MDLN

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August 5, 2026

Medline Reports Second Quarter and

First Six Months 2026 Results

•Second quarter net sales of $7.7 billion, an increase of 11.6%

•Second quarter net income of $139 million, a decrease of 58.3%

•Second quarter Adjusted EBITDA1 of $1.1 billion, an increase of 13.4%

•First six months net sales of $15.0 billion, an increase of 11.1%

•First six months net income of $378 million, a decrease of 42.3%

•First six months Adjusted EBITDA1 of $1.8 billion, an increase of 1.9%

•Updating full year 2026 Organic Sales2 guidance to 9.0% to 10.0% and Adjusted EBITDA2 guidance to $3.3 billion to $3.4 billion

•Second quarter and first six months net sales included $89 million of IEEPA tariff customer repayments

•Second quarter and first six months net income and Adjusted EBITDA1 included $243 million of net IEEPA tariff refund benefits

•The full year 2026 Organic Sales2 outlook includes IEEPA tariff customer repayments and the Adjusted EBITDA2 outlook does not include the benefit of IEEPA tariff refunds

NORTHFIELD, Ill., Aug. 5, 2026 (GLOBE NEWSWIRE) -- Medline Inc. (“Medline” or the “Company”) (Nasdaq: MDLN), the largest provider of medical-surgical (“med-surg”) products and supply chain solutions serving all points of care3, today reported its operating results for the three and six months ended June 27, 2026.

“Our second quarter results reflect strong execution of our growth strategy, and the operational resilience of our team,” said Jim Boyle, chief executive officer of Medline. “We delivered robust top-line growth in the quarter, secured over 65% of our annual goal in total new customer signings4 during the first half of 2026, and moved swiftly to minimize disruption from the fire at our Tracy, California distribution center, demonstrating an unwavering commitment to our customers. At the same time, we are effectively managing a dynamic external environment while investing in strategic initiatives to strengthen our market position and support long-term shareholder value creation.”

IEEPA Tariff Refunds and Related Customer Repayments

Following the U.S. Supreme Court’s February 2026 ruling that IEEPA tariffs were unauthorized, the Company recognized $243 million of net IEEPA tariff refund benefits during the three and six months ended June 27, 2026, reflecting $332 million of tariff refunds as a reduction of cost of goods sold, partially offset by $89 million of accrued customer repayments associated with IEEPA tariff refunds as a reduction of net sales. These amounts were recorded entirely within the Medline Brand segment and were included in net income and Adjusted EBITDA1.

Second Quarter 2026 Results

Second quarter 2026 net sales increased 11.6% to $7.7 billion, compared to $6.9 billion in the second quarter 2025, with Organic Sales¹ increasing 11.5%. This was primarily driven by existing customer growth and implementation of new customer signings from 2025. This includes $89 million of accrued customer repayments associated with IEEPA tariff refunds.

Second quarter 2026 net income decreased 58.3% to $139 million, compared to $333 million in the second quarter 2025, primarily driven by losses of $336 million related to the fire at the Company’s distribution center in Tracy, California, before expected insurance recoveries, higher operating expenses and higher cost of goods sold including the impact of tariffs. This was partially offset by higher net sales and net IEEPA tariff refund benefits.

Second quarter 2026 Adjusted EBITDA¹ increased 13.4% to $1,060 million, compared to $935 million in the second quarter 2025, primarily driven by higher net sales and net IEEPA tariff refund benefits, partially offset by higher operating expenses and higher cost of goods sold including the impact of tariffs.

Second quarter 2026 diluted earnings per share and Adjusted Diluted EPS¹ were $0.07 and $0.50, respectively.

First Six Months 2026 Results

First six months 2026 net sales increased 11.1% to $15.0 billion, compared to $13.5 billion in the 2025 period, with Organic Sales¹ increasing 10.8%. This was primarily driven by existing customer growth and implementation of new customer signings from 2025. This includes $89 million of accrued customer repayments associated with IEEPA tariff refunds.

