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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 0-16211

DENTSPLY SIRONA Inc.

(Exact name of registrant as specified in its charter)


Delaware						39-1434669
(State or other jurisdiction of						(I.R.S. Employer
incorporation or organization)						Identification No.)

13320 Ballantyne Corporate Place, Charlotte, North Carolina						28277-3607
(Address of principal executive offices)						(Zip Code)

(844) 848-0137

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $.01 per share	XRAY	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer x			Accelerated filer ☐
Non-accelerated filer ☐			Smaller reporting company ☐
			Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: At October 17, 2025, DENTSPLY SIRONA Inc. had 199,551,969 shares of common stock outstanding.

DENTSPLY SIRONA Inc.

TABLE OF CONTENTS



PART I	FINANCIAL INFORMATION	Page

Item 1	Financial Statements (unaudited)	4

	Consolidated Statements of Operations	4

	Consolidated Statements of Comprehensive Income (Loss)	5

	Consolidated Balance Sheets	6

	Consolidated Statements of Changes in Equity	7

	Consolidated Statements of Cash Flows	9

	Notes to Unaudited Interim Consolidated Financial Statements	9

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37

Item 3	Quantitative and Qualitative Disclosures About Market Risk	51

Item 4	Controls and Procedures	51

PART II	OTHER INFORMATION

Item 1	Legal Proceedings	52

Item 1A	Risk Factors	52

Item 2	Unregistered Sales of Securities and Use of Proceeds	54

Item 5	Other Information	54

Item 6	Exhibits	55

Signatures		56

General

Unless otherwise stated herein or the context otherwise indicates, references throughout this Form 10-Q to “Dentsply Sirona,” or the “Company,” “we,” “us” or “our” refer to DENTSPLY SIRONA Inc., together with its subsidiaries on a consolidated basis.

Forward-Looking Statements and Associated Risks

All statements in this Form 10-Q that do not directly and exclusively relate to historical facts constitute “forward-looking statements.” These statements represent current expectations and beliefs, and no assurance can be given that the results described in such statements will be achieved. Such statements are subject to numerous assumptions, risks, uncertainties, and other factors that could cause actual results to differ materially from those described in such statements, many of which are outside of our control, including those described in Part I, Item 1A, “Risk Factors” of the Company’s most recent Annual Report on Form 10-K, Part II, Item 1A, “Risk Factors” of the Company’s Quarterly Reports on Form 10-Q for any subsequent fiscal quarters, and any updating information or other factors which may be described in the Company’s other filings with the Securities and Exchange Commission (the “SEC”). No assurance can be given that any expectation, belief, goal or plan set forth in any forward-looking statement can or will be achieved, and readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this Form 10-Q or to reflect the occurrence of unanticipated events.

Investors should understand it is not possible to predict or identify all such factors or risks. As such, you should not consider the risks identified in the Company’s SEC filings to be a complete discussion of all potential risks or uncertainties associated with an investment in the Company.

Disclosure Regarding Trademarks

This report includes trademarks, trade names and service marks that are our property or the property of other third parties. Solely for convenience, such trademarks and trade names sometimes appear without any “™” or “®” symbol. Failure to include such symbols is not intended to suggest, in any way, that we will not assert our rights or the rights of any applicable licensor, to these trademarks and trade names.

PART I – FINANCIAL INFORMATION

Item 1 – Financial Statements

DENTSPLY SIRONA INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share amounts)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024


Net sales	$	904	$	951	$	2,719	$	2,888
Cost of products sold	463		456		1,322		1,376

Gross profit	441		495		1,397		1,512

Selling, general, and administrative expenses	355		390		1,055		1,204
Research and development expenses	37		40		110		123
Goodwill and intangible asset impairments	262		504		497		510
Restructuring and other costs	5		23		18		45

Operating loss	(218)		(462)		(283)		(370)

Other income and expenses:
Interest expense, net	23		18		66		53

Other income	(11)		(2)		(10)		(10)

Loss before income taxes	(230)		(478)		(339)		(413)
Provision for income taxes	198		17		114		69


Net loss	(428)		(495)		(453)		(482)

Less: Net loss attributable to noncontrolling interest	(1)		(1)		(1)		(2)

Net loss attributable to Dentsply Sirona	$	(427)	$	(494)	$	(452)	$	(480)

Loss per common share attributable to Dentsply Sirona:
Basic	$	(2.14)	$	(2.46)	$	(2.27)	$	(2.35)
Diluted	$	(2.14)	$	(2.46)	$	(2.27)	$	(2.35)

Weighted average common shares outstanding:
Basic	199.5		201.0		199.3		204.7
Diluted	199.5		201.0		199.3		204.7

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.

DENTSPLY SIRONA INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in millions)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024


Net loss	$	(428)	$	(495)	$	(453)	$	(482)

Other comprehensive (loss) income, net of tax:
Foreign currency translation (loss) gain	(8)		75		185		3
Net loss on derivative financial instruments	(23)		(36)		(127)		(5)


Total other comprehensive (loss) income, net of tax	(31)		39		58		(2)

Total comprehensive loss	(459)		(456)		(395)		(484)

Less: Comprehensive loss attributable to noncontrolling interests	(1)		(1)		(1)		(2)

Total comprehensive loss attributable to Dentsply Sirona	$	(458)	$	(455)	$	(394)	$	(482)

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.

DENTSPLY SIRONA INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share amounts)

(unaudited)


	September 30, 2025		December 31, 2024

Assets
Current Assets:
Cash and cash equivalents	$	363	$	272

Accounts and notes receivable-trade, net	654		556
Inventories, net	686		564
Prepaid expenses and other current assets	369		354
Total Current Assets	2,072		1,746

Property, plant, and equipment, net	841		766
Operating lease right-of-use assets, net	131		136
Identifiable intangible assets, net	1,065		1,207
Goodwill	1,270		1,597
Other noncurrent assets	274		301
Total Assets	$	5,653	$	5,753

Liabilities and Equity
Current Liabilities:
Accounts payable	$	268	$	241
Accrued liabilities	712		754
Income taxes payable	47		45
Notes payable and current portion of long-term debt	378		549
Total Current Liabilities	1,405		1,589

Long-term debt	2,017		1,586
Operating lease liabilities	85		91
Deferred income taxes	95		129
Other noncurrent liabilities	573		415
Total Liabilities	4,175		3,810

Commitments and contingencies (Note 14)

Equity:
Preferred stock, $1.00 par value; 0.25 million shares authorized; no shares issued	—		—
Common stock, $0.01 par value;	3		3
400.0 million shares authorized, and 264.5 million shares issued at September 30, 2025 and December 31, 2024
199.5 million and 198.8 million shares outstanding at September 30, 2025 and December 31, 2024
Capital in excess of par value	6,638		6,640
Accumulated deficit	(1,385)		(835)
Accumulated other comprehensive loss	(672)		(730)
Treasury stock, at cost, 65.0 million and 65.7 million shares at September 30, 2025 and December 31, 2024, respectively	(3,106)		(3,136)
Total Dentsply Sirona Equity	1,478		1,942

Noncontrolling interests	—		1
Total Equity	1,478		1,943
Total Liabilities and Equity	$	5,653	$	5,753

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.

