Medline (MDLN) financial statements
Medline reported revenue of $28.4B in fiscal 2025, up 10.6% a year over 2 years.
Net income was $1.2B and the operating margin 7.8%, against 5.4% in 2023.
Free cash flow was $1.3B, and the company returned $33M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Medline's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $23.2B | $25.5B | $28.4B |
| Cost of revenue | $17.3B | $18.5B | $20.9B |
| Gross profit | $5.9B | $7.0B | $7.5B |
| Research and development | $60M | $67M | $80M |
| Selling, general and admin | $3.9B | $4.1B | $4.5B |
| Operating income | $1.2B | $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 |
| EPS (diluted) | — | — | -$0.01 |
| Diluted shares | — | — | 810M |
| Gross margin | 25.3% | 27.3% | 26.4% |
| Operating margin | 5.4% | 8.4% | 7.8% |
| Net margin | 1.0% | 4.6% | 4.1% |
Balance sheet
Fiscal years, from Medline's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and short-term investments | $1.6B | $199M | $1.9B |
| Receivables | — | $3.2B | $3.5B |
| Inventory | — | $4.5B | $4.8B |
| Total current assets | — | $8.3B | $10.7B |
| Property, plant and equipment | — | $4.6B | $4.8B |
| Goodwill | $7.5B | $8.1B | $8.1B |
| Total assets | — | $36.0B | $38.5B |
| Total current liabilities | — | $2.4B | $2.5B |
| Long-term debt | — | $16.4B | $12.5B |
| Total liabilities | — | $19.5B | $19.2B |
| Shareholders' equity | — | — | $10.7B |
| Net debt | -$1.6B | $16.3B | $10.6B |
Cash flow
Fiscal years, from Medline's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | $1.7B | $1.8B | $1.7B |
| Capital spending | $275M | $354M | $447M |
| Free cash flow | $1.4B | $1.4B | $1.3B |
| Stock-based compensation | $78M | $61M | $76M |
| Share buybacks (net) | $0 | -$20M | -$33M |
| Free cash flow margin | 6.1% | 5.5% | 4.6% |
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Open MDLN in InvestinglyQuestions
What was Medline's revenue in 2025?
$28.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Medline generate?
$1.3B in fiscal 2025 (operating cash flow minus capital spending).
From Medline's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.