0002046386-26-000026 | 10-Q | XBRL Viewer

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COMMITMENTS AND CONTINGENCIES - Schedule of Unconditional Purchase Obligations (Details) $ in Millions	Mar. 28, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 128
2027	162
2028	169
2029	172
2030	115
Thereafter	59
Total	$ 805

RELATED PARTY (Tables)

3 Months Ended

Mar. 28, 2026

Schedule of Related Party Transactions

The following table summarizes the Company’s long-term debts held by certain affiliates of the Company’s private equity sponsors. The terms of these debts are identical to all other debts issued. See Note 5—Credit Agreements and Borrowings for additional information on the long-term debt.


(in millions)	March 28, 2026		December 31, 2025
Current portion of long-term borrowings and other short-term borrowing	$	3	$	2
Long-term borrowings, less current portion	159		158

GOODWILL AND INTANGIBLE ASSETS - Schedule of Future Amortization (Details) - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 528
2027	704
2028	704
2029	702
2030	701
Thereafter	6,548
Net Carrying Amount	$ 9,887	$ 10,063

DERIVATIVES AND HEDGING ACTIVITIES RISK MANAGEMENT

3 Months Ended

Mar. 28, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND HEDGING ACTIVITIES RISK MANAGEMENT

Risk Management Objective of Using Derivatives

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, credit risk and foreign currency exchange risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates or foreign currency exchange rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings and acquisitions.

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. The Company designates certain of its interest rate derivatives as hedging instruments in cash flow hedges. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for a premium. During the three months ended March 28, 2026 and March 29, 2025, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt.

Amounts reported in Accumulated other comprehensive income (loss) related to derivatives will be reclassified to Interest expense, net, as interest payments are made on the Company’s variable-rate debt. The Company estimates that $31 million will be reclassified as a decrease to interest expense within one year after March 28, 2026.

The notional amounts of outstanding interest rate derivatives are summarized as follows:

March 28, 2026

December 31, 2025

Currency

Notional amount

(in millions)

Maturity date

Notional amount

(in millions)

Maturity date

Designated cash flow hedges:

Interest rate swaps

USD

1,000

Dec'2026

1,000

Dec'2026

Interest rate caps

USD

2,000

Dec'2026

2,000

Dec'2026

The Company entered into interest rate caps with notional value of $1,000 million in 2023, which took effect on December 31, 2025 and mature on December 31, 2026. All the interest rate contracts are designated as hedges for accounting purposes.

Based on contractual terms, the notional amounts of interest rate swaps and interest rate caps each decreased in increments of $500 million on December 31, 2025 and 2024 respectively.

Gains and Losses on Hedging Instruments

The table below presents the effect of cash flow hedge accounting on Accumulated other comprehensive income (loss) (“AOCI”) for each reporting period:



			Three months ended
(in millions)				March 28, 2026		March 29, 2025
Gain (loss) recognized in AOCI	Included in effectiveness testing	Interest rate swaps		$	4	$	(3)
		Interest rate caps		3		(3)
	Excluded in effectiveness testing	Interest rate caps		—		(2)
				7		(8)

Gain (loss) reclassified from AOCI into earnings	Included in effectiveness testing	Interest rate swaps		6		13
		Interest rate caps		5		11
	Excluded in effectiveness testing	Interest rate caps		(1)		(2)
				10		22
Total change in AOCI				$	(3)	$	(30)

The gain (loss) reclassed from AOCI into earnings is recorded to Interest expense, net in unaudited Condensed Consolidated Statements of Comprehensive Income.

Cash flows from derivatives designated as hedges are classified in the same line item as the cash flows of the hedged transaction within operating activities.

Derivative Assets and Liabilities

The Company records the designated interest rate derivatives at fair value in the unaudited Condensed Consolidated Balance Sheets. The respective assets and liabilities are generally classified as short-term or long-term based on the maturity dates of the derivatives.

The table below summarizes the classification and fair value of the derivatives for each reporting period:


(in millions)
Designated cash flow hedges	Location	March 28, 2026		December 31, 2025
Interest rate swaps	Other current assets	$	18	$	21


Interest rate caps	Other current assets	14		15

Total designated cash flow hedges		$	32	$	36

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 28, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value, Recurring

Assets and liabilities measured at fair value on a recurring basis are summarized below:


	March 28, 2026
	Basis of fair value measurement
(in millions)	Quoted prices in active markets for identical assets (Level 1)		Other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Carrying value
Financial assets
Derivative Assets
Interest rate contracts (hedge)	$	—	$	32	$	—	$	32


Total assets at fair value	$	—	$	32	$	—	$	32
Financial liabilities


Contingent consideration liability	$	—	$	—	$	(29)	$	(29)
Total liabilities at fair value	$	—	$	—	$	(29)	$	(29)


	December 31, 2025
	Basis of fair value measurement
(in millions)	Quoted prices in active markets for identical assets (Level 1)		Other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Carrying value
Financial assets
Derivative Assets
Interest rate contracts (hedge)	$	—	$	36	$	—	$	36
Total assets at fair value	$	—	$	36	$	—	$	36
Financial liabilities
Contingent consideration liability	$	—	$	—	$	(29)	$	(29)
Total liabilities at fair value	$	—	$	—	$	(29)	$	(29)

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 28, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Legal Matters

The Company is subject to various legal actions that are ordinary course and incidental to the business, including contract disputes, employment, workers’ compensation, product liability, auto liability, regulatory and other matters. The Company maintains insurance coverage for employment, product liability, workers’ compensation and other personal injury litigation matters, subject to policy limits, applicable deductibles and insurer solvency. The Company establishes reserves from time to time based upon periodic assessment of the potential outcomes of pending matters.

Starting in January 2019, the Company was named as a defendant in mass tort litigation in Cook County, Illinois involving claims by approximately 380 plaintiffs that allege personal injuries associated with the Company’s ethylene oxide activities in Lake County, Illinois. In October 2023, the Company agreed to settlement with all but 5 existing plaintiffs, which was finalized in March 2025.

The Company is actively pursuing litigation with its excess insurance carriers related to their obligations to reimburse the Company for substantially all unreimbursed settlement payments in connection with the lawsuits described above. The Company has not recorded a receivable for expected recoveries of the remaining settlement payments from excess insurance carriers as of March 28, 2026.

In May 2023, the Company received a letter from the San Joaquin County District Attorney’s Office, in cooperation with certain other California District Attorneys, notifying the Company of an investigation into alleged violations with respect to the Company’s management and disposal of hazardous materials, hazardous waste, universal waste, and medical waste at its California facilities.

The Company has been in discussions with the District Attorneys’ Offices to resolve the matter. The Company has reached an agreement in principle on a proposed resolution, and the parties are in the process of finalizing and filing court documentation, including a stipulated judgment, for the consideration of the Superior Court of the State of California for the County of San Joaquin. The proposed resolution is expected to include aggregate payments of approximately $900,000, consisting of a civil penalty of $750,000 and reimbursement of certain investigation-related costs of $150,000. The settlement also includes certain injunctive relief, including requirements that the Company conduct waste audits and provide status updates for a specified number of years. The Company cannot currently predict the timing of filing and entry of the proposed judgment.

Based on current knowledge and the advice of legal counsel, management believes that the reserve as of March 28, 2026 for other pending matters considered probable of gain or loss contingencies is sufficient. In addition, management believes that other currently pending matters are not reasonably likely to result in a material loss, as payment of the amounts claimed is remote, the claims are insignificant, individually and in the aggregate, or the claims are expected to be adequately covered by insurance. The Company is of the opinion that, although the outcome of any such legal proceedings cannot be predicted with any certainty, the ultimate liability, if any, will not have a material adverse effect on the Company’s unaudited condensed consolidated financial statements.

Unconditional purchase obligations

Unconditional purchase obligations are defined as agreements to purchase goods or services that are enforceable and legally binding (non-cancelable, or cancelable only in certain circumstances) and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum, or variable price provisions, and the approximate timing of the transaction. In the normal course of business, the Company enters into arrangements with vendors that supply goods or services. These arrangements can include unconditional purchase obligations and commitments. Payments made under the unconditional purchase obligations were $42 million and $49 million for the three months ended March 28, 2026, and March 29, 2025, respectively.

As of March 28, 2026, future payments related to commitments for the remainder of fiscal year 2026 and over the next four

years and thereafter are as follows:


(in millions)	Total
2026	$	128
2027	162
2028	169
2029	172
2030	115
Thereafter	59
	$	805

SEGMENT INFORMATION - Schedule of Sales and Long-Lived Assets by Geographical Areas (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025	Dec. 31, 2025
Segment Reporting, Asset Reconciling Item [Line Items]
Consolidated net sales to external customers	$ 7,352	$ 6,644
Consolidated long-lived assets, net	5,164		$ 5,210
United States
Segment Reporting, Asset Reconciling Item [Line Items]
Consolidated net sales to external customers	6,857	6,194
Consolidated long-lived assets, net	4,359		4,433
International
Segment Reporting, Asset Reconciling Item [Line Items]
Consolidated net sales to external customers	495	450
Consolidated long-lived assets, net	805		$ 777
Acute care \| United States
Segment Reporting, Asset Reconciling Item [Line Items]
Consolidated net sales to external customers	5,125	4,572
Non-Acute care \| United States
Segment Reporting, Asset Reconciling Item [Line Items]
Consolidated net sales to external customers	$ 1,732	$ 1,622

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 2,236	$ 1,939
Trade accounts receivable, net of allowance for credit losses of $148 and $152 as of March 28, 2026 and December 31, 2025, respectively	3,674	3,533
Inventories	4,807	4,769
Other current assets	463	438
Total current assets	11,180	10,679
Property, plant, and equipment, net	4,758	4,778
Other non-current assets
Goodwill	8,076	8,079
Intangible assets, net	13,717	13,893
Deferred tax assets	837	583
Other long-term assets	446	472
Total other non-current assets	23,076	23,027
Total assets	39,014	38,484
Current liabilities
Current portion of long-term borrowings and other short-term borrowings	77	77
Accounts payable	932	961
Accrued expenses and other current liabilities	1,527	1,452
Total current liabilities	2,536	2,490
Non-current liabilities
Long-term borrowings, less current portion	12,495	12,484
Tax receivable agreement liability	4,009	3,542
Other long-term liabilities	625	682
Total non-current liabilities	17,129	16,708
Total liabilities	19,665	19,198
Commitments and contingencies
Stockholders’ equity
Preferred stock	0	0
Additional paid-in capital	11,132	10,717
Retained earnings (accumulated deficit)	122	(7)
Accumulated other comprehensive income	18	27
Total Medline Inc. stockholders’ equity	11,272	10,737
Noncontrolling interests	8,077	8,549
Total stockholders’ equity	19,349	19,286
Total liabilities and stockholders’ equity	39,014	38,484
Class A common stock
Stockholders’ equity
Common stock	0	0
Class B common stock
Stockholders’ equity
Common stock	$ 0	$ 0

SEGMENT INFORMATION

3 Months Ended

Mar. 28, 2026

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company discloses information regarding reportable segments based on the way management organizes the business for assessing performance and making operational decisions and allocating resources. The Company reports its financial results in two reportable segments: Medline Brand and Supply Chain Solutions, described further as follows:

•The Medline Brand segment procures and manufactures products from three product categories - Surgical Solutions, Front Line Care, and Laboratory & Diagnostics. This segment provides its products to domestic and international consumers.

•The Supply Chain Solutions segment procures and distributes a variety of third-party products from national brands and also provides tailored logistics and supply chain optimization services to domestic and international consumers. Supply Chain Solutions is not managed based upon product categories as its focus is on signing new prime vendor relationships and servicing customers by leveraging strong third-party supplier relationships and through its fulfillment and distribution capabilities. As a distributor of products from over 1,300 third-party suppliers, the Company sells products across a large number of product groups to the entire continuum of care and, as a result, it is impracticable to provide segment information at the product group level for Supply Chain Solutions.

The organizational structure also includes Corporate & Other which consists of expenses related to centralized corporate functions, such as finance, information technology, legal, human resources, and internal audit.

The Company’s chief operating decision maker (“CODM”) is the Company’s Chief Executive Officer. For the Medline Brand and Supply Chain Solutions segments, the CODM uses segment adjusted earnings before interest, taxes, depreciation and amortization (“Segment Adjusted EBITDA”) to evaluate the business performance and allocate resources (including employees, financial, or capital resources) to each segment. Segment Adjusted EBITDA essentially represents segment net sales reduced by cost of goods sold and selling, general and administrative expenses and is considered a meaningful measure of the Company’s financial condition and results of operations across periods by removing the impact of items that management believes do not directly reflect the ongoing operating performance. The Segment Adjusted EBITDA is utilized during the budgeting and forecasting process to assess profitability and enable decision making regarding strategic initiatives, capital expenditures, and work force for both segments.

The Company’s CODM does not regularly review any asset information by business segment as this information is not utilized to make decisions and allocate resources. As such, the Company does not report asset information by business segment. The Company has not identified any segment expenses that are considered significant and segment expenses are not regularly provided to the CODM. However, the CODM is regularly provided with consolidated expense information for decision making. Other segment items are direct operating expenses and selling, general and administrative expenses, which are the difference between each operating segment’s revenue and Segment Adjusted EBITDA. All the segment data disclosed reflects the way the CODM internally receives information and monitors the segment performance and is consistently presented across all public communications.

The following tables present financial information by segment:



	Three months ended
(in millions)	March 28, 2026		March 29, 2025
Net sales to external customers:
Front Line Care	$	1,618	$	1,526
Surgical Solutions	1,554		1,447
Laboratory and Diagnostics	293		291
Medline Brand	$	3,465	$	3,264
Supply Chain Solutions	3,887		3,380
Consolidated net sales to external customers	$	7,352	$	6,644













Segment Adjusted EBITDA:
Medline Brand	$	765	$	830
Supply Chain Solutions	187		182
Total segment adjusted EBITDA	952		1,012
Corporate & Other	(176)		(144)
Interest expense, net	(136)		(210)
Depreciation and amortization	(254)		(247)
Inventory-related adjustments	(29)		(21)
Stock-based compensation expense	(23)		(22)
Litigation gains, net	—		34
Transaction-related costs (1)	(35)		(12)
Other non-core charges, net (2)	(8)		(52)
Income before income taxes	$	291	$	338

(1) Represents acquisition and integration-related costs and IPO and March 2026 Resale Offering related costs.

