How Medline makes money

Period

FY2025

How does Medline make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Medline Inc. · FY2025 · year ended 2025-12-31

Revenue$28.4BGross profit$7.5B · 26%Cost of revenue$20.9B · 74%Operating income$2.2B · 8%Operating expenses$5.3B · 19%R&D$0 · 0%SG&A$4.5B · 16%Other opex$702M · 2%Pre-tax income$1.3B · 4%Other expense$962M · 3%Net income$1.2B · 4%Income tax$0 · 0%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.