Medline
MDLN · NasdaqSurgical & Medical Instruments & Apparatus · Fiscal year ends Dec 31
Medline reported revenue of $28.4B in the fiscal year ended Dec 2025. Operating income was $2.2B, an operating margin of 7.8%, and net income was $1.2B. Operating cash flow of $1.7B less capital expenditure of $447M left free cash flow of $1.3B. Net debt was $10.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 | Dec 2025 |
|---|---|---|---|---|
| Revenue | $23.2B | $25.5B | – | $28.4B |
| Cost of revenue | $17.3B | $18.5B | – | $20.9B |
| Gross profit | $5.9B | $7B | – | $7.5B |
| Research & development | $60M | $67M | – | $80M |
| Selling, general & admin | $3.9B | $4.1B | – | $4.5B |
| Operating income | $1.3B | $2.1B | – | $2.2B |
| Interest expense | $1.2B | $1.1B | – | $945M |
| Pre-tax income | $264M | $1.2B | – | $1.2B |
| Income tax | $30M | $46M | – | $91M |
| Net income | $234M | $1.2B | $1.2B | $1.2B |
| Diluted EPS | – | – | – | −0.01 |
| Diluted shares | – | – | – | 810M |
Balance sheet
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | $1.6B | $199M | – | $1.9B |
| Receivables | – | $3.2B | – | $3.5B |
| Inventory | – | $4.5B | – | $4.8B |
| Current assets | – | $8.3B | – | $10.7B |
| Net PP&E | – | $4.6B | – | $4.8B |
| Goodwill | $7.5B | $8.1B | – | $8.1B |
| Total assets | – | $36B | – | $38.5B |
| Payables | – | $869M | – | $961M |
| Current liabilities | – | $2.4B | – | $2.5B |
| Short-term debt | – | $76M | – | $76M |
| Long-term debt | – | $16.4B | – | $12.5B |
| Total liabilities | – | $19.5B | – | $19.2B |
| Shareholders' equity | – | – | – | $10.7B |
Cash flow
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | $1.7B | $1.8B | – | $1.7B |
| Capital expenditure | $275M | $354M | – | $447M |
| Free cash flow | $1.4B | $1.4B | – | $1.3B |
| Depreciation & amortisation | $951M | $977M | – | $1B |
| Stock-based compensation | $78M | $61M | – | $76M |
| Acquisitions | $16M | $1.1B | – | −$6M |
| Share buybacks | $0 | $20M | – | $33M |
Key ratios
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.8% | – | – |
| Operating income growth (YoY) | – | 71.7% | – | – |
| Gross margin | 25.3% | 27.3% | – | 26.4% |
| Operating margin | 5.4% | 8.4% | – | 7.8% |
| Net margin | 1.0% | 4.6% | – | 4.1% |
| Return on equityBlank when equity is negative | – | – | – | 10.8% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 6.4% | – | 6.1% |
| Free cash flow margin | 6.1% | 5.5% | – | 4.6% |
| Cash conversion (CFO ÷ net income) | 7.20x | 1.52x | – | 1.50x |
| Receivable days | – | 46 | – | 45 |
| Inventory days | – | 88 | – | 83 |
| Payable days | – | 17 | – | 17 |
| Interest cover | 1.03x | 1.88x | – | 2.34x |
| Debt ÷ equity | – | – | – | 1.17x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | $16.3B | – | $10.6B |
| Current ratio | – | 3.39x | – | 4.29x |
Recent filings
More in Surgical & Medical Instruments & Apparatus
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.