(2) Represents loss on credit loss expense related to customer receivables, losses on disposal of assets and exits, realized and unrealized foreign currency and investment losses and costs, and other items.

The following tables present information by sales office and geographic area:



	Three months ended
(in millions)	March 28, 2026		March 29, 2025
Net sales to external customers:
Acute care (1)	$	5,125	$	4,572
Non-Acute care (2)	1,732		1,622
United States	6,857		6,194
International	495		450
Consolidated net sales to external customers	$	7,352	$	6,644

(1) Acute care represents hospital health systems.

(2) Non-Acute care represents other sites of care including outpatient, post acute, physician’s office, surgery centers, and all other.


(in millions)	March 28, 2026		December 31, 2025
Long-lived assets by geographical area (1):
United States	$	4,359	$	4,433
International	805		777
Consolidated long-lived assets, net	$	5,164	$	5,210

(1) Includes property, plant, and equipment, net, and operating lease right-of-use assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

EARNINGS PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Numerator
Net income	$ 239	$ 322
Less: Net income attributable to noncontrolling interests	110	0
Net income attributable to Medline Inc.	129	$ 322
Reallocation of net income attributed to vested incentive units	3
Numerator for earnings per share	$ 132
Denominator
Weighted-average number of Class A common stock outstanding - basic (in shares)	819,082,538
Basic earnings per share (in dollars per share)	$ 0.16
Numerator
Numerator for earnings per share (Basic)	$ 132
Effect of dilutive stock compensation awards	(2)
Numerator for earnings per share (Diluted)	$ 130
Denominator
Weighted-average number of Class A common stock outstanding - basic (in shares)	819,082,538
Weighted-average effect of dilutive securities:
Effect of stock compensation awards (in shares)	5,753,499
Weighted-average number of Class A common stock outstanding - diluted (in shares)	824,836,037
Diluted earnings per share (in dollars per share)	$ 0.16

NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended	12 Months Ended
	Mar. 10, 2026	Dec. 18, 2025	Mar. 28, 2026	Dec. 31, 2025	Dec. 16, 2025
Product Information [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	86,250,000
Sale of stock, price (in dollars per share)	$ 41.00
Sale of stock, consideration received on transaction	$ 3,500.0
Medline Holdings
Product Information [Line Items]
Ownership percentage					100.00%
Class A common stock
Product Information [Line Items]
Exchange of common units for Class A common stock (in shares)			33,963,901
Class B common stock
Product Information [Line Items]
Common stock, conversion ratio (in shares)			1	1
Euro Term Loans \| Secured debt
Product Information [Line Items]
Repayments of secured debt		$ 731.0
Dollar Term Loans \| Secured debt
Product Information [Line Items]
Repayments of secured debt		$ 3,292.0
Over-Allotment Option
Product Information [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	11,250,000
IPO
Product Information [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		248,439,654
Sale of stock, price (in dollars per share)		$ 29.00
Sale of stock, consideration received on transaction		$ 7,048.0
Underwriting discount and commission expense		157.0
Offering expense		$ 40.0
IPO, Secured Debt Repayment
Product Information [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		179,000,000
Sale of stock, consideration received on transaction		$ 5,078.0
IPO, Purchase or Redemption of Class A Holders
Product Information [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		37,034,482
Sale of stock, consideration received on transaction		$ 1,051.0
IPO, Purchase or Redemption of Common Units
Product Information [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		32,405,172
Sale of stock, consideration received on transaction		$ 919.0

INVENTORIES

3 Months Ended

Mar. 28, 2026

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following as of:


(in millions)	March 28, 2026		December 31, 2025
Raw materials and work in process, net	$	835	$	748
Finished goods, net	3,972		4,021
Inventories, net	$	4,807	$	4,769

If last-in, first-out inventories had been valued on a current cost or first-in, first-out basis, they would have been greater by $388 million and $359 million as of March 28, 2026 and December 31, 2025, respectively. The inventory reserve for obsolescence was $56 million and $44 million as of March 28, 2026 and December 31, 2025, respectively.

CREDIT AGREEMENTS AND BORROWINGS - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
2026	$ 76
2027	76
2028	726
2029	8,535
2030	3,342
Total debt	$ 12,755	$ 12,755

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
Financial assets
Total assets at fair value	$ 32	$ 36
Financial liabilities
Contingent consideration liability	(29)	(29)
Total liabilities at fair value	(29)	(29)
Quoted prices in active markets for identical assets (Level 1)
Financial assets
Total assets at fair value	0	0
Financial liabilities
Contingent consideration liability	0	0
Total liabilities at fair value	0	0
Other observable inputs (Level 2)
Financial assets
Total assets at fair value	32	36
Financial liabilities
Contingent consideration liability	0	0
Total liabilities at fair value	0	0
Significant unobservable inputs (Level 3)
Financial assets
Total assets at fair value	0	0
Financial liabilities
Contingent consideration liability	(29)	(29)
Total liabilities at fair value	(29)	(29)
Interest rate contracts (hedge)
Financial assets
Interest rate contracts (hedge)	32	36
Interest rate contracts (hedge) \| Quoted prices in active markets for identical assets (Level 1)
Financial assets
Interest rate contracts (hedge)	0	0
Interest rate contracts (hedge) \| Other observable inputs (Level 2)
Financial assets
Interest rate contracts (hedge)	32	36
Interest rate contracts (hedge) \| Significant unobservable inputs (Level 3)
Financial assets
Interest rate contracts (hedge)	$ 0	$ 0

INVENTORIES (Tables)

3 Months Ended

Mar. 28, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consisted of the following as of:


(in millions)	March 28, 2026		December 31, 2025
Raw materials and work in process, net	$	835	$	748
Finished goods, net	3,972		4,021
Inventories, net	$	4,807	$	4,769

CREDIT AGREEMENTS AND BORROWINGS - Narrative - Revolving Credit Facilities (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 28, 2026	Mar. 29, 2025	Dec. 31, 2025	Dec. 31, 2021
Debt Instrument [Line Items]
Proceeds from lines of credit	$ 0	$ 179
Repayments under lines of credit	0	$ 179
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	1,000		$ 1,000	$ 1,000
Available borrowing capacity	946		947
Letters of credit outstanding	54		53
Proceeds from lines of credit	0		179
Repayments under lines of credit	0		179
Line of credit outstanding	$ 0		$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 28, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective income tax rate was 17.72% and 4.81% for the three months ended March 28, 2026 and March 29, 2025, respectively. The Company’s effective income tax rate can differ from the 21% U.S. federal statutory rate due to a number of factors, including the operating partnership, tax incentives, foreign rate differences, state income taxes, non-deductible expenses, and non-taxable income. The increase in the effective income tax rate as compared to prior year is primarily driven by the Reorganization in connection with the IPO, which resulted in a greater portion of income being subject to U.S. federal and state income taxes. Prior to the completion of the IPO, the Company executed the Reorganization, resulting in Medline Inc. becoming the sole general partner of Medline Holdings, with its sole material asset being a controlling equity interest in Medline Holdings. Following the IPO, Medline Inc. is required to pay U.S. federal and state income taxes as a corporation on its share of Medline Holdings’ taxable income. For the three months ended March 28, 2026, the Company’s effective tax rate differed from the 21% U.S. federal statutory rate primarily due to its organizational structure and ownership composition, including non-controlling interests of Medline Holdings. For the three months ended March 29, 2025, the Company’s effective tax rate differed from the 21% U.S. federal statutory rate primarily due to the operating partnership, tax incentives, foreign rate differences, state income taxes, non-deductible expenses, and non-taxable income. In connection with the Reorganization and the IPO, we also entered into a TRA with certain pre-IPO owners. See "Note 7 —Tax Receivable Agreement” for additional information. During the three months ended March 28, 2026 the Company recorded additional TRA liability of $479 million and a deferred tax asset of $294 million principally due to the effects of the March 2026 Resale Offering.

- Definition

The entire disclosure for income tax.

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+ Details

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 28, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

The Company records stock-based compensation expense as a component of selling, general and administrative expenses in the unaudited Condensed Consolidated Statements of Comprehensive Income. The following table presents the stock-based compensation expense for the three months ended March 28, 2026 and March 29, 2025:


(in millions)	Three Months Ended
Classification	March 28, 2026		March 29, 2025












Equity-classified awards	$	22	$	16
Liability-classified awards	1		3
Total	$	23	$	19

Summary of Nonvested Share Activity

The following table summarizes the Incentive Units activity and related information for the three months ended March 28, 2026:


	Incentive Units	Wtd. Avg. Grant Date Fair Value
Unvested as of December 31, 2025	14,538,818	$	5.86
Granted	—	—
Vested	(457,480)	$	8.15
Forfeited	—	—
Unvested as of March 28, 2026	14,081,338	$	5.78

The following table summarizes the RSUs and PSUs activity and related information for the three months ended March 28, 2026:


	RSUs	Wtd. Avg. Grant Date Fair Value		PSUs	Wtd. Avg. Grant Date Fair Value
Unvested as of December 31, 2025	523,795	$	29.00	—	—
Granted	1,635,527	$	44.05	1,206,267	$	44.05
Vested	—	—		—	—
Forfeited	—	—		—	—
Unvested as of March 28, 2026	2,159,322	$	40.40	1,206,267	$	44.05

Nonvested Restricted Stock Shares Activity

The following table summarizes the RSAs activity and related information for the three months ended March 28, 2026:


	RSAs	Wtd. Avg. Grant Date Fair Value
Unvested as of December 31, 2025	1,958,657	$	29.00
Granted	—	—
Vested	(41,050)	$	29.00
Forfeited	—	—
Unvested as of March 28, 2026	1,917,607	$	29.00

Schedule of Stock Option Activity

The following table summarizes option activity and related information for the three months ended March 28, 2026:


	Options	Wtd. Avg. Grant Date Fair Value		Wtd. Avg. Exercise Price		Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2025	6,770,442	$	11.97	$	29.00
Granted	—	—		—
Exercised	—	—		—
Forfeited	—	—		—
Outstanding as of March 28, 2026	6,770,442	$	11.97	$	29.00	9.7	$	84
Exercisable as of March 28, 2026	—	—		—
Expected to vest as of March 28, 2026	6,770,442	$	11.97	$	29.00	9.7	$	84

EARNINGS PER SHARE

3 Months Ended

Mar. 28, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE

All net income prior to the IPO was entirely allocable to partners of Medline Holdings. As a result of the Reorganization and IPO, the Company’s capital structure before and after IPO are not comparable, and the presentation of earnings per share for the periods prior to the IPO is not meaningful and not presented herein.

The Company computes earnings per share of Class A common stock using the two-class method required for participating securities. Shares of Class B common stock are not considered participating securities because they have no right to receive dividends, no right to receive distribution on liquidation or winding up of Medline Inc. and no earnings or losses are allocable to such class. Therefore, basic and diluted earnings per share of Class B common stock has not been presented.

Basic earnings per share attributable to the Company’s stockholders is computed by dividing net income attributable to the Company by the weighted-average number of Class A common stock outstanding during the period. Diluted earnings per share attributable to the Company gives effect to all potential shares of Class A common stock, including conversion of Class B common stock, conversion of Medline Holdings Incentive Units, stock options, RSAs, RSUs, and PSUs to the extent these are dilutive.

The following table sets forth the calculation of basic and diluted earnings per share of Class A common stock:


(in millions, except number of shares and per share amounts)	Three Months Ended March 28, 2026

Basic earnings per share:
Numerator
Net income	$	239
Less: Net income attributable to noncontrolling interests	110
Net income attributable to Medline Inc.	$	129
Reallocation of net income attributed to vested incentive units	3
Numerator for earnings per share	$	132
Denominator
Weighted-average number of Class A common stock outstanding	819,082,538
Basic earnings per share	$	0.16

Diluted earnings per share:
Numerator
Numerator for earnings per share (Basic)	$	132
Effect of dilutive stock compensation awards	(2)

Numerator for earnings per share (Diluted)	$	130
Denominator
Weighted-average number of Class A common stock outstanding (Basic)	819,082,538
Weighted-average effect of dilutive securities:
Effect of dilutive stock compensation awards	5,753,499

Weighted-average number of Class A common stock outstanding (Diluted)	824,836,037
Diluted earnings per share	$	0.16

The following table presents outstanding shares of potentially dilutive securities excluded from the calculation of diluted earnings per share because including them would have had an anti-dilutive effect:


			Three Months Ended March 28, 2026
Class B common stock			492,676,526

INTEREST EXPENSE, NET (Details) - USD ($) $ in Millions	3 Months Ended
INTEREST EXPENSE, NET (Details) - USD ($) $ in Millions	Mar. 28, 2026	Mar. 29, 2025
Other Income and Expenses [Abstract]
Interest expense	$ (165)	$ (244)
Interest income	29	34
Interest expense, net	$ (136)	$ (210)

INVENTORIES - Narrative (Details) - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Excess over stated LIFO value, current costs or FIFO	$ 388	$ 359
Inventory reserve for obsolescence	$ 56	$ 44

RELATED PARTY (Details) - USD ($) $ in Millions	1 Months Ended
RELATED PARTY (Details) - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
Related Party Transaction [Line Items]
Current portion of long-term borrowings and other short-term borrowing	$ 76	$ 76
Long-term borrowings, less current portion	12,495	12,484
TRA, Assignment and Assumption Agreement
Related Party Transaction [Line Items]
Related party transaction, amount	1,400
Affiliated entity
Related Party Transaction [Line Items]
Current portion of long-term borrowings and other short-term borrowing	3	2
Long-term borrowings, less current portion	$ 159	$ 158

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Paragraph 1
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