First six months 2026 net income decreased 42.3% to $378 million, compared to $655 million in the first six months 2025, primarily driven by losses of $336 million related to the fire at the Company’s distribution center in Tracy, California, before expected insurance recoveries, higher operating expenses and higher cost of goods sold including the impact of tariffs. This was partially offset by higher net sales and net IEEPA tariff refund benefits.

First six months 2026 Adjusted EBITDA¹ increased 1.9% to $1.84 billion, compared to $1.80 billion in the first six months 2025, primarily driven by higher net sales and net IEEPA tariff refund benefits, part

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May 6, 2026

Medline Reports First Quarter 2026 Results

•Net sales of $7.4 billion, an increase of 10.7%

•Net income of $239 million, a decrease of 25.8%

•Adjusted EBITDA1 of $776 million, a decrease of 10.6%

•Raising full year 2026 Organic Sales2 guidance range to 8.5% to 9.5%

NORTHFIELD, Ill., May. 6, 2026 (GLOBE NEWSWIRE) -- Medline Inc. (“Medline” or the “Company”) (Nasdaq: MDLN), the largest provider of medical-surgical (“med-surg”) products and supply chain solutions serving all points of care3, today reported its operating results for the three months ended March 28, 2026.

“We started 2026 with strong momentum—growing with our existing customers, executing implementations at scale and winning new customers,” said Jim Boyle, chief executive officer 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.”

First Quarter 2026 Results

First quarter 2026 net sales increased 10.7% to $7.4 billion, compared to $6.6 billion in the first quarter 2025, with Organic Sales¹ increasing 10.1%. This was primarily driven by implementation of new customer signings from 2025 and existing customer growth.

First quarter 2026 net income decreased 25.8% to $239 million, compared to $322 million in the first quarter 2025, primarily driven by higher costs of goods sold including the impact of tariffs, higher operating expenses to support new customer growth and an employee bonus related to the Company’s IPO. This was partially offset by higher net sales and lower interest expense.

First quarter 2026 Adjusted EBITDA¹ decreased 10.6% to $776 million, compared to $868 million in the first quarter 2025, primarily driven by higher costs of goods sold including the impact of tariffs and higher operating expenses to support new customer growth, partially offset by higher net sales.

Diluted earnings per share and Adjusted Diluted EPS¹ 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 Flow¹ 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.

2026 Guidance

The Company is increasing its full year 2026 outlook for Organic Sales2 growth to 8.5% to 9.5%, compared to its previous outlook of 8% to 9%, and is maintaining its Adjusted EBITDA2 outlook of $3.5 to $3.6 billion.

Webcast and Conference Call Instructions

The Company will host a live conference call and question and answer session with investors and analysts on May 6, 2026, at 8:30 a.m. CT / 9:30 a.m. ET to discuss its first quarter 2026 earnings results. The webcast can be accessed through Medline’s Investor Relations website at ir.medline.com. A replay of the call will be available following the event through the same website.

End Notes and Use of Non-GAAP Financial Measures

Certain amounts and percentages presented in this press release have a rounding element. As a result, the sum of the components may not equal the totals due to rounding.

(1)     Organic Sales, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow, and Net Leverage are non-GAAP financial measures. See discussion of these measures and reconciliations to GAAP at the end of this press release for more information.

(2)     Guidance for Adjusted EBITDA and Organic Sales is provided on a non-GAAP basis only because certain information necessary to calculate the most comparable GAAP measure is unavailable due to the uncertainty and inherent difficulty of predicting the occurrence and the future financial statement impact of such items impacting comparability, including, but not limited to, inventory-related adjustments, stock-based compensation, litigation (gains) charges, net, transaction-related costs, the impact of currency, and other non-core (gains) charges, among other items. Therefore, as a result of the uncertainty and variability of the nature and amount of future adjustments, which could be significant, the Company is unable to provide a reconciliation of these measures with reasonable certainty and without unreasonable effort.

(3)     Based on our 2025 net sales relative to the publicly reported net sales of med-surg products by companies that are both med-surg manufacturers and distributors.

