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Medline cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$884M in Q3 2026 · $1.9B over twelve months

Operating cash flow$1.0B
Capital spending−$141M
Free cash flow+$884M
Cash / net income5.2×
Cash conversion cycle99 days

Analysis

In Q3 2026, Medline generated $1.0B of operating cash flow and spent $141M on capital projects, leaving free cash flow of $884M.

Over the twelve months to Sep 26, 2026, operating cash flow was $2.4B; the largest uses were other investing ($1.2B), capital spending ($486M); besides operations, cash came from other financing ($677M); the cash balance rose by $1.4B.

Operating cash flow was $1.0B against net income of $198M — 5.2× profit, cash ran ahead of reported earnings. The largest differences: prepaid and other assets +$260M, depreciation & amortization +$259M, accrued liabilities +$255M.

Its cash conversion cycle was 99 days (receivables 43 + inventory 73 − payables 17).

Free cash flow

Medline: free cash flow by quarterMedline: free cash flow by quarter$584MQ1 2025$87.0MQ2 2025$535MQ3 2025$91.0MQ4 2025$316MQ1 2026$604MQ2 2026$884MQ3 2026
Operating cash flow less capital spending.
Medline: operating cash flow against capital spendingMedline: operating cash flow against capital spendingOperating cash flowCapital spending$682M$98.0MQ1 2025$197M$110MQ2 2025$636M$101MQ3 2025$229M$138MQ4 2025$412M$96.0MQ1 2026$715M$111MQ2 2026$1.0B$141MQ3 2026
Latest (Q3 2026): Operating cash flow $1.0B, Capital spending $141M.

Capital allocation, year by year

Medline: where the cash came from (up) and went (down), by fiscal yearMedline: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksFY2023: Operating cash flow $1.7BFY2023: Capital spending −$275MFY2023: Acquisitions −$16.0M$1.7BFY2023FY2024: Operating cash flow $1.8BFY2024: Capital spending −$354MFY2024: Acquisitions −$1.1BFY2024: Buybacks −$20.0M$1.8BFY2024FY2025: Operating cash flow $1.7BFY2025: Shares issued $7.0BFY2025: Capital spending −$447MFY2025: Acquisitions $6.0MFY2025: Buybacks −$33.0M$8.8BFY2025
Over these 3 years operating cash flow totalled $5.2B; the largest uses were acquisitions ($1.1B) and capital spending ($1.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.6B
Debt$12.6B
Net debt$9.0B
Due within a year$76.0M

Medline funds itself: free cash flow was $1.9B over the last twelve months, and $3.6B of cash and investments stands against $12.6B of debt ($76.0M due within a year, 47.5× covered by cash).

Medline: debt maturities by year (FY2025)Medline: debt maturities by year (FY2025)$76.0MYear 1$76.0MYear 2$726MYear 3$8.5BYear 4$3.3BYear 5
Principal due in each year as disclosed in the annual report, against $3.6B of cash and investments now.

Where the cash came from and went

Medline: sources (+) and uses (−) of cash, Q3 2026Medline: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.0BOther investing−$839MCapital spending−$141MPartners−$41.0MOther financing−$15.0MShares issued$8.0MCash drawn (+) / kept (−)$6.0MExchange rates−$3.0M
Medline: sources (+) and uses (−) of cash, TTM to Q3 2026Medline: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.4BCash drawn (+) / kept (−)−$1.4BOther investing−$1.2BOther financing$677MCapital spending−$486MExchange rates−$15.0M

From profit to cash

Medline: net income to operating cash flow, Q3 2026Medline: net income to operating cash flow, Q3 2026Net income$318MDepreciation & amortization$259MStock-based pay$29.0MDeferred taxes$39.0MOther non-cash$11.0MReceivables−$133MInventory−$154MPayables$194MAccrued liabilities$255MPrepaid and other assets$260MOther liabilities$7.0MOperating cash flow$1.0B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202643731799
Q2 2026437916106
Q1 2026437615103

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.0B−$141M——$8.0M$6.0M$884M
Q2 2026$715M−$111M———−$91.0M$604M
Q1 2026$412M−$96.0M———−$296M$316M
Q4 2025$229M−$138M———−$987M$91.0M
Q3 2025$636M−$101M—−$18.0M—−$371M$535M
Q2 2025$197M−$110M—−$6.0M—$256M$87.0M
Q1 2025$682M−$98.0M$6.0M−$9.0M—−$590M$584M

Medline: income statement and cash flow

Medline, Q3 2026: revenue $7.9B (+10% year over year), operating margin 6.4%. The chart follows the revenue to costs, profit and cash.

Medline: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.