CREDIT AGREEMENTS AND BORROWINGS - Narrative - Long-Term Debt (Details) € in Millions, $ in Millions			3 Months Ended		12 Months Ended
	Dec. 18, 2025 USD ($)	Jul. 31, 2025 USD ($)	Mar. 28, 2026 USD ($)	Mar. 29, 2025 USD ($)	Dec. 31, 2024 USD ($) amendment	Dec. 31, 2024 EUR (€) amendment	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)
Debt Instrument [Line Items]
Number of amendments \| amendment					3	3
Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 2,375
Percent of consolidated EBITDA, threshold							100.00%	100.00%
3.875% fixed rate note \| Secured debt
Debt Instrument [Line Items]
Principal amount							$ 4,500
Stated interest rate			3.875%				3.875%	3.875%
5.250% fixed rate note \| Unsecured debt
Debt Instrument [Line Items]
Principal amount							$ 2,500
Stated interest rate			5.25%				5.25%	5.25%
6.250% fixed rate note \| Secured debt
Debt Instrument [Line Items]
Principal amount					$ 1,500
Stated interest rate			6.25%		6.25%
Dollar Term Loans \| Secured debt
Debt Instrument [Line Items]
Principal amount							$ 7,270
Principal amount, increase					$ 520
Margin spread	1.75%	2.00%			2.25%	2.25%
Margin spread, reduction	0.25%
Amortization payment, percent of initial aggregate principal			0.25%
Repayment for long-term borrowings, amortization			$ 0	$ 0
Dollar Term Loan Facility, Maturing October 2028 \| Secured debt
Debt Instrument [Line Items]
Principal amount		$ 4,074
Repayment for long-term borrowings	$ 3,281
Dollar Term Loan Facility, Maturing October 2030 \| Secured debt
Debt Instrument [Line Items]
Principal amount		$ 3,500
Euro Term Loans \| Secured debt
Debt Instrument [Line Items]
Principal amount \| €								€ 435
Principal amount, increase \| €						€ 185
Repayment for long-term borrowings	$ 730
Repayment for long-term borrowings, amortization				$ 0
Euro Term Loans \| Secured debt \| Minimum
Debt Instrument [Line Items]
Margin spread					2.25%	2.25%
Euro Term Loans \| Secured debt \| Maximum
Debt Instrument [Line Items]
Margin spread					2.75%	2.75%

INTEREST EXPENSE, NET (Tables)

3 Months Ended

Mar. 28, 2026

Other Income and Expenses [Abstract]

Schedule of Interest Expense, net

The following table summarizes the components of Interest expense, net:



	Three months ended
(in millions)	March 28, 2026		March 29, 2025

Interest expense	$	(165)	$	(244)
Interest income	29		34
Interest expense, net	$	(136)	$	(210)

Insider Trading Arrangements

3 Months Ended

Mar. 28, 2026

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

All of the trading arrangements listed below are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Name

Title

Date of Adoption or Termination

Duration of Trading Arrangement

Number of Shares to be Sold Pursuant to the Trading Arrangement*

James M. Boyle

Chief Executive Officer and Director

Adopted on March 12, 2026

June 16, 2026 – March 31, 2027

Up to 24,313 shares of Class A common stock

Adopted on March 12, 2026**

June 16, 2026 – March 31, 2027

Up to 514,876 shares of Class A common stock

Michael B. Drazin

Chief Financial Officer

Adopted on March 10, 2026

June 16, 2026 – July 30, 2027

Up to 486,028 shares of Class A common stock

Stephen L. Miller

Chief Operating Officer

Adopted on March 11, 2026

June 16, 2026 – December 31, 2026

Up to 100% of the shares of Class A common stock issued upon the vesting and exchange of 808,451 Incentive Units

Alex M. Liberman

Chief Legal Officer

Adopted on March 11, 2026

June 16, 2026 – December 31, 2026

Up to 226,923 shares of Class A common stock

Adopted on March 11, 2026**

June 16, 2026 – December 31, 2026

Up to 234,177 shares of Class A common stock

Douglas P. Golwas

Chief Commercial Officer

Adopted on March 11, 2026

June 16, 2026 – June 30, 2027

Up to 465,864 shares of Class A common stock

Amanda H. Laabs

Chief Product Officer

Adopted on March 12, 2026

June 16, 2026 – December 31, 2026

Up to 251,070 shares of Class A common stock

* Represents the maximum number of shares that may be sold pursuant to the trading arrangement. The actual number of shares sold will depend upon the satisfaction of certain conditions as set forth in the written plan.

** Securities to be sold pursuant to this plan are held by a family trust of which the officer’s spouse is the trustee.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

James M. Boyle [Member]

Trading Arrangements, by Individual

Name

James M. Boyle

Title

Chief Executive Officer and Director

Michael B. Drazin [Member]

Trading Arrangements, by Individual

Name

Michael B. Drazin

Title

Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

March 10, 2026

July 30, 2027

409 days

486,028

Stephen L. Miller [Member]

Trading Arrangements, by Individual

Name

Stephen L. Miller

Title

Chief Operating Officer

Rule 10b5-1 Arrangement Adopted

true

March 11, 2026

December 31, 2026

198 days

808,451

Alex M. Liberman [Member]

Trading Arrangements, by Individual

Name

Alex M. Liberman

Title

Chief Legal Officer

Douglas P. Golwas [Member]

Trading Arrangements, by Individual

Name

Douglas P. Golwas

Title

Chief Commercial Officer

Rule 10b5-1 Arrangement Adopted

true

March 11, 2026

June 30, 2027

379 days

465,864

Amanda H. Laabs [Member]

Trading Arrangements, by Individual

Name

Amanda H. Laabs

Title

Chief Product Officer

Rule 10b5-1 Arrangement Adopted

true

March 12, 2026

December 31, 2026

198 days

251,070

James M. Boyle, Trading Arrangement One [Member] | James M. Boyle [Member]

Trading Arrangements, by Individual

Rule 10b5-1 Arrangement Adopted

true

March 12, 2026

March 31, 2027

288 days

24,313

James M. Boyle, Trading Arrangement Two [Member] | James M. Boyle [Member]

Trading Arrangements, by Individual

Rule 10b5-1 Arrangement Adopted

true

March 12, 2026

March 31, 2027

288 days

514,876

Alex M. Liberman, Trading Arrangement One [Member] | Alex M. Liberman [Member]

Trading Arrangements, by Individual

Rule 10b5-1 Arrangement Adopted

true

March 11, 2026

December 31, 2026

198 days

226,923

Alex M. Liberman, Trading Arrangement Two [Member] | Alex M. Liberman [Member]

Trading Arrangements, by Individual

Rule 10b5-1 Arrangement Adopted

true

March 11, 2026

December 31, 2026

198 days

234,177

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 28, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the calculation of basic and diluted earnings per share of Class A common stock:


(in millions, except number of shares and per share amounts)	Three Months Ended March 28, 2026

Basic earnings per share:
Numerator
Net income	$	239
Less: Net income attributable to noncontrolling interests	110
Net income attributable to Medline Inc.	$	129
Reallocation of net income attributed to vested incentive units	3
Numerator for earnings per share	$	132
Denominator
Weighted-average number of Class A common stock outstanding	819,082,538
Basic earnings per share	$	0.16

Diluted earnings per share:
Numerator
Numerator for earnings per share (Basic)	$	132
Effect of dilutive stock compensation awards	(2)

Numerator for earnings per share (Diluted)	$	130
Denominator
Weighted-average number of Class A common stock outstanding (Basic)	819,082,538
Weighted-average effect of dilutive securities:
Effect of dilutive stock compensation awards	5,753,499

Weighted-average number of Class A common stock outstanding (Diluted)	824,836,037
Diluted earnings per share	$	0.16

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


			Three Months Ended March 28, 2026
Class B common stock			492,676,526

CREDIT AGREEMENTS AND BORROWINGS - Schedule of Current Portion of Long-Term Borrowings and Other Short-Term Borrowings (Details) - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
Current portion of long-term debt	$ 76	$ 76
Other short-term debt	1	1
Total	$ 77	$ 77

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 28, 2026 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 8,079
Currency translation adjustments	(3)
Goodwill, ending balance	8,076
Medline Brand
Goodwill [Roll Forward]
Goodwill, beginning balance	6,724
Currency translation adjustments	(2)
Goodwill, ending balance	6,722
Supply Chain Solutions
Goodwill [Roll Forward]
Goodwill, beginning balance	1,355
Currency translation adjustments	(1)
Goodwill, ending balance	$ 1,354

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
Cash, Cash Equivalents and Restricted Cash Reconciliation
Cash and cash equivalents	$ 2,236	$ 1,939
Restricted cash included in other current assets	2	3
Cash, cash equivalents and restricted cash	$ 2,238	$ 1,942

STOCK-BASED COMPENSATION - Summary of Incentive Units Activity (Details) - Incentive Units	3 Months Ended
	Mar. 28, 2026 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	14,538,818
Granted (in shares) \| shares	0
Vested (in shares) \| shares	(457,480)
Forfeited (in shares) \| shares	0
Unvested, ending balance (in shares) \| shares	14,081,338
Wtd. Avg. Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 5.86
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	8.15
Forfeited (in dollars per share) \| $ / shares	0
Unvested, ending balance (in dollars per share) \| $ / shares	$ 5.78

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 28, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of Goodwill were as follows:


(in millions)	Medline Brand		Supply Chain Solutions		Total







Balance, December 31, 2025	$	6,724	$	1,355	$	8,079
Currency translation adjustments	(2)		(1)		(3)
Balance, March 28, 2026	$	6,722	$	1,354	$	8,076

Schedule of Finite-Lived Intangible Assets

Identifiable intangible assets consist of the following as of:


	March 28, 2026							December 31, 2025
(in millions)	Weighted Average Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	14	$	10,691	$	(2,508)	$	8,183	15	$	10,692	$	(2,364)	$	8,328
Trade names	5	25		(10)		15		5	25		(10)		15
Developed technology	15	2,167		(478)		1,689		15	2,167		(447)		1,720
Total finite-lived intangible assets		$	12,883	$	(2,996)	$	9,887		$	12,884	$	(2,821)	$	10,063
Indefinite-lived trade names		$	3,830	—		$	3,830		$	3,830	—		$	3,830
Intangible assets, net		$	16,713	$	(2,996)	$	13,717		$	16,714	$	(2,821)	$	13,893

Schedule of Indefinite-Lived Intangible Assets

Identifiable intangible assets consist of the following as of:


	March 28, 2026							December 31, 2025
(in millions)	Weighted Average Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	14	$	10,691	$	(2,508)	$	8,183	15	$	10,692	$	(2,364)	$	8,328
Trade names	5	25		(10)		15		5	25		(10)		15
Developed technology	15	2,167		(478)		1,689		15	2,167		(447)		1,720
Total finite-lived intangible assets		$	12,883	$	(2,996)	$	9,887		$	12,884	$	(2,821)	$	10,063
Indefinite-lived trade names		$	3,830	—		$	3,830		$	3,830	—		$	3,830
Intangible assets, net		$	16,713	$	(2,996)	$	13,717		$	16,714	$	(2,821)	$	13,893

Schedule of Future Amortization Expense

Estimated amortization expense for the remainder of fiscal year 2026 and over the next four years and thereafter is as follows:


(in millions)	Total
2026	$	528
2027	704
2028	704
2029	702
2030	701
Thereafter	6,548
	$	9,887

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

STOCK-BASED COMPENSATION - Narrative - Equity-Classified Awards - Post-IPO Awards (Details) $ in Millions	3 Months Ended
	Mar. 28, 2026 USD ($) participant
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, options	$ 20
Incentive units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested in period, fair value	4
Unrecognized compensation expense	$ 40
Unrecognized compensation expense, period for recognition	1 year
Exchanged Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Plan modification, number of participants impacted \| participant	68
Exchanged Units \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	180 days
RSAs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested in period, fair value	$ 1
Unrecognized compensation expense	$ 9
Unrecognized compensation expense, period for recognition	1 year 3 months 18 days
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense	$ 63
Unrecognized compensation expense, period for recognition	1 year 9 months 18 days
RSUs \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	1 year
RSUs \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	5 years
PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense	$ 51
Unrecognized compensation expense, period for recognition	1 year 4 months 24 days
Award vesting period	4 years
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition	1 year 4 months 24 days

DERIVATIVES AND HEDGING ACTIVITIES RISK MANAGEMENT (Tables)

3 Months Ended

Mar. 28, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

The notional amounts of outstanding interest rate derivatives are summarized as follows:

March 28, 2026

December 31, 2025

Currency

Notional amount

(in millions)

Maturity date

Notional amount

(in millions)

Maturity date

Designated cash flow hedges:

Interest rate swaps

USD

1,000

Dec'2026

1,000

Dec'2026

Interest rate caps

USD

2,000

Dec'2026

2,000

Dec'2026

Schedule of Cash Flow Hedges Included in AOCI

The table below presents the effect of cash flow hedge accounting on Accumulated other comprehensive income (loss) (“AOCI”) for each reporting period:



			Three months ended
(in millions)				March 28, 2026		March 29, 2025
Gain (loss) recognized in AOCI	Included in effectiveness testing	Interest rate swaps		$	4	$	(3)
		Interest rate caps		3		(3)
	Excluded in effectiveness testing	Interest rate caps		—		(2)
				7		(8)

Gain (loss) reclassified from AOCI into earnings	Included in effectiveness testing	Interest rate swaps		6		13
		Interest rate caps		5		11
	Excluded in effectiveness testing	Interest rate caps		(1)		(2)
				10		22
Total change in AOCI				$	(3)	$	(30)

Schedule of Classification and Fair Value of the Derivatives

The table below summarizes the classification and fair value of the derivatives for each reporting period:


(in millions)
Designated cash flow hedges	Location	March 28, 2026		December 31, 2025
Interest rate swaps	Other current assets	$	18	$	21


