Filing Flows › Medline (MDLN) › Q1 2026
Medline (MDLN) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Medline (MDLN) reported revenue of $7.4B for the first quarter 2026 (Q1 2026), +11% from a year earlier and -6% from the quarter before. Operating margin was 5.7%, net earnings $132M (1.8% of revenue).
Medline, Q1 2026: revenue $7.4B (+11% year over year), operating margin 5.7%, net earnings $132M, operating cash flow $412M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.4B | -6% | +11% |
| Gross profit | $1.8B | -4% | +0.9% |
| Operating profit | $422M | -0.7% | -26% |
| Net earnings | $132M | -32% | -59% |
| Operating cash flow | $412M | +80% | -40% |
| Free cash flow | $316M | +247% | -46% |
What changed
Revenue was $7.4B in Q1 2026, up 11% year over year and down 6% from the previous quarter.
Gross margin was 25.0%, down 2.4 points from a year earlier. Operating profit was $0.42B, a 5.7% margin (down 2.9 points year over year). Operating profit fell $0.15B even though revenue rose $0.71B versus a year earlier, so costs grew faster than sales. Operating expenses grew 13% against revenue growth of 11%. The fastest-growing cost line was SG&A (+15%). Net earnings were $0.13B, down 59% year over year. The effective tax rate was 17.9%.
Operating cash flow was $0.41B (down 40% year over year), 172% of net income including minority interests. Non-cash charges added back $0.25B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.10B. Capital expenditures of $0.10B left free cash flow of $0.32B.
Questions
What was Medline's revenue in the first quarter 2026?
Medline (MDLN) reported revenue of $7.4B for the first quarter 2026 (Q1 2026), +11% from a year earlier and -6% from the quarter before.
Was Medline profitable in the first quarter 2026?
Operating profit was $422M (5.7% of revenue) and net earnings $132M.
Source: Medline 10-Q on SEC EDGAR.