DENTSPLY SIRONA INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(in millions, except per share amounts)

(unaudited)


	Common Stock		Capital in Excess of Par Value		Accumulated Deficit		Accumulated Other Comprehensive Loss		Treasury Stock		Total Dentsply Sirona Equity		Noncontrolling Interests		Total Equity

Balance at December 31, 2024	$	3	$	6,640	$	(835)	$	(730)	$	(3,136)	$	1,942	$	1	$	1,943
Net income (loss)	—		—		20		—		—		20		(1)		19
Other comprehensive income	—		—		—		71		—		71		—		71


Stock-based compensation expense	—		10		—		—		—		10		—		10
Funding of employee stock purchase plan	—		(3)		—		—		5		2		—		2



Restricted stock unit distributions	—		(17)		—		—		14		(3)		—		(3)
Restricted stock unit dividends	—		1		(1)		—		—		—		—		—
Cash dividends declared ($0.16 per share)	—		—		(32)		—		—		(32)		—		(32)
Balance at March 31, 2025	$	3	$	6,631	$	(848)	$	(659)	$	(3,117)	$	2,010	$	—	$	2,010
Net (loss) income	—				(45)		—		—		(45)		1		(44)
Other comprehensive income	—		—		—		18		—		18		—		18


Stock-based compensation expense	—		9		—		—		—		9		—		9




Restricted stock unit distributions	—		(2)		—		—		2		—		—		—

Cash dividends declared ($0.16 per share)	—		—		(32)		—		—		(32)		—		(32)
Balance at June 30, 2025	$	3	$	6,638	$	(925)	$	(641)	$	(3,115)	$	1,960	$	1	$	1,961
Net income (loss)	—		—		(427)		—		—		(427)		(1)		(428)
Other comprehensive income	—		—		—		(31)		—		(31)		—		(31)


Stock-based compensation expense	—		6		—		—		—		6		—		6
Funding of employee stock purchase plan	—		(4)		—		—		6		2		—		2


Restricted stock unit distributions	—		(3)		—		—		3		—		—		—
Restricted stock unit dividends	—		1		(1)		—		—		—		—		—
Cash dividends declared ($0.16 per share)	—		—		(32)		—		—		(32)		—		(32)
Balance at September 30, 2025	$	3	$	6,638	$	(1,385)	$	(672)	$	(3,106)	$	1,478	$	—	$	1,478


	Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Dentsply Sirona Equity		Noncontrolling Interests		Total Equity

Balance at December 31, 2023	$	3	$	6,643	$	205	$	(636)	$	(2,922)	$	3,293	$	1	$	3,294
Net income (loss)	—		—		18		—		—		18		(1)		17
Other comprehensive loss	—		—		—		(30)		—		(30)		—		(30)


Stock-based compensation expense	—		11		—		—		—		11		—		11
Funding of employee stock purchase plan	—		—		—		—		3		3		—		3

Restricted stock unit distributions	—		(15)		—		—		11		(4)		—		(4)

Cash dividends declared ($0.16 per share)	—		—		(33)		—		—		(33)		—		(33)
Balance at March 31, 2024	$	3	$	6,639	$	190	$	(666)	$	(2,908)	$	3,258	$	—	$	3,258
Net loss	—		—		(4)		—		—		(4)		—		(4)
Other comprehensive loss	—		—		—		(11)		—		(11)		—		(11)



Stock-based compensation expense	—		12		—		—		—		12		—		12
Treasury shares purchased	—		—		—		—		(152)		(152)		—		(152)

Restricted stock unit distributions	—		(20)		—		—		15		(5)		—		(5)

Cash dividends declared ($0.16 per share)	—		—		(34)		—		—		(34)		—		(34)
Balance at June 30, 2024	$	3	$	6,631	$	152	$	(677)	$	(3,045)	$	3,064	$	—	$	3,064
Net loss	—		—		(494)		—		—		(494)		(1)		(495)
Other comprehensive income	—		—		—		39		—		39		—		39

Stock-based compensation expense	—		12		—		—		—		12		—		12
Funding of employee stock purchase plan	—		(2)		—		—		5		3		—		3
Treasury shares purchased	—				—		—		(101)		(101)		—		(101)

Restricted stock unit distributions	—		(3)		—		—		2		(1)		—		(1)
Restricted stock unit dividends	—		1		(1)		—		—		—		—		—
Cash dividends ($0.16 per share)	—		—		(31)		—		—		(31)		—		(31)
Balance at September 30, 2024	$	3	$	6,639	$	(374)	$	(638)	$	(3,139)	$	2,491	$	(1)	$	2,490

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.

DENTSPLY SIRONA INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(unaudited)


	Nine Months Ended September 30,
	2025		2024


Cash flows from operating activities:
Net loss	$	(453)	$	(482)

Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	104		99
Amortization of intangible assets	155		162


Goodwill asset impairment	409		504
Indefinite-lived intangible asset impairment	88		6

Deferred income taxes	44		(20)
Stock-based compensation expense	25		35



Other non-cash expense	13		36




Changes in operating assets and liabilities:
Accounts and notes receivable-trade, net	(56)		19
Inventories, net	(61)		2
Prepaid expenses and other current assets	(10)		61
Other noncurrent assets	—		(6)
Accounts payable	(9)		(6)
Accrued liabilities	(66)		(17)
Income taxes	(45)		(15)
Other noncurrent liabilities	(4)		(4)
Net cash provided by operating activities	134		374

Cash flows from investing activities:
Capital expenditures	(90)		(129)



Cash received on derivative contracts	10		—
Cash paid on derivative contracts	(9)		(12)







Other investing activities	2		1
Net cash used in investing activities	(87)		(140)

Cash flows from financing activities:
Cash paid for treasury stock	—		(250)
Proceeds from 364-day bridge loan	435		—
Repayment of 364-day bridge loan	(435)		—
(Repayments) proceeds on other short-term borrowings, net	(416)		99
Cash dividends paid	(96)		(95)

Proceeds from long-term borrowings	551		—
Repayments on long-term borrowings	(3)		(8)
Cash paid for deferred financing costs	(13)		—





Other financing activities, net	(4)		(10)
Net cash provided by (used in) financing activities	19		(264)
Effect of exchange rate changes on cash and cash equivalents	25		(8)
Net increase (decrease) in cash and cash equivalents	91		(38)
Cash and cash equivalents at beginning of period	272		334
Cash and cash equivalents at end of period	$	363	$	296




Non-cash investing activities:
Property, plant and equipment in accounts payable at end of period	$	25	$	28
Exchange of inventory for naming and other rights	$	14	$	—

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.

DENTSPLY SIRONA Inc. and Subsidiaries

NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – BUSINESS AND BASIS OF PRESENTATION

Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Certain prior period amounts have been reclassified to conform to current year presentation. Results for interim periods should not be considered indicative of results for a full year. These financial statements and related notes contain the accounts of DENTSPLY SIRONA Inc. and subsidiaries (“Dentsply Sirona” or the “Company”) on a consolidated basis and should be read in conjunction with the consolidated financial statements and notes included in the Company’s most recent Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 27, 2025 (the “2024 Form 10-K”).

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of net sales and expense during the reporting period. Actual results could differ materially from those estimates.

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires public entities to disclose additional income tax information, primarily related to the income tax rate reconciliation and income taxes paid on an annual basis. The amendments are intended to enhance the transparency and decision-usefulness of income tax disclosures. The Company has adopted this accounting standard as of January 1, 2025, which impacts annual disclosures only. This update did not have an impact to results of operations, financial position, or cash flows.

Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses,” which requires disaggregated disclosure of income statement expenses for public business entities (“PBEs”). In January 2025, the FASB issued ASU No. 2025-01 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40),” which clarified the effective date for ASU No. 2024-03. These amendments are intended to provide more information about types of expenses in commonly presented expense captions. The amendments in this update are effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-04, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) Induced Conversions of Convertible Debt Instruments,” which amends ASC 470-202 to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion. The amendments in this update are effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods, and early adoption is permitted if the entity has also adopted ASU 2020-06 “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40)” for that period. The Company does not anticipate that this update will materially impact the Company’s consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40),” which amends certain aspects of ASC 350-40 related to the accounting and disclosure of internally developed software costs. This amendment is intended to provide further guidance on how to evaluate whether the probable-to-complete recognition threshold has been met to capitalize costs for internal-use software. The amendments in this update are effective for annual periods beginning after December 15, 2027 and interim periods within those annual reporting periods. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued or made available for issuance. Entities may apply the guidance prospectively, retrospectively, or via a modified prospective transition method. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-07, “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606),” which refines the scope of the guidance in ASC 815 and clarifies the guidance on share-based payments from a customer in ASC 606. This amendment is intended to address concerns on the application of derivative accounting to contracts that have features based on the operations or activities of one of the parties to the contract and to bring consistency in the accounting for share-based payments in revenue contracts. The amendments in this update are effective for annual periods beginning after December 15, 2026 and interim periods within those annual reporting periods. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued or made available for issuance. Entities may apply the guidance prospectively or on a modified retrospective basis. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures.

