What is MEDLINE INC's earnings per share (EPS)?

MEDLINE INC (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 INC Financials

MDLN

Source SEC Filings (10-K/10-Q) Updated Mar 28, 2026 Currency USD FYE December

This page shows MEDLINE INC (MDLN) financial statements, including the 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 2026-04-22

Medline’s growing scale is being offset by thin operating spreads and heavier working-capital demands.

In the latest year, revenue reached $28.4B while free cash flow slipped to $1.3B; that mix suggests more inventory and receivables were needed to support added sales rather than each new dollar becoming easier to harvest as cash. Lower interest expense cushioned earnings even as gross margin narrowed to 26.4%, leaving net income stuck near $1.16B.

Cash rebounded from $199M to $1.9B, which materially strengthened near-term liquidity. The current ratio reached 4.3x, but debt-to-equity still rose because equity shrank faster than debt over the same stretch, so better cash coverage did not mean a lighter capital structure.

This is a low-net-margin model: operating margin was 7.8% and free-cash-flow margin 4.6%, so modest working-capital shifts can materially change what is left over for the balance sheet. Capex rose to $447M while operating cash flow stayed around $1.7B, suggesting reinvestment is manageable but taking a slightly larger bite out of cash.

Financial Health Signals

Financial Profile 53/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of MEDLINE INC'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 INC has an operating margin of 7.8%, meaning the company retains $8 of operating profit per $100 of revenue. This results in a moderate score of 39/100, indicating healthy but not exceptional operating efficiency. This is down from 8.4% the prior year.

Growth

MEDLINE INC's revenue grew 11.5% year-over-year to $28.4B, a solid pace of expansion. This earns a growth score of 51/100.

Leverage

MEDLINE INC carries a low D/E ratio of 1.16, meaning only $1.16 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 78/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 4.29, MEDLINE INC holds $4.29 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 85/100.

Cash Flow

MEDLINE INC has a free cash flow margin of 4.6%, earning a moderate score of 38/100. The company generates positive cash flow after capital investments, but with room for improvement.

Altman Z-Score Grey Zone

1.95

MEDLINE INC scores 1.95, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Neutral

4/9

MEDLINE INC passes 4 of 9 financial strength tests. 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

2.3x

MEDLINE INC earns $2.3 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

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Earnings & Revenue

Revenue

$28.4B

YoY+11.5%

MEDLINE INC 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 INC'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.

Net Income

N/A

EPS (Diluted)

$-0.01

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

Cash & Balance Sheet

Free Cash Flow

$1.3B

YoY-8.3%

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

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

26.4%

YoY-0.9pp

MEDLINE INC'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 INC'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

N/A

Return on Equity

N/A

Capital Allocation

R&D Spending

$80.0M

YoY+19.4%

MEDLINE INC 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 INC 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 INC 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

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	Q1'26	Q4'25	Q1'25	Q4'24
Revenue	$7.4B	N/A	$6.6B	N/A
Cost of Revenue	$5.5B	N/A	$4.8B	N/A
Gross Profit	$1.8B	N/A	$1.8B	N/A
R&D Expenses	N/A	N/A	N/A	N/A
SG&A Expenses	$1.2B	N/A	$1.1B	N/A
Operating Income	$422.0M	N/A	$571.0M	N/A
Interest Expense	$165.0M	N/A	$244.0M	N/A
Income Tax	$52.0M	N/A	$16.0M	N/A
Net Income	$239.0M	N/A	$319.0M	N/A
EPS (Diluted)	$0.16	N/A	N/A	N/A

