MDLN

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November 4, 2026

Medline Reports Third Quarter and

Nine Months 2026 Results

•Third quarter net sales of $7.9 billion, an increase of 10.4%

•Third quarter net income of $318 million, a decrease of 1.2%

•Third quarter Adjusted EBITDA1 of $1.0 billion, an increase of 11.8%

•Nine months net sales of $22.9 billion, an increase of 10.9%

•Nine months net income of $696 million, a decrease of 28.8%

•Nine months Adjusted EBITDA1 of $2.8 billion, an increase of 5.0%

•Raising full year 2026 Organic Sales2 guidance to 10.0% to 10.5% from 9.0% to 10.0% and reaffirming Adjusted EBITDA2 guidance of $3.3 billion to $3.4 billion

•Board of Directors authorized a $1 billion share repurchase program

NORTHFIELD, Ill., Nov. 4, 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 nine months ended September 26, 2026.

“Medline delivered another strong quarter, with double-digit net sales growth, reflecting continued momentum across our business,” said Jim Boyle, chief executive officer of Medline. “Our commercial execution remains strong, including continued progress toward our annual total new customer signings4 goal. We are advancing key strategic priorities, including capacity expansion and new technology across our distribution network and progress with our global quality initiatives. We remain focused on serving our customers, advancing our strategic priorities and driving sustainable long-term growth.”

Third Quarter 2026 Results

Third quarter 2026 net sales increased 10.4% to $7.9 billion, compared to $7.1 billion in the third quarter 2025, with Organic Sales¹ increasing 10.5%. This was primarily driven by existing customer growth and implementation of new customer signings from 2025 and includes an $11 million increase related to an adjustment of customer repayment amounts.

Third quarter 2026 net income decreased 1.2% to $318 million, compared to $322 million in the third quarter 2025, primarily driven by increased inventory costs associated with inflation, higher operating expenses, and customer mix. This was partially offset by higher net sales and net IEEPA tariff refund benefits.

Third quarter 2026 Adjusted EBITDA¹ increased 11.8% to $960 million, compared to $859 million in the third quarter 2025, primarily driven by higher net sales and net IEEPA tariff refund benefits, partially offset by higher operating expenses and customer mix.

Third quarter 2026 diluted earnings per share and Adjusted Diluted EPS¹ were $0.22 and $0.44, respectively.

Nine Months 2026 Results

Nine months 2026 net sales increased 10.9% to $22.9 billion, compared to $20.6 billion in the 2025 period, with Organic Sales¹ increasing 10.7%. This was primarily driven by implementation of new customer signings from 2025 and existing customer growth. This includes a $78 million reduction related to the accrued customer repayments associated with IEEPA tariff refunds.

Nine months 2026 net income decreased 28.8% to $696 million, compared to $977 million in the first nine months of 2025. This was primarily driven by higher operating expenses, net losses of $316 million related to the fire at the Company’s distribution center in Tracy, California, higher cost of goods sold including the impact of tariffs, customer and segment mix, and increased inventory costs associated with inflation. This was partially offset by higher net sales and net IEEPA tariff refund benefits.

Nine months 2026 Adjusted EBITDA¹ increased 5.0% to $2.8 billion, compared to $2.7 billion in the nine months 2025, primarily driven by higher net sales and net IEEPA tariff refund benefits, partially offset by higher operating expenses, higher cost of goods sold including the impact of tariffs, and customer and segment mix.

Nine months 2026 diluted earnings per share and Adjusted Diluted EPS¹ were $0.45 and $1.27, respectively.

Net cash provided by operating activities for the first nine months of 2026 was $2.2 billion, driven by net income, net of non-cash items and inclusive of tariff refunds received, and favorable working capital.

Free Cash Flow¹ for the first nine months of 2026 was $1.8 billion, driven by net cash provided by operating activities, partially offset by $348 million of capital expenditures, primarily related to investments in automation across the distribution network, construction of new distribution centers and expansion of kitting manufacturing capacity.

Capital Allocation

In October, the Medline Board of Directors approved a share repurchase program authorizing the Company, including Medline Holdings, LP, to repurchase up to $1 billion of the Company’s outstanding shares of Class A common stock and/or units of Medline Holdings, LP, and the Company prepaid $750 million in aggregate principal

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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