Medline reported operating results for the three months and full year ended December 31, 2025.

Medline Inc. ("Medline" or the "Company") (Nasdaq: MDLN), the largest provider of medical-surgical ("med-surg") products and supply chain solutions serving all points of care2, today reported its operating results for the three months and full year ended December 31, 2025.

"We delivered strong fourth quarter results, concluding a successful 2025 with $2.4 billion in total new customer signings3," said Jim Boyle, Chief Executive Officer of Medline. "This performance reflects the confidence customers place in our value, service and reliability, and our unique capability to support health systems across the entire continuum of care."

"The quarter also marked a major milestone with the completion of our successful initial public offering. Becoming a public company amplifies our voice and strengthens our foundation by enabling continued investments to drive growth and deliver greater value to customers. We expect our momentum to continue, and with our scale, broad product portfolio, and unmatched distribution footprint, we believe we are well positioned for sustainable long-term growth."

Fourth Quarter 2025 Results

Net sales in the fourth quarter 2025 were $7.8 billion, an increase of 14.8%, compared to $6.8 billion in the fourth quarter 2024, with Organic Sales¹ increasing 14.4%. This was primarily driven by increased volumes, with strong growth from both the Medline Brand and Supply Chain Solutions segments.

Fourth quarter 2025 net income was $180 million, a decrease of 37.7%, compared to $289 million in the fourth quarter 2024, driven by higher costs of goods sold due to tariffs and higher operating costs, including investments in headcount and IPO-related expenses, partially offset by higher net sales.

Fourth quarter 2025 Adjusted EBITDA¹ was $805 million, a decrease of 0.6%, compared to the fourth quarter 2024, driven by higher costs of goods sold due to tariffs and higher operating costs, including investments in headcount, partially offset by higher net sales.

Full Year 2025 Results

Net sales for the full year 2025 were $28.4 billion, an increase of 11.5%, compared to $25.5 billion for full year 2024, with Organic Sales¹ increasing 10.5%. This was primarily driven by increased volumes, with strong growth from both the Medline Brand and Supply Chain Solutions segments.

Full year 2025 net income was $1.2 billion, a decrease of 3.6% compared to $1.2 billion for full year 2024, driven by higher costs of goods sold due to tariffs and higher operating costs, including investments in headcount and IPO-related expenses, partially offset by higher net sales.

Full year 2025 Adjusted EBITDA¹ was $3.5 billion, an increase of 3.2%, compared to $3.4 billion for full year 2024, driven by higher net sales, partially offset by higher costs of goods sold due to tariffs and higher operating costs, including investments in headcount.

Net cash provided by operating activities for the full year of 2025 was $1.7 billion, primarily driven by net income, excluding the impact of non-cash items, partially offset by changes in working capital primarily due to increased trade accounts receivable related to net sales growth, increased inventories including tariff impacts, and a net cash outflow in the second quarter of 2025 related to legal settlements.

Free Cash Flow¹ for the full year of 2025 was $1.3 billion, primarily driven by net cash provided by operating activities, offset by capital expenditures related to continued enhancements and automation in our distribution centers and investments in our kitting manufacturing facilities.

2026 Guidance

For full year 2026, the Company expects Organic Sales4 growth of 8% to 9% and Adjusted EBITDA4 of $3.5 to $3.6 billion.

Webcast and Conference Call Instructions

The Company will host a live conference call and question and answer session with investors and analysts on February 25, 2026, at 8:30 a.m. CT / 9:30 a.m. ET to discuss its fourth quarter and full year 2025 earnings results.

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