MDLN 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	Q1'26	Q4'25	Q1'25	Q4'24
Total Assets	$39.0B+1.4%	$38.5B	N/A	$36.0B
Current Assets	$11.2B+4.7%	$10.7B	N/A	$8.3B
Cash & Equivalents	$2.2B+15.3%	$1.9B+130.8%	$840.0M+322.1%	$199.0M
Inventory	$4.8B+0.8%	$4.8B	N/A	$4.5B
Accounts Receivable	$3.7B+4.0%	$3.5B	N/A	$3.2B
Goodwill	$8.1B0.0%	$8.1B	N/A	$8.1B
Total Liabilities	$27.7B0.0%	$27.7B	N/A	$19.5B
Current Liabilities	$2.5B+1.8%	$2.5B	N/A	$2.4B
Long-Term Debt	$12.5B+0.1%	$12.5B	N/A	$16.4B
Total Equity	$11.3B+5.0%	$10.7B	N/A	$16.5B
Retained Earnings	$122.0M+1842.9%	-$7.0M	N/A	N/A

MDLN 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
Dividends Paid	N/A	N/A	N/A
Share Buybacks	$33.0M+65.0%	$20.0M	$0

Metric	Q1'26	Q4'25	Q1'25	Q4'24
Operating Cash Flow	$412.0M	N/A	$682.0M	N/A
Capital Expenditures	$96.0M	N/A	$98.0M	N/A
Free Cash Flow	$316.0M	N/A	$584.0M	N/A
Investing Cash Flow	-$96.0M	N/A	-$92.0M	N/A
Financing Cash Flow	-$13.0M	N/A	-$9.0M	N/A
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	$0	N/A	$9.0M	N/A

MDLN 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+0.9	3.39	N/A
Debt-to-Equity	1.16+0.2	0.99	N/A
FCF Margin	4.6%-1.0pp	5.5%-0.5pp	6.1%

Metric	Q1'26	Q4'25	Q1'25	Q4'24
Gross Margin	25.0%	N/A	27.5%	N/A
Operating Margin	5.7%	N/A	8.6%	N/A
Net Margin	3.3%	N/A	4.8%	N/A
Return on Equity	2.1%	N/A	N/A	N/A
Return on Assets	0.6%	N/A	N/A	N/A
Current Ratio	4.41+0.1	4.29	N/A	3.39
Debt-to-Equity	1.11-0.1	1.16	N/A	0.99
FCF Margin	4.3%	N/A	8.8%	N/A

Frequently Asked Questions

What is MEDLINE INC's annual revenue?

MEDLINE INC (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 INC's revenue growing?

MEDLINE INC (MDLN) revenue grew by 11.5% year-over-year, from $25.5B to $28.4B in fiscal year 2025.

What is MEDLINE INC's EBITDA?

MEDLINE INC (MDLN) had EBITDA of $3.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does MEDLINE INC have?

As of fiscal year 2025, MEDLINE INC (MDLN) had $1.9B in cash and equivalents against $12.5B in long-term debt.

What is MEDLINE INC's gross margin?

MEDLINE INC (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 INC's operating margin?

MEDLINE INC (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 INC's free cash flow?

MEDLINE INC (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 INC's operating cash flow?

MEDLINE INC (MDLN) generated $1.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are MEDLINE INC's total assets?

MEDLINE INC (MDLN) had $38.5B in total assets as of fiscal year 2025, including both current and long-term assets.

What are MEDLINE INC's capital expenditures?

MEDLINE INC (MDLN) invested $447.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does MEDLINE INC spend on research and development?

MEDLINE INC (MDLN) invested $80.0M in research and development during fiscal year 2025.

Does MEDLINE INC buy back shares?

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

What is MEDLINE INC's current ratio?

MEDLINE INC (MDLN) had a current ratio of 4.29 as of fiscal year 2025, which is generally considered healthy.

What is MEDLINE INC's debt-to-equity ratio?

MEDLINE INC (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 INC's Altman Z-Score?

MEDLINE INC (MDLN) has an Altman Z-Score of 1.95, 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 INC's Piotroski F-Score?

MEDLINE INC (MDLN) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. 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 INC cover its interest payments?

MEDLINE INC (MDLN) has an interest coverage ratio of 2.3x, 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 INC?

MEDLINE INC (MDLN) scores 53 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.