Interest rate caps	Other current assets	14		15

Total designated cash flow hedges		$	32	$	36

NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	Mar. 28, 2026
Accounting Policies [Abstract]
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Nature of Business Medline Inc., a Delaware corporation formed on November 6, 2024, is a holding company, and its material assets are its equity interests held directly or indirectly through wholly owned subsidiaries in Medline Holdings, LP (“Medline Holdings”), and its subsidiaries (together, the “Company” or “Medline”). The Company is a medical-surgical products and supply chain company, serving healthcare providers across the continuum of care. Its customers are primarily composed of hospitals, nursing homes and other health care providers located in the United States of America, Canada, Europe, Asia-Pacific (which includes Southeast Asia, Japan and Australia), Latin America (which includes Mexico), the Middle East and Africa. Secondary Offering On March 10, 2026, the Company completed an underwritten public offering of an aggregate of 86,250,000 shares of Class A common stock (including 11,250,000 shares of Class A common stock issued pursuant to the exercise in full of the underwriters’ option to purchase additional shares) sold by a wholly owned subsidiary of Abu Dhabi Investment Authority and certain affiliates of our Sponsors (collectively, the “Selling Stockholders”) at a public offering price of $41.00 per share, for aggregate gross proceeds of approximately $3.5 billion to the Selling Stockholders (the “March 2026 Resale Offering”). This transaction resulted in the issuance of 33,963,901 shares of Class A common stock in connection with the exchange of Common Units by the Selling Stockholders for the three months ended March 28, 2026. The exchange reduced the ownership of noncontrolling interest in Medline Holdings by approximately 3% and is expected to lead to higher net income attributable to the Company. The Company did not sell any shares in this March 2026 Resale Offering and did not receive any of the proceeds from the sale of the shares of Class A common stock in this March 2026 Resale Offering. The Company paid the offering expenses associated with the sale of the shares by the Selling Stockholders, net of the underwriting discounts and commissions. Initial Public Offering On December 16, 2025, the SEC declared effective the Company’s Registration Statement on Form S-1 filed in connection with IPO. The Company’s Class A common stock started trading on The Nasdaq Global Select Market on December 17, 2025. On December 18, 2025, the Company completed the IPO of its Class A common stock in which the Company issued and sold 248,439,654 shares of Class A common stock (including shares issued pursuant to the exercise in full of the underwriters’ option to purchase additional shares) for cash consideration of $29.00 per share. The IPO generated net proceeds of approximately $7,048 million after deducting underwriting discounts and commissions of approximately $157 million, but before deducting offering expenses of approximately $40 million. The Company used the proceeds (net of underwriting discounts and commissions) from the issuance of 179,000,000 shares ($5,078 million) in the IPO to purchase an equivalent number of newly issued Common Units from Medline Holdings, which Medline Holdings has in turn used $731 million of which to repay in full all outstanding Euro Term Loans (as defined herein) and $3,292 million of which to repay a portion of the outstanding USD Term Loans (as defined herein) which matures in 2028. The Company will use the remaining net proceeds for general corporate purposes and to bear all of the expenses of the IPO. The Company has used the proceeds (net of underwriting discounts and commissions) from the issuance of 37,034,482 shares ($1,051 million) and the issuance of 32,405,172 shares ($919 million) pursuant to the exercise in full by the underwriters of their option to purchase additional shares in the IPO to purchase or redeem an equivalent aggregate number of shares of Class A common stock and Common Units from certain pre-IPO owners. Reorganization On December 16, 2025, prior to the completion of the IPO, the Company executed several reorganization transactions (the “Reorganization”) and amended and restated Limited Partnership Agreement of Medline Holdings (the “LP Agreement”), resulting in the following: •Medline Inc. became the general partner of Medline Holdings with 100% of the voting power and control of Medline Holdings. •All outstanding Class A Units and Class B CUPI Units of Medline Holdings were either (1) reclassified into Common Units, a new class of partnership interest of Medline Holdings, or (2) directly or indirectly exchanged for vested shares of Class A common stock and restricted stock units (“RSUs”) of Medline Inc. The holders of Common Units were also allocated shares of Class B common stock of Medline Inc. on a one-for-one basis with the number of their Common Units. •All outstanding Class B units of Medline Holdings were either (1) reclassified into Incentive Units, a new class of partnership interest of Medline Holdings, or (2) directly or indirectly exchanged for vested shares of Class A common stock of Medline Inc., in the case of vested Class B units, and restricted stock awards (“RSAs”), RSUs, and options of Medline Inc., in the case of unvested Class B units. •Holders of Incentive Units (“Incentive Unitholders”) have the right to exchange their vested Incentive Units for Common Units at the exchange rate defined by the amended LP Agreement. •Recognition of noncontrolling interests due to the pre-IPO owners retaining an economic interest in Medline Holdings related to Common Units and Incentive Units. After the Reorganization, Medline Inc.’s sole material asset is a controlling equity interest in Medline Holdings. As the general partner of Medline Holdings, Medline Inc. now operates and controls all of the business and affairs of Medline Holdings, and has the obligation to absorb losses and receive benefits from Medline Holdings and, through Medline Holdings and its subsidiaries, operate the business. The Reorganization has been accounted for as a reorganization of entities under common control. As a result, the consolidated financial statements of Medline Inc. recognized the assets and liabilities received in the Reorganization at their historical carrying amounts, as presented in the historical financial statements of Medline Holdings. Medline Inc. consolidates Medline Holdings on its consolidated financial statements and records a noncontrolling interest. Basis of Presentation and Consolidation The unaudited condensed consolidated financial statements and accompanying notes are prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company's consolidated financial statements for the year ended December 31, 2025. The results of businesses acquired or disposed of are included in the unaudited condensed consolidated financial statements from the date of the acquisition or up to the date of disposal, respectively. All adjustments, in the opinion of management, necessary to a fair statement of the results for the interim and annual periods presented have been made. The unaudited condensed consolidated financial statements include the financial statements of the Company, all entities that are wholly-owned by the Company and all entities in which the Company has a controlling financial interest. All intercompany transactions and balances have been eliminated. A noncontrolling interest in a consolidated subsidiary represents the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. Noncontrolling interests are presented as a separate component of equity in the unaudited Condensed Consolidated Balance Sheets and the presentation of net income (loss) is modified to present earnings and other comprehensive income (loss) attributed to controlling and noncontrolling interests. The Company reclassified certain prior period amounts in the unaudited Condensed Consolidated Statements of Cash Flows to conform to the current year’s presentation. The changes relate to the inclusion of an immaterial financial statement line item within another line item for presentation purposes. The change did not have an impact on the Company’s financial condition, operating results, or cash flows. Fiscal Periods The Company’s fiscal year begins on January 1 and ends on December 31. The fiscal quarters are based on a four-four-five-week calendar with periods ending on the Saturday of the last week in the quarter, with the exception of December 31, which is always the fiscal year end date. Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, allowance for credit losses, inventory valuation reserves, fair value of financial instruments, impairment of long-lived assets and goodwill, tax receivable agreement (“TRA”), deferred tax valuations, depreciation and amortization, actuarial assumptions, and fair value allocations related to business combinations. Actual results could differ from those estimates. Recently Adopted Accounting Standards In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. ASU 2025-05 introduces a practical expedient allowing entities to assume current economic conditions, as of the balance sheet date, remain unchanged when estimating expected credit losses for current trade receivables and contract assets. The standard is effective for fiscal years beginning after December 15, 2025 on a prospective basis, and including interim periods, with early adoption permitted. The Company has adopted this standard on a prospective basis in the first quarter of 2026, and the adoption did not have a material impact on the consolidated financial statements.

DERIVATIVES AND HEDGING ACTIVITIES RISK MANAGEMENT - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025	Dec. 31, 2023
Interest rate swaps \| Cash flow hedging
Derivative [Line Items]
Notional amount	$ 1,000	$ 1,000
Interest rate caps
Derivative [Line Items]
Notional amount			$ 1,000
Interest rate caps \| Cash flow hedging
Derivative [Line Items]
Notional amount	$ 2,000	$ 2,000

DERIVATIVES AND HEDGING ACTIVITIES RISK MANAGEMENT - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Cash flow hedge, decrease to interest expense in next 12 months	$ 31
Notional amount, annual incremental decrease		$ 500	$ 500
Interest rate caps
Derivative [Line Items]
Notional amount				$ 1,000

STOCKHOLDERS’ EQUITY, MEZZANINE EQUITY AND PARTNERS’ CAPITAL

3 Months Ended

Mar. 28, 2026

Equity [Abstract]

STOCKHOLDERS’ EQUITY, MEZZANINE EQUITY AND PARTNERS’ CAPITAL

On December 18, 2025, the Company completed its IPO and executed the Reorganization that impacted its capital structure. See Note 1—Nature of Business and Significant Accounting Policies for additional information regarding the IPO and Reorganization.

Equity Structure Prior to IPO and Reorganization

Partners’ Capital

Prior to the Reorganization and the IPO, Medline Holdings had three classes of authorized units: Class A Units, Class B CUPI Units, and Class B Units.

Voting rights

The holders of all three classes of units were limited partners and did not have voting rights (although certain limited partners had certain consent rights as set forth in the Medline Holdings GP, LLC’s Limited Liability Agreement (the “GP LLC Agreement”)). Medline Holdings GP, LLC was the general partner of Medline Holdings. Medline Holdings GP, LLC did not hold any units, and it was authorized to take any action and cause Medline Holdings to take any action, subject to the terms of LP Agreement and the GP LLC Agreement.

Distributions and liquidations

For both distributions (other than tax distributions) and liquidations, the Class A unit holders would receive 100% of the distributions until the Class A unit holders had received cumulative distributions equal to $1.00 per Class A unit.

Second, except for Operating Distributions (as defined in the LP Agreement), 100% of the remainder of the distributions following the distributions to the Class A Unit holders would be distributed to the holders of Class B CUPI Units until the holders of Class B CUPI Units received cumulative distributions equal to the catch-up amount for such units ($1.00 per Class B CUPI Unit).

Third, the remainder of the distributions would be distributed on a pro rata basis (based on the number of units held and subject to vesting and, with respect to Class B units, deemed unit prices) to the Class A Unit holders, the holders of Class B CUPI units, and the Class B Unit holders, subject to the LP Agreement. Net income and net loss of Medline Holdings was allocated in a manner similar to the foregoing distributions pursuant to the GP LLC Agreement.

Other rights and privileges

The remaining rights and privileges of the holders of all three classes of units were identical.

Class A - Mezzanine Equity

Class A units held by members of management (the “Class A Mezzanine Units”) included a put right that permitted the holders to redeem 50% of their Class A units under conditions outside of the control of the Company. For the periods that management determined it was probable that the Class A Mezzanine Units would become redeemable, the Company had elected to carry the shares at the maximum redemption value, or fair value, in Mezzanine equity on the unaudited Condensed Consolidated Balance Sheets. During the fourth quarter of 2024, management determined that the redemption was no longer probable, and, therefore, no changes in redemption value were recorded, prospectively. The redemption rights terminated upon the IPO, and Class A Mezzanine Units were reclassed to permanent equity.

Stock-Based Compensation - Mezzanine Equity

Class B CUPI Units and Class B Units also included a put right that permitted holders to redeem 20% of matured Class B Units and 50% of Class B CUPI Units under conditions outside of the control of the Company. During the periods when redemption was probable, redeemable units were carried at redemption value, or current intrinsic value, in Mezzanine equity on the unaudited Condensed Consolidated Balance Sheets. During the fourth quarter of 2024, management determined that the redemption was no longer probable and, therefore, no changes in redemption value were recorded, prospectively. The redemption rights terminated upon the IPO, and the redeemable units were reclassed to permanent equity.

Equity Structure After IPO and Reorganization

The Company’s amended and restated certificate of incorporation authorizes three classes of ownership interests: 50,000,000,000 shares of Class A common stock, par value $0.0001 per share, 50,000,000,000 shares of Class B common stock, par value $0.0001 per share, and 5,000,000,000 shares of Preferred stock, par value $0.0001 per share.

Class A Common Stock

Shares of Class A common stock have both voting and economic rights. Holders of Class A common stock are entitled to one vote for each share of Class A common stock held. Shares of Class A common stock are entitled to dividends and pro rata distribution of remaining available assets upon liquidation. Shares of Class A common stock do not have preemptive, subscription, redemption or conversion rights.

Class B Common Stock

Shares of Class B common stock have voting but no economic rights. Holders of Class B common stock are entitled to one vote for each share of Class B common stock held. Shares of Class B common stock do not have any right to receive dividends or distribution upon liquidation.

The shares of Class B common stock, together with the transfer of an identical number of Common Units, are convertible at the option of the holder into shares of Class A common stock on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications. Upon conversion, the shares of Class B common stock will be automatically canceled and no longer outstanding.

Preferred Stock

The Company is authorized to issue, without the approval of its stockholders, one or more series of preferred stock. The Board may determine, with respect to any series of preferred stock, the powers, including voting powers, preferences and relative, participating, optional or other special rights.

Noncontrolling Interests

Noncontrolling interests represent Common Units and vested Incentive Units held by pre-IPO owners. These Common Units are not attributable to the controlling Class A common stock ownership of Medline Inc. The noncontrolling interests were accounted for as permanent equity on the unaudited Condensed Consolidated Balance Sheets. Net income is reduced by the portion of net income attributable to noncontrolling interests. The conversions into Class A common stock of Class B common stock and Common Units are considered equity transactions and will result in a change in ownership and reduce the amount recorded as noncontrolling interests and increase additional paid-in capital in the Company’s unaudited Condensed Consolidated Balance Sheets.

Accumulated other comprehensive income

The following tables present the changes in accumulated other comprehensive income (loss), net of tax:


	Three Months Ended March 28, 2026
(in millions)	Unrealized Gain (Loss) on Derivative Instruments		Currency Translation Adjustments		Retirement Plans		Accumulated Other Comprehensive Income
Balance, January 1, 2026	$	22	$	9	$	(4)	$	27
Other comprehensive income (loss) before reclassifications	7		(11)		—		(4)
Amount reclassified to earnings	(10)		—		—		(10)
Net other comprehensive loss	(3)		(11)		—		(14)
Less: Other comprehensive loss attributable to noncontrolling interests	(1)		(4)		—		(5)
Balance, March 28,2026	$	20	$	2	$	(4)	$	18


	Three Months Ended March 29, 2025
(in millions)	Unrealized Gain (Loss) on Derivative Instruments		Currency Translation Adjustments		Retirement Plans		Accumulated Other Comprehensive Income
Balance, January 1, 2025	$	124	$	(114)	$	1	$	11
Other comprehensive income (loss) before reclassifications	(8)		26		—		18
Amount reclassified to earnings	(22)		—		—		(22)

Net other comprehensive income (loss)	(30)		26		—		(4)

Balance, March 29,2025	$	94	$	(88)	$	1	$	7

See Note 11—Derivatives and Hedging Activities Risk Management for additional information regarding hedging activity.