Seasonality

The Company’s business is subject to quarterly fluctuations in demand due to seasonality, which can impact the timing of the Company’s consolidated net sales, net income, and cash flows. Demand can fluctuate based on the timing of dental tradeshows and variability in dental patient traffic, which can be exacerbated by seasonal or severe weather patterns. Some dental practices in certain countries may also delay purchasing equipment and restocking consumable products until year-end due to tax or other financial planning reasons. In addition, the timing of holidays and vacations, particularly throughout Europe, may shift demand across quarters. Sales for the industry and the Company are generally stronger in the second and fourth quarters and weaker in the first and third quarters, due to the effects of the items noted above. Because of the seasonal nature of the Company’s business, the results of operations for any fiscal quarter will not necessarily be indicative of results to be expected for other quarters or a full fiscal year.

NOTE 2 - REVENUE RECOGNITION

Revenues are derived primarily from the sale of dental equipment and dental and healthcare consumable products. Revenues are measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services.

Net sales disaggregated by product category were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024

Equipment & Instruments	$	148	$	138	$	418	$	402
CAD/CAM	111		131		319		367
Connected Technology Solutions	259		269		$	737	$	769

Essential Dental Solutions	357		369		$	1,097	$	1,108

Orthodontics	53		83		$	175	$	276
Implants & Prosthetics	152		158		473		512
Orthodontic and Implant Solutions	205		241		$	648	$	788

Wellspect Healthcare	83		72		$	237	$	223

Total net sales	$	904	$	951	$	2,719	$	2,888

Net sales disaggregated by geographic region were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024

United States	$	291	$	374	$	886	$	1,089
Europe	382		347		1,148		1,110
Rest of World	231		230		685		689

Total net sales	$	904	$	951	$	2,719	$	2,888

Contract Assets and Liabilities

The Company does not typically have contract assets in the normal course of its business. Contract liabilities, which represent billings in excess of revenue recognized, are primarily related to deferred revenue associated with loyalty points earned but not yet redeemed by customers under the Company’s loyalty point program and advanced billings for customer orthodontic aligner treatments where the performance obligation has not yet been satisfied. The Company recorded deferred revenue of $88 million and $34 million in Accrued liabilities and Other noncurrent liabilities, respectively, in the Consolidated Balance Sheets at September 30, 2025. The Company recorded deferred revenue of $95 million and $49 million in Accrued liabilities and Other noncurrent liabilities, respectively, in the Consolidated Balance Sheets at December 31, 2024. During the three and nine months ended September 30, 2025, the Company recognized approximately $30 million and $88 million of net sales, respectively, which were previously deferred as of December 31, 2024. During the three and nine months ended September 30, 2024, the Company recognized approximately $14 million and $77 million of net sales, respectively, which were previously deferred as of December 31, 2023. The Company expects to recognize most of the remaining deferred revenue in net sales within the next twelve months.

Allowance for Doubtful Accounts

Accounts and notes receivable-trade, net are stated net of allowances for doubtful accounts and trade discounts, which were $12 million at September 30, 2025 and $14 million at December 31, 2024. For the three and nine months ended September 30, 2025 and 2024, changes to the provision for doubtful accounts, including write-offs of accounts receivable that were previously reserved, were not significant. Changes to this provision are included in Selling, general, and administrative expenses in the Consolidated Statements of Operations.

NOTE 3 – STOCK-BASED COMPENSATION

The amounts of stock-based compensation expense recorded in the Company’s Consolidated Statements of Operations were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024

Cost of products sold	$	1	$	—	$	2	$	2
Selling, general, and administrative expense	5		11		22		31
Research and development expense	—		1		1		2

Total stock-based compensation expense	$	6	$	12	$	25	$	35

NOTE 4 – COMPREHENSIVE LOSS

Changes in Accumulated other comprehensive income (loss) (“AOCI”), net of tax, by component for the nine months ended September 30, 2025 and 2024 were as follows:



(in millions)	Foreign Currency Translation Gain (Loss)		Gain (Loss) on Cash Flow Hedges		Gain (Loss) on Net Investment and Fair Value Hedges		Pension Liability Gain (Loss)		Total

Balance, net of tax, at December 31, 2024	$	(619)	$	(10)	$	(70)	$	(31)	$	(730)
Other comprehensive income (loss) before reclassifications and tax impact	75		—		(21)		—		54
Tax benefit	12		—		5		—		17
Other comprehensive income (loss), net of tax, before reclassifications	87		—		(16)		—		71
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		—		—
Net increase (decrease) in other comprehensive loss	87		—		(16)		—		71


Balance, net of tax, at March 31, 2025	$	(532)	$	(10)	$	(86)	$	(31)	$	(659)
Other comprehensive income (loss) before reclassifications and tax impact	75		—		(115)		—		(40)
Tax benefit	31		—		27		—		58
Other comprehensive income (loss) before reclassifications and tax impact	106		—		(88)		—		18
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		—		—
Net increase (decrease) in other comprehensive loss	106		—		(88)		—		18


Balance, net of tax, at June 30, 2025	$	(426)	$	(10)	$	(174)	$	(31)	$	(641)
Other comprehensive loss before reclassifications and tax impact	(6)		—		(29)		—		(35)
Tax (expense) benefit	(2)		—		6		—		4
Other comprehensive loss, net of tax, before reclassifications	(8)		—		(23)		—		(31)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		—		—
Net decrease in other comprehensive income	(8)		—		(23)		—		(31)

Foreign currency translation related to acquisition of noncontrolling interests									—
Balance, net of tax, at September 30, 2025	$	(434)	$	(10)	$	(197)	$	(31)	$	(672)


(in millions)	Foreign Currency Translation Gain (Loss)		Gain (Loss) on Cash Flow Hedges		Gain (Loss) on Net Investment and Fair Value Hedges		Pension Liability Gain (Loss)		Total

Balance, net of tax, at December 31, 2023	$	(473)	$	(13)	$	(107)	$	(43)	$	(636)
Other comprehensive (loss) income before reclassifications and tax impact	(34)		—		42		—		8
Tax expense	(28)		—		(10)		—		(38)
Other comprehensive (loss) income, net of tax, before reclassifications	(62)		—		32		—		(30)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		—		—
Net (decrease) increase in other comprehensive loss	(62)		—		32		—		(30)
Balance, net of tax, at March 31, 2024	$	(535)	$	(13)	$	(75)	$	(43)	$	(666)
Other comprehensive loss before reclassifications and tax impact	(14)		—		(2)		—		(16)
Tax benefit	4		—		1		—		5
Other comprehensive loss, net of tax, before reclassifications	(10)		—		(1)		—		(11)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		—		—
Net decrease in other comprehensive loss	(10)		—		(1)		—		(11)

Balance, net of tax, at June 30, 2024	$	(545)	$	(13)	$	(76)	$	(43)	$	(677)
Other comprehensive income (loss) before reclassifications and tax impact	58		—		(46)		—		12
Tax benefit	17		—		10		—		27
Other comprehensive income (loss), net of tax, before reclassifications	75		—		(36)		—		39
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		—		—
Net decrease in other comprehensive income	75		—		(36)		—		39
Balance, net of tax, at September 30, 2024	$	(470)	$	(13)	$	(112)	$	(43)	$	(638)

At September 30, 2025 and December 31, 2024, the cumulative tax adjustments were $197 million and $118 million, respectively, primarily related to foreign currency translation adjustments.

The cumulative foreign currency translation adjustments included translation losses of $290 million and $552 million at September 30, 2025 and December 31, 2024, respectively, and cumulative losses on loans designated as hedges of net investments of $144 million and $67 million at September 30, 2025 and December 31, 2024, respectively.

Reclassifications out of AOCI to the Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 were not significant.

