MDLN 10-K Annual Reports

Medline Inc. Annual Report, Year Ended Dec 31, 2025

Medline Inc. (MDLN) reported strong performance for the fiscal year ended December 31, 2025, with net sales reaching $28.4 billion, a 11.5% increase year-over-year. This growth was primarily driven by increased volumes across its Prime Vendor relationships and its Medline Brand products. The company's strategy of leveraging its Prime Vendor model, differentiated distribution network, and robust commercial platform continues to yield positive results, evidenced by over 1,600 Prime Vendor relationships contributing significantly to revenue. Despite an 11.5% increase in net sales, net income saw a slight decrease of 3.6% to $1.16 billion, impacted by higher cost of goods sold and increased selling, general, and administrative expenses. Notably, tariffs had a $290 million adverse impact on income before taxes. The company's Medline Brand segment showed solid net sales growth of 9.6%, while the Supply Chain Solutions segment experienced a notable 13.2% increase in net sales. Medline Inc. also successfully completed its Initial Public Offering (IPO) in December 2025, generating substantial proceeds that were used to repay debt and for general corporate purposes.