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)

2025-12 810.0M2026-03 824.8M2026-06 860.9M+6.3% over 2 periods

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.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23
Revenue	28.4B YoY+11.5%	25.5B YoY+9.8%	23.2B
	7.52B YoY+7.8%	6.98B YoY+18.5%	5.88B
Cost of revenue	20.9B YoY+12.9%	18.5B YoY+6.8%	17.3B
	5.31B YoY+9.9%	4.83B YoY+4.2%	4.63B
Research & development	80.0M YoY+19.4%	67.0M YoY+11.7%	60.0M
Selling, general & administrative	4.52B YoY+10.1%	4.11B YoY+6.2%	3.87B
Amortization of intangibles	704M YoY+2.8%	685M YoY+3.5%	662M
Provision for credit losses	54.0M YoY-14.3%	63.0M YoY+687.5%	8.00M
Operating income	2.21B YoY+3.1%	2.15B YoY+71.7%	1.25B
Interest expense	945M YoY-17.4%	1.14B YoY-5.7%	1.21B
Interest & investment income	133M YoY-52.5%	280M YoY+18.1%	237M
Other non-operating income	-64.0M YoY-48.8%	-43.0M YoY-4400.0%	1.00M
Pre-tax income	1.25B YoY+0.2%	1.25B YoY+372.0%	264M
Income tax	91.0M YoY+97.8%	46.0M YoY+53.3%	30.0M
	1.16B YoY-0.3%	1.16B YoY+397.0%	234M
Net income to non-controlling interest	-2.00M	—	—
	-$0.01	—	—
EPS (basic)	-$0.01	—	—
	810M	—	—
	810M	—	—
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23
	10.7B YoY+29.1%	8.27B	—
Cash & equivalents	1.94B YoY+874.4%	199M YoY-87.4%	1.58B
Short-term investments	0.00	—	—
Accounts receivable	3.53B YoY+9.8%	3.22B	—
Inventory	4.77B YoY+7.0%	4.46B	—
Other current assets	438M YoY+10.1%	398M	—
	38.5B YoY+7.0%	36.0B	—
Property, plant & equipment	4.78B YoY+4.0%	4.59B	—
Operating lease right-of-use	432M YoY+12.5%	384M	—
Goodwill	8.08B YoY+0.2%	8.06B YoY+7.1%	7.53B
Intangible assets	13.9B YoY-4.6%	14.6B	—
Deferred tax assets	583M	0.00	—
Other non-current assets	23.0B YoY-0.4%	23.1B	—
	2.49B YoY+2.0%	2.44B	—
Accounts payable	961M YoY+10.6%	869M	—
Accrued liabilities	1.45B YoY-2.7%	1.49B	—
Short-term & current debt	76.0M YoY+0.0%	76.0M	—
Current lease liability	66.0M YoY-13.2%	76.0M	—
	19.2B YoY-1.3%	19.5B	—
Long-term debt	12.5B YoY-24.0%	16.4B	—
Non-current lease liability	386M YoY+17.3%	329M	—
Operating lease liability (total)	452M YoY+11.6%	405M	—
Other non-current liabilities	682M YoY+14.0%	598M	—
Total non-current liabilities	16.7B YoY-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 YoY+145.5%	11.0M	—
Non-controlling interest	8.55B	—	—
Total equity incl. non-controlling	19.3B	—	—
Total liabilities & equity	38.5B YoY+7.0%	36.0B	—
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23
	1.74B YoY-1.4%	1.77B YoY+5.0%	1.69B
Depreciation & amortization	1.01B YoY+3.5%	977M YoY+2.7%	951M
Intangible amortization	704M YoY+2.8%	685M YoY+3.5%	662M
Share-based compensation	76.0M YoY+24.6%	61.0M YoY-21.8%	78.0M
Deferred income taxes	-20.0M YoY+16.7%	-24.0M YoY-4.3%	-23.0M
Change in receivables	355M YoY+38.7%	256M YoY+67.3%	153M
Change in inventory	264M YoY-51.6%	545M YoY+222.7%	-444M
Change in payables	73.0M YoY-31.1%	106M YoY-22.1%	136M
	-474M YoY+68.3%	-1.49B YoY-378.5%	-312M
Capital expenditure	447M YoY+26.3%	354M YoY+28.7%	275M
Free cash flow	1.30B YoY-8.3%	1.42B YoY+0.4%	1.41B
Acquisitions	-6.00M YoY-100.5%	1.13B YoY+6937.5%	16.0M
Other investing activities	0.00 YoY-100.0%	3.00M YoY-72.7%	11.0M
	399M YoY+124.7%	-1.61B YoY-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 YoY+65.0%	20.0M	0.00
Dividends paid	0.00	0.00	0.00
FX effect on cash	23.0M YoY+1050.0%	2.00M YoY-50.0%	4.00M
Net change in cash	1.69B YoY+226.7%	-1.33B YoY-212.6%	1.19B
Interest paid	944M YoY-7.6%	1.02B YoY-9.2%	1.13B
Income taxes paid	62.0M YoY-38.6%	101M YoY+94.2%	52.0M
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23
Market cap	34.0B	—	—
P/E	29.4×	—	—
P/S	1.2×	—	—
P/B	3.2×	—	—
P/FCF	26.2×	—	—
	3.4%	—	—
	3.8%	—	—
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.