Medline (MDLN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 30, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MDLN SEC filings page.
Medline (MDLN) reported $28.4B in revenue for fiscal year 2025, up 11.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Medline’s growth is being absorbed by heavier reinvestment and balance-sheet leverage, while margins remain below FY2024’s peak.
Operating cash flow stayed roughly flat at$1.7B in FY2025 versus FY2024, but free cash flow declined8.3% . That widening gap aligns with capital expenditures rising to$447M , indicating more internally generated cash was being reinvested rather than retained.
Revenue rose
Debt-to-equity increased to 1.2x in FY2025 from 1.0x in FY2024 as total equity fell
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Medline's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Medline has an operating margin of 7.8%, meaning the company retains $8 of operating profit per $100 of revenue. This strong profitability earns a score of 66/100, reflecting efficient cost management and pricing power. This is down from 8.4% the prior year.
Medline's revenue grew 11.5% year-over-year to $28.4B, a solid pace of expansion. This earns a growth score of 67/100.
Medline has elevated debt relative to equity (D/E of 1.16), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 19/100, reflecting increased financial risk.
With a current ratio of 4.29, Medline holds $4.29 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 89/100.
Medline has a free cash flow margin of 4.6%, earning a moderate score of 45/100. The company generates positive cash flow after capital investments, but with room for improvement.
Medline scores 2.17, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Medline passes 4 of 5 computable financial strength tests (4 of the nine could not be computed from available data). All 1 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Medline earns $2.34 in operating income for every $1 of interest expense ($2.2B vs $945.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Medline generated $7.7B in revenue in Q2 2026. This represents an increase of 11.6% from the same quarter a year earlier. Against the prior quarter it is up 4.5%.
Medline's EBITDA was $651.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 27.0% from the same quarter a year earlier. Against the prior quarter it is down 3.7%.
Medline reported $139.0M in net income in Q2 2026. This represents a decrease of 57.8% from the same quarter a year earlier. Against the prior quarter it is down 41.8%.
Medline earned $0.07 per diluted share (EPS) in Q2 2026. Against the prior quarter it is down 56.3%.
Cash & Balance Sheet
Medline generated $604.0M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 594.3% from the same quarter a year earlier. Against the prior quarter it is up 91.1%.
Medline held $2.3B in cash against $12.5B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Medline's gross margin was 28.8% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 1.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.8 percentage points.
Medline's operating margin was 5.1% in Q2 2026, reflecting core business profitability. This is down 4.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.6 percentage points.
Medline's net profit margin was 1.8% in Q2 2026, showing the share of revenue converted to profit. This is down 3.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.4 percentage points.
Medline's ROE was 1.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. Against the prior quarter it is down 0.9 percentage points.
Capital Allocation
Medline repurchased no shares in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier.
Medline invested $111.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 0.9% from the same quarter a year earlier. Against the prior quarter it is up 15.6%.
Not reported for Q2 2026.
MDLN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|
| Revenue | $7.7B+11.6% | $7.4B+10.7% | N/A | $6.9B | $6.6B | N/A |
| Cost of Revenue | $5.5B+9.8% | $5.5B+14.3% | N/A | $5.0B | $4.8B | N/A |
| Gross Profit | $2.2B+16.3% | $1.8B+0.9% | N/A | $1.9B | $1.8B | N/A |
| SG&A Expenses | $1.3B+20.7% | $1.2B+14.8% | N/A | $1.1B | $1.1B | N/A |
| Operating Income | $395.0M-38.5% | $422.0M-26.1% | N/A | $642.0M | $571.0M | N/A |
| EBITDA | $651.0M-27.0% | $676.0M-17.4% | N/A | $892.0M | $818.0M | N/A |
| Interest Expense | $168.0M-33.6% | $165.0M-32.4% | N/A | $253.0M | $244.0M | N/A |
| Income Tax | $96.0M+269.2% | $52.0M+225.0% | N/A | $26.0M | $16.0M | N/A |
| Net Income | $139.0M-57.8% | $239.0M-25.1% | N/A | $329.0M | $319.0M | N/A |
| EPS (Basic) | $0.07 | $0.16 | N/A | N/A | N/A | N/A |
| EPS (Diluted) | $0.07 | $0.16 | N/A | N/A | N/A | N/A |
| Diluted Shares (Avg) | 861M | 825M | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: R&D Expenses.