NOTE 5 – LOSS PER COMMON SHARE

The computations of basic and diluted loss per common share were as follows:


Basic loss per common share	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share amounts)	2025		2024		2025		2024

Net loss attributable to Dentsply Sirona	$	(427)	$	(494)	$	(452)	$	(480)

Weighted average common shares outstanding	199.5		201.0		199.3		204.7

Basic loss per common share	$	(2.14)	$	(2.46)	$	(2.27)	$	(2.35)

Diluted loss per common share	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share amounts)	2025		2024		2025		2024

Net loss attributable to Dentsply Sirona	$	(427)	$	(494)	$	(452)	$	(480)

Weighted average common shares outstanding	199.5		201.0		199.3		204.7
Incremental weighted average shares from assumed exercise of dilutive options from stock-based compensation awards	—		—		—		—
Total weighted average diluted shares outstanding	199.5		201.0		199.3		204.7

Diluted loss per common share	$	(2.14)	$	(2.46)	$	(2.27)	$	(2.35)

Weighted average shares excluded from diluted common shares outstanding due to reported net loss for the period	0.8		0.5		0.7		0.6

Weighted average shares excluded from diluted common shares outstanding due to antidilutive nature	5.1		3.9		4.6		4.2

NOTE 6 – SEGMENT INFORMATION

The Company has four operating segments, organized primarily by product, which are also the Company’s reportable segments. These are (i) Connected Technology Solutions, (ii) Essential Dental Solutions, (iii) Orthodontic and Implant Solutions, and (iv) Wellspect Healthcare. These operating segments are identified in accordance with how the Company’s chief operating decision maker (“CODM”) regularly reviews financial results and uses this information to evaluate the Company’s performance and allocate resources. The Company’s CODM is the Chief Executive Officer.

The Company’s reportable segment information was as follows:


	Three Months Ended September 30,
(in millions)	2025

	Connected Technology Solutions		Essential Dental Solutions		Orthodontic and Implant Solutions		Wellspect Healthcare		Total

Net sales	$	259	$	357	$	205	$	83	$	904

Adjusted cost of products sold (a)	157		140		95		33
Adjusted selling expenses (b)	55		77		56		13
Adjusted G&A expenses (b)	20		18		20		7
Adjusted R&D expenses (c)	17		6		12		2

Segment adjusted operating income	$	10	$	116	$	22	$	28	$	176

Reconciling items (income) expense:
Unallocated corporate costs (d)									$	69
Interest expense, net									23
Other income									(11)
Goodwill and intangible asset impairments									262
Restructuring and other costs									5
Amortization of intangibles									57
Depreciation resulting from the fair value step-up of property, plant, and equipment from business combinations									1
Loss before income taxes									$	(230)


(a) Adjusted cost of products sold represents expenses adjusted to exclude intangible amortization expense, step-up depreciation expense, and other restructuring costs.
(b) Adjusted selling and adjusted G&A expenses represent expenses adjusted to exclude intangible amortization expense, other acquisition costs, step-up depreciation expense, and other restructuring costs.
(c) Adjusted R&D expenses represent expenses adjusted to exclude other restructuring costs.
(d) Unallocated corporate costs consist of general corporate expenses including corporate headcount costs, depreciation and amortization, certain professional service fees, and other operating costs which are not assigned to a specific segment.


	Three Months Ended September 30,
(in millions)	2024

	Connected Technology Solutions		Essential Dental Solutions		Orthodontic and Implant Solutions		Wellspect Healthcare		Total

Net sales	$	269	$	369	$	241	$	72	$	951

Adjusted cost of products sold (a)	156		138		100		25
Adjusted selling expenses (b)	60		76		75		12
Adjusted G&A expenses (b)	19		17		29		7
Adjusted R&D expenses (c)	18		6		13		2

Segment adjusted operating income	$	16	$	132	$	24	$	26	$	198

Reconciling items (income) expense:
Unallocated corporate costs (d)									$	79
Interest expense, net									18
Other income									(2)
Goodwill and intangible asset impairments									504
Restructuring and other costs									23
Amortization of intangibles									54
Loss before income taxes									$	(478)


(a) Adjusted cost of products sold represents expenses adjusted to exclude intangible amortization expense, step-up depreciation expense, and other restructuring costs.
(b) Adjusted selling and adjusted G&A expenses represent expenses adjusted to exclude intangible amortization expense, other acquisition costs, step-up depreciation expense, and other restructuring costs.
(c) Adjusted R&D expenses represent expenses adjusted to exclude other restructuring costs.
(d) Unallocated corporate costs consist of general corporate expenses including corporate headcount costs, depreciation and amortization, certain professional service fees, and other operating costs which are not assigned to a specific segment.


	Nine Months Ended September 30,
(in millions)	2025

	Connected Technology Solutions		Essential Dental Solutions		Orthodontic and Implant Solutions		Wellspect Healthcare		Total

Net sales	$	737	$	1,097	$	648	$	237	$	2,719

Adjusted cost of products sold (a)	432		402		286		93
Adjusted selling expenses (b)	167		220		164		39
Adjusted G&A expenses (b)	58		55		59		20
Adjusted R&D expenses (c)	51		17		35		7

Segment adjusted operating income	$	29	$	403	$	104	$	78	$	614

Reconciling items (income) expense:
Unallocated corporate costs (d)									$	224
Interest expense, net									66
Other income									(10)
Goodwill and intangible asset impairments									497
Restructuring and other costs									18
Amortization of intangibles									156
Depreciation resulting from the fair value step-up of property, plant, and equipment from business combinations									2
Loss before income taxes									$	(339)


(a) Adjusted cost of products sold represents expenses adjusted to exclude intangible amortization expense, step-up depreciation expense, and other restructuring costs.
(b) Adjusted selling and adjusted G&A expenses represent expenses adjusted to exclude intangible amortization expense, other acquisition costs, step-up depreciation expense, and other restructuring costs.
(c) Adjusted R&D expenses represent expenses adjusted to exclude other restructuring costs.
(d) Unallocated corporate costs consist of general corporate expenses including corporate headcount costs, depreciation and amortization, certain professional service fees, and other operating costs which are not assigned to a specific segment.


	Nine Months Ended September 30,
(in millions)	2024

	Connected Technology Solutions		Essential Dental Solutions		Orthodontic and Implant Solutions		Wellspect Healthcare		Total

Net sales	$	769	$	1,108	$	788	$	223	$	2,888

Adjusted cost of products sold (a)	452		424		307		83
Adjusted selling expenses (b)	183		239		238		39
Adjusted G&A expenses (b)	57		56		96		21
Adjusted R&D expenses (c)	56		17		39		7

Segment adjusted operating income	$	21	$	372	$	108	$	73	$	574

Reconciling items (income) expense:
Unallocated corporate costs (d)									$	227
Interest expense, net									53
Other income									(10)
Goodwill and intangible asset impairments									510
Restructuring and other costs									45
Amortization of intangibles									162
Loss before income taxes									$	(413)


(a) Adjusted cost of products sold represents expenses adjusted to exclude intangible amortization expense, step-up depreciation expense, and other restructuring costs.
(b) Adjusted selling and adjusted G&A expenses represent expenses adjusted to exclude intangible amortization expense, other acquisition costs, step-up depreciation expense, and other restructuring costs.
(c) Adjusted R&D expenses represent expenses adjusted to exclude other restructuring costs.
(d) Unallocated corporate costs consist of general corporate expenses including corporate headcount costs, depreciation and amortization, certain professional service fees, and other operating costs which are not assigned to a specific segment.

Depreciation and Amortization


	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2025	2024	2025	2024

Connected Technology Solutions	48	44	137	130
Essential Dental Solutions	9	9	26	26
Orthodontic and Implant Solutions	24	25	66	75
Wellspect Healthcare	5	5	13	14
All other (a)	6	6	17	16
Total	92	89	259	261

(a) Includes unallocated corporate costs for depreciation and amortization.

NOTE 7 – INVENTORIES

Inventories, net were as follows:


(in millions)	September 30, 2025		December 31, 2024

Raw materials and supplies	$	198	$	172
Work-in-process	86		72
Finished goods	402		320
Inventories, net	$	686	$	564

The Company’s inventory reserve was $102 million and $98 million at September 30, 2025 and December 31, 2024, respectively.

NOTE 8 – RESTRUCTURING AND OTHER COSTS

Restructuring and other costs were recorded in the Consolidated Statements of Operations as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024

Cost of products sold	$	—	$	—	$	—	$	1
Selling, general, and administrative expenses	—		2		1		6
Restructuring and other costs	5		23		18		45

Total restructuring and other costs	$	5	$	25	$	19	$	52

Restructuring and other costs of $5 million and $18 million recorded in the three and nine months ended September 30, 2025 consisted primarily of employee severance benefits and other restructuring costs for various restructuring actions, including the continuation of the global supply chain transformation initiatives from prior years, and for the plan approved by the Board of Directors of the Company on July 29, 2024 (the “2024 Plan”).