- Definition

The entire disclosure for equity.

+ References

+ Details

DERIVATIVES AND HEDGING ACTIVITIES RISK MANAGEMENT - Schedule of Classification and Fair Value of the Derivatives (Details) - Cash flow hedging - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
Derivative [Line Items]
Total designated cash flow hedges	$ 32	$ 36
Interest rate swaps
Derivative [Line Items]
Total designated cash flow hedges	18	21
Interest rate caps
Derivative [Line Items]
Total designated cash flow hedges	$ 14	$ 15

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

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-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
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-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

+ Details

GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 28, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying amount of Goodwill were as follows:


(in millions)	Medline Brand		Supply Chain Solutions		Total







Balance, December 31, 2025	$	6,724	$	1,355	$	8,079
Currency translation adjustments	(2)		(1)		(3)
Balance, March 28, 2026	$	6,722	$	1,354	$	8,076

Identifiable intangible assets consist of the following as of:


	March 28, 2026							December 31, 2025
(in millions)	Weighted Average Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	14	$	10,691	$	(2,508)	$	8,183	15	$	10,692	$	(2,364)	$	8,328
Trade names	5	25		(10)		15		5	25		(10)		15
Developed technology	15	2,167		(478)		1,689		15	2,167		(447)		1,720
Total finite-lived intangible assets		$	12,883	$	(2,996)	$	9,887		$	12,884	$	(2,821)	$	10,063
Indefinite-lived trade names		$	3,830	—		$	3,830		$	3,830	—		$	3,830
Intangible assets, net		$	16,713	$	(2,996)	$	13,717		$	16,714	$	(2,821)	$	13,893

Estimated amortization expense for the remainder of fiscal year 2026 and over the next four years and thereafter is as follows:


(in millions)	Total
2026	$	528
2027	704
2028	704
2029	702
2030	701
Thereafter	6,548
	$	9,887

NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 28, 2026
Accounting Policies [Abstract]
Basis of Presentation and Fiscal Periods	The unaudited condensed consolidated financial statements and accompanying notes are prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company's consolidated financial statements for the year ended December 31, 2025. The results of businesses acquired or disposed of are included in the unaudited condensed consolidated financial statements from the date of the acquisition or up to the date of disposal, respectively. All adjustments, in the opinion of management, necessary to a fair statement of the results for the interim and annual periods presented have been made. Fiscal Periods The Company’s fiscal year begins on January 1 and ends on December 31. The fiscal quarters are based on a four-four-five-week calendar with periods ending on the Saturday of the last week in the quarter, with the exception of December 31, which is always the fiscal year end date.
Consolidation	The unaudited condensed consolidated financial statements include the financial statements of the Company, all entities that are wholly-owned by the Company and all entities in which the Company has a controlling financial interest. All intercompany transactions and balances have been eliminated. A noncontrolling interest in a consolidated subsidiary represents the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. Noncontrolling interests are presented as a separate component of equity in the unaudited Condensed Consolidated Balance Sheets and the presentation of net income (loss) is modified to present earnings and other comprehensive income (loss) attributed to controlling and noncontrolling interests.
Reclassification	The Company reclassified certain prior period amounts in the unaudited Condensed Consolidated Statements of Cash Flows to conform to the current year’s presentation. The changes relate to the inclusion of an immaterial financial statement line item within another line item for presentation purposes. The change did not have an impact on the Company’s financial condition, operating results, or cash flows.
Use of Estimates	Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, allowance for credit losses, inventory valuation reserves, fair value of financial instruments, impairment of long-lived assets and goodwill, tax receivable agreement (“TRA”), deferred tax valuations, depreciation and amortization, actuarial assumptions, and fair value allocations related to business combinations. Actual results could differ from those estimates.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. ASU 2025-05 introduces a practical expedient allowing entities to assume current economic conditions, as of the balance sheet date, remain unchanged when estimating expected credit losses for current trade receivables and contract assets. The standard is effective for fiscal years beginning after December 15, 2025 on a prospective basis, and including interim periods, with early adoption permitted. The Company has adopted this standard on a prospective basis in the first quarter of 2026, and the adoption did not have a material impact on the consolidated financial statements.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

COMMITMENTS AND CONTINGENCIES - Narrative (Details)	1 Months Ended		3 Months Ended
COMMITMENTS AND CONTINGENCIES - Narrative (Details)	Oct. 31, 2023 plaintiff	Jan. 31, 2019 plaintiff	Mar. 28, 2026 USD ($)	Mar. 29, 2025 USD ($)	Feb. 17, 2026 USD ($)
Loss Contingencies [Line Items]
Payments under unconditional purchase obligation			$ 42,000,000	$ 49,000,000
Mass Tort Litigation, Cook County, Illinois
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff		380
Loss contingency, receivable for expected recoveries			$ 0
Mass Tort Litigation, Cook County, Illinois \| Settled Litigation
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff	5
Hazardous, Medical and Universal Waste Violation, California Facilities
Loss Contingencies [Line Items]
Estimate of possible loss (could exceed)					$ 900,000
Hazardous, Medical and Universal Waste Violation, California Facilities \| Civil Penalty
Loss Contingencies [Line Items]
Estimate of possible loss (could exceed)					750,000
Hazardous, Medical and Universal Waste Violation, California Facilities \| Investigation-Related Costs
Loss Contingencies [Line Items]
Estimate of possible loss (could exceed)					$ 150,000

TAX RECEIVABLE AGREEMENT

3 Months Ended

Mar. 28, 2026

TAX RECEIVABLE AGREEMENT

In connection with the IPO, the Company entered into a TRA with certain pre-IPO owners that provides for the payment by Medline Inc. to such pre-IPO owners of 90% of certain tax benefits, if any, that Medline Inc. actually realizes, or is deemed to realize (calculated using certain assumptions), as a result of (i) Medline Inc.’s allocable share of existing tax basis in Medline Holdings’ assets acquired in the IPO, (ii) increases in Medline Inc.’s allocable share of existing tax basis and tax basis adjustments to the tangible and intangible assets of Medline Holdings as a result of sales or exchanges of Common Units (including Common Units issued upon conversion of vested Incentive Units) in connection with or after the IPO, (iii) Medline Inc.’s utilization of certain tax attributes (including any existing tax basis) of certain entities that are taxable as corporations for U.S. federal income tax purposes through which the pre-IPO owners held their interest in Medline Holdings prior to the IPO, which Medline Inc. acquired in connection with the IPO, and (iv) certain other tax benefits related to entering into the TRA, including tax benefits attributable to payments under the TRA.

Sales or exchanges of Common Units by their holders to Medline are expected to result in increases in the tax basis of the assets of Medline Holdings. The existing tax basis, increases in existing tax basis, and the tax basis adjustments generated over time may increase (for tax purpose) depreciation and amortization deductions available to Medline Inc. and, therefore, may reduce the amount of tax that Medline Inc. would otherwise be required to pay in the future. Actual tax benefits realized by Medline Inc. may differ from tax benefits calculated under the tax receivable agreement as a result of the use of certain assumptions in the TRA, including the use of an assumed weighted-average state and local income tax rate of 6% (as adjusted to take into account the U.S. federal tax benefit of such taxes) to calculate the tax benefits. This payment obligation is an obligation of Medline Inc. and not of Medline Holdings. Changes in the estimate of expected tax benefits Medline would realize and the amount payable under the TRA as a result of changes in tax rates will be reflected in the unaudited Condensed Consolidated Statements of Comprehensive Income.

The balance of the TRA liability was $4,021 million and $3,542 million as of March 28, 2026 and December 31, 2025, respectively. As of March 28, 2026, $12 million was included in Accrued expenses and other current liabilities with the remainder in Tax receivable agreement liability on the unaudited Condensed Consolidated Balance Sheets. The Company’s TRA liability increased by $479 million due to the effects of the March 2026 Resale Offering during the three months ended March 28, 2026. The Company did not make any payment pursuant to the TRA or record a remeasurement adjustment during the three months ended March 28, 2026.

RELATED PARTY

Credit Agreements and Borrowings


(in millions)	March 28, 2026		December 31, 2025
Current portion of long-term borrowings and other short-term borrowing	$	3	$	2
Long-term borrowings, less current portion	159		158

Tax Receivable Agreement

In connection with the Reorganization and the IPO, the Company has entered into a TRA with certain of its pre-IPO owners. Among these pre-IPO owners are individuals and entities classified as related parties of the Company; consequently, transactions pertaining to the TRA are regarded as related party transactions in relation to these individuals and entities. From time to time, the pre-IPO owners party to the TRA have, and may in the future, transfer and assign their rights under the TRA in accordance with its terms. Such transfers and assignments do not affect the Company’s underlying rights and obligations under the TRA. In March 2026, certain of the pre-IPO owners entered into an assignment and assumption agreement, pursuant to which such parties transferred and assigned their rights under the TRA to certain other pre-IPO owners for approximately $1.4 billion. See Note 7—Tax Receivable Agreement for additional information.

There have been no other significant transactions with related parties during the periods presented.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

3 Months Ended

Mar. 28, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

The elements of accrued expenses and other current liabilities are as follows as of:


(in millions)	March 28, 2026		December 31, 2025
Payroll	$	303	$	323
Customer rebates and distributor chargebacks	401		406
Interest payable, net	237		144
Indirect tax payable	85		87
Lease liability	65		66

Income taxes payable	36		24
Other	400		402
Total accrued expenses and other current liabilities	$	1,527	$	1,452

STOCK-BASED COMPENSATION - Narrative - Equity-Classified Awards - Prior to Reorganization and IPO (Details) $ in Millions	3 Months Ended
	Mar. 29, 2025 USD ($)	Mar. 28, 2026 class	Dec. 31, 2025 class	Dec. 17, 2025 class
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of classes		3		3
Class B Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	5 years
Award vesting rights, percentage	20.00%
Vested in period, fair value \| $	$ 7
Stock-based Compensation
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of classes			2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

STOCKHOLDERS’ EQUITY, MEZZANINE EQUITY AND PARTNERS’ CAPITAL - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended		12 Months Ended
	Dec. 17, 2025 class $ / shares	Mar. 28, 2026 class $ / shares shares	Dec. 31, 2024 USD ($)	Dec. 31, 2025 vote $ / shares shares
Capital Unit [Line Items]
Number of classes \| class	3	3
Preferred stock, shares authorized (in shares) \| shares		5,000,000,000		5,000,000,000
Preferred stock, par value (in dollars per share)		$ 0.0001		$ 0.0001
Class A Units
Capital Unit [Line Items]
Distribution percentage	100.00%
Distribution per unit (in dollars per share)	$ 1.00
Holder repurchase rights, percent of units	50.00%
Adjustment to redemption value \| $			$ 0
Class B, CUPI
Capital Unit [Line Items]
Distribution percentage	100.00%
Distribution per unit (in dollars per share)	$ 1.00
Holder repurchase rights, percent of units	50.00%
Adjustment to redemption value \| $			0
Class B
Capital Unit [Line Items]
Holder repurchase rights, percent of units	20.00%
Adjustment to redemption value \| $			$ 0
Common stock, authorized (in shares) \| shares		50,000,000,000		50,000,000,000
Common stock, par value (in dollars per share)		$ 0.0001		$ 0.0001
Common stock, number of votes \| vote				1
Common stock, conversion ratio (in shares) \| shares		1		1
Class A
Capital Unit [Line Items]
Common stock, authorized (in shares) \| shares		50,000,000,000		50,000,000,000
Common stock, par value (in dollars per share)		$ 0.0001		$ 0.0001
Common stock, number of votes \| vote				1

TAX RECEIVABLE AGREEMENT (Details) - USD ($) $ in Millions		3 Months Ended
TAX RECEIVABLE AGREEMENT (Details) - USD ($) $ in Millions	Dec. 18, 2025	Mar. 28, 2026	Dec. 31, 2025
Related Party Transactions [Abstract]
Tax receivable agreement, payment, percent of tax benefit	90.00%
Tax receivable agreement, weighted-average state and local income tax rate	6.00%
Tax receivable agreement liability		$ 4,021	$ 3,542
Tax receivable agreement liability, current		12
Increase in tax receivable agreement liability		$ 479

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Income Statement [Abstract]
Net sales	$ 7,352	$ 6,644
Cost of goods sold	5,511	4,820
Gross profit	1,841	1,824
Operating expense
Selling, general and administrative expenses	1,228	1,070
Amortization of intangible assets	176	175
Other operating expenses	15	8
Total operating expense	1,419	1,253
Operating income	422	571
Other expense
Interest expense, net	(136)	(210)
Other income, net	1	0
Foreign exchange gain (loss), net	4	(23)
Total other expense	(131)	(233)
Income before income taxes	291	338
Provision for income taxes	52	16
Net income	239	322
Net income attributable to noncontrolling interests	110	0
Net income attributable to Medline Inc.	$ 129	322
Earnings per share attributable to Medline Inc.
Basic (in dollars per share)	$ 0.16
Diluted (in dollars per share)	$ 0.16
Weighted-average number of Class A common stock outstanding
Basic (in shares)	819,082,538
Diluted (in shares)	824,836,037
Other comprehensive loss, net of tax
Net unrealized loss on derivative instruments	$ (3)	(30)
Currency translation adjustment	(11)	26
Total other comprehensive loss, net of tax	(14)	(4)
Total comprehensive income	225	318
Comprehensive income attributable to noncontrolling interests	105	0
Comprehensive income attributable to Medline Inc.	$ 120	$ 318

