Medline Q4 Sales Rise 14.8% to $7.8B, Completes IPO and Guides 8–9% Growth
Medline reported fourth quarter net sales of $7.8 billion, a 14.8% increase, while net income fell 37.7% to $180 million due to higher costs and IPO expenses. Full year sales rose 11.5% to $28.4 billion with adjusted EBITDA up 3.2% to $3.5 billion, and 2026 guidance targets 8–9% organic growth.
1. Fourth Quarter 2025 Results
Medline's Q4 net sales reached $7.8 billion, up 14.8% from prior year with organic growth of 14.4%. Net income was $180 million, down 37.7% due to higher tariffs, increased operating costs and IPO-related expenses, while adjusted EBITDA remained flat at $805 million.
2. Full Year 2025 Performance
For the full year, Medline achieved net sales of $28.4 billion, an 11.5% rise driven by volume increases across its branded products and supply chain solutions. Net income was $1.2 billion, a 3.6% decline, but adjusted EBITDA climbed 3.2% to $3.5 billion; operating cash flow and free cash flow were $1.7 billion and $1.3 billion respectively.
3. Initial Public Offering Milestone
Medline successfully completed its initial public offering during the quarter, enhancing its capital base and public market profile. The IPO proceeds are expected to support investments in distribution automation, headcount expansion and further supply chain capabilities to sustain long-term growth.
4. 2026 Guidance
The company issued full year 2026 guidance, forecasting 8–9% organic sales growth and adjusted EBITDA of $3.5 to $3.6 billion, underpinned by its scale, broad product portfolio and distribution network.