With the 2024 Plan, the Company seeks to improve operational performance and drive stockholder value creation. In connection with the 2024 Plan, which is expected to be substantially completed by the end of 2025, the Company anticipates a net reduction in the Company’s global workforce of approximately 2% to 4%. The proposed changes are subject to co-determination processes with employee representative groups in countries where required. Actions taken under the 2024 Plan seek to further streamline the Company’s operations and global footprint, as well as improve alignment of the Company’s cost structure with its strategic growth objectives. As of September 30, 2025, the Company has incurred $30 million in restructuring charges under the 2024 Plan since its inception, primarily related to employee transition, severance payments and employee benefits, which are expected to be paid by the end of 2025. Remaining restructuring charges attributable to the 2024 Plan are not expected to be material.

With the restructuring plan approved by the Board of Directors of the Company on February 14, 2023 (the “2023 Plan”), the Company sought to restructure the business through a new operating model with five global business units, optimize central functions and overall management infrastructure, and implement other efforts aimed at cost savings. The 2023 Plan’s annual cost savings target of $200 million has been substantially met, with the benefits mostly offset in the short term by additional investments in sales personnel, the Company’s new global Enterprise Resource Planning (“ERP”) system, and other transformation initiatives. As of September 30, 2025, the Company has incurred $86 million in restructuring charges under the 2023 Plan since its inception, primarily related to employee transition, severance payments, employee benefits, and facility closure costs, and $20 million in other non-recurring costs related to restructuring activities, which mostly consist of consulting, legal, and other professional service fees. Remaining restructuring charges attributable to the 2023 Plan are not expected to be material.

The liabilities associated with the Company’s restructuring plans are recorded in Accrued liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets. Activity in the Company’s restructuring accruals at September 30, 2025 was as follows:


	Severance
(in millions)	2023 and Prior Plans		2024 Plans		Other Actions		Total

Balance at December 31, 2024	$	13	$	19	$	—	$	32
Provisions	1		3		13		17
Amounts applied	(11)		(18)		(4)		(33)
Change in estimates	(2)		(1)		—		(3)
Balance at September 30, 2025	$	1	$	3	$	9	$	13


	Other Restructuring Costs
(in millions)	2023 and Prior Plans		2024 Plans		Other Actions		Total

Balance at December 31, 2024	$	1	$	—	$	—	$	1
Provisions	1		—		1		2
Amounts applied	(2)		—		—		(2)

Balance at September 30, 2025	$	—	$	—	$	1	$	1

The cumulative amounts for the provisions and adjustments and amounts applied for all the plans by segment were as follows:


(in millions)	December 31, 2024		Provisions		Amounts Applied		Change in Estimates		September 30, 2025

Connected Technology Solutions	$	9	$	4	$	(9)	$	(2)	$	2
Essential Dental Solutions	11		1		(9)		(1)		2
Orthodontic and Implant Solutions	9		5		(8)		—		6
Wellspect Healthcare	3		1		(2)		—		2
All Other	1		8		(7)		—		2
Total	$	33	$	19	$	(35)	$	(3)	$	14

NOTE 9 – FINANCIAL INSTRUMENTS AND DERIVATIVES

Derivative Instruments and Hedging Activities

The Company’s business activities and operations expose it to a variety of market risks, which primarily include the risks related to the effects of changes in foreign currency exchange rates and interest rates. These financial exposures are monitored and managed by the Company as part of its overall risk management program. The objective of this risk management program is to reduce the volatility that these market risks may have on the Company’s operating results and cash flows. The Company employs derivative financial instruments to hedge certain anticipated transactions, firm commitments, or assets and liabilities denominated in foreign currencies. Additionally, the Company utilizes interest rate swaps to convert fixed rate debt into variable rate debt or vice versa. The Company does not hold derivative instruments for trading or speculative purposes.

The following summarizes the notional amounts of hedges of net investments, fair value hedges, and derivative instruments not designated as hedges for accounting purposes by derivative instrument type at September 30, 2025 and the notional amounts expected to mature during the next 12 months.


(in millions)	Aggregate Notional Amount		Aggregate Notional Amount Maturing within 12 Months







Hedges of Net Investments
Foreign exchange forward contracts	$	870	$	345
Cross currency basis swaps	1,413		—
Total derivative instruments designated as hedges of net investments	$	2,283	$	345

Fair Value Hedges
Interest rate swaps	$	150	$	—
Foreign exchange forward contracts	—		—
Total derivative instruments designated as fair value hedges	$	150	$	—

Derivative Instruments not Designated as Hedges
Foreign exchange forward contracts	$	773	$	773
Total derivative instruments not designated as hedges	$	773	$	773

Cash Flow Hedges

Interest Rate Risk Management

The Company enters into interest rate swap contracts to manage interest rate risk on long-term debt instruments and not for speculative purposes. Any cash flows associated with these instruments are included in operating activities in the Consolidated Statements of Cash Flows.

On May 26, 2020, the Company paid $31 million to settle the $150 million notional Treasury rate lock contract, which partially hedged the interest rate risk of the $750 million Senior Notes due June 2030. This loss is amortized over the ten-year life of the notes. As of September 30, 2025 and December 31, 2024, $14 million and $16 million, respectively, of this loss is remaining to be amortized from AOCI in future periods.

AOCI Release

Overall, the derivatives designated as cash flow hedges are considered to be highly effective for accounting purposes. At September 30, 2025, the Company expects to reclassify $3 million of deferred net losses on cash flow hedges recorded in AOCI in the Consolidated Statements of Operations during the next 12 months. For the rollforward of derivative instruments designated as cash flow hedges in AOCI, see Note 4, Comprehensive Loss.

Hedges of Net Investments in Foreign Operations

The Company has significant investments in foreign subsidiaries, the net assets of which are exposed to volatility in foreign currency exchange rates. The Company employs both derivative and non-derivative financial instruments to hedge a portion of these exposures. The derivative instruments consist of foreign exchange forward contracts and cross-currency basis swaps. The non-derivative instruments consist of foreign currency denominated debt held at the parent company level. Translation gains and losses related to the net assets of the foreign subsidiaries are offset by gains and losses in the aforementioned instruments, which are designated as hedges of net investments, and the intrinsic value changes in these instruments are recorded on AOCI, net of tax effects. The time-value component of the fair value of the derivative instrument is amortized on a straight-line basis in Other income in the Consolidated Statements of Operations in the applicable period. Any cash flows associated with these instruments are included in investing activities in the Consolidated Statements of Cash Flows, except for derivative instruments that include an other-than-insignificant financing element, for which all cash flows are classified as financing activities in the Consolidated Statements of Cash Flows.

The fair value of the foreign currency exchange forward contracts and cross-currency basis swaps is the estimated amount the Company would receive or pay at the reporting date, taking into account the effective interest rates and foreign exchange rates. The effective portion of the change in the value of these derivatives is recorded in AOCI, net of tax effects.

Fair Value Hedges

Interest Rate Risk Management

On February 13, 2024, the Company paid $9 million to settle the variable interest rate swap with a notional amount of $100 million which was originally set to mature on June 1, 2026. This closure of the interest rate swap will result in a loss of $8 million being amortized over the remaining life of the Senior Notes due June 2030.

Derivative Instruments Not Designated as Hedges

The Company enters into derivative instruments with the intent to partially mitigate the foreign exchange revaluation risk associated with recorded assets and liabilities that are denominated in a non-functional currency. The Company primarily uses foreign exchange forward contracts to hedge these risks. The gains and losses on these derivative transactions offset the gains and losses generated by the revaluation of the underlying non-functional currency balances and are recorded in Other income in the Consolidated Statements of Operations. Any cash flows associated with these instruments are included in operating activities in the Consolidated Statements of Cash Flows.

