Medline (MDLN) FY2024 results: revenue $25.5 billion, up 9.8% on the year
Medline Inc. (MDLN) reported revenue of $25.5 billion for fiscal 2024, the year ended 31 December 2024, up 9.8% on the year before. Net income was $1.2 billion, up 397.0%. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
| $ million | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|
| Revenue | 25,507 | 23,231 | +9.8% | |
| Cost of revenue | 18,531 | 17,346 | +6.8% | |
| Gross profit | 6,976 | 5,885 | +18.5% | |
| Gross margin | 27.3% | 25.3% | ||
| Research and development | 67.0 | 60.0 | +11.7% | |
| Selling, general and administrative | 4,108 | 3,867 | +6.2% | |
| Operating income | 2,146 | 1,250 | +71.7% | |
| Operating margin | 8.4% | 5.4% | ||
| Interest expense | 1,144 | 1,213 | -5.7% | |
| Pre-tax income | 1,246 | 264 | +372.0% | |
| Income tax | 46.0 | 30.0 | +53.3% | |
| Effective tax rate | 3.7% | 11.4% | ||
| Net income | 1,163 | 234 | +397.0% | |
| Net margin | 4.6% | 1.0% |
$ million except per share.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|
| Operating cash flow | 1,769 | 1,685 | +5.0% | |
| Capital expenditure | 354 | 275 | +28.7% | |
| Free cash flow | 1,415 | 1,410 | +0.4% | |
| Free cash flow margin | 5.5% | 6.1% | ||
| Cash from investing | -1,493 | -312 | ||
| Cash from financing | -1,613 | -191 | ||
| Depreciation and amortisation | 977 | 951 | +2.7% | |
| Share-based compensation | 61.0 | 78.0 | -21.8% | |
| Buybacks | 20.0 | 0.0 |
Balance sheet
| $ million | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|
| Redeemable equity | 366 | 233 | +57.1% | |
| Short-term borrowings | 2.0 | n/a | ||
| Debt | 16,492 | n/a | ||
| Operating lease liabilities | 329 | n/a | ||
| Total liabilities and equity | 35,978 | n/a | ||
| Fixed assets | 4,595 | n/a | ||
| Goodwill | 8,065 | 7,532 | +7.1% | |
| Intangible assets | 14,559 | n/a | ||
| Cash and equivalents | 199 | 1,585 | -87.4% | |
| Receivables | 3,219 | n/a | ||
| Inventory | 4,456 | n/a | ||
| Other assets | 885 | n/a | ||
| Total assets | 35,978 | n/a |
10-K for the year ended 31 December 2024, filed 25 February 2026: the filing.