MDLN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|
| Total Assets | $39.4B | $39.0B | $38.5B+7.0% | N/A | N/A | $36.0B |
| Current Assets | $11.7B | $11.2B | $10.7B+29.1% | N/A | N/A | $8.3B |
| Cash & Equivalents | $2.3B+298.5% | $2.2B+166.2% | $1.9B+874.4% | $584.0M | $840.0M | $199.0M |
| Short-Term Investments | $350.0M | $0 | $0 | $0 | $0 | $0 |
| Inventory | $4.7B | $4.8B | $4.8B+7.0% | N/A | N/A | $4.5B |
| Accounts Receivable | $3.7B | $3.7B | $3.5B+9.8% | N/A | N/A | $3.2B |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $8.1B | $8.1B | $8.1B+0.2% | N/A | N/A | $8.1B |
| Total Liabilities | $20.3B | $27.7B | $27.7B+42.6% | N/A | N/A | $19.5B |
| Current Liabilities | $2.7B | $2.5B | $2.5B+2.0% | N/A | N/A | $2.4B |
| Non-Current Liabilities | $17.6B | $17.1B | $16.7B-1.8% | N/A | N/A | $17.0B |
| Long-Term Debt | $12.5B | $12.5B | $12.5B-24.0% | N/A | N/A | $16.4B |
| Total Equity | $11.6B | $11.3B | $10.7B-35.0% | N/A | N/A | $16.5B |
| Retained Earnings | $182.0M | $122.0M | -$7.0M | N/A | N/A | N/A |
MDLN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $715.0M+262.9% | $412.0M-39.6% | N/A | $197.0M | $682.0M | N/A |
| Depreciation & Amortization | $256.0M+2.4% | $254.0M+2.8% | N/A | $250.0M | $247.0M | N/A |
| Stock-Based Compensation | $29.0M+93.3% | $23.0M+21.1% | N/A | $15.0M | $19.0M | N/A |
| Capital Expenditures | $111.0M+0.9% | $96.0M-2.0% | N/A | $110.0M | $98.0M | N/A |
| Free Cash Flow | $604.0M+594.3% | $316.0M-45.9% | N/A | $87.0M | $584.0M | N/A |
| Investing Cash Flow | -$461.0M-222.4% | -$96.0M-4.3% | N/A | -$143.0M | -$92.0M | N/A |
| Financing Cash Flow | -$159.0M+51.5% | -$13.0M-44.4% | N/A | -$328.0M | -$9.0M | N/A |
| Share Buybacks | $0-100.0% | $0-100.0% | N/A | $6.0M | $9.0M | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
MDLN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|
| Gross Margin | 28.8%+1.2pp | 25.0%-2.4pp | N/A | 27.7% | 27.5% | N/A |
| Operating Margin | 5.1%-4.2pp | 5.7%-2.9pp | N/A | 9.3% | 8.6% | N/A |
| Net Margin | 1.8%-3.0pp | 3.3%-1.6pp | N/A | 4.8% | 4.8% | N/A |
| Return on Equity | 1.2% | 2.1% | N/A | N/A | N/A | N/A |
| Return on Assets | 0.4% | 0.6% | N/A | N/A | N/A | N/A |
| Current Ratio | 4.33 | 4.41 | 4.29+0.9x | N/A | N/A | 3.39 |
| Debt-to-Equity | 1.08 | 1.11 | 1.16+0.2x | N/A | N/A | 0.99 |
| Asset Turnover | 0.20 | 0.19 | N/A | N/A | N/A | N/A |
| FCF Margin | 7.9%+6.6pp | 4.3%-4.5pp | N/A | 1.3% | 8.8% | N/A |
Where Medline Ranks
Frequently Asked Questions
What is Medline's annual revenue?
Medline (MDLN) reported $28.4B in total revenue for fiscal year 2025. This represents a 11.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Medline's revenue growing?
Medline (MDLN) revenue grew by 11.5% year-over-year, from $25.5B to $28.4B in fiscal year 2025.
What is Medline's EBITDA?
Medline (MDLN) had EBITDA of $3.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Medline have?
As of fiscal year 2025, Medline (MDLN) had $1.9B in cash and equivalents against $12.5B in long-term debt.
What is Medline's gross margin?
Medline (MDLN) had a gross margin of 26.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Medline's operating margin?
Medline (MDLN) had an operating margin of 7.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Medline's free cash flow?
Medline (MDLN) generated $1.3B in free cash flow during fiscal year 2025. This represents a -8.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Medline's operating cash flow?
Medline (MDLN) generated $1.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Medline's total assets?
Medline (MDLN) had $38.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Medline's capital expenditures?
Medline (MDLN) invested $447.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Medline spend on research and development?
Medline (MDLN) invested $80.0M in research and development during fiscal year 2025.
What is Medline's current ratio?
Medline (MDLN) had a current ratio of 4.29 as of fiscal year 2025, which is generally considered healthy.
What is Medline's debt-to-equity ratio?
Medline (MDLN) had a debt-to-equity ratio of 1.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Medline's P/E ratio?
Medline (MDLN) has no price-to-earnings ratio at the moment: no net income reported. The market capitalization is $45.6B as of Sep 30, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Medline's price-to-sales ratio?
Medline (MDLN) trades at 1.6x sales, its market capitalization divided by revenue of $28.4B revenue, FY2025. The market capitalization is $45.6B as of Sep 30, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Medline's Altman Z-Score?
Medline (MDLN) has an Altman Z-Score of 2.17, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Medline's Piotroski F-Score?
Medline (MDLN) has a Piotroski F-Score of 4 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Can Medline cover its interest payments?
Medline (MDLN) has an interest coverage ratio of 2.34x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Medline?
Medline (MDLN) scores 59 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.