Filing Flows › Medline (MDLN) › Q2 2026 › vs Q2 2025
Medline (MDLN) Q2 2026 vs Q2 2025 (year over year)
Medline's revenue rose $799M (+12%) from $6.9B in Q2 2025 to $7.7B in Q2 2026. Gross margin 28.8% against 27.7% (+1.2 pts).
Medline, Q2 2026: revenue $7.7B (+12% year over year), operating margin 5.1%, net earnings $59.0M, operating cash flow $715M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 28.8% | 27.7% | +1.2 pts |
| Operating margin | 5.1% | 9.3% | -4.2 pts |
| Net margin | 0.8% | 4.8% | -4.0 pts |
| Free cash flow margin | 7.9% | 1.3% | +6.6 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $7.7B | $6.9B | $799M | +12% |
| Gross profit | $2.2B | $1.9B | $310M | +16% |
| Cost of revenue | $5.5B | $5.0B | $489M | +10% |
| Operating profit | $395M | $642M | −$247M | -38% |
| Operating expenses | $1.8B | $1.3B | $557M | +44% |
| Pre-tax earnings | $235M | $355M | −$120M | -34% |
| Other expense, net | $160M | $287M | −$127M | -44% |
| SG&A | $1.3B | $1.1B | $222M | +21% |
| Other operating costs | $525M | $190M | $335M | +176% |
| Net earnings | $59.0M | $329M | −$270M | -82% |
| Minority interests | $80.0M | $0 | $80.0M | — |
| Income tax | $96.0M | $26.0M | $70.0M | +269% |
| Depreciation & amortization | $256M | $250M | $6.0M | +2% |
| Share-based compensation | $29.0M | $15.0M | $14.0M | +93% |
| Working capital & other | $371M | −$397M | $768M | — |
| Operating cash flow | $715M | $197M | $518M | +263% |
| Free cash flow (OCF − capex) | $604M | $87.0M | $517M | +594% |
| Capital expenditures | $111M | $110M | $1.0M | +0.9% |
Questions
How much did Medline's revenue grow year over year in Q2 2026?
Medline's revenue rose $799M (+12%) from $6.9B in Q2 2025 to $7.7B in Q2 2026. Gross margin 28.8% against 27.7% (+1.2 pts).