STOCK-BASED COMPENSATION - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 28, 2026 USD ($) $ / shares shares
Options
Outstanding, beginning (in shares) \| shares	6,770,442
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Outstanding, ending (in shares) \| shares	6,770,442
Options exercisable (in shares) \| shares	0
Options expected to vest (in shares) \| shares	6,770,442
Wtd. Avg. Grant Date Fair Value
Outstanding, beginning (in dollars per share)	$ 11.97
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	0
Outstanding, ending (in dollars per share)	11.97
Exercisable (in dollars per share)	0
Expected to vest (in dollars per share)	11.97
Wtd. Avg. Exercise Price
Outstanding, beginning (in dollars per share)	29.00
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	0
Outstanding, ending (in dollars per share)	29.00
Exercisable (in dollars per share)	0
Expected to vest (in dollars per share)	$ 29.00
Stock Options Additional Disclosures
Options outstanding, average remaining contractual term	9 years 8 months 12 days
Options expected to vest, average remaining contractual term	9 years 8 months 12 days
Outstanding, aggregate intrinsic value \| $	$ 84
Expected to vest, aggregate intrinsic value \| $	$ 84

STOCK-BASED COMPENSATION - Summary of Restricted Stock Awards Activity (Details) - RSAs	3 Months Ended
	Mar. 28, 2026 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	1,958,657
Granted (in shares) \| shares	0
Vested (in shares) \| shares	(41,050)
Forfeited (in shares) \| shares	0
Unvested, ending balance (in shares) \| shares	1,917,607
Wtd. Avg. Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 29.00
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	29.00
Forfeited (in dollars per share) \| $ / shares	0
Unvested, ending balance (in dollars per share) \| $ / shares	$ 29.00

DERIVATIVES AND HEDGING ACTIVITIES RISK MANAGEMENT - Schedule of Cash Flow Hedges Included in AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Derivative [Line Items]
Gain (loss) recognized in AOCI	$ 7	$ (8)
Gain (loss) reclassified from AOCI into earnings	10	22
Total change in AOCI	(3)	(30)
Included in effectiveness testing \| Interest rate swaps
Derivative [Line Items]
Gain (loss) recognized in AOCI	4	(3)
Gain (loss) reclassified from AOCI into earnings	6	13
Included in effectiveness testing \| Interest rate caps
Derivative [Line Items]
Gain (loss) recognized in AOCI	3	(3)
Gain (loss) reclassified from AOCI into earnings	5	11
Excluded in effectiveness testing \| Interest rate caps
Derivative [Line Items]
Gain (loss) recognized in AOCI	0	(2)
Gain (loss) reclassified from AOCI into earnings	$ (1)	$ (2)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Mar. 28, 2026	Mar. 29, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate	17.72%	4.81%
Increase in tax receivable agreement liability	$ 479
Deferred tax asset, tax receivable agreement	$ 294

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY, MEZZANINE EQUITY AND PARTNERS' CAPITAL (Unaudited) - USD ($) $ in Millions	Total	Accumulated Other Comprehensive Income	Class A	Stock-based Compensation	Class A	Class A Common Stock	Class B	Class B Common Stock	Class B CUPI Common Stock	Common Stock Class A	Common Stock Class B	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income	Noncontrolling Interests
Stockholders' Equity
Other comprehensive income (loss)	$ (4)	$ (4)
Beginning balance (in shares) at Dec. 31, 2024			128,000,000	106,000,000
Beginning balance at Dec. 31, 2024	366		$ 237	$ 129
Mezzanine Equity
Net income	3		$ 2	$ 1
Units repurchased (in shares)				(2,000,000)
Units repurchased	(1)			$ (1)
Ending balance (in shares) at Mar. 29, 2025			128,000,000	104,000,000
Ending balance at Mar. 29, 2025	368		$ 239	$ 129
Beginning balance (in shares) at Dec. 31, 2024						16,723,000,000		721,000,000	23,000,000
Beginning balance, partners' capital at Dec. 31, 2024	16,158	11				$ 15,976		$ 123	$ 48
Partners' Capital
Net income	319					$ 318			$ 1
Other comprehensive income (loss)	(4)	(4)
Reclassification from liability-classified units (in shares)								51,000,000
Reclassification from liability-classified units	10							$ 10
Units repurchased (in shares)								(14,000,000)
Units repurchased	(9)							$ (9)
Stock-based compensation (in shares)								6,000,000
Stock-based compensation	16							$ 16
Ending balance (in shares) at Mar. 29, 2025						16,723,000,000		764,000,000	23,000,000
Ending balance, partners' capital at Mar. 29, 2025	16,490	$ 7				$ 16,294		$ 140	$ 49
Beginning balance (in shares) at Dec. 31, 2025					812,000,000		502,000,000			812,000,000	502,000,000
Beginning balance at Dec. 31, 2025	19,286									$ 0	$ 0	$ 10,717	$ (7)	$ 27	$ 8,549
Stockholders' Equity
Net income	239												129		110
Other comprehensive income (loss)	(14)													(9)	(5)
Distributions to noncontrolling interests	(10)														(10)
Exchange of common units for Class A common stock (in shares)					33,963,901					34,000,000	(34,000,000)
Exchange of common units for Class A common stock	0											581		1	(582)
Tax receivable agreement	(479)											(479)
Recognition of deferred tax assets from equity transactions	294											294
Reclassification from liability-classified units	11											7			4
Stock-based compensation	22											13			9
Changes in noncontrolling interests	0											(1)		(1)	2
Ending balance (in shares) at Mar. 28, 2026					846,000,000		468,000,000			846,000,000	468,000,000
Ending balance at Mar. 28, 2026	19,349									$ 0	$ 0	$ 11,132	$ 122	18	8,077
Partners' Capital
Other comprehensive income (loss)	$ (14)													$ (9)	$ (5)

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

3 Months Ended

Mar. 28, 2026

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

The elements of accrued expenses and other current liabilities are as follows as of:


(in millions)	March 28, 2026		December 31, 2025
Payroll	$	303	$	323
Customer rebates and distributor chargebacks	401		406
Interest payable, net	237		144
Indirect tax payable	85		87
Lease liability	65		66

Income taxes payable	36		24
Other	400		402
Total accrued expenses and other current liabilities	$	1,527	$	1,452

STOCKHOLDERS’ EQUITY, MEZZANINE EQUITY AND PARTNERS’ CAPITAL (Tables)

3 Months Ended

Mar. 28, 2026

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following tables present the changes in accumulated other comprehensive income (loss), net of tax:


	Three Months Ended March 28, 2026
(in millions)	Unrealized Gain (Loss) on Derivative Instruments		Currency Translation Adjustments		Retirement Plans		Accumulated Other Comprehensive Income
Balance, January 1, 2026	$	22	$	9	$	(4)	$	27
Other comprehensive income (loss) before reclassifications	7		(11)		—		(4)
Amount reclassified to earnings	(10)		—		—		(10)
Net other comprehensive loss	(3)		(11)		—		(14)
Less: Other comprehensive loss attributable to noncontrolling interests	(1)		(4)		—		(5)
Balance, March 28,2026	$	20	$	2	$	(4)	$	18


	Three Months Ended March 29, 2025
(in millions)	Unrealized Gain (Loss) on Derivative Instruments		Currency Translation Adjustments		Retirement Plans		Accumulated Other Comprehensive Income
Balance, January 1, 2025	$	124	$	(114)	$	1	$	11
Other comprehensive income (loss) before reclassifications	(8)		26		—		18
Amount reclassified to earnings	(22)		—		—		(22)

Net other comprehensive income (loss)	(30)		26		—		(4)

Balance, March 29,2025	$	94	$	(88)	$	1	$	7

CREDIT AGREEMENTS AND BORROWINGS - Schedule of Long-Term Borrowings (Details) - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total debt	$ 12,755	$ 12,755
Less: amounts due within one year	(76)	(76)
Total other	(184)	(195)
Total long-term borrowings	12,495	12,484
Unsecured debt
Debt Instrument [Line Items]
Total debt	2,500	2,500
Secured debt
Debt Instrument [Line Items]
Total debt	10,255	10,255
Unsecured Fixed Debt, Maturing 2029 \| Unsecured debt
Debt Instrument [Line Items]
Total debt	$ 2,500	$ 2,500
Average effective interest rate	5.61%	5.61%
Secured Fixed Debt, Maturing 2029 \| Secured debt
Debt Instrument [Line Items]
Total debt	$ 6,000	$ 6,000
Average effective interest rate	4.79%	4.79%
Secured Variable Debt, Maturing 2026-2030 \| Secured debt
Debt Instrument [Line Items]
Total debt	$ 4,255	$ 4,255
Average effective interest rate	6.26%	7.10%

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Mar. 28, 2026 segment product_category supplier
Segment Reporting [Abstract]
Number of reportable segments \| segment	2
Number of product categories \| product_category	3
Number of third-party suppliers \| supplier	1,300

GOODWILL AND INTANGIBLE ASSETS - Schedule of Finite-Lived and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 12,883	$ 12,884
Accumulated Amortization	(2,996)	(2,821)
Net Carrying Amount	9,887	10,063
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	16,713	16,714
Accumulated Amortization	(2,996)	(2,821)
Net Carrying Amount	13,717	13,893
Trade names
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived trade names	$ 3,830	$ 3,830
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	14 years	15 years
Gross Carrying Amount	$ 10,691	$ 10,692
Accumulated Amortization	(2,508)	(2,364)
Net Carrying Amount	8,183	8,328
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (2,508)	$ (2,364)
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	5 years	5 years
Gross Carrying Amount	$ 25	$ 25
Accumulated Amortization	(10)	(10)
Net Carrying Amount	15	15
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (10)	$ (10)
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	15 years	15 years
Gross Carrying Amount	$ 2,167	$ 2,167
Accumulated Amortization	(478)	(447)
Net Carrying Amount	1,689	1,720
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (478)	$ (447)

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 28, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company has evaluated its unaudited condensed consolidated financial statements for subsequent events through May 6, 2026, the date the unaudited condensed consolidated financial statements were available to be issued. Based upon this evaluation, the Company did not identify any subsequent events that would require adjustment or disclosure in the financial statements.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Payroll	$ 303	$ 323
Customer rebates and distributor chargebacks	401	406
Interest payable, net	237	144
Indirect tax payable	85	87
Lease liability	65	66
Income taxes payable	36	24
Other	400	402
Total accrued expenses and other current liabilities	$ 1,527	$ 1,452

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 28, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

The following descriptions of the valuation methods and assumptions used by the Company to estimate the fair values of investments apply to all investments held directly by the Company:

Interest Rate Contracts

The Company uses interest rate swaps and interest rate caps to manage its interest rate risk. The valuation of these instruments is determined by using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatility.

The Company incorporates credit valuation adjustments to appropriately reflect both the Company’s own nonperformance risk and the respective counterparty’s nonperformance risk in certain fair value measurements. Although the Company has determined that the majority of the inputs used to value the derivatives utilize Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to the derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of the derivatives held as of March 28, 2026 and December 31, 2025 were classified as Level 2 of the fair value hierarchy.

See Note 11—Derivatives and Hedging Activities Risk Management for additional information regarding interest rate contracts.

Acquisition-Related Contingent Consideration

The Company recorded payments related to acquisition-related contingent consideration that required fair value measurement every reporting period. The fair value of the contingent payments was reported as the present value of the expected amount to settle the obligation using discounted cash flow techniques which included significant assumptions. The significant unobservable inputs used in the determination of the fair value of the contingent consideration are classified as Level 3, which is unchanged from the classification as of December 31, 2025.

Assets and liabilities measured at fair value on a recurring basis are summarized below:


	March 28, 2026
	Basis of fair value measurement
(in millions)	Quoted prices in active markets for identical assets (Level 1)		Other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Carrying value
Financial assets
Derivative Assets
Interest rate contracts (hedge)	$	—	$	32	$	—	$	32


Total assets at fair value	$	—	$	32	$	—	$	32
Financial liabilities


Contingent consideration liability	$	—	$	—	$	(29)	$	(29)
Total liabilities at fair value	$	—	$	—	$	(29)	$	(29)


	December 31, 2025
	Basis of fair value measurement
(in millions)	Quoted prices in active markets for identical assets (Level 1)		Other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Carrying value
Financial assets
Derivative Assets
Interest rate contracts (hedge)	$	—	$	36	$	—	$	36
Total assets at fair value	$	—	$	36	$	—	$	36
Financial liabilities
Contingent consideration liability	$	—	$	—	$	(29)	$	(29)
Total liabilities at fair value	$	—	$	—	$	(29)	$	(29)

Equity investments without readily determinable fair values, unless measured using the equity method of accounting, are measured at cost, less impairments. When applicable, the Company also adjusts the carrying values of such equity investments for observable prices in orderly transactions for an identical or similar investment of the same issuer. These investments are included in Other long-term assets in the unaudited Condensed Consolidated Balance Sheets and are immaterial.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CREDIT AGREEMENTS AND BORROWINGS - Schedule of Fair Value of Long-Term Borrowings (Details) - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2021
Dollar Term Loans \| Fair value \| Secured debt
Debt Instrument [Line Items]
Debt fair value	$ 4,268	$ 4,276
3.875% fixed rate note \| Secured debt
Debt Instrument [Line Items]
Stated interest rate	3.875%			3.875%
3.875% fixed rate note \| Fair value \| Secured debt
Debt Instrument [Line Items]
Debt fair value	$ 4,342	4,399
5.250% fixed rate note \| Unsecured debt
Debt Instrument [Line Items]
Stated interest rate	5.25%			5.25%
5.250% fixed rate note \| Fair value \| Unsecured debt
Debt Instrument [Line Items]
Debt fair value	$ 2,457	2,516
6.250% fixed rate note \| Secured debt
Debt Instrument [Line Items]
Stated interest rate	6.25%		6.25%
6.250% fixed rate note \| Fair value \| Secured debt
Debt Instrument [Line Items]
Debt fair value	$ 1,526	$ 1,553

INVENTORIES - Schedule of Inventory (Details) - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials and work in process, net	$ 835	$ 748
Finished goods, net	3,972	4,021
Inventories, net	$ 4,807	$ 4,769

STOCK-BASED COMPENSATION - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 23	$ 19
Equity-classified awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	22	16
Liability-classified awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 1	$ 3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

