What is Medline's earnings per share (EPS)?

Medline (MDLN) reported diluted earnings per share of -$0.01 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Medline Financials

MDLN

FY2025 annual

Revenue $28.4B +11.5% YoY

Net Income Not reported for FY2025

EPS (Diluted) -$0.01 YoY not available

Free Cash Flow $1.3B -8.3% YoY

Source SEC Filings (10-K/10-Q) Data as of Jun 27, 2026 Currency USD FYE December

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).

Rhea AI MDLN FY2025 2026-08-05

Sales are expanding, but incremental growth is consuming support costs and leaving the company more balance-sheet dependent.

From FY2024 to FY2025, long-term debt fell by about $3.9B and interest expense dropped by about $199M, yet debt-to-equity still rose from 1.0x to 1.2x because book equity shrank by about $5.8B. The business became cheaper to finance on the income statement while its balance-sheet cushion became thinner.

FY2025 added nearly $2.9B of revenue, but operating income increased only about $66M because SG&A consumed most of the extra gross profit. That weaker operating leverage also showed up in free cash flow margin, which fell from 5.6% to 4.6%.

The current ratio of 4.3x looks strong, but only $1.9B of FY2025 current assets was cash while roughly 77.7% sat in inventory and receivables. That makes liquidity dependent on stock turning and collections, not just on cash sitting idle.

Financial Health Signals

Financial Health Score 59/100

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.

Profitability

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 67/100, reflecting efficient cost management and pricing power. This is down from 8.4% the prior year.

Growth

Medline's revenue grew 11.5% year-over-year to $28.4B, a solid pace of expansion. This earns a growth score of 66/100.

Leverage

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.

Liquidity

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 87/100.

Cash Flow

Medline has a free cash flow margin of 4.6%, earning a moderate score of 48/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Altman Z-Score Grey Zone

2.14

Medline scores 2.14, 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.

Piotroski F-Score Partial

4/5

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.

Interest Coverage Adequate

2.34x

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

Export CSV

Earnings & Revenue

Revenue

$28.4B

YoY+11.5%

Medline generated $28.4B in revenue in fiscal year 2025. This represents an increase of 11.5% from the prior year.

EBITDA

$3.2B

YoY+3.2%

Medline's EBITDA was $3.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 3.2% from the prior year.

EPS (Diluted)

-$0.01

Medline earned -$0.01 per diluted share (EPS) in fiscal year 2025.

Net Income

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

$1.3B

YoY-8.3%

Medline generated $1.3B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 8.3% from the prior year.

Cash & Debt

$1.9B

YoY+874.4%

Medline held $1.9B in cash against $12.5B in long-term debt as of fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Shares Outstanding

Not reported for fiscal year 2025.

Margins & Returns

Gross Margin

26.4%

YoY-0.9pp

Medline's gross margin was 26.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.9 percentage points from the prior year.

Operating Margin

7.8%

YoY-0.6pp

Medline's operating margin was 7.8% in fiscal year 2025, reflecting core business profitability. This is down 0.6 percentage points from the prior year.

Net Margin

Not reported for fiscal year 2025.

Return on Equity

Not reported for fiscal year 2025.

Capital Allocation

R&D Spending

$80.0M

YoY+19.4%

Medline invested $80.0M in research and development in fiscal year 2025. This represents an increase of 19.4% from the prior year.

Share Buybacks

$33.0M

YoY+65.0%

Medline spent $33.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 65.0% from the prior year.

Capital Expenditures

$447.0M

YoY+26.3%

Medline invested $447.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 26.3% from the prior year.

MDLN Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MDLN annual income statement

Metric	FY25	FY24	FY23
Revenue	$28.4B+11.5%	$25.5B+9.8%	$23.2B
Cost of Revenue	$20.9B+12.9%	$18.5B+6.8%	$17.3B
Gross Profit	$7.5B+7.8%	$7.0B+18.5%	$5.9B
R&D Expenses	$80.0M+19.4%	$67.0M+11.7%	$60.0M
SG&A Expenses	$4.5B+10.1%	$4.1B+6.2%	$3.9B
Operating Income	$2.2B+3.1%	$2.1B+71.7%	$1.3B
Interest Expense	$945.0M-17.4%	$1.1B-5.7%	$1.2B
Income Tax	$91.0M+97.8%	$46.0M+53.3%	$30.0M
Net Income	N/A	$1.2B+397.0%	$234.0M
EPS (Diluted)	-$0.01	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24
Revenue	$7.7B+4.5%	$7.4B	N/A	$6.9B+3.6%	$6.6B	N/A
Cost of Revenue	$5.5B-0.7%	$5.5B	N/A	$5.0B+3.3%	$4.8B	N/A
Gross Profit	$2.2B+20.3%	$1.8B	N/A	$1.9B+4.4%	$1.8B	N/A
SG&A Expenses	$1.3B+5.5%	$1.2B	N/A	$1.1B+0.3%	$1.1B	N/A
Operating Income	$395.0M-6.4%	$422.0M	N/A	$642.0M+12.4%	$571.0M	N/A
Interest Expense	$168.0M+1.8%	$165.0M	N/A	$253.0M+3.7%	$244.0M	N/A
Income Tax	$96.0M+84.6%	$52.0M	N/A	$26.0M+62.5%	$16.0M	N/A
Net Income	$139.0M-41.8%	$239.0M	N/A	$329.0M+3.1%	$319.0M	N/A
EPS (Diluted)	$0.07-56.3%	$0.16	N/A	N/A	N/A	N/A

