MedlineMDLN
- Legal name
- Medline Inc.
- Sector
- Healthcare
- Industry
- Surgical & Medical Instruments & Apparatus
Stock Price $MDLN
Latest filings
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MDLN filed 1 annual reports (10-K), 2 quarterly reports (10-Q) and 10 current reports (8-K) between 2025 and 2026.
01—Key figures
Revenue Trend
Year-over-year comparison from 10-K annual reports · Dashed line: constant growth FY2023–FY2025
- $28.43B
Latest bar from 10-KFY2025Click a bar to open its SEC filingTap a bar to open its SEC filing
View full history →All MDLN Financial Metrics55 metrics
Income Statement15
Balance Sheet25
- Cash & ST Investments
- Total Assets
- Current Assets
- Cash
- Short-Term Investments
- Receivables
- Inventory
- Prepaid & Other
- PP&E
- Goodwill
- Intangibles
- Other Non-current
- Total Liabilities
- Current Liabilities
- Accounts Payable
- Accrued Liabilities
- Short-Term Debt
- Long-Term Debt
- Other Non-current Liab.
- Equity
- Retained Earnings
- Accumulated OCI
- APIC
- NCI
- Total L&E
Cash Flow11
02—Overview
Medline Financial Overview 2025–2025
Updated Nov 3, 2026Despite delivering 10.7% revenue growth to reach $7.35 billiona in Q1 2026, Medline saw its net income plunge 25.8% to $239 million, exposing an immediate vulnerability to rising import costs. The core thesis for investors is clear: while Medline’s distribution network and Prime Vendor relationships drive top-line expansion, escalating tariff hits and rising operational expenses are severely compressing bottom-line profitability.
The company's top-line trajectory remains intact, with net sales growing from $25.47 billion in FY2024 to $28.4 billionb in FY2025. This scale is anchored by over 1,600 Prime Vendor partnerships, generating $18.0 billion in annual revenue. Yet margin pressure is acute. Tariffs erased $290 million from pre-tax income in FY2025. By Q1 2026, Cost of Goods Sold surged 14.3% alongside a 14.8% jump in selling, general, and administrative expenses. Offsetting this operational squeeze, Medline aggressively optimized its balance sheet following its initial public offering in December 2025. Using offering proceeds to pay down debt, the company slashed its Q1 2026 net interest expense by 35.2% to $136 million.
At the close of FY2025, the market priced Medline at $42.00c per share, looking past a negative $-0.01 earnings per share as investors prioritized debt reduction and top-line scaling. Armed with $2.24 billion in cash at the end of Q1 2026, Medline holds ample liquidity to navigate near-term supply chain friction.
Recent Developments (Q1 and Q2 2026)
Medline's Q2 2026 results showed how much tariff accounting now shapes earnings. Net sales rose 11.6% to $7.69 billiond, but net income fell 58.3% to $139 million. Adjusted EBITDA rose 13.4% to $1.06 billion, yet that includes $243 million of tariff refunds. Excluding them, it fell about 12.6%. Management raised FY2026 organic sales guidance to 9.0%-10.0% and cut Adjusted EBITDA guidance to $3.3-$3.4 billion from $3.5-$3.6 billion. A Tracy, California distribution center fire caused a $336 million loss before insurance recoveries. In October, Medline exited its branded bed line, with costs of up to $220 million. COO Stephen Miller retires August 30, and director Joseph Baratta resigns effective December 31.
Bull case: volume growth is strong, net leverage fell to 2.9x, and H1 free cash flow rose 37.1% to $920 millione. Bear case: underlying margins are shrinking, the Tax Receivable Agreement liability reached $4.39 billion, and costs from the fire and bed exit are mounting. At $36.67 as of the Q2 2026 report date, the stock sits below the $37.00 secondary offering price. Annual EPS of $-0.01 makes a P/E meaningless.
