MDLN financial statements
The full income statement, balance sheet, and cash-flow statement for Medline Inc. (MDLN), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| Revenue | 28.4B+11.5% | 25.5B+9.8% | 23.2B | |
| 7.52B+7.8% | 6.98B+18.5% | 5.88B | ||
| Cost of revenue | 20.9B+12.9% | 18.5B+6.8% | 17.3B | |
| 5.31B+9.9% | 4.83B+4.2% | 4.63B | ||
| Research & development | 80.0M+19.4% | 67.0M+11.7% | 60.0M | |
| Selling, general & administrative | 4.52B+10.1% | 4.11B+6.2% | 3.87B | |
| Amortization of intangibles | 704M+2.8% | 685M+3.5% | 662M | |
| Provision for credit losses | 54.0M-14.3% | 63.0M+687.5% | 8.00M | |
| Operating income | 2.21B+3.1% | 2.15B+71.7% | 1.25B | |
| Interest expense | 945M-17.4% | 1.14B-5.7% | 1.21B | |
| Interest & investment income | 133M-52.5% | 280M+18.1% | 237M | |
| Other non-operating income | -64.0M-48.8% | -43.0M-4400.0% | 1.00M | |
| Pre-tax income | 1.25B+0.2% | 1.25B+372.0% | 264M | |
| Income tax | 91.0M+97.8% | 46.0M+53.3% | 30.0M | |
| 1.16B-0.3% | 1.16B+397.0% | 234M | ||
| Net income to non-controlling interest | -2.00M | — | — | |
| -$0.01 | — | — | ||
| EPS (basic) | -$0.01 | — | — | |
| Weighted-avg shares (basic) | 810M | — | — | |
| Weighted-avg shares (diluted) | 810M | — | — | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| 10.7B+29.1% | 8.27B | — | ||
| Cash & equivalents | 1.94B+874.4% | 199M-87.4% | 1.58B | |
| Short-term investments | 0.00 | — | — | |
| Accounts receivable | 3.53B+9.8% | 3.22B | — | |
| Inventory | 4.77B+7.0% | 4.46B | — | |
| Other current assets | 438M+10.1% | 398M | — | |
| 38.5B+7.0% | 36.0B | — | ||
| Property, plant & equipment | 4.78B+4.0% | 4.59B | — | |
| Operating lease right-of-use | 432M+12.5% | 384M | — | |
| Goodwill | 8.08B+0.2% | 8.06B+7.1% | 7.53B | |
| Intangible assets | 13.9B-4.6% | 14.6B | — | |
| Deferred tax assets | 583M | 0.00 | — | |
| Other non-current assets | 23.0B-0.4% | 23.1B | — | |
| 2.49B+2.0% | 2.44B | — | ||
| Accounts payable | 961M+10.6% | 869M | — | |
| Accrued liabilities | 1.45B-2.7% | 1.49B | — | |
| Short-term & current debt | 76.0M+0.0% | 76.0M | — | |
| Current lease liability | 66.0M-13.2% | 76.0M | — | |
| 19.2B-1.3% | 19.5B | — | ||
| Long-term debt | 12.5B-24.0% | 16.4B | — | |
| Non-current lease liability | 386M+17.3% | 329M | — | |
| Operating lease liability (total) | 452M+11.6% | 405M | — | |
| Other non-current liabilities | 682M+14.0% | 598M | — | |
| Total non-current liabilities | 16.7B-1.8% | 17.0B | — | |
| 10.7B | — | — | ||
| Preferred stock | 0.00 | — | — | |
| Additional paid-in capital | 10.7B | — | — | |
| Retained earnings | -7.00M | — | — | |
| Accumulated other comprehensive income | 27.0M+145.5% | 11.0M | — | |
| Non-controlling interest | 8.55B | — | — | |
| Total equity incl. non-controlling | 19.3B | — | — | |
| Total liabilities & equity | 38.5B+7.0% | 36.0B | — | |
| Common shares outstanding | 1.31B | — | — | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| 1.74B-1.4% | 1.77B+5.0% | 1.69B | ||
| Depreciation & amortization | 1.01B+3.5% | 977M+2.7% | 951M | |
| Intangible amortization | 704M+2.8% | 685M+3.5% | 662M | |
| Share-based compensation | 76.0M+24.6% | 61.0M-21.8% | 78.0M | |
| Deferred income taxes | -20.0M+16.7% | -24.0M-4.3% | -23.0M | |
| Change in receivables | 355M+38.7% | 256M+67.3% | 153M | |
| Change in inventory | 264M-51.6% | 545M+222.7% | -444M | |
| Change in payables | 73.0M-31.1% | 106M-22.1% | 136M | |
| -474M+68.3% | -1.49B-378.5% | -312M | ||
| Capital expenditure | 447M+26.3% | 354M+28.7% | 275M | |
| Free cash flow | 1.30B-8.3% | 1.42B+0.4% | 1.41B | |
| Acquisitions | -6.00M-100.5% | 1.13B+6937.5% | 16.0M | |
| Other investing activities | 0.00-100.0% | 3.00M-72.7% | 11.0M | |
| 399M+124.7% | -1.61B-744.5% | -191M | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 33.0M+65.0% | 20.0M | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | |
| FX effect on cash | 23.0M+1050.0% | 2.00M-50.0% | 4.00M | |
| Net change in cash | 1.69B+226.7% | -1.33B-212.6% | 1.19B | |
| Interest paid | 944M-7.6% | 1.02B-9.2% | 1.13B | |
| Income taxes paid | 62.0M-38.6% | 101M+94.2% | 52.0M | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| Market cap | 55.2B | — | — | |
| P/E | 47.6× | — | — | |
| P/S | 1.9× | — | — | |
| P/B | 5.1× | — | — | |
| P/FCF | 42.6× | — | — | |
| Earnings yield | 2.1% | — | — | |
| FCF yield | 2.4% | — | — | |
| Source filing | 10-K | 10-K | 10-K |
About this data
Source: MDLN’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all MDLN filings on SEC EDGAR → Not investment advice.