STOCK-BASED COMPENSATION - Summary of RSU and PSU Activity (Details)	3 Months Ended
	Mar. 28, 2026 $ / shares shares
RSUs
Number of Shares
Unvested, beginning balance (in shares) \| shares	523,795
Granted (in shares) \| shares	1,635,527
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Unvested, ending balance (in shares) \| shares	2,159,322
Wtd. Avg. Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 29.00
Granted (in dollars per share) \| $ / shares	44.05
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Unvested, ending balance (in dollars per share) \| $ / shares	$ 40.40
PSUs
Number of Shares
Unvested, beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	1,206,267
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Unvested, ending balance (in shares) \| shares	1,206,267
Wtd. Avg. Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	44.05
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Unvested, ending balance (in dollars per share) \| $ / shares	$ 44.05

STOCK-BASED COMPENSATION - Narrative - Liability-Classified Awards (Details) - USD ($) $ in Millions		1 Months Ended		3 Months Ended
	Dec. 16, 2025	Mar. 28, 2026	Mar. 29, 2025	Mar. 28, 2026
Liability-classified awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award amount reclassified to equity		$ 11	$ 10	$ 11
Award vesting period	5 years
Award vesting rights, percentage	20.00%
Units granted (in shares)			50,659,004
Units granted, fair value			$ 29
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units granted (in shares)				1,635,527
Awards settled into RSUs (in shares)		521,371
Awards settled into RSUs, fair value		$ 23
RSUs \| Tranche one
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period		180 days
Award vesting rights, percentage		25.00%
RSUs \| Tranche two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period		3 years
Award vesting rights, percentage		75.00%

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 28, 2026

Segment Reporting [Abstract]

Schedule of Financial Information by Segment

The following tables present financial information by segment:



	Three months ended
(in millions)	March 28, 2026		March 29, 2025
Net sales to external customers:
Front Line Care	$	1,618	$	1,526
Surgical Solutions	1,554		1,447
Laboratory and Diagnostics	293		291
Medline Brand	$	3,465	$	3,264
Supply Chain Solutions	3,887		3,380
Consolidated net sales to external customers	$	7,352	$	6,644













Segment Adjusted EBITDA:
Medline Brand	$	765	$	830
Supply Chain Solutions	187		182
Total segment adjusted EBITDA	952		1,012
Corporate & Other	(176)		(144)
Interest expense, net	(136)		(210)
Depreciation and amortization	(254)		(247)
Inventory-related adjustments	(29)		(21)
Stock-based compensation expense	(23)		(22)
Litigation gains, net	—		34
Transaction-related costs (1)	(35)		(12)
Other non-core charges, net (2)	(8)		(52)
Income before income taxes	$	291	$	338

(1) Represents acquisition and integration-related costs and IPO and March 2026 Resale Offering related costs.

Schedule of Sales and Long-Lived Assets by Geographical Areas

The following tables present information by sales office and geographic area:



	Three months ended
(in millions)	March 28, 2026		March 29, 2025
Net sales to external customers:
Acute care (1)	$	5,125	$	4,572
Non-Acute care (2)	1,732		1,622
United States	6,857		6,194
International	495		450
Consolidated net sales to external customers	$	7,352	$	6,644

(1) Acute care represents hospital health systems.

(2) Non-Acute care represents other sites of care including outpatient, post acute, physician’s office, surgery centers, and all other.


(in millions)	March 28, 2026		December 31, 2025
Long-lived assets by geographical area (1):
United States	$	4,359	$	4,433
International	805		777
Consolidated long-lived assets, net	$	5,164	$	5,210

(1) Includes property, plant, and equipment, net, and operating lease right-of-use assets.

EARNINGS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details)	3 Months Ended
	Mar. 28, 2026 shares
Class B common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	492,676,526

CREDIT AGREEMENTS AND BORROWINGS (Tables)

3 Months Ended

Mar. 28, 2026

Debt Disclosure [Abstract]

Schedule of Current Portion of Long-Term Borrowings and Other Short-Term Borrowings

The Company’s current portion of long-term borrowings and other short-term borrowings consists of the following as of:


(in millions)	March 28, 2026		December 31, 2025
Current portion of long-term debt (1)	$	76	$	76
Other short-term debt	1		1
Total	$	77	$	77

(1) Consists of a portion of the secured Dollar Term Loans bearing variable interest rate.

Schedule of Long-Term Borrowings

The long-term borrowings and the effective interest rates are summarized as follows as of:


		March 28, 2026				December 31, 2025
	Maturity dates by fiscal year	Amount (in millions)		Average effective interest rate		Amount (in millions)		Average effective interest rate
Long-term borrowings
Unsecured debt
Fixed	2029	$	2,500	5.61	%	$	2,500	5.61	%
Total unsecured debt		2,500				2,500
Secured debt
Fixed	2029	6,000		4.79	%	6,000		4.79	%

Variable	2026 - 2030	4,255		6.26	%	4,255		7.10	%
Total secured debt		10,255				10,255
Total debt		12,755				12,755
Less: amounts due within one year		(76)				(76)
Total other (1)		(184)				(195)
Total long-term borrowings		$	12,495			$	12,484

(1) Includes deferred financing costs and embedded derivative related to the Dollar Term Loans.

The fair value of the Company’s long-term borrowings as of March 28, 2026 and December 31, 2025 was based on recent trades as reported by a third-party bond pricing service and summarized as follows. Due to the infrequency of trades, these inputs are considered to be Level 2 inputs.


(in millions)	March 28, 2026		December 31, 2025
Dollar Term Loans	$	4,268	$	4,276

3.875% fixed rate note	4,342		4,399
5.250% fixed rate note	2,457		2,516
6.250% fixed rate note	1,526		1,553

Schedule of Maturities of Long-Term Debt

Future aggregate principal amounts for the remainder of fiscal year 2026 and over the next four years are as follows:


(in millions)	Debt Maturities
2026	$	76
2027	76
2028	726
2029	8,535
2030	3,342

	$	12,755

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Topic 210
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Cash flows from operating activities
Net income	$ 239	$ 322
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	254	247
Stock-based compensation expense	23	19
Amortization of deferred financing costs	11	15
Deferred taxes	37	(4)
Credit losses	1	26
Unrealized foreign exchange (gain) loss, net	(12)	29
Non-cash lease expense	17	17
Other non-cash adjustments	3	6
Changes in assets and liabilities, net of acquisitions:
Trade accounts receivable	(146)	(98)
Inventories	(42)	71
Other assets	(19)	(28)
Accounts payable	6	35
Accrued expenses and other current liabilities	72	34
Other liabilities	(32)	(9)
Net cash provided by operating activities	412	682
Cash flows from investing activities
Purchases of property and equipment, net	(96)	(98)
Acquisitions of businesses, net of cash acquired	0	6
Net cash used in investing activities	(96)	(92)
Cash flows from financing activities
Payment for offering costs	(3)	0
Repayments under lines of credit	0	(179)
Proceeds from lines of credit	0	179
Payment towards Class B unit repurchases	0	(9)
Distributions to noncontrolling interests	(10)	0
Net cash used in financing activities	(13)	(9)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(7)	9
Net change in cash and cash equivalents and restricted cash	296	590
Cash, cash equivalents and restricted cash, beginning of year	1,942	250
Cash, cash equivalents and restricted cash, end of period	2,238	840
Supplemental disclosure of cash flow information:
Cash payments for interest on borrowings	61	136
Cash received from interest rate hedging activities	7	15
Recognition of tax receivable agreement liability	479	0
Recognition of deferred tax assets from equity transactions	$ 294	$ 0

INTEREST EXPENSE, NET

3 Months Ended

Mar. 28, 2026

Other Income and Expenses [Abstract]

INTEREST EXPENSE, NET

The following table summarizes the components of Interest expense, net:



	Three months ended
(in millions)	March 28, 2026		March 29, 2025

Interest expense	$	(165)	$	(244)
Interest income	29		34
Interest expense, net	$	(136)	$	(210)

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 28, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Unconditional Purchase Obligations

As of March 28, 2026, future payments related to commitments for the remainder of fiscal year 2026 and over the next four

years and thereafter are as follows:


(in millions)	Total
2026	$	128
2027	162
2028	169
2029	172
2030	115
Thereafter	59
	$	805

COVER - shares	3 Months Ended
COVER - shares	Mar. 28, 2026	May 04, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 28, 2026
Document Transition Report	false
Entity File Number	001-43022
Entity Registrant Name	Medline Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-1845288
Entity Address, Address Line One	3 Lakes Drive
Entity Address, City or Town	Northfield
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60093
City Area Code	(847)
Local Phone Number	949 5500
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	MDLN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0002046386
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		845,606,187
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		468,081,977

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 28, 2026

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION


(in millions)	Three Months Ended
Classification	March 28, 2026		March 29, 2025












Equity-classified awards	$	22	$	16
Liability-classified awards	1		3
Total	$	23	$	19

Equity-classified awards

Prior to IPO and Reorganization

Medline Holdings had two classes of incentive units, Class B units and Class B CUPIs (“Holdings Incentive Units”) that were granted to certain employees and vested upon satisfaction of one or multiple market, performance, and/or service conditions of each award. In accordance with ASC 718, “Compensation - Stock Compensation” (“ASC 718”), all incentive units officially granted represent ownership interests and are classified as equity.

All of the Holdings Incentive Units included a put right that permitted the holders to redeem certain units under conditions outside of the control of the Company. The redemption rights terminated upon the IPO, and the redeemable units were reclassed to permanent equity. See Note 12—Stockholders’ Equity, Mezzanine Equity and Partners’ Capital for additional information regarding mezzanine equity.

The Class B CUPIs vested prior to 2025. The Class B units were subject to a five-year vesting period, with 20% of units vesting on each of the five anniversaries of the grant date. Total fair value of Class B units vested during the three months ended March 29, 2025 was $7 million.

Post-IPO Awards

Reclassification of Holdings Incentive Units

In connection with the IPO and Reorganization, the Holdings Incentive Unit awards issued prior to the IPO were reclassified as follows:

Continuing Unitholders

The time-vesting and performance-vesting Class B units held by certain pre-IPO holders of Class B units (the “Continuing Unitholders”) were reclassified into vested Incentive Units, in the case of vested Class B units, and unvested Incentive Units, in the case of unvested Class B units, in Medline Holdings. These Incentive Units retain the vesting attributes of the Class B units reclassified, including original service period vesting start date. The Class B CUPIs were reclassified to vested Common Units in Medline Holdings. The fair value of Incentive Units was the same immediately prior to and after the reclassification.

Total fair value of Incentive Units vested during the three months ended March 28, 2026 was $4 million. As of March 28, 2026, there was $40 million of unrecognized compensation cost related to unvested Incentive Units, which is expected to be recognized on a graded or straight-line basis over a weighted-average period of 1.0 year. The following table summarizes the Incentive Units activity and related information for the three months ended March 28, 2026:


	Incentive Units	Wtd. Avg. Grant Date Fair Value
Unvested as of December 31, 2025	14,538,818	$	5.86
Granted	—	—
Vested	(457,480)	$	8.15
Forfeited	—	—
Unvested as of March 28, 2026	14,081,338	$	5.78

Exchanging Unitholders

The Holdings Incentive Units and Class A units held by participants other than Continuing Unitholders (the “Exchanging Unitholders”) were exchanged for vested Class A common stock and RSUs, in the case of Class A units and Class B CUPIs, and vested Class A common stock, RSUs, RSAs, and options, in the case of Class B units, in the Company. The RSAs, RSUs, and options will vest according to the same vesting schedule as the corresponding Class B units, in respect of which they are being granted, except that no awards will vest until the later of the date that is 180 days following the IPO and the existing vesting date of the underlying Class B units. This modification resulted in the re-measurement of the awards in accordance with ASC 718. Total compensation cost for the modified awards equaled the grant date fair value of the pre-IPO awards, plus any incremental compensation cost measured at the modification date (i.e. the IPO date). The change in fair value of these awards prior to and after the reclassification was not material. The modification impacted 68 participants.

RSAs

Total fair value of RSAs vested during the three months ended March 28, 2026 was $1 million. As of March 28, 2026, there was $9 million of unrecognized compensation cost related to unvested RSAs, which is expected to be recognized on a graded or straight-line basis over a weighted-average period of 1.3 years. The following table summarizes the RSAs activity and related information for the three months ended March 28, 2026:


	RSAs	Wtd. Avg. Grant Date Fair Value
Unvested as of December 31, 2025	1,958,657	$	29.00
Granted	—	—
Vested	(41,050)	$	29.00
Forfeited	—	—
Unvested as of March 28, 2026	1,917,607	$	29.00

RSUs and Performance Stock Units

During the three months ended March 28, 2026, RSUs and Performance Stock Units (“PSUs”) were granted to certain employees. The grant date fair value of RSUs and PSUs is based on the fair market value of the Company’s underlying common stock at the grant date. The RSUs vest over one to five years contingent upon employment on the vesting date. The PSUs generally vest over four years contingent upon achievement of certain performance conditions and employment on the vesting date. The RSU expense is recognized using a graded vesting method or straight-line method. The PSU expense is recognized using a graded vesting method. The probability of achieving the PSU performance conditions is assessed each reporting period for expense purposes.

As of March 28, 2026, there was $63 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted-average period of 1.8 years, and there was $51 million of unrecognized compensation cost related to unvested PSUs, which is expected to be recognized over a weighted-average period of 1.4 years. The following table summarizes the RSUs and PSUs activity and related information for the three months ended March 28, 2026:


	RSUs	Wtd. Avg. Grant Date Fair Value		PSUs	Wtd. Avg. Grant Date Fair Value
Unvested as of December 31, 2025	523,795	$	29.00	—	—
Granted	1,635,527	$	44.05	1,206,267	$	44.05
Vested	—	—		—	—
Forfeited	—	—		—	—
Unvested as of March 28, 2026	2,159,322	$	40.40	1,206,267	$	44.05

Options

Options issued entitle the holder to future purchases of Class A common stock and are exercisable up to the tenth anniversary of the grant date. As of March 28, 2026, there was $20 million of unrecognized compensation cost related to options, which is expected to be recognized on a graded or straight-line basis over a weighted-average period of 1.4 years. The following table summarizes option activity and related information for the three months ended March 28, 2026:


	Options	Wtd. Avg. Grant Date Fair Value		Wtd. Avg. Exercise Price		Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2025	6,770,442	$	11.97	$	29.00
Granted	—	—		—
Exercised	—	—		—
Forfeited	—	—		—
Outstanding as of March 28, 2026	6,770,442	$	11.97	$	29.00	9.7	$	84
Exercisable as of March 28, 2026	—	—		—
Expected to vest as of March 28, 2026	6,770,442	$	11.97	$	29.00	9.7	$	84

The aggregate intrinsic value in the table above represents the cumulative difference between the closing price of Class A common stock on March 28, 2026 and the option exercise prices.

