Medline

Medline is the largest provider of medical-surgical products and supply chain solutions, and it serves all points of care: hospitals, surgery centers, physician offices, nursing homes and home care. It makes and sources many products under its own Medline brand, such as gloves, gowns, surgical kits and wound care products, and it also distributes products of other makers. It owns a large network of distribution centers.

Medline is based in Northfield, Illinois. It sold shares to the public on December 18, 2025, at $29 per share, and Blackstone, Carlyle, Hellman & Friedman and the Mills family still own large stakes.

The market prices Medline for lower profit growth and for the shares that its owners still have to sell. In August 2026, Medline lowered its 2026 Adjusted EBITDA guidance to $3.3 billion to $3.4 billion from $3.5 billion to $3.6 billion, because of inflation from the Middle East conflict, more spending on operations, quality remediation and weak retail sales. In Q3 2026, net sales grew 10.4% and Adjusted EBITDA grew 11.8%, but net income fell 1.2% because of inventory cost inflation, higher operating expenses and customer mix. Q3 results also included $81 million of net IEEPA tariff refund benefits, which will not repeat.

A fire destroyed its Tracy, California distribution center on June 11, 2026, with estimated losses of $416 million through Q3 2026, and insurers paid $100 million of it in Q3. Medline also has three unresolved FDA warning letters, and its private equity owners sold 72.6 million shares in May 2026, so more sales are possible. In October 2026, Medline prepaid $750 million of debt, and its board approved a share repurchase program of up to $1 billion. For the gap to close, three things must be true.

Medline must reach its 2026 Adjusted EBITDA guidance, which it kept on November 4, 2026, and guide to higher profit in 2027 without the help of tariff refunds. Insurers must pay a large part of the remaining fire losses. The company must resolve the FDA warning letters without large recalls. The Q4 2026 report and the 2027 guidance in early 2027 give the next evidence.

If these checks pass, the gap can close over the next three to five quarters. The main reason it may not close is that cost inflation and remediation costs continue, so that profit grows much more slowly than sales.

1. Nov 4, 2026Passed

   Q3 2026 earnings: new guidanceOrganic sales growth near 9% to 10% and Adjusted EBITDA on track for $3.3 billion to $3.4 billion pass; another cut to the guidance fails.Outcome: Organic sales grew 10.5%, and Medline raised its 2026 organic sales guidance to 10.0% to 10.5% and kept its Adjusted EBITDA guidance of $3.3 billion to $3.4 billion.
2. Feb 4, 2027 · est.Pending

   Tracy fire insurance and 2027 guidanceInsurance recoveries for most of the $416 million of fire losses estimated through Q3 2026 and guidance for higher Adjusted EBITDA in 2027 pass; small recoveries or flat profit guidance fail.

Every passed and failed checkpoint across all picks

• November 4, 2026Medline reported Q3 2026 results. Net sales were $7.9 billion, up 10.4%, and organic sales grew 10.5%. Adjusted EBITDA was $960 million, up 11.8%, and net income fell 1.2% to $318 million. Results included $81 million of net IEEPA tariff refund benefits and $100 million of insurance recoveries for the Tracy fire. Medline raised its 2026 organic sales guidance to 10.0% to 10.5% and kept its Adjusted EBITDA guidance of $3.3 billion to $3.4 billion. It also said that its board approved a share repurchase program of up to $1 billion in October 2026.
• October 22, 2026Medline prepaid $750 million of its term loan due 2033 with cash on hand. It expects a loss of about $21 million on the prepayment in Q4 2026 and lower interest expense after it.
• October 13, 2026Joseph Baratta told Medline that he will leave its board on December 31, 2026, at the same time as his departure from Blackstone. Medline said that his decision is not the result of a disagreement with the company.

Last earnings

November 4, 2026 (8-K on sec.gov)

Next earnings

Expected about February 4, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 26, 2026Filed November 4, 2026 · mdln-20260926
• 8-KEarnings releaseFiled November 4, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled October 21, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled October 15, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 27, 2026Filed August 5, 2026 · mdln-20260627
• 8-KEarnings releaseFiled August 5, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled July 9, 2026 · Read it on sec.gov
• 8-KShareholder vote resultsFiled June 12, 2026 · mdln-20260611
• 8-KNew material agreement and New debt or financial obligationFiled June 2, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 28, 2026Filed May 6, 2026 · mdln-20260328

Every filing on SEC EDGAR (CIK 2046386)

• Costs rise faster than prices. Inflation from the Middle East conflict, tariffs and spending on operations made Medline lower its 2026 Adjusted EBITDA guidance in August 2026.
• Medline has three unresolved FDA warning letters about its quality systems and manufacturing practices. Quality problems can lead to recalls, product holds or more remediation costs.
• The private equity owners still own large stakes. More sales of shares, such as the sale of 72.6 million shares in May 2026, can put pressure on the share price.
• Medline has a tax receivable agreement with its pre-IPO owners. The liability was $4.40 billion at September 26, 2026, and payments under it will use cash for many years.

At September 26, 2026, borrowings were $12.58 billion: long-term borrowings of $12.55 billion and current and short-term borrowings of $29 million. Cash was $2.32 billion, and short-term investments were $1.29 billion. Read more

Medline does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.