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Medline Inc. reported first-quarter 2026 net sales of $7.35 billion, up from $6.64 billion a year earlier, driven by both Medline Brand and Supply Chain Solutions. Net income was $239 million, with $129 million attributable to Medline Inc., or $0.16 per diluted share.
Adjusted EBITDA was about $0.8 billion, for a 10.6% margin, while operating cash flow was $412 million. The company ended the quarter with $2.24 billion in cash and $12.76 billion of debt, largely senior secured and unsecured notes.
Medline completed a December 2025 IPO that raised approximately $7.05 billion in net proceeds, most of which funded term-loan repayments and purchases of units from pre‑IPO owners. A March 2026 secondary offering saw selling stockholders dispose of 86.25 million Class A shares for about $3.5 billion; Medline received no proceeds but expects a higher share of future net income as noncontrolling interests declined by roughly 3%.
Medline Inc. reported first quarter 2026 results, showing strong sales growth but lower profitability. Net sales rose 10.7% to $7.35 billion, driven by new 2025 customer implementations and growth with existing customers, while Organic Sales increased 10.1%.
Net income fell 25.8% to $239 million, mainly from higher cost of goods sold, tariffs, added operating expenses to support growth, and an IPO-related employee bonus, partly offset by higher sales and lower interest expense. Adjusted EBITDA declined 10.6% to $776 million, and operating margin narrowed to 5.7%.
Diluted EPS was $0.16, with Adjusted Diluted EPS of $0.33. Net cash from operating activities was $412 million, and Free Cash Flow was $316 million, both lower than a year ago. Management raised full-year 2026 Organic Sales growth guidance to 8.5%–9.5% and maintained Adjusted EBITDA guidance of $3.5–$3.6 billion, reflecting confidence in demand despite cost pressures.
Medline Inc. reporting persons led by Blackstone-related entities disclosed beneficial ownership of 187,083,713 shares of Class A Common Stock as of March 31, 2026. The filing shows largest single reported holdings of 109,250,239 shares by BX Mozart ML-2 Holdco L.P. and an aggregate stake representing 20.6% of Class A shares based on 845,611,435 shares outstanding as of March 10, 2026.
The statement describes ownership through multiple Blackstone affiliates and related entities, explains conversion rights of Common Units into Class A shares one-for-one, and disclaims admission of beneficial ownership by certain reporting persons. Signatures and a joint filing agreement are included.
Medline Inc. is asking stockholders to vote at its 2026 virtual annual meeting on June 11, 2026, including electing 12 directors, advisory votes on executive pay and its frequency, and ratifying Ernst & Young LLP as independent auditor for 2026.
For 2025, Medline reported net sales of $28.4 Billion, an 11.5% year-over-year increase, and net income of $1.2 Billion, a 3.6% year-over-year decrease. Organic sales grew 10.5%, and Adjusted EBITDA was $3.5 Billion, up 3.2%. Net cash provided by operating activities was $1.7 Billion and free cash flow was $1.3 Billion.
Medline Inc. director Patrick J. Healy reported internal restructuring transactions involving Class A common stock, not open-market buying or selling. The filing shows a distribution in kind from investment funds affiliated with Hellman & Friedman to Healy and a related family trust.
After these transactions, Healy holds 1,208,159 Class A shares directly and 150,039 shares indirectly through a family trust, with an additional 39,189 shares held indirectly through a children's trust. The trusts are for the benefit of certain family members, and Healy disclaims beneficial ownership of those trust-held shares except to the extent of his pecuniary interest.
Medline Inc. major shareholder group led by The Carlyle Group Inc. reported a large secondary sale of Class A common stock. On 2026-03-10, entities affiliated with Carlyle sold 26,105,840 shares of Class A Common Stock at $41.00 per share in open-market or private transactions.
In a separate move the same day, Carlyle Mozart Coinvestment Holdings, L.P. made a pro-rata distribution of 2,113,483 Class A shares to its limited partner for no consideration, with those distributed shares subject to lock-up restrictions. After these transactions, Carlyle-affiliated entities reported indirect ownership of 125,454,241 Class A shares across multiple investment vehicles.
Carlyle-affiliated investment funds reduced their indirect stake in Medline Inc. through a large open-market sale and a separate non-cash distribution. The funds sold 26,105,840 shares of Class A common stock at $41 per share in open-market or private transactions.
Separately, 2,113,483 shares were distributed pro rata for no consideration by Carlyle Mozart Coinvestment Holdings, L.P. to one of its limited partners under a lock-up agreement that restricts the distributed shares. After these transactions, the Carlyle-related entities together report indirect ownership of 125,454,241 Medline Class A shares.
Medline Inc. insiders reported a large secondary sale of Class A Common Stock by Carlyle-affiliated funds. Entities associated with The Carlyle Group sold 26,105,840 shares of Medline Class A Common Stock at $41.00 per share in an open-market or private transaction, reducing but not eliminating their indirect stake.
Separately, 2,113,483 shares were moved in an "other" transaction described as a pro-rata distribution for no consideration by Carlyle Mozart Coinvestment Holdings, L.P. to its limited partner, which remains subject to lock-up restrictions. After these transactions, the reporting entities collectively hold 125,454,241 Medline Class A shares indirectly.
Medline Inc. reported a large insider transaction by investment entities affiliated with The Carlyle Group Inc. On March 10, 2026, these entities sold 26,105,840 shares of Medline Class A Common Stock in an open-market or private transaction at $41.00 per share, through various affiliated limited partnerships.
The filing also shows a separate J-code transaction for 2,113,483 shares, described as a pro-rata distribution for no consideration from Carlyle Mozart Coinvestment Holdings, L.P. to its limited partner, which remains subject to lock-up restrictions. After these transactions, the reporting group continues to indirectly hold about 125,454,241 shares of Medline Class A Common Stock.