Liability-classified awards

Liability-classified awards are presented in Other long-term liabilities on the unaudited Condensed Consolidated Balance Sheets. The Company reevaluates the fair value of liability-classified awards periodically until they are reclassified as equity when granted, with the fair value change recorded ratably in the current-period compensation expense. For the three months ended March 28, 2026 and March 29, 2025, the Company reclassified liabilities of $11 million and $10 million, respectively, to equity.

Prior to Reorganization and IPO

During the three months ended March 29, 2025 and March 30, 2024, Medline Holdings authorized Class B units to be granted to certain employees upon fulfillment of certain performance conditions. With each grant, the number of Class B units to be issued and the grant date fair value of the award are dependent on the performance targets achieved and Medline Holdings’ equity value, and will be determined on the official grant date. The Class B units were subject to a five-year service vesting period, with 20% of units vesting on each of the five anniversaries from the official grant date. The award was classified as a liability in accordance with ASC 718 until the official grant date, when it was reclassified as equity.

In March 2025, 50,659,004 of Class B Units were legally granted with a grant date fair value of $29 million.

IPO and Reorganization

At the time of IPO, the liability-classified awards authorized in the three months ended March 29, 2025 were not yet granted and classified as a liability (“2025 Awards”). Both the underlying equity instrument and the vesting condition were modified upon the IPO. In March 2026, the 2025 Awards were settled into 521,371 RSUs with grant date fair value of $23 million, and the respective liabilities was reclassified as equity. 25% of the 2025 Awards will vest 180 days post-IPO while the remaining 75% of the 2025 Awards will vest on each of the three anniversaries from the official grant date. As of March 28, 2026, the Company has no liability-classified awards.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 28, 2026	Dec. 31, 2025
Trade accounts receivable, allowance for credit losses	$ 148	$ 152
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000,000	5,000,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Class A common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	50,000,000,000	50,000,000,000
Common stock, issued (in shares)	846,000,000	812,000,000
Common stock, outstanding (in shares)	846,000,000	812,000,000
Class B common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	50,000,000,000	50,000,000,000
Common stock, issued (in shares)	468,000,000	502,000,000
Common stock, outstanding (in shares)	468,000,000	502,000,000

CREDIT AGREEMENTS AND BORROWINGS

3 Months Ended

Mar. 28, 2026

Debt Disclosure [Abstract]

CREDIT AGREEMENTS AND BORROWINGS

The Company’s current portion of long-term borrowings and other short-term borrowings consists of the following as of:


(in millions)	March 28, 2026		December 31, 2025
Current portion of long-term debt (1)	$	76	$	76
Other short-term debt	1		1
Total	$	77	$	77

(1) Consists of a portion of the secured Dollar Term Loans bearing variable interest rate.

The long-term borrowings and the effective interest rates are summarized as follows as of:


		March 28, 2026				December 31, 2025
	Maturity dates by fiscal year	Amount (in millions)		Average effective interest rate		Amount (in millions)		Average effective interest rate
Long-term borrowings
Unsecured debt
Fixed	2029	$	2,500	5.61	%	$	2,500	5.61	%
Total unsecured debt		2,500				2,500
Secured debt
Fixed	2029	6,000		4.79	%	6,000		4.79	%

Variable	2026 - 2030	4,255		6.26	%	4,255		7.10	%
Total secured debt		10,255				10,255
Total debt		12,755				12,755
Less: amounts due within one year		(76)				(76)
Total other (1)		(184)				(195)
Total long-term borrowings		$	12,495			$	12,484

(1) Includes deferred financing costs and embedded derivative related to the Dollar Term Loans.

Long-Term Debt

Senior Secured and Unsecured Notes

During 2021, the Company issued senior secured notes with a principal amount of $4,500 million, at a fixed rate of 3.875% and maturity date of April 1, 2029 and senior unsecured notes with a principal amount of $2,500 million at a fixed rate of 5.250% with a maturity date of October 1, 2029.

During 2024, the Company issued senior secured notes with a principal amount of $1,500 million at a fixed rate of 6.250% and a maturity date of April 1, 2029.

Interest on all aforementioned senior secured and unsecured notes is payable in cash on a semi-annual basis, with payments made in arrears on April 1 and October 1 of each calendar year.

Term Loan Facilities

During 2021, the Company borrowed $7,270 million under a senior secured term loan facility (the “Dollar Term Loans”), in addition to €435 million under a separate euro-denominated senior secured term loan facility (the “Euro Term Loans”), both established under a credit agreement (the “Credit Agreement”). The Credit Agreement permits the Company, at any time, subject to customary conditions, to request incremental term loans or incremental revolving credit commitments in an aggregate principal amount of up to (a) the greater of (1) $2,375 million and (2) an amount equal to 100% of the Company’s trailing consolidated EBITDA (as defined in the Credit Agreement) for the most recently ended period of four consecutive fiscal quarters for which financial statements are internally available, on a pro forma basis plus (b) certain additional amounts based on satisfaction of a certain consolidated first lien net leverage ratio and subject to certain other customary conditions.

During 2024, the Credit Agreement underwent three separate amendments. These amendments resulted in an increase of $520 million in the principal amount of the Dollar Term Loans, as well as an increase of €185 million in the aggregate principal amount of the Euro Term Loans. In addition, pursuant to the amendments, the applicable interest rate margins were lowered, resulting in a variable interest rate of Secured Overnight Financing Rate (“SOFR”) plus a spread of 2.25% for the Dollar Term Loans, and a variable interest rate of EURO Interbank offer Rate plus an applicable spread ranging from 2.25% to 2.75% based on certain of the Company’s debt ratios for the Euro Term Loans.

On July 31, 2025, the Credit Agreement was amended to reduce the margin spread and to extend the maturity of certain obligations. Pursuant to the amendment, all of the Dollar Term Loans are subject to a margin spread of SOFR plus 2.00%. The principal amount of the Dollar Term Loans equal to $4,074 million will mature on October 21, 2028, which remained unchanged, while the principal amount of the Dollar Term Loans equal to $3,500 million will mature on October 23, 2030, extended from the original maturity date.

On December 18, 2025, the Company used a portion of the proceeds from the IPO to prepay a portion of the Dollar Term Loans with a maturity date of October 21, 2028 in the amount of $3,281 million and all of the outstanding principal of the Euro Term Loans, equivalent to $730 million. Per the terms of the Credit Agreement, the completion of the IPO also triggered a reduction in variable interest rate of 0.25%, resulting in a variable interest rate of SOFR plus 1.75% for the remaining Dollar Term Loans.

The Dollar Term Loans require quarterly amortization payments of 0.25% of the amended principal due at each calendar quarter-end. There were no amortization payments for the three months ended March 28, 2026 or March 29, 2025, respectively. There were no mandatory amortization payments for the Euro Term Loans.


(in millions)	March 28, 2026		December 31, 2025
Dollar Term Loans	$	4,268	$	4,276

3.875% fixed rate note	4,342		4,399
5.250% fixed rate note	2,457		2,516
6.250% fixed rate note	1,526		1,553

The indentures contain certain affirmative and negative covenants, which require, among other provisions, delivery of the unaudited condensed consolidated financial statements to the relevant note holders. Compliance with the covenants does not significantly impact the Company’s operations. As of March 28, 2026, the Company was in compliance with all the covenants under the Credit Agreement.

Future aggregate principal amounts for the remainder of fiscal year 2026 and over the next four years are as follows:


(in millions)	Debt Maturities
2026	$	76
2027	76
2028	726
2029	8,535
2030	3,342

	$	12,755

Revolving Credit Facilities

During 2021, certain lenders provided the Company with commitments under a $1,000 million senior secured revolving credit facility under the Credit Agreement (the “Revolving Credit Facility”).

The amendment to the Credit Agreement in 2024 extended the maturity date of the Revolving Credit Facility from October 21, 2026 to July 8, 2029 (subject to a springing maturity 91 days inside of the maturity date of all secured and unsecured notes and term loan facilities) and did not change the maximum borrowing capacity of $1,000 million or any other terms.

On March 28, 2025, the Company amended the Credit Agreement to permit letter of credit issuers to issue letters of credit in excess of their respective letter of credit commitments and to obligate the other lenders under the Company’s Revolving Credit Facility to participate in such letters of credit, subject to other customary limitations.

As of March 28, 2026 and December 31, 2025, the Revolving Credit Facility had several financial institutions as lenders for a maximum borrowing capacity of $1,000 million. The Revolving Credit Facility accrues commitment fees in respect of unfunded commitments thereunder. Letters of credit issued under the Revolving Credit Facility reduce availability under the Revolving Credit Facility dollar-for-dollar. As of March 28, 2026 and December 31, 2025, availability under the Revolving Credit Facility was $946 million and $947 million, respectively, after taking into account outstanding letters of credit of $54 million and $53 million, respectively. The Company had no borrowings under the Revolving Credit Facility during the three months ended March 28, 2026. During the year ended December 31, 2025, the Company borrowed and repaid $179 million under the Revolving Credit Facility. As a result, there were no amounts outstanding as of March 28, 2026 or December 31, 2025.

Borrowings under the Revolving Credit Facility may be repaid and borrowed again, partially or wholly at any time, from time to time, as elected by the Company and interest is typically paid on a monthly or quarterly basis, depending on the interest period elected.

The Credit Agreement contains certain affirmative and negative covenants, which require, among other provisions, delivery of the unaudited condensed consolidated financial statements to the relevant debt holders. As of March 28, 2026, the Company was in compliance with all covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCKHOLDERS’ EQUITY, MEZZANINE EQUITY AND PARTNERS’ CAPITAL - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, partners' capital		$ 16,158
Beginning balance	$ 19,286
Other comprehensive income (loss) before reclassifications	(4)	18
Amount reclassified to earnings	(10)	(22)
Total other comprehensive loss, net of tax	(14)	(4)
Less: Other comprehensive loss attributable to noncontrolling interests	(5)
Ending balance	19,349
Ending balance, partners' capital		16,490
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	27
Total other comprehensive loss, net of tax	(9)
Ending balance	18
Unrealized Gain (Loss) on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	22
Ending balance	20
Unrealized Gain (Loss) on Derivative Instruments, including NCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications	7
Amount reclassified to earnings	(10)
Total other comprehensive loss, net of tax	(3)
Unrealized Gain (Loss) on Derivative Instruments, NCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Less: Other comprehensive loss attributable to noncontrolling interests	(1)
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	9
Ending balance	2
Currency Translation Adjustments, including NCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications	(11)
Amount reclassified to earnings	0
Total other comprehensive loss, net of tax	(11)
Currency Translation Adjustments, NCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Less: Other comprehensive loss attributable to noncontrolling interests	(4)
Retirement Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(4)
Ending balance	(4)
Retirement Plans, including NCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications	0
Amount reclassified to earnings	0
Total other comprehensive loss, net of tax	0
Retirement Plans, NCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Less: Other comprehensive loss attributable to noncontrolling interests	$ 0
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, partners' capital		11
Total other comprehensive loss, net of tax		(4)
Ending balance, partners' capital		7
Unrealized Gain (Loss) on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, partners' capital		124
Other comprehensive income (loss) before reclassifications		(8)
Amount reclassified to earnings		(22)
Total other comprehensive loss, net of tax		(30)
Ending balance, partners' capital		94
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, partners' capital		(114)
Other comprehensive income (loss) before reclassifications		26
Amount reclassified to earnings		0
Total other comprehensive loss, net of tax		26
Ending balance, partners' capital		(88)
Retirement Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, partners' capital		1
Other comprehensive income (loss) before reclassifications		0
Amount reclassified to earnings		0
Total other comprehensive loss, net of tax		0
Ending balance, partners' capital		$ 1

RELATED PARTY

3 Months Ended

Mar. 28, 2026

RELATED PARTY

TAX RECEIVABLE AGREEMENT

RELATED PARTY

Credit Agreements and Borrowings


(in millions)	March 28, 2026		December 31, 2025
Current portion of long-term borrowings and other short-term borrowing	$	3	$	2
Long-term borrowings, less current portion	159		158

Tax Receivable Agreement

There have been no other significant transactions with related parties during the periods presented.

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

SEGMENT INFORMATION - Schedule of Financial Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2026	Mar. 29, 2025
Segment Reporting, Asset Reconciling Item [Line Items]
Net sales	$ 7,352	$ 6,644
Interest expense, net	(136)	(210)
Depreciation and amortization	(254)	(247)
Stock-based compensation expense	(23)	(19)
Income before income taxes	291	338
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Segment adjusted EBITDA	952	1,012
Operating Segments \| Medline Brand
Segment Reporting, Asset Reconciling Item [Line Items]
Net sales	3,465	3,264
Segment adjusted EBITDA	765	830
Operating Segments \| Supply Chain Solutions
Segment Reporting, Asset Reconciling Item [Line Items]
Net sales	3,887	3,380
Segment adjusted EBITDA	187	182
Operating Segments \| Front Line Care \| Medline Brand
Segment Reporting, Asset Reconciling Item [Line Items]
Net sales	1,618	1,526
Operating Segments \| Surgical Solutions \| Medline Brand
Segment Reporting, Asset Reconciling Item [Line Items]
Net sales	1,554	1,447
Operating Segments \| Laboratory and Diagnostics \| Medline Brand
Segment Reporting, Asset Reconciling Item [Line Items]
Net sales	293	291
Corporate & Other
Segment Reporting, Asset Reconciling Item [Line Items]
Segment adjusted EBITDA	(176)	(144)
Reconciling Items
Segment Reporting, Asset Reconciling Item [Line Items]
Interest expense, net	(136)	(210)
Depreciation and amortization	(254)	(247)
Inventory-related adjustments	(29)	(21)
Stock-based compensation expense	(23)	(22)
Litigation gains, net	0	34
Transaction-related costs	(35)	(12)
Other non-core charges, net	$ (8)	$ (52)