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Medline (MDLN) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Medline (MDLN) Q3 2026 earnings results →

Q3 2026 Revenue up 10% year over year to $7.9B · 3¢ of every $1 of revenue kept as net profit · operating margin 6.4%

Medline made $7.9B in Q3 2026 (+10% Y/Y). Operating margin 6.4%, net earnings $198M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$7.9B
Year over year+10%
Operating margin6.4%
Net earnings$198M
Operating cash flow$1.0B

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Medline Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Medline Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $7.9B in Q3 2026, up 10% year over year and up 2% from the previous quarter.

Gross margin was 24.5%, down 1.8 points from a year earlier. Operating profit was $0.50B, a 6.4% margin (down 1.7 points year over year). Operating profit fell $0.07B even though revenue rose $0.74B versus a year earlier, so costs grew faster than sales. Operating expenses grew 10% against revenue growth of 10%. The fastest-growing cost line was SG&A (+13%). Net earnings were $0.20B, down 38% year over year. The effective tax rate was 17.6%.

Operating cash flow was $1.0B (up 61% year over year), 322% of net income including minority interests. Non-cash charges added back $0.26B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.42B. Capital expenditures of $0.14B left free cash flow of $0.88B.

Quarterly history

Medline revenue by quarterMedline revenue by quarter$7.4BQ1 2026$7.7BQ2 2026$7.9BQ3 2026
Medline net earnings by quarterMedline net earnings by quarter$132MQ1 2026$59.0MQ2 2026$198MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$7.9B+10%6.4%$198M$1.0B
Q2 202610-QAug 5, 2026$7.7B+12%5.1%$59.0M$715M
Q1 202610-QMay 6, 2026$7.4B+11%5.7%$132M$412M

Charts

Medline: revenue growth, year over year and quarter over quarterMedline: revenue growth, year over year and quarter over quarterY/YQ/Q+11%Q1 2026+12%+5%Q2 2026+10%+2%Q3 2026
Latest (Q3 2026): Y/Y +10%, Q/Q +2%.
Medline: where the cash came from (+) and went (−), TTM to Q3 2026Medline: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$2.4BCash drawn (+) / kept (−)−$1.4BOther investing−$1.2BOther financing$677MCapital spending−$486MExchange rates−$15.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Medline: profit against cash, quarter by quarterMedline: profit against cash, quarter by quarterNet incomeOperating cash flow$319M$682MQ1 2025$329M$197MQ2 2025$318M$636MQ3 2025$193M$229MQ4 2025$132M$412MQ1 2026$59.0M$715MQ2 2026$198M$1.0BQ3 2026
Latest (Q3 2026): Net income $198M, Operating cash flow $1.0B.
Medline: long-term debt falling due (FY2025)Medline: long-term debt falling due (FY2025)$76.0M2026$76.0M2027$726M2028$8.5B2029$3.3B2030
Cash $1.9B, short-term investments $0, long-term debt — at 2025-12-31.
Medline in its industry: growth against margin (111 companies, SIC 3841)Medline in its industry: growth against margin (111 companies, SIC 3841)revenue growth, year over year →↑ operating marginmedian +10%median -9%MMMSYKBSXBDXBAXSOLVRMDDXCMWSTMMEDPODDGMEDTFXICUIMMSIIARTPENHAETNDMEMBCIRTCATECGKOSOFIXINSPNVCRUFPTATRCBVSAORTPRCTTCMDARAYANGOKIDSSKINLMATHTFLMDXGCERSSIBNTMCISTIMINFUBBNXKMTSOSURANIKDCTHRCELSGHTIRMDXTNTLUNGNPCEPDEXTELACARLLNSRSIMOBIAPYXSSIICVRXCLPTKRMDTLSIPROFSNWVCTSOIDXGUTMDRVPSNOAPREMNEPHDRIOVVOSBTCYNXGLMDAIMDNCPMINONE.SRTSSINTIVFNMTCNSPRAURXXAIRLUCDTNONINBSRNXTVTAKUSAQICUVYCOHRGNCNSYPLSEPETVFEMYOSRHCODXOBIORDGLPAVMGUTSMDLN (+10%, 6%)
Surgical & Medical Instruments & Apparatus; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Medline

Medline Inc. (together with its subsidiaries, “Medline”, “the Company”, “we”, “ours” and “us”) is the largest provider of medical-surgical (“med-surg”) products and supply chain solutions serving all points of care, based on total net sales of med-surg products. Medline was founded in 1966 and today delivers mission-critical products used daily across the full range of care settings, from hospitals and surgery centers to physician offices and post-acute facilities. Our mission is to make healthcare run better by delivering improved clinical, financial, and operational outcomes.

In its own words, from its 10-K, filed Feb 25, 2026.

Medline against its Surgical & Medical Instruments & Apparatus peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +10% against the peers' median +5%. Operating margin: 6.4% against the peers' median 15.9%.

CompanyQuarterRevenueY/YOp. margin
MDLN MedlineQ3 2026$7.9B+10%6.4%
MMM 3MQ3 2026$6.6B+1%23.7%
SYK StrykerQ3 2026$6.5B+8%15.9%
BSX Boston ScientificQ3 2026$5.1B+1%16.1%
BDX Becton DickinsonQ3 FY26$5.0B+5%13.3%
BAX Baxter InternationalQ3 2026$3.0B+5%7.6%
SOLV SolventumQ3 2026$1.9B-7%3.5%
RMD ResMedQ1 FY27$1.4B+6%32.0%
DXCM DexComQ3 2026$1.3B+11%24.3%

Source: Medline 10-Q on SEC EDGAR · CIK 2046386 · Surgical & Medical Instruments & Apparatus

Guidance and outlook

Medline: what its forward-looking statements are about (10-Q filed 2026-11-04)Medline: what its forward-looking statements are about (10-Q filed 2026-11-04)Other7Costs7Demand2The economy2Supply chain1Products1People1Capital spending1Financing1Buybacks & dividends1
24 statements; tone +0.08 (−1 all cautious, +1 all confident); 1 hedged.
Medline: outlook statements against the filing beforeMedline: outlook statements against the filing beforeNew12Updated3Dropped2Confident5Cautious3

13F: who owns MDLN and who is buying

Largest holders of MDLN (13F)Largest holders of MDLN (13F)Carlyle Group$7.4BBlackstone$4.0BFMR LLC$1.9BCapital Research Global Investors$1.6BInvesco$1.5BBlackRock$1.0BMorgan Stanley$852MLone Pine Capital LLC$827MVanguard Group$793MMassachusetts Financial Services$787M
Funds' net buying of MDLN by quarter (13F)Funds' net buying of MDLN by quarter (13F)$25.6B2025-12−$10.9B2026-03$3.7B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MDLN

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results

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