Medline Inc.

ir.medline.com

What Do They Do?

Distributes medical-surgical products and provides supply-chain services to hospitals, surgery centers, physician offices and post-acute facilities.

How Do They Make Money?

Supply Chain Solutions sells third-party products and provides logistics services; product customers are invoiced when goods ship or arrive, depending on shipping terms.

revenue

Segment	Share	Revenue	How money arrives
Medline Brand Sold outright	48%		Sold outright
Supply Chain Solutions Sold outright	52%		Sold outright

Who Are Their Customers?

Prime Vendor arrangements are multi-year distribution agreements under which customers source most of their med-surg needs through Medline; it also sells to customers without such arrangements.

Do Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2025 and turned 5 cents into free cash flow.

Operating income, FY2025

8% of revenue

▲ +3% vs FY2024 ($2.1B, 8%)

Net income, FY2025

4% of revenue

▼ 0% vs FY2024 ($1.2B, 5%)

Free cash flow, FY2025

5% of revenue

▼ −8% vs FY2024 ($1.4B, 6%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 27, 2026

Revenue: ▲ +12%; vs $6.9B in Q2 FY2025
Net income

Supply Chain Solutions share of revenue vs 51.8% in Q2 FY2025

Aug 5, 2026 Medline raised sales guidance and lowered adjusted EBITDA guidance Full-year 2026 organic sales growth guidance rose to 9.0% to 10.0%, while adjusted EBITDA guidance fell to $3.3 billion to $3.4 billion.

Revenue over time

Medline Brand Supply Chain Solutions

$50B$25B$0

FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with McKesson, Cardinal Health, Owens & Minor, and Henry Schein

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