Medline Inc.

Listed Company

MDLNCIK 0002046386NasdaqNon-AcceleratedSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$28.43B

Net Income

$1.16B

Total Assets

$38.48B

Equity

$10.74B

Shares Out

—

Op. Cash Flow

$1.74B

MDLN$39.79−0.65% · past 7 monthsDBEQ Basic

Daily closing prices

Business

Medline Inc. is a leading provider of medical-surgical products and supply chain solutions serving hospitals, surgery centers, physician offices, and post-acute care facilities. The company offers a broad portfolio of medical-surgical products through two segments: Medline Brand, which includes proprietary products in wound care, surgical solutions, and laboratory diagnostics, and Supply Chain Solutions, which distributes third-party branded products and provides supply chain optimization services. Medline operates a Prime Vendor model with long-term multi-year customer agreements and maintains a substantial owned logistics network including distribution centers and dedicated transport vehicles.

Summary from 10-K filed 2026-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Net sales	28,432	25,507	23,231
Cost of goods sold	20,914	18,531	17,346
Gross profit	7,518	6,976	5,885
Selling, general and administrative expenses	4,524	4,108	3,867
Amortization of intangible assets	704	685	662
Other operating expenses	78	37	106
Total operating expense	5,306	4,830	4,635
Operating income	2,212	2,146	1,250
Interest expense, net	−812	−864	−976
Other (expense) income, net	−64	−43	1
Foreign exchange (loss) gain, net	−88	7	−11
Total other expense	−964	−900	−986
Income before income taxes	1,248	1,246	264
Provision for income taxes	91	46	30
Net income	1,157	1,200	234
Net loss attributable to noncontrolling interests	−2	—	—
Net income attributable to Medline Inc.	1,159	—	—
Basic (in dollars per share)	−0.01	—	—
Diluted (in dollars per share)	−0.01	—	—
Basic (in shares)	810	—	—
Diluted (in shares)	810	—	—
Retirement plan, net of tax	−8	0	−2
Net unrealized loss on derivative instruments	−89	−88	−115
Currency translation adjustment	129	−89	43
Total other comprehensive income (loss), net of tax	31	−177	−74
Total comprehensive income	1,189	1,023	160
Comprehensive loss attributable to noncontrolling interests	−2	0	0
Comprehensive income attributable to Medline Inc.	1,191	1,023	160

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	1,939	199	—	—
Trade accounts receivable, net of allowance for credit losses of $152 and $108 as of December 31, 2025 and 2024, respectively	3,533	3,219	—	—
Inventories	4,769	4,456	—	—
Other current assets	438	398	—	—
Total current assets	10,679	8,272	—	—
Property, plant, and equipment, net	4,778	4,595	—	—
Goodwill	8,079	8,065	7,532	—
Intangible assets, net	13,893	14,559	—	—
Deferred tax assets	583	0	—	—
Other long-term assets	472	487	—	—
Total other non-current assets	23,027	23,111	—	—
Total assets	38,484	35,978	—	—
Current portion of long-term borrowings and other short-term borrowings	77	78	—	—
Accounts payable	961	869	—	—
Accrued expenses and other current liabilities	1,452	1,493	—	—
Total current liabilities	2,490	2,440	—	—
Long-term borrowings, less current portion	12,484	16,416	—	—
Tax receivable agreement liability	3,542	0	—	—
Other long-term liabilities	682	598	—	—
Total non-current liabilities	16,708	17,014	—	—
Total liabilities	19,198	19,454	—	—
Commitments and contingencies	—	—	—	—
Mezzanine equity	367	366	233	156
Preferred stock	0	—	—	—
Additional paid-in capital	10,717	—	—	—
Accumulated deficit	−7	—	—	—
Partners capital	—	16,147	—	—
Accumulated other comprehensive income	27	11	—	—
Total Medline Inc. stockholders equity	10,737	—	—	—
Partners' capital	16,872	16,158	16,744	16,621
Noncontrolling interests	8,549	—	—	—
Total stockholders equity / partners capital	19,286	—	—	—
Total liabilities, stockholders equity and mezzanine equity / partners capital	38,484	35,978	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Depreciation and amortization	1,011	977	951
Stock-based compensation expense	76	61	78
Amortization of deferred financing costs	59	57	80
Embedded derivative on debt	−41	0	0
Credit losses	54	63	8
Unrealized foreign exchange loss (gain), net	68	−10	3
Amortization of inventory step-up	0	25	90
Loss on extinguishment of debt	58	32	0
Non-cash lease expense	72	61	47
Other non-cash adjustments	13	−22	−5
Trade accounts receivable	−355	−256	−153
Inventories	−264	−545	444
Other assets	−126	46	−92
Accounts payable	73	106	136
Accrued expenses and other current liabilities	−92	62	−112
Other liabilities	−19	−88	−24
Net cash provided by operating activities	1,744	1,769	1,685
Purchases of property and equipment, net	−447	−354	−275
Acquisitions of businesses, net of cash acquired	6	−1,126	−16
Cash paid for asset acquisitions	−33	−10	−10
Other investing activities	0	−3	−11
Net cash used in investing activities	−474	−1,493	−312
Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions	7,048	0	0
Purchase of Class A common stock and redemptions of Common Units from Pre-IPO owners	−1,970	0	0
Payment for offering costs	−36	0	0
Proceeds from long-term borrowings	7,569	15,932	0
Repayment for long-term borrowings	−11,661	−15,995	−77
Repayments under lines of credit	−179	−166	0
Proceeds from lines of credit	179	166	0
Payment for debt issuance cost	0	−12	0
Payment towards Class B unit repurchases	−33	−20	0
Distributions to partners	−518	−1,518	−114
Net cash provided by (used in) financing activities	399	−1,613	−191
Effect of exchange rate changes on cash and cash equivalents and restricted cash	23	2	4
Net change in cash and cash equivalents and restricted cash	1,692	−1,335	1,186
Cash payments for interest on borrowings	944	1,022	1,126
Cash received from interest rate hedging activities	89	170	170
Cash payments for income taxes, net	62	101	52
Operating cash flows paid for operating leases	109	84	56
Right-of-use operating lease assets obtained in exchange for lease obligations	115	143	145
Non-cash purchases of property, plant and equipment	58	50	25
Recognition of tax receivable agreement liability	3,542	0	0
Recognition of deferred tax assets from equity transactions	553	0	0
Non-cash capital contribution	0	0	84

Filings

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Frequently asked questions

What is Medline Inc.'s CIK number?

Medline Inc.'s SEC CIK number is 0002046386 (2046386). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Medline Inc.'s SEC filings?

All of Medline Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Medline Inc. last report earnings?

Medline Inc. (MDLN) most recently filed an earnings 8-K with the SEC on May 6, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0002046386-26-000022). This is Medline Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is Medline Inc.'s most recent earnings 8-K?

Medline Inc.'s latest earnings 8-K (Item 2.02) was filed May 6, 2026 under accession 0002046386-26-000022. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Medline Inc.'s latest earnings 8-K →
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