01—Abstract
Summary
Summary of the 10-K filed February 25, 2026. Cited figures are marked; the original filing is the authoritative source.
Medline Inc. (MDLN) reported strong performance for the fiscal year ended December 31, 2025, with net sales reaching $28.4 billiona, 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 billionb, impacted by higher cost of goods sold and increased selling, general, and administrative expenses.
Notably, tariffs had a $290 millionc 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.
02—Key points
Key Highlights
- Net sales increased by 11.5% to $28.4 billion in fiscal year 2025, driven by volume growth.
- The Prime Vendor model remains a key growth driver, with over 1,600 relationships contributing $18.0 billion in net sales.
- Medline Brand segment net sales grew by 9.6% to $13.7 billion, with strong performance in Surgical Solutions.
- Supply Chain Solutions segment net sales increased by 13.2% to $14.7 billion, supported by Prime Vendor growth.
- Net income decreased by 3.6% to $1.16 billion, primarily due to increased cost of goods sold and SG&A expenses.
- Tariffs had a significant adverse impact of $290 million on income before taxes.
- The company successfully completed its Initial Public Offering (IPO) in December 2025, raising substantial capital.
03—One dollar
Where FY2025 revenue went
$28.43B- Cost of revenue: $20.91B, 74% of revenue
- SG&A: $4.52B, 16% of revenue
- Operating income: $2.21B, 7.8% of revenue
- R&D: $80.0M, 0.3% of revenue
- Other operating costs: $702.0M, 2.5% of revenue
Kept 7.8% as operating incomeR&D $80.0M · 0.3%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 25, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $28.43B$25.51B | +11.5% |
| Cost of Revenue | $20.91B$18.53B | +12.9% |
| Gross Profit | $7.52B$6.98B | +7.8% |
| R&D Expenses | $80.00M$67.00M | +19.4% |
| SG&A Expenses | $4.52B$4.11B | +10.1% |
| Operating Expenses | $5.31B$4.83B | +9.9% |
| Operating Income | $2.21B$2.15B | +3.1% |
| Net Income | $1.16T$1.16B | +99384.1% |
| EPS (Basic) | $-0.01— | — |
| EPS (Diluted) | $-0.01— | — |
| Shares Outstanding (Basic) | 810.00M— | — |
| Shares Outstanding (Diluted) | 810.00M— | — |
05—Questions
Frequently Asked Questions
What was Medline's revenue performance in fiscal year 2025?
Medline reported net sales of $28.4 billion for the fiscal year ended December 31, 2025, representing an 11.5% increase compared to the previous year. This growth was primarily attributed to increased sales volumes across its Prime Vendor relationships and its Medline Brand product offerings.
How did Medline's segments perform in fiscal year 2025?
The Medline Brand segment saw a 9.6% increase in net sales, reaching $13.7 billion, with strong contributions from Surgical Solutions. The Supply Chain Solutions segment experienced a 13.2% increase in net sales, totaling $14.7 billion, driven by the expansion of its Prime Vendor relationships.
What was the net income and profitability trend for Medline in fiscal year 2025?
Net income for fiscal year 2025 was $1.16 billion, a 3.6% decrease from the prior year. This was influenced by higher cost of goods sold and increased selling, general, and administrative expenses. The company also noted a $290 million adverse impact on pre-tax income due to tariffs.
What significant corporate events occurred in fiscal year 2025?
The most significant corporate event was the completion of Medline's Initial Public Offering (IPO) in December 2025. The IPO generated approximately $7.05 billion in net proceeds, which were utilized for debt repayment and general corporate purposes.
06—Continue