins in 2025Q2 and 2024Q4, suggests that the business model is not resilient. If revenue growth does not resume, the high fixed cost base could lead to further margin compression and additional impairments, making the stock vulnerable.