Forward Looking Statements

This press release contains forwa

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Medline Reports Fourth Quarter and Full Year 2025 Results

•Delivered strong full year 2025 results

•Completed Initial Public Offering

•Introduced full year 2026 guidance

•Fourth quarter net sales of $7.8 billion, an increase of 14.8%

•Fourth quarter net income of $180 million, a decrease of 37.7%

•Fourth quarter Adjusted EBITDA1 of $805 million, approximately flat

•Full year net sales of $28.4 billion, an increase of 11.5%

•Full year net income of $1.2 billion, a decrease of 3.6%

•Full year Adjusted EBITDA1 of $3.5 billion, an increase of 3.2%

NORTHFIELD, Ill., Feb. 25, 2026 – Medline Inc. (“Medline” or the “Company”) (Nasdaq: MDLN), the largest provider of medical-surgical (“med-surg”) products and supply chain solutions serving all points of care2, today reported its operating results for the three months and full year ended December 31, 2025.

“We delivered strong fourth quarter results, concluding a successful 2025 with $2.4 billion in total new customer signings3,” said Jim Boyle, Chief Executive Officer of Medline. “This performance reflects the confidence customers place in our value, service and reliability, and our unique capability to support health systems across the entire continuum of care.”

“The quarter also marked a major milestone with the completion of our successful initial public offering. Becoming a public company amplifies our voice and strengthens our foundation by enabling continued investments to drive growth and deliver greater value to customers. We expect our momentum to continue, and with our scale, broad product portfolio, and unmatched distribution footprint, we believe we are well positioned for sustainable long‑term growth.”

Fourth Quarter 2025 Results

Net sales in the fourth quarter 2025 were $7.8 billion, an increase of 14.8%, compared to $6.8 billion in the fourth quarter 2024, with Organic Sales¹ increasing 14.4%. This was primarily driven by increased volumes, with strong growth from both the Medline Brand and Supply Chain Solutions segments.

Fourth quarter 2025 net income was $180 million, a decrease of 37.7%, compared to $289 million in the fourth quarter 2024, driven by higher costs of goods sold due to tariffs and higher operating costs, including investments in headcount and IPO-related expenses, partially offset by higher net sales.

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Fourth quarter 2025 Adjusted EBITDA¹ was $805 million, a decrease of 0.6%, compared to the fourth quarter 2024, driven by higher costs of goods sold due to tariffs and higher operating costs, including investments in headcount, partially offset by higher net sales.

Full Year 2025 Results

Net sales for the full year 2025 were $28.4 billion, an increase of 11.5%, compared to $25.5 billion for full year 2024, with Organic Sales¹ increasing 10.5%. This was primarily driven by increased volumes, with strong growth from both the Medline Brand and Supply Chain Solutions segments.

Full year 2025 net income was $1.2 billion, a decrease of 3.6% compared to $1.2 billion for full year 2024, driven by higher costs of goods sold due to tariffs and higher operating costs, including investments in headcount and IPO‑related expenses, partially offset by higher net sales.

Full year 2025 Adjusted EBITDA¹ was $3.5 billion, an increase of 3.2%, compared to $3.4 billion for full year 2024, driven by higher net sales, partially offset by higher costs of goods sold due to tariffs and higher operating costs, including investments in headcount.

Net cash provided by operating activities for the full year of 2025 was $1.7 billion, primarily 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 net sales growth, increased inventories including tariff impacts, and a net cash outflow in the second quarter of 2025 related to legal settlements.

Free Cash Flow¹ for the full year of 2025 was $1.3 billion, primarily driven by net cash provided by operating activities, offset by capital expenditures related to continued enhancements and automation in our distribution centers and investments in our kitting manufacturing facilities.

2026 Guidance

For full year 2026, the Company expects Organic Sales4 growth of 8% to 9% and Adjusted EBITDA4 of $3.5 to $3.6 billion.

Webcast and Conference Call Instructions

The Company will host a live conference call and question and answer session with investors and analysts on February 25, 2026, at 8:30 a.m. CT / 9:30 a.m. ET to discuss its fourth quarter and full year 2025 earnings results. The webcast can be accessed through Medline’s Investor Relations website at ir.medline.com. A replay of the call will be available following the event through the same website.

End Notes and Use of Non-GAAP Financial Measures

Certain amounts and percentages presented in this press release have a rounding element. As a result, the sum of the components ma