Medline positions for sustained growth

NORTHFIELD, Ill. – Medline reported net sales of $7.4 billion for the first quarter of 2026, a 10.7% increase. Net income was $239 million, a 25.8% decrease.

Other financial results:

• Adjusted EBITDA of $776 million, a decrease of 10.6%.
• Diluted earnings per share and adjusted diluted EPS were $0.16 and $0.33, respectively.
• Net cash provided by operating activities in the first quarter 2026 was $412 million, driven by net income, excluding the impact of non-cash items, partially offset by changes in working capital primarily due to increased trade accounts receivable related to sales growth and increased inventories.
• Free cash flow in the first quarter 2026 was $316 million, driven by net cash provided by operating activities, partially offset by capital expenditures, primarily related to continued enhancements and automation in the company’s distribution centers and investments in its kitting manufacturing facilities.
• Raising full year 2026 organic sales guidance range to 8.5% to 9.5%.

CEO commentary

“We started 2026 with strong momentum—growing with our existing customers, executing implementations at scale and winning new customers,” said Jim Boyle, CEO of Medline. “This performance gives us confidence to raise our full year organic sales guidance while continuing disciplined investments in our people, infrastructure and capabilities to support our strong customer demand and position Medline for sustained growth.”

Future outlook

Medline is increasing its full year 2026 outlook for organic sales growth to 8.5% to 9.5%, compared to its previous outlook of 8% to 9%, and is maintaining its adjusted EBITDA outlook of $3.5 to $3.6 billion.

• Related: Medline provides value, stability amid ‘health care crisis.’