Derivative Instrument Activity

The effect of derivative hedging instruments on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Loss were as follows:


	Three Months Ended September 30,
	2025					2024
(in millions)		Interest expense, net		Other income			Interest expense, net		Other income

Total amounts of line items presented in the Statement of Operations in which the effects of cash flow, net investment or fair value hedges are recorded		$	23	$	(11)		$	18	$	(2)

(Gain) loss on Cash Flow Hedges reclassified from AOCI into income

Interest rate swaps		$	—	$	—		$	—	$	—

(Gain) loss on Hedges of Net Investment
Cross currency basis swaps		$	—	$	(11)		$	—	$	(1)
Foreign exchange forward contracts		—		(7)			—		(6)

(Gain) loss on Fair Value Hedges:
Interest rate swaps		$	3	$	—		$	2	$	—
Foreign exchange forward contracts		—		—			—		—

(Gain) loss on Derivative Instruments not Designated as Hedges
Foreign exchange forward contracts		$	—	$	1		$	—	$	—


	Amount of Gain or (Loss) Recognized in AOCI					Amount of Gain or (Loss) Reclassified from AOCI into Income
	Three Months Ended September 30,				Consolidated Statements of Operations Location	Three Months Ended September 30,
(in millions)	2025		2024			2025		2024







Hedges of Net Investments
Cross currency basis swaps	$	(36)	$	(8)	Other expense (income), net	$	—	$	—

Foreign exchange forward contracts	7		(38)		Other expense (income), net	—		—


	Nine Months Ended September 30,
	2025					2024
(in millions)		Interest expense, net		Other income			Interest expense, net		Other income

Total amounts of line items presented in the Statement of Operations in which the effects of cash flow, net investment or fair value hedges are recorded		$	66	$	(10)		$	53	$	(10)

(Gain) loss on Cash Flow Hedges reclassified from AOCI into income

Interest rate swaps		$	2	$	—		$	2	$	—

(Gain) loss on Hedges of Net Investment
Cross currency basis swaps		$	—	$	(13)		$	—	$	(3)
Foreign exchange forward contracts		—		(19)			—		(19)

(Gain) loss on Fair Value Hedges:
Interest rate swaps		$	5	$	—		$	6	$	—
Foreign exchange forward contracts		—		—			—		—

(Gain) loss on Derivative Instruments not Designated as Hedges
Foreign exchange forward contracts		$	—	$	13		$	—	$	—


	Amount of Gain or (Loss) Recognized in AOCI					Amount of Gain or (Loss) Reclassified from AOCI into Income
	Nine Months Ended September 30,				Consolidated Statements of Operations Location	Nine Months Ended September 30,
(in millions)	2025		2024			2025		2024

Cash Flow Hedges
Foreign exchange forward contracts	$	—	$	—	Cost of products sold	$	—	$	—
Interest rate swaps	—		—		Interest expense, net	(2)		2



Hedges of Net Investments
Cross currency basis swaps	$	(65)	$	—	Other expense (income), net	$	—	$	—

Foreign exchange forward contracts	(100)		(5)		Other expense (income), net	—		—

Consolidated Balance Sheets Location of Derivative Fair Values

The fair value and the financial statement presentation of the Company’s derivatives in the Consolidated Balance Sheets were as follows:


	September 30, 2025
(in millions)	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Accrued Liabilities		Other Noncurrent Liabilities

Designated as Hedges:
Foreign exchange forward contracts	$	—	$	—	$	24	$	44
Interest rate swaps	—		—		5		9
Cross currency basis swaps	41		—		—		88
Total	$	41	$	—	$	29	$	141

Not Designated as Hedges:
Foreign exchange forward contracts	$	4	$	—	$	9	$	—
Total	$	4	$	—	$	9	$	—

	December 31, 2024
(in millions)	Prepaid Expenses and Other Current Assets		Other Noncurrent Assets		Accrued Liabilities		Other Noncurrent Liabilities

Designated as Hedges:
Foreign exchange forward contracts	$	5	$	9	$	—	$	1
Interest rate swaps	—		—		4		17
Cross currency basis swaps	4		14		—		—
Total	$	9	$	23	$	4	$	18

Not Designated as Hedges:
Foreign exchange forward contracts	$	4	$	—	$	8	$	—
Total	$	4	$	—	$	8	$	—

Balance Sheet Offsetting

Substantially all of the Company’s derivative contracts are subject to netting arrangements, whereby the right to offset occurs in the event of default or termination in accordance with the terms of the arrangements with the counterparty. While these contracts contain the enforceable right to offset through netting arrangements with the same counterparty, the Company elects to present them on a gross basis in the Consolidated Balance Sheets.

Offsetting of financial assets and liabilities under netting arrangements at September 30, 2025 were as follows:


							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments		Cash Collateral Received/Pledged		Net Amount

Assets
Foreign exchange forward contracts	$	4	$	—	$	4	$	(4)	$	—	$	—


Cross currency basis swaps	41		—		41		(41)		—		—

Total assets	$	45	$	—	$	45	$	(45)	$	—	$	—

Liabilities
Foreign exchange forward contracts	$	77	$	—	$	77	$	(14)	$	—	$	63

Interest rate swaps	14		—		14		—		—		14
Cross currency basis swaps	88		—		88		(31)		—		57

Total liabilities	$	179	$	—	$	179	$	(45)	$	—	$	134

Offsetting of financial assets and liabilities under netting arrangements at December 31, 2024 were as follows:



							Gross Amounts Not Offset in the Consolidated Balance Sheets
(in millions)	Gross Amounts Recognized		Gross Amount Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments		Cash Collateral Received/Pledged		Net Amount

Assets
Foreign exchange forward contracts	$	18	$	—	$	18	$	(5)	$	—	$	13


Cross currency basis swaps	18		—		18		(6)		—		12
Total assets	$	36	$	—	$	36	$	(11)	$	—	$	25

Liabilities
Foreign exchange forward contracts	$	9	$	—	$	9	$	(4)	$	—	$	5

Interest rate swaps	21		—		21		(7)		—		14


Total liabilities	$	30	$	—	$	30	$	(11)	$	—	$	19

NOTE 10 – FAIR VALUE MEASUREMENT

The estimated fair and carrying values of the Company’s total debt were $2,334 million and $2,395 million, respectively, at September 30, 2025. At December 31, 2024, the estimated fair and carrying values were $2,037 million and $2,135 million, respectively. The fair value of long-term debt is determined by discounting future cash flows using interest rates available at September 30, 2025 and December 31, 2024 and interest rates for companies with similar credit ratings for issuances with similar terms and maturities. It is considered a Level 2 fair value measurement for disclosure purposes.

Assets and liabilities measured at fair value on a recurring basis

The Company’s financial assets and liabilities set forth by level within the fair value hierarchy that were accounted for at fair value on a recurring basis were as follows:



	September 30, 2025
(in millions)	Total		Level 1		Level 2		Level 3

Assets



Cross currency basis swaps	$	41	$	—	$	41	$	—
Foreign exchange forward contracts	$	4	$	—	$	4	$	—

Total assets	$	45	$	—	$	45	$	—

Liabilities
Interest rate swaps	$	14	$	—	$	14	$	—

Cross currency basis swaps	88		—		88		—
Foreign exchange forward contracts	77		—		77		—


Total liabilities	$	179	$	—	$	179	$	—



	December 31, 2024
(in millions)	Total		Level 1		Level 2		Level 3

Assets




Cross currency basis swaps	$	18	$	—	$	18	$	—
Foreign exchange forward contracts	18		—		18		—

Total assets	$	36	$	—	$	36	$	—

Liabilities
Interest rate swaps	$	21	$	—	$	21	$	—


Foreign exchange forward contracts	9		—		9		—

Contingent consideration on acquisitions	4		—		—		4

Total liabilities	$	34	$	—	$	30	$	4

Derivative valuations are based on observable inputs to the valuation model including interest rates, foreign currency exchange rates, and credit risks.

There were no transfers between fair value measurement levels during the nine months ended September 30, 2025.

NOTE 11 – INCOME TAXES

The effective tax rates for the three months ended September 30, 2025 and 2024 were (86.5%) and (3.3%), respectively. For the nine months ended September 30, 2025 and 2024 the rates were (33.6%) and (16.7%), respectively. The decrease in effective tax rate is primarily driven by intangible and goodwill impairment.

