← Research LibraryThe BriefFY2025 10-K · headline figures audited against SEC data
Medline, newly public, grew revenue 11.5% to $28.43B by winning Prime Vendor hospital contracts, while tariffs cut gross margin 91 bps and IPO cash paid down debt
The read at a glance✓ Audited against SEC data
- Growth — Revenue up 11.5% to $28.43B, mostly volumeOK
- Profitability — Operating margin down 63 bps to 7.78%; tariffs cost approximately $290 millionWatch
- Balance sheet — Total debt down 23.8% to $12.56B after the IPOOK
- Accounting quality — Safe distress zone; no manipulation flag; earnings quality safeOK
- Capital allocation — No dividend; IPO proceeds used to repay term loansNote
- Prime Vendor — Over 98% average Prime Vendor retention over five yearsOK
Business
Medline makes and distributes medical-surgical supplies, from surgical kits and gloves to wound care and lab consumables, for hospitals, surgery centers, physician offices and post-acute facilities. Founded in 1966 and public since its December 18, 2025 IPO, it sells about 190,000 of its own Medline Brand products and about 145,000 products from over 1,300 third-party suppliers. Its model is to become a hospital's Prime Vendor for third-party supplies, then convert purchases to its own higher-margin brand.
Where the revenue comes from
Fiscal 2025, as Medline Inc. reports it. History and quarterly detail are in the app.
- Supply Chain Solutions$14.7B
- Medline Brand$13.7B
Leadership changes
From Medline Inc.'s own filings, the day they're filed.
- Joseph P. Baratta · Directors · departureeff. 2026-12-31
- Todd M. Bluedorn · Directors · appointmenteff. 2025-12-16
Latest filings
- 8-K · Company announcement2026-10-15
- 10-Q · Quarterly report2026-08-05
- 8-K · Company announcement2026-08-05
- 8-K · Company announcement2026-07-09
- 8-K · Company announcement2026-06-12
In the full recordFree for 14 days
- What changed🔒
- Insider signal🔒
- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
- Forensic score history & components — the trend, not one year🔒
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- Ana — ask about Medline Inc., every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
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