Earnings Releases·Nov 4, 2026, 7:34 AM ET

Medline — Third Quarter and Nine Months 2026 Earnings Summary

Net sales grew 10.4% to $7.9 billion in Q3 2026 and 10.9% to $22.9 billion for the first nine months, while Adjusted EBITDA rose 11.8% to $960 million in Q3 and 5.0% to $2.8 billion year-to-date; however, net income declined 1.2% to $318 million in Q3 and 28.8% to $696 million for the nine months, primarily due to a $316 million loss from a distribution center fire and higher operating costs.
The company raised full-year 2026 organic sales guidance to 10.0%–10.5% (from 9.0%–10.0%) and reaffirmed Adjusted EBITDA guidance of $3.3 billion to $3.4 billion, noting that guidance excludes $324 million in net IEEPA tariff refunds recognized through the first nine months.
Strategic capital allocation included a $1 billion share repurchase program authorization and a $750 million prepayment on the 2033 Refinancing Term Loan, alongside $348 million in capital expenditures focused on distribution automation and capacity expansion.
Free cash flow for the first nine months reached $1.8 billion, driven by $2.2 billion in operating cash flow, while total debt stood at $12.7 billion with a net leverage ratio of 2.5x based on trailing twelve-month Adjusted EBITDA.