Medline (MDLN) Q3 FY2025 earnings: revenue $7.1 billion
Medline Inc. (MDLN) reported revenue of $7.1 billion for Q3 FY2025, the quarter ended 27 September 2025. Net income was $318 million. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2026.
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Income statement (profit and loss)
| $ million | Q3 FY2025 | Q2 FY2025 | A year earlier | On the quarter | On the year | Last 8 quarters |
|---|---|---|---|---|---|---|
| Revenue | 7,115 | 6,886 | n/a | +3.3% | ||
| Cost of revenue | 5,240 | 4,981 | n/a | +5.2% | ||
| Gross profit | 1,875 | 1,905 | n/a | -1.6% | ||
| Gross margin | 26.4% | 27.7% | n/a | |||
| Selling, general and administrative | 1,116 | 1,073 | n/a | +4.0% | ||
| Operating income | 574 | 642 | n/a | -10.6% | ||
| Operating margin | 8.1% | 9.3% | n/a | |||
| Interest expense | 248 | 253 | n/a | -2.0% | ||
| Pre-tax income | 345 | 359 | n/a | -3.9% | ||
| Income tax | 23.0 | 26.0 | n/a | -11.5% | ||
| Effective tax rate | 6.7% | 7.2% | n/a | |||
| Net income | 318 | 329 | n/a | -3.3% | ||
| Net margin | 4.5% | 4.8% | n/a |
$ 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 | Q3 FY2025 | Q2 FY2025 | A year earlier | On the quarter | On the year | Last 8 quarters |
|---|---|---|---|---|---|---|
| Operating cash flow | 636 | 197 | n/a | +222.8% | ||
| Capital expenditure | 101 | 110 | n/a | -8.2% | ||
| Free cash flow | 535 | 87.0 | n/a | +514.9% | ||
| Free cash flow margin | 7.5% | 1.3% | n/a | |||
| Cash from investing | -101 | -143 | n/a | |||
| Cash from financing | -161 | -328 | n/a | |||
| Depreciation and amortisation | 253 | 250 | n/a | +1.2% | ||
| Share-based compensation | 15.0 | 15.0 | n/a | 0.0% | ||
| Buybacks | 18.0 | 6.0 | n/a | +200.0% |
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet
| $ million | Q3 FY2025 | Q2 FY2025 | A year earlier | On the quarter | On the year | Last 8 quarters |
|---|---|---|---|---|---|---|
| Redeemable equity | 367 | 367 | n/a | 0.0% | ||
| Cash and equivalents | 955 | 584 | n/a | +63.5% |
Questions
What was Medline's revenue in Q3 FY2025?
Medline (MDLN) reported revenue of $7.1 billion for Q3 FY2025, the quarter ended 27 September 2025.
How much did Medline earn in Q3 FY2025?
Net income for Q3 FY2025 was $318 million.
When did Medline report Q3 FY2025 results?
Medline filed its 10-Q for the quarter ended 27 September 2025 with the SEC on 4 November 2026.
Quarterly results, the last 7 quarters
| Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 * | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | |
|---|---|---|---|---|---|---|---|
| Revenue | 6,644 | 6,886 | 7,115 | 7,787 | 7,352 | 7,685 | 7,856 |
| Cost of revenue | 4,820 | 4,981 | 5,240 | 5,873 | 5,511 | 5,470 | 5,931 |
| Gross profit | 1,824 | 1,905 | 1,875 | 1,914 | 1,841 | 2,215 | 1,925 |
| Gross margin | 27% | 28% | 26% | 25% | 25% | 29% | 25% |
| SG&A | 1,070 | 1,073 | 1,116 | 1,265 | 1,228 | 1,295 | 1,259 |
| Operating income | 571 | 642 | 574 | 425 | 422 | 395 | 500 |
| Operating margin | 9% | 9% | 8% | 5% | 6% | 5% | 6% |
| Interest expense | 244 | 253 | 248 | 200 | 165 | 168 | 165 |
| Pre-tax income | 338 | 359 | 345 | 206 | 291 | 235 | 386 |
| Tax rate | 5% | 7% | 7% | 13% | 18% | 41% | 18% |
| Net income | 319 | 329 | 318 | 193 | 132 | 59.0 | 198 |
| Net margin | 5% | 5% | 4% | 2% | 2% | 1% | 3% |
| Diluted EPS | n/a | n/a | n/a | n/a | $0.16 | $0.07 | $0.22 |
| Operating cash flow | 682 | 197 | 636 | 229 | 412 | 715 | 1,025 |
| Capital expenditure | 98.0 | 110 | 101 | 138 | 96.0 | 111 | 141 |
| Free cash flow | 584 | 87.0 | 535 | 91.0 | 316 | 604 | 884 |
| Buybacks | 9.0 | 6.0 | 18.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Shares outstanding | n/a | n/a | n/a | 1,314m | 1,314m | 1,315m | 1,315m |
| Filing | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q |
Each quarter as filed, linked to its filing.
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* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.10-Q for the period ended 27 September 2025, filed 4 November 2026: the filing.