NOTE 12 – FINANCING ARRANGEMENTS

The Company has a five-year senior unsecured multi-currency revolving facility, for an aggregate principal amount of $700 million, that expires on May 12, 2028. The Company also has a $700 million commercial paper program. The $700 million multi-currency revolving credit facility serves as a back-up to the commercial paper facility, resulting in an aggregate of $700 million as the total available credit under the commercial paper facility and the multi-currency revolving credit facility. The Company had no outstanding borrowings under the commercial paper facility at September 30, 2025 and $410 million in outstanding borrowings under the commercial paper facility at December 31, 2024, and the Company had no outstanding borrowings under the multi-currency revolving credit facility at September 30, 2025 and December 31, 2024. The Company also has access to $42 million in uncommitted short-term financing available under lines of credit from various financial institutions, which is reduced by other outstanding short-term borrowings of $5 million.

On March 19, 2025, the Company entered into a 364-day term loan of $435 million with a maturity date of March 18, 2026 (the “Bridge Loan Facility”). The proceeds were $432 million, net of issuance fees totaling $3 million. The net proceeds from the Bridge Loan Facility were used to repay indebtedness under the Company’s commercial paper facility and pre-fund repayment of certain other short-term indebtedness. Subsequently, on June 12, 2025, the Company issued $550 million aggregate principal amount of 8.375% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 (the “Notes”) through a public offering. The proceeds from the sale of the Notes were $545 million after deduction of underwriters’ fees. On June 12, 2025, the Company used a portion of these proceeds to repay in full the outstanding principal and accrued interest due under the Bridge Loan Facility, which was then terminated as a result of the repayment. The Company intends to use the remaining proceeds from the sale of the Notes for general corporate purposes.

At September 30, 2025, the weighted-average interest rate for short-term debt was 4.9%.

At September 30, 2025, the Company had $736 million of borrowings available under lines of credit, including lines available under its short-term arrangements and revolving credit facility.

The Company’s revolving credit facility and senior notes contain certain affirmative and negative debt covenants relating to the Company’s operations and financial condition. On June 3, 2025, the Company entered into agreements with the applicable noteholders to amend certain provisions of its private placement notes and also obtained the consent of the requisite lenders under its revolving credit facility to amend certain provisions of that credit agreement. Under the amended terms, the Company and the relevant counterparties agreed to, among other things: (i) establish a financial covenant requiring that the ratio of senior debt to capitalization shall not exceed 0.6, (ii) increase the maximum allowable consolidated leverage ratio to 0.65, (iii) adjust the German subsidiary debt to be treated as permitted debt under a newly designated standalone basket, and (iv) implement provisions governing interest rate adjustments in the event that the Company’s credit rating is downgraded below investment grade. At September 30, 2025, the Company was in compliance with the aforementioned provisions.

Interest expense, net includes interest income of $3 million and $5 million for the three months ended September 30, 2025 and 2024, respectively. Interest expense, net includes interest income of $10 million and $15 million for the nine months ended September 30, 2025 and 2024, respectively. Interest income primarily relates to interest-bearing cash equivalents.

NOTE 13 – GOODWILL AND INTANGIBLE ASSETS

The Company’s policy is to assess goodwill and indefinite-lived intangible assets for impairment annually as of April 1, with more frequent assessments if events or changes in circumstances indicate a given asset might be impaired. For the goodwill impairment tests as of April 1, 2025, the Company utilized an income-based approach for the Implant & Prosthetic Solutions reporting unit within the Orthodontic and Implant Solutions segment and performed a qualitative assessment for the other two reporting units with goodwill balances, due to the significant excess of fair value over carrying value for those units.

As a result of the annual goodwill impairment test, the Company determined that the fair value of the Implant & Prosthetic Solutions reporting unit was below its carrying value. Fair value was determined using a discounted cash flow model based on

inputs developed from internal and market-based data, including ten-year forecasted cash flows plus a terminal value based on capitalizing the last period’s cash flows using a perpetual growth rate. The Company’s significant assumptions in the discounted cash flow model included, but were not limited to, a discount rate of 12.5%, revenue growth rates (including perpetual growth rates), operating margin percentages, and net working capital changes of the reporting unit’s business. The reduction in fair value for the Implant & Prosthetic Solutions reporting unit determined by this model was primarily driven by the impact of tariffs and lower projected volumes, due partly to competitive pressures, particularly in the United States and European markets. These factors contributed to reduced forecasted revenues, lower operating margins, and reduced expectations for future cash flows in the near term. As a result of this test, the Company recorded a pre-tax goodwill impairment charge as of June 30, 2025 of $156 million for the Implant & Prosthetic Solutions reporting unit within the Orthodontic and Implant Solutions segment, which was recorded in Goodwill and intangible asset impairment in the Consolidated Statement of Operations. Based on the qualitative assessment performed for the other reporting units, the Company believed there was no indication that the carrying value more likely than not exceeded the fair value in each case as of April 1, 2025.

Indefinite-lived intangible assets were assessed either through a computation of fair value using an income approach, specifically a relief from royalty method for acquired trade names and trademarks, or through a qualitative assessment for in-process research and development (“R&D”). The Company’s significant assumptions in the relief from royalty method included, but were not limited to, discount rates (ranging from 11.0% to 15.0%), revenue growth rates (including perpetual growth rates) and royalty rates, all of which were determined using the judgment of management. Other assumptions were consistent with those applied to goodwill impairment testing. These assumptions for both the goodwill and indefinite-lived intangible asset tests were developed in consideration of current market conditions and future expectations which included, but were not limited to, impact from competition and new product developments. In conjunction with this annual test, the Company identified impairments of certain indefinite-lived intangible assets including trade names and trademarks within the Connected Technology Solutions segment, and certain trade names within the Implant & Prosthetic Solutions reporting unit within the Orthodontic and Implant Solutions segment. The decline in fair value of the trade names and trademarks was driven by the impact of tariffs, which reduced the royalty rates used to value these assets, and lower volumes for the Company’s equipment and implant products due partly to competitive pressure, which contributed to reduced forecasted revenues. As a result of this test, the Company recorded pre-tax charges of $79 million to intangible assets as of June 30, 2025, consisting of $64 million within the Connected Technology Solutions segment and $15 million within the Implant & Prosthetic Solutions reporting unit, which were recorded in Goodwill and intangible asset impairment in the Consolidated Statement of Operations.

For the three months ended September 30, 2025, the Company considered additional qualitative and quantitative factors to determine whether any events or changes in circumstances had resulted in indicators of additional impairment of goodwill or indefinite-lived intangible assets. Due to the lower-than-expected results for Implant & Prosthetic Solutions, it was determined that the fair value of this reporting unit had declined below its carrying value. The updated fair value was computed in a manner consistent with the annual test described above, with the decline primarily driven by lower-than-expected volumes, particularly in the United States, and the impact of tariffs. As a result of the updated impairment testing, as of September 30, 2025, the Company recorded a pre-tax goodwill impairment charge of $253 million for the Implant & Prosthetic Solutions reporting unit. Additionally, review of the indefinite-lived intangible assets previously impaired as of June 30, 2025, using a consistent methodology as that which was used for the annual test, indicated a further decline in fair value as of September 30, 2025 due to lower volumes for the Company’s equipment and implant products. As a result, the Company recorded indefinite-lived intangible asset pre-tax impairment charges of $4 million and $5 million for the Connected Technology Solutions and Orthodontic and Implant Solutions segments, respectively, for the three months ended September 30, 2025.

Following these impairments, the fair values of the Implant & Prosthetic Solutions reporting unit and the abovementioned indefinite-lived intangible assets continued to approximate their carrying values as of September 30, 2025. Any further decline in key assumptions, such as an increase in the discount rate by 50 basis points or further reduction in projected revenues or margins, would likely lead to additional material impairments of the Implant & Prosthetic Solutions reporting unit, the above-mentioned intangible assets, or both. Additionally, the fair value of other assets within the Connected Technology Solutions segment, including fixed assets and definite-lived intangible assets, may be at risk of material impairment if forecasted revenues or margins for this business decline further, or if the Company is not able to adequately mitigate the impact of tariff costs in future years. Remaining goodwill associated with the Implant & Prosthetic Solutions reporting unit was $123 million as of September 30, 2025, which represents all remaining goodwill within the Orthodontic and Implant Solutions segment. The remaining carrying values of the indefinite-lived intangible assets within the Connected Technology Solutions and Orthodontic and Implant Solutions segments approximate fair value and were $105 million and $90 million, respectively, as of September 30, 2025.

