Medline Inc.
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+ FollowMarket Cap$34.58B
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Earnings Call Q2 2026
August 5, 2026 - AI Summary
Strong operating momentum; raising organic sales outlook
- Q2 net sales: $7.7B (+12% YoY); organic growth strong (customer repayments tied to IEEPA tariff refunds reduced growth by ~1ppt).
- Medline Brand: $3.5B (+7% YoY).
- Supply Chain Solutions: $4.1B (+16% YoY), driven by new signings and existing customer growth.
- Guidance raised (2nd time in 2026): Full-year organic sales +9% to +10% (up from 8.5% to 9.5%). Includes planned $89M of IEEPA customer repayments.
EBITDA leverage challenged; outlook cut due to “baseline” margin headwinds
- Adjusted EBITDA Q2: $1.1B (+13% YoY), but includes $243M net IEEPA tariff refund benefits.
- Underlying (ex-tariff benefit) adjusted EBITDA: referenced as ~$817M in Q2; company emphasizes guidance is conservative and excludes tariff refund impacts.
- Full-year adjusted EBITDA lowered: $3.3B to $3.4B (down from $3.5B to $3.6B), reflecting non-tariff cost pressures and investments.
- Company frames incremental margin pressure as: ~25% external (Middle East conflict + Tracy fire) and ~75% internal (operational investment to support growth, quality remediation, and retail softness).
Major operational disruption handled; capex and recovery uncertainty
- Tracy, CA distribution center fire (mid-June): company worked quickly using inventory + MedTrans fleet + network rerouting; began transitioning customers to other sites.
- Capacity restoration: secured 1.6M sq ft across 2 DCs within a month; new Tracy DC expected to begin serving in Q4 2026, Stockton facility in Jan 2027.
- Earnings impact: Tracy fire reduced net income by $336M in first half (insurance expectations noted).
- Tracy-related costs outlook: additional $50M–$100M in 2H 2026 (some excluded from adjusted EBITDA; lease/labor inefficiencies expected to remain).
- Capex updated: $500M–$600M for 2026 (higher due to Tracy); insurance recovery expected but timing uncertain.
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Share Statistics
| Market cap | $34.58 Billion |
|---|---|
| Enterprise Value | $44.99 Billion |
| Earnings per Share | $1.43 |
| Beta | -0.41 |
| Outstanding Shares | 857,000,000 |
Return
| Return on Equity | 5.97% |
|---|---|
| Return on Assets | 1.76% |
| Return on Invested Capital | 4.98% |
Valuation & Multiples
| P/E Ratio | 37.35 |
|---|---|
| PEG | -45.56 |
| Price to Sales | 1.19 |
| Price to Book Ratio | 1.83 |
| Enterprise Value to Revenue | 1.5 |
| Enterprise Value to EBIT | 24.68 |
| Enterprise Value to Net Income | 65 |
| Total Debt to Enterprise | 0.28 |
| Debt to Equity | 1.1 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$0.34
Consensus analyst estimateRevenue Estimate
$7.72 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 130.15% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.35%▼ 100.95% |
|---|---|
| Total Invested | $998.28M▼ 97.04% |
| Investors Holding | 115▼ 310.00% |
About Medline Inc.
43,000 employees
CEO: James Boyle
Medline Inc. manufactures med-surg products serving the hospital, surgery centers, physician offices, post-acute facilities, and nursing home sites of care in the United States and Internationally. It operates through two segments: Medli...