Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Medline Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2023
FY2025
FY2025
FY2025
Revenue
23,231
25,507
28,432
Cost of revenue
17,346
18,531
20,914
Gross profit
5,885
6,976
7,518
Research and development
60
67
80
Selling, general and administrative
3,867
4,108
4,524
Operating expenses
4,635
4,830
5,306
Operating income
1,250
2,146
2,212
Interest expense
1,213
1,144
945
Interest income
237
280
133
Other non-operating income
-986
-900
-964
Pre-tax income
264
1,246
1,248
Income tax
30
46
91
Net income to minority interests
-2
Net income
234
1,163
1,153
1,159
EBITDA
2,201
3,123
3,223
EPS, basic
-0.01
EPS, diluted
-0.01
Shares, basic (weighted)
810
Shares, diluted (weighted)
810
Balance sheet
FY2023
FY2025
FY2025
FY2025
Cash and equivalents
1,585
199
1,939
Short-term investments
0
Receivables
3,219
3,533
Inventory
4,456
4,769
Other current assets
398
438
Total current assets
8,272
10,679
Property, plant and equipment
4,595
4,778
Lease right-of-use assets
384
432
Goodwill
7,532
8,065
8,079
Intangible assets
14,559
13,893
Other non-current assets
23,111
23,027
Total assets
35,978
38,484
Accounts payable
869
961
Accrued liabilities
1,493
1,452
Short-term debt
78
77
Total current liabilities
2,440
2,490
Long-term debt
16,416
12,484
Lease liabilities
329
386
Other non-current liabilities
598
682
Total liabilities
19,454
19,198
Total debt
16,492
12,560
Paid-in capital
10,717
Retained earnings
-7
Other comprehensive income
11
27
Shareholders' equity
10,737
Minority interests
8,549
Total equity
19,286
Total liabilities and equity
35,978
38,484
Cash flow statement
FY2023
FY2025
FY2025
FY2025
Net income
234
1,163
1,153
1,159
Depreciation and amortization
951
977
1,011
Stock-based compensation
78
61
76
Deferred income tax
-23
-24
-20
Change in receivables
-153
-256
-355
Change in inventory
444
-545
-264
Change in payables
136
106
73
Cash from operations
1,685
1,769
1,744
Capital expenditures
-275
-354
-447
Acquisitions
-16
-1,126
6
Cash from investing
-312
-1,493
-474
Share buybacks
0
-20
-33
Cash from financing
-191
-1,613
399
Exchange rate effect
4
2
23
Net change in cash
1,186
-1,335
1,692
Free cash flow
1,410
1,415
1,297
Interest paid
1,126
1,022
944
Income taxes paid
52
101
62
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to September 26, 2026; growth uses fiscal years. Valuation uses the share price of $40.91 on November 10, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
4.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
1.4%
Net income / average total assets.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
4.04x
Current assets / current liabilities.
Quick ratio
2.37x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.15x
(Cash + short-term investments) / current liabilities.
Debt / equity
1.07x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
31.3%
Total debt / total assets.
Liabilities / assets
51.7%
Total liabilities / total assets.
Net debt
$8.97B
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Book value per share
$8.96
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
93.4x
Market cap / net income. Only when net income is positive.
P/B
4.56x
Market cap / shareholders' equity. Only when equity is positive.
Earnings yield
1.1%
Net income / market cap (the inverse of P/E).
What was Medline Inc.'s revenue in fiscal 2025?
Medline Inc. reported revenue of $28.43B for fiscal 2025.
Was Medline Inc. profitable in fiscal 2025?
Yes. Net income was $1.16B, a net margin of 4.1%.
How much free cash flow did Medline Inc. generate in fiscal 2025?
Cash from operations of $1.74B minus capital expenditures of $447.0M left free cash flow of $1.30B.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.