MDLN Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MDLN annual balance sheet

Metric	FY25	FY24	FY23
Total Assets	$38.5B+7.0%	$36.0B	N/A
Current Assets	$10.7B+29.1%	$8.3B	N/A
Cash & Equivalents	$1.9B+874.4%	$199.0M-87.4%	$1.6B
Inventory	$4.8B+7.0%	$4.5B	N/A
Accounts Receivable	$3.5B+9.8%	$3.2B	N/A
Goodwill	$8.1B+0.2%	$8.1B+7.1%	$7.5B
Total Liabilities	$27.7B+42.6%	$19.5B	N/A
Current Liabilities	$2.5B+2.0%	$2.4B	N/A
Long-Term Debt	$12.5B-24.0%	$16.4B	N/A
Total Equity	$10.7B-35.0%	$16.5B	N/A
Retained Earnings	-$7.0M	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24
Total Assets	$39.4B+0.9%	$39.0B+1.4%	$38.5B	N/A	N/A	$36.0B
Current Assets	$11.7B+5.0%	$11.2B+4.7%	$10.7B	N/A	N/A	$8.3B
Cash & Equivalents	$2.3B+4.1%	$2.2B+15.3%	$1.9B+232.0%	$584.0M-30.5%	$840.0M+322.1%	$199.0M
Inventory	$4.7B-3.0%	$4.8B+0.8%	$4.8B	N/A	N/A	$4.5B
Accounts Receivable	$3.7B-0.4%	$3.7B+4.0%	$3.5B	N/A	N/A	$3.2B
Goodwill	$8.1B0.0%	$8.1B0.0%	$8.1B	N/A	N/A	$8.1B
Total Liabilities	$20.3B-26.9%	$27.7B0.0%	$27.7B	N/A	N/A	$19.5B
Current Liabilities	$2.7B+6.9%	$2.5B+1.8%	$2.5B	N/A	N/A	$2.4B
Long-Term Debt	$12.5B+0.4%	$12.5B+0.1%	$12.5B	N/A	N/A	$16.4B
Total Equity	$11.6B+2.7%	$11.3B+5.0%	$10.7B	N/A	N/A	$16.5B
Retained Earnings	$182.0M+49.2%	$122.0M+1842.9%	-$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.

MDLN annual cash flow statement

Metric	FY25	FY24	FY23
Operating Cash Flow	$1.7B-1.4%	$1.8B+5.0%	$1.7B
Capital Expenditures	$447.0M+26.3%	$354.0M+28.7%	$275.0M
Free Cash Flow	$1.3B-8.3%	$1.4B+0.4%	$1.4B
Investing Cash Flow	-$474.0M+68.3%	-$1.5B-378.5%	-$312.0M
Financing Cash Flow	$399.0M+124.7%	-$1.6B-744.5%	-$191.0M
Share Buybacks	$33.0M+65.0%	$20.0M	$0

Metric	Q2'26	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	$715.0M+73.5%	$412.0M	N/A	$197.0M-71.1%	$682.0M	N/A
Capital Expenditures	$111.0M+15.6%	$96.0M	N/A	$110.0M+12.2%	$98.0M	N/A
Free Cash Flow	$604.0M+91.1%	$316.0M	N/A	$87.0M-85.1%	$584.0M	N/A
Investing Cash Flow	-$461.0M-380.2%	-$96.0M	N/A	-$143.0M-55.4%	-$92.0M	N/A
Financing Cash Flow	-$159.0M-1123.1%	-$13.0M	N/A	-$328.0M-3544.4%	-$9.0M	N/A
Share Buybacks	$0	$0	N/A	$6.0M-33.3%	$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.

MDLN annual financial ratios

Metric	FY25	FY24	FY23
Gross Margin	26.4%-0.9pp	27.4%+2.0pp	25.3%
Operating Margin	7.8%-0.6pp	8.4%+3.0pp	5.4%
Net Margin	N/A	4.6%+3.6pp	1.0%
Return on Equity	N/A	7.0%	N/A
Return on Assets	N/A	3.2%	N/A
Current Ratio	4.29+0.9x	3.39	N/A
Debt-to-Equity	1.16+0.2x	0.99	N/A
FCF Margin	4.6%-1.0pp	5.5%-0.5pp	6.1%

Metric	Q2'26	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24
Gross Margin	28.8%+3.8pp	25.0%	N/A	27.7%+0.2pp	27.5%	N/A
Operating Margin	5.1%-0.6pp	5.7%	N/A	9.3%+0.7pp	8.6%	N/A
Net Margin	1.8%-1.4pp	3.3%	N/A	4.8%0.0pp	4.8%	N/A
Return on Equity	1.2%-0.9pp	2.1%	N/A	N/A	N/A	N/A
Return on Assets	0.4%-0.3pp	0.6%	N/A	N/A	N/A	N/A
Current Ratio	4.33-0.1x	4.41+0.1x	4.29	N/A	N/A	3.39
Debt-to-Equity	1.080.0x	1.11-0.1x	1.16	N/A	N/A	0.99
FCF Margin	7.9%+3.6pp	4.3%	N/A	1.3%-7.5pp	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.

Does Medline buy back shares?

Yes, Medline (MDLN) spent $33.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

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 Altman Z-Score?

Medline (MDLN) has an Altman Z-Score of 2.14, 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.