There is a risk of future impairment charges if there is a decline in the fair value of the reporting units or indefinite-lived intangible assets as a result of, among other things, actual financial results that are lower than forecasts, an adverse change in valuation assumptions, a decline in equity valuations, increases in interest rates, or changes in the use of intangible assets. There can be no assurance that the Company’s future asset impairment testing will not result in a material charge to earnings.

A reconciliation of changes in the Company’s goodwill by reportable segment is as follows:


(in millions)	Connected Technology Solutions		Essential Dental Solutions		Orthodontic and Implant Solutions		Wellspect Healthcare		Total






















Balance at December 31, 2024
Goodwill	$	291	$	829	$	1,276	$	265	$	2,661
Accumulated impairment losses	(291)		—		(773)		—		(1,064)
Goodwill, net at December 31, 2024	—		829		503		265		1,597

Impairment	—		—		(409)		—		(409)
Foreign Currency Translation			29		29		24		82

Balance at September 30, 2025
Goodwill	$	291	$	858	$	1,305	$	289	$	2,743
Accumulated impairment losses	$	(291)	$	—	$	(1,182)	$	—	$	(1,473)
Goodwill, net at September 30, 2025	$	—	$	858	$	123	$	289	$	1,270

Identifiable definite-lived and indefinite-lived intangible assets were as follows:


	September 30, 2025						December 31, 2024
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Developed technology and patents	$	1,782	$	(1,296)	$	486	$	1,639	$	(1,079)	$	560
Trade names and trademarks	84		(78)		6		79		(73)		6
Licensing agreements	42		(29)		13		29		(28)		1
Customer relationships	1,098		(829)		269		1,019		(716)		303
Total definite-lived	3,006		(2,232)		774		2,766		(1,896)		870

Indefinite-lived trade names and trademarks	$	286	$	—	$	286	$	332	$	—	$	332
In-process R&D	5		—		5		5		—		5
Total indefinite-lived	291		—		291		337		—		337

Total identifiable intangible assets	$	3,297	$	(2,232)	$	1,065	$	3,103	$	(1,896)	$	1,207

In the nine months ended September 30, 2025, the Company acquired naming and certain other rights to a university dental laboratory in exchange for $14 million of equipment and consumable products to be transferred to the university through 2040. These rights were recorded as an intangible asset to be amortized over a fifteen-year period, with an offsetting contract liability that will be relieved as the equipment and products are provided to the university.

NOTE 14 – COMMITMENTS AND CONTINGENCIES

Contingencies

On December 19, 2018, a putative class action was filed in the U.S. District Court for the Eastern District of New York (the “EDNY Court”) against the Company and certain individual defendants. The case was narrowed following its inception. The plaintiff’s claims which, as discussed below, have now been approved for final settlement, were that the Company and certain individual defendants violated U.S. securities laws by making material misrepresentations and omitting required information in the December 4, 2015 registration statement filed with the SEC in connection with the 2016 merger of Sirona Dental Systems Inc. (“Sirona”) with DENTSPLY International Inc. (the “Merger”) and that the defendants failed to disclose, among other things, that a distributor had purchased excessive inventory of legacy Sirona products. In addition, the plaintiff alleged that the defendants violated U.S. securities laws by making false and misleading statements in quarterly and annual reports and other public statements between May 6, 2016 and August 7, 2018. The plaintiff asserted claims on behalf of a putative class consisting of all purchasers of the Company’s stock during the period from December 8, 2015 through August 6, 2018. The Company moved to dismiss the amended complaint on August 15, 2019. The plaintiff filed its second amended complaint on January 22, 2021, and the Company filed a motion to dismiss the second amended complaint on March 8, 2021, with briefing on the motion fully submitted on May 21, 2021. The Company’s motion to dismiss was denied in a ruling by the EDNY Court on March 29, 2023, and the Company’s answer to the second amended complaint was filed on May 12, 2023. Following additional motion practice—which remained outstanding with the EDNY Court—and discovery, the parties engaged in settlement discussions with the assistance of a mediator, and, in January 2025, reached a settlement in principle to resolve the case in full for $84 million. In connection with the settlement, the Company received an offsetting insurance policy receivable of approximately $78 million and paid the rest in cash. The excess of the settlement liability over the corresponding insurance policy receivable resulted in $6 million of legal expense which was recorded during the year ended December 31, 2024. The settlement agreement, which was negotiated and signed in January, was approved by the EDNY Court following a final approval hearing held on September 10, 2025.

On June 2, 2022, the Company was named as a defendant in a putative class action filed in the U.S. District Court for the Southern District of Ohio captioned City of Miami General Employees’ & Sanitation Employees’ Retirement Trust v. Casey, Jr. et al., No. 2:22-cv-02371, and on July 28, 2022, the Company was named as a defendant in a putative class action filed in the U.S. District Court for the Southern District of New York (the “SDNY Court”) captioned San Antonio Fire and Police Pension Fund v. Dentsply Sirona Inc. et al., No. 1:22-cv-06339 (together, the “Securities Litigation”). The complaints in the Securities Litigation are substantially similar and both allege that, during the period from June 9, 2021 through May 9, 2022, the Company, Mr. Donald M. Casey Jr., the Company’s former Chief Executive Officer, and Mr. Jorge Gomez, the Company’s former Chief Financial Officer, violated U.S. securities laws by, among other things, making materially false and misleading statements or omissions, including regarding the manner in which the Company recognized revenue tied to distributor rebate and incentive programs. On March 27, 2023, the Court in the Southern District of Ohio ordered the transfer of the putative class action to the SDNY Court. On June 1, 2023, the SDNY Court consolidated the two separate actions under case No. 1:22-cv-06339 and appointed as lead plaintiffs for the putative class the City of Birmingham Retirement and Relief System, the El Paso Firemen & Policemen’s Pension Fund, and the Wayne County Employees’ Retirement System (collectively, the “Lead Plaintiffs”). Lead Plaintiffs filed an amended class action complaint on July 28, 2023 (the “Amended Complaint”). In addition to asserting the same claims against the Company, Mr. Casey, and Mr. Gomez, the Amended Complaint added the Company’s former Chief Accounting Officer, Mr. Ranjit S. Chadha, as a defendant (collectively, “Defendants”). On October 10, 2023, Defendants filed a motion to dismiss the Amended Complaint. Lead Plaintiffs opposed the motion. On May 1, 2024, the SDNY Court granted the motion to dismiss as to Mr. Chadha and granted in part and denied in part the motion to dismiss as to the Company, Mr. Casey, and Mr. Gomez. The Company’s answer to the Amended Complaint was filed on May 21, 2024. On November 15, 2024, Lead Plaintiffs filed a motion to certify the matter as a class action, to appoint Lead Plaintiffs as class representatives, and to appoint class counsel. Defendants opposed the motion. On July 10, 2025, the SDNY Court granted Lead Plaintiffs’ motion for class certification, appointed the Lead Plaintiffs as class representatives, and appointed counsel for Lead Plaintiffs as class counsel. The Company has recognized a liability as of September 30, 2025, with an offsetting insurance receivable, resulting in no impact to the Consolidated Statements of Operations in the three and nine months ended September 30, 2025.

In addition to the Securities Litigation, as previously disclosed, the Company voluntarily contacted the SEC following the Company’s announcement on May 10, 2022 of the internal investigation by the Audit and Finance Committee of the Company’s Board of Directors. On October 14, 2025, the Company announced that the Division of Enforcement of the SEC has concluded its investigation of the Company and does not intend to recommend any enforcement action against the Company.

Separately, on July 13, 2023, Company stockholder George Presura filed a stockholder derivative suit in the Delaware Court of Chancery captioned George Presura, Derivatively on Behalf of Nominal Defendant Dentsply Sirona Inc. v. Donald M. Casey Jr. et al. and Dentsply Sirona, Inc., No. 2023-0708-NAC (the “Presura Derivative Litigation”). The complaint, filed derivativel

DENTSPLY SIRONA Inc. 10-Q