Medline Inc. MDLN
Medline Inc. (together with its subsidiaries, "Medline", "the Company", "we", "ours" and "us") is the largest provider of medical-surgical ("med-surg") products and supply chain solutions serving all points of care, based on total net sales of med-surg products. Medline was founded in 1966 and today delivers mission-critical products used daily across the full range of care settings, from hospitals and surgery centers to physician offices and post-acute facilities. Our mission is to make healthcare run better by delivering improved clinical, financial, and operational outcomes.
We have two reportable segments, Medline Brand and Supply Chain Solutions, the combination of which addresses critical needs in the market through a comprehensive solution. They are both supported by our Prime Vendor model, differentiated distribution network, and robust commercial platform. Through our two segments, we offer approximately 335,000 med-surg products, including surgical and procedural kits, gloves and protective apparel, urological and incontinence care, wound care, and consumable lab and diagnostics products. We distribute these products through our expansive network of global distribution facilities and our owned fleet of MedTrans trucks.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $28.43B | $25.51B | $23.23B | — |
| Cost of revenue | $20.91B | $18.53B | $17.35B | — |
| Gross profit | $7.52B | $6.98B | $5.88B | — |
| R&D | $80.0M | $67.0M | $60.0M | — |
| SG&A | $4.52B | $4.11B | $3.87B | — |
| Total operating expenses | $5.31B | $4.83B | $4.63B | — |
| Operating income | $2.21B | $2.15B | $1.25B | — |
| Interest expense | $945.0M | $1.14B | $1.21B | — |
| Pre-tax income | $1.25B | $1.25B | $264.0M | — |
| Income tax | $91.0M | $46.0M | $30.0M | — |
| Net income | $1.16T | $1.16B | $234.0M | — |
| EPS, basic | -0.01 | — | — | — |
| EPS, diluted | -0.01 | — | — | — |
| Shares, diluted (wtd. avg.) | 810.0M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $1.94B | $199.0M | $1.58B | $399.0M |
| Receivables | $3.53B | $3.22B | — | — |
| Inventory | $4.77B | $4.46B | — | — |
| Total current assets | $10.68B | $8.27B | — | — |
| Property, plant and equipment | $4.78B | $4.59B | — | — |
| Goodwill | $8.08B | $8.06B | $7.53B | — |
| Other intangibles | $13.89B | $14.56B | — | — |
| Total assets | $38.48B | $35.98B | — | — |
| Accounts payable | $961.0M | $869.0M | — | — |
| Short-term debt | $76.0M | $76.0M | — | — |
| Total current liabilities | $2.49B | $2.44B | — | — |
| Long-term debt | $12.48B | $16.42B | — | — |
| Total liabilities | $19.20B | $19.45B | — | — |
| Retained earnings | -$7.0M | — | — | — |
| Total equity | $10.74B | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | $1.74B | $1.77B | $1.69B | — |
| Depreciation and amortisation | $1.01B | $977.0M | $951.0M | — |
| Stock-based compensation | $76.0M | $61.0M | $78.0M | — |
| Capital expenditure | $447.0M | $354.0M | $275.0M | — |
| Investing cash flow | -$474.0M | -$1.49B | -$312.0M | — |
| Financing cash flow | $399.0M | -$1.61B | -$191.0M | — |
| Buybacks | $33.0M | $20.0M | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-047092.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | — | $23.23B | $25.51B | $28.43B |
| Gross profit | — | $5.88B | $6.98B | $7.52B |
| Net income | — | $234.0M | $1.16B | $1.16T |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Material agreement signed Item 1.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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