What to watch: Tracy insurance recoveries and COO succession; whether underlying EBITDA margins stabilize without tariff refunds
03—Filings
Recent SEC Filings
- 8-KMedline 8-K Report, Financial Results (Nov 4, 2026)
- 8-KMedline 8-K Report, Regulation FD Disclosure (Oct 21, 2026)Medline Inc. (MDLN) has announced a voluntary field action involving the discontinuation and market exit of all Medline Brand beds, including homecare, bariatric, and long-term care beds, along with associated accessories. This strategic move impacts the Front Line Care product category within the Medline Brand segment. The company reported that the affected products generated approximately $60 million in net sales for the twelve months ended June 27, 2026. Medline currently estimates the total costs associated with this action, including product discontinuation, inventory impairment, disposal costs, and customer credits, to be up to $220 million. These costs are anticipated to be recognized in fiscal years 2026 and 2027 and will be excluded from Adjusted EBITDA. Despite these significant costs, Medline does not expect this action to materially impact its full-year 2026 financial results or its previously issued guidance.
- 8-KMedline 8-K Report, Executive Changes (Oct 15, 2026)Medline Inc. (MDLN) filed an 8-K report on October 15, 2026, disclosing a significant change in its Board of Directors. Joseph P. Baratta, a board member, has announced his resignation, which will be effective as of December 31, 2026. This departure is directly linked to his previously announced exit from Blackstone Inc. While the company expresses gratitude for Mr. Baratta's service, investors should note that his resignation is not attributed to any disagreements concerning Medline's operations, policies, or practices. This information is crucial for understanding board composition and potential influences on corporate strategy moving forward, especially given the timing with his departure from Blackstone.
- 8-KMedline 8-K Report, Financial Results (Aug 5, 2026)Medline reported second-quarter 2026 net sales of $7.7 billion, up 11.6%, with Organic Sales up 11.5%, driven by existing customer growth and implementation of 2025 new customer signings. Reported headline profitability is distorted by two large items. The company recognized $243 million of net IEEPA tariff refund benefits in Q2, which were booked entirely in the Medline Brand segment and included in both net income and Adjusted EBITDA. Separately, a $336 million loss from the fire at the Tracy, California distribution center was excluded from Adjusted EBITDA before expected insurance recoveries. Q2 net income fell 58.3% to $139 million, and net income attributable to Medline Inc. was $60 million. Q2 Adjusted EBITDA rose 13.4% to $1.06 billion, and diluted EPS was $0.07 against Adjusted Diluted EPS of $0.50. Excluding the $243 million refund benefit, underlying Q2 Adjusted EBITDA would be roughly $817 million, about 12.6% below the prior-year $935 million, and first-half Adjusted EBITDA would be roughly $1.59 billion, about 11.6% below the prior-year $1.80 billion. This suggests core profitability weakened in the quarter due to higher operating expenses, higher cost of goods sold including tariffs, and the cost of the fire. Full-year 2026 guidance was mixed. Organic Sales growth was raised to 9.0%-10.0% from 8.5%-9.5%, reflecting strong existing and new customer demand. Adjusted EBITDA guidance was lowered to $3.3-$3.4 billion from $3.5-$3.6 billion, citing Middle East-related inflation, increased operational investment, quality remediation, and retail softness. That guidance excludes the IEEPA refund benefit, so reported results could be higher than guided. Balance sheet and cash flow were comparatively solid. First-half operating cash flow was $1.13 billion and free cash flow was $920 million, up 37.1%. Net leverage was 2.9x on a trailing basis, with total debt of $12.75 billion and cash plus short-term investments of $2.68 billion. Tax receivable agreement liabilities rose to $4.39 billion from $3.54 billion at year-end 2025, and noncontrolling interests remain significant, with $189 million of first-half net income allocated to them. Investors should weigh the strong top-line growth and cash generation against the lower underlying earnings trend, the Tracy fire's operational and financial impact, and the one-time nature of the tariff refund benefit.
- 8-KMedline 8-K Report, Executive Changes (Jul 9, 2026)Medline Inc. (MDLN) filed an 8-K on July 9, 2026, to report the upcoming retirement of its Chief Operating Officer (COO), Stephen L. Miller, effective August 30, 2026. The company cited health-related reasons for Mr. Miller's departure. Medline Inc. has initiated a search process to identify and appoint a successor to this key executive role. This announcement marks a significant change in the company's senior leadership. Investors should monitor the selection of the new COO, as this individual will play a crucial role in executing Medline's operational strategies and future growth initiatives. The transition timeline allows for a structured handover, but the market will likely be keen to understand the company's plans for ensuring operational continuity and a smooth leadership transition during this period.
04—See also
Related Companies
Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.