Medline Inc. (MDLN) FY2025 Annual Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2025-01-01 to 2025-12-31

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Medline Inc. cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Identified asset purchases, sales and maturities are blue in either cash direction. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Net income → operating reconciliation: $1,157,000,000.00Depreciation and amortization → operating reconciliation: $1,011,000,000.00Stock-based compensation expense → operating reconciliation: $76,000,000.00Accounts payable → operating reconciliation: $73,000,000.00Non-cash lease expense → operating reconciliation: $72,000,000.00Unrealized foreign exchange loss (gain), net → operating reconciliation: $68,000,000.00Amortization of deferred financing costs → operating reconciliation: $59,000,000.00Loss on extinguishment of debt → operating reconciliation: $58,000,000.00Credit losses → operating reconciliation: $54,000,000.00Other non-cash adjustments → operating reconciliation: $13,000,000.00operating reconciliation → Net cash from operating activities: $1,744,000,000.00operating reconciliation → Trade accounts receivable: $355,000,000.00operating reconciliation → Inventories: $264,000,000.00operating reconciliation → Other assets: $126,000,000.00operating reconciliation → Accrued expenses and other current liabilities: $92,000,000.00operating reconciliation → Embedded derivative on debt: $41,000,000.00operating reconciliation → Other liabilities: $19,000,000.00Proceeds from long-term borrowings → financing reconciliation: $7,569,000,000.00Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions → financing reconciliation: $7,048,000,000.00Proceeds from lines of credit → financing reconciliation: $179,000,000.00financing reconciliation → Net cash from financing activities: $399,000,000.00financing reconciliation → Repayment for long-term borrowings: $11,661,000,000.00financing reconciliation → Purchase of Class A common stock and redemptions of Common Units from Pre-IPO owners: $1,970,000,000.00financing reconciliation → Distributions to partners: $518,000,000.00financing reconciliation → Repayments under lines of credit: $179,000,000.00financing reconciliation → Payment for offering costs: $36,000,000.00financing reconciliation → Payment towards Class B unit repurchases: $33,000,000.00Net cash used in investing activities → investing reconciliation: $474,000,000.00Acquisitions of businesses, net of cash acquired → investing reconciliation: $6,000,000.00investing reconciliation → Purchases of property and equipment, net: $447,000,000.00investing reconciliation → Cash paid for asset acquisitions: $33,000,000.00Exchange-rate effect → Cash sources and uses: $23,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $250,000,000.00Net cash from operating activities → Cash sources and uses: $1,744,000,000.00Net cash from financing activities → Cash sources and uses: $399,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $1,942,000,000.00Cash sources and uses → Net cash used in investing activities: $474,000,000.00Net income: $1,157,000,000.00Net income+$1.16 BDepreciation and amortization: $1,011,000,000.00Depreciation & amortization+$1.01 BStock-based compensation expense: $76,000,000.00Stock