Income StatementBalance SheetCash FlowSegments
MDL

Medline, Inc. Cash Flow Statement

Operating, investing, and financing cash movements

Medline, Inc. generated $2.0B in operating cash flow over the trailing twelve months. After $371.0M in capital expenditures, free cash flow was $1.6B. Free cash flow increased 0.1% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$2.0BNet Cash From Investing (TTM)-$1.2BNet Cash From Financing (TTM)-$1.2BCapital Expenditures (TTM)$363.5MDepreciation And Amortization Cf (TTM)$979.8MNet Change In Cash (TTM)-$411.3M
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$32.9B
P/E Ratio39.08
ROE7.65%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$281.5M-$6.0M———$0.0
Capital expenditures$88.5M$98.0M———$96.0M
Payments for Asset Acquisitions$2.5M$8.3M$8.3M$8.3M$8.3M—
Proceeds from Kenvue IPO$0.0$1.8B$1.8B$1.8B$1.8B—
Net cash from investing activities-$373.3M-$92.0M———-$96.0M
Other investing activities$750.0K$0.0$0.0$0.0$0.0—

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Amortization of debt issuance costs$14.3M$15.0M———$11.0M
Change in accounts payable$26.5M$35.0M———$6.0M
Change in accounts receivable$64.0M$98.0M———$146.0M
Change in accrued liabilities$15.5M$34.0M———$72.0M
Change in inventories$136.3M-$71.0M———$42.0M
Change in other assets-$11.5M$28.0M———$19.0M
Change in other liabilities-$22.0M-$9.0M———-$32.0M
Other working capital changes$5.5M-$6.0M———-$3.0M
Deferred income taxes-$6.0M-$4.0M———$37.0M
Depreciation and amortization$244.3M$247.0M———$254.0M
Loss on extinguishment of debt-$8.0M-$14.5M-$14.5M-$14.5M-$14.5M—
Net cash from operating activities$442.3M$682.0M———$412.0M
Amortization of inventory step-up$6.3M$0.0$0.0$0.0$0.0—
Non-cash lease expense$15.3M$17.0M———$17.0M
Provision for credit losses$15.8M$26.0M———$1.0M
Stock-based compensation$15.3M$19.0M———$23.0M
Unrealized Foreign Currency Gain (Loss)$2.5M-$29.0M———$12.0M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Operating lease payments$21.0M$27.3M$27.3M$27.3M$27.3M—
ROU assets obtained - operating leases$35.8M$28.8M$28.8M$28.8M$28.8M—
Income taxes paid$25.3M$15.5M$15.5M$15.5M$15.5M—
Interest paid$255.5M$136.0M———$61.0M
Cash received from interest rate hedging activities$42.5M$15.0M———$7.0M
Non-cash capital contribution$0.0$0.0$0.0$0.0$0.0—
Recognition of deferred tax assets from equity transactions$0.0$0.0———$294.0M
Recognition of tax receivable agreement liability$0.0$0.0———$479.0M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$4.0B$1.9B$1.9B$1.9B$1.9B—
Repayments of debt$41.5M$179.0M———$0.0
Distributions to noncontrolling interests—$0.0———$10.0M
Payments For Purchase of Redemptions of Common Units From Pre-IPO Common Unitholders, Initial Public Offering$0.0$492.5M$492.5M$492.5M$492.5M—
Net cash from financing activities-$403.3M-$9.0M———-$13.0M
Payment of debt issuance costs$3.0M$0.0$0.0$0.0$0.0—
Repurchases of common stock$5.0M$9.0M———$0.0
Payments of Stock Issuance Costs$0.0$0.0———$3.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$353.8M$584.0M———$316.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash$500.0K$9.0M———-$7.0M
Net increase (decrease) in cash-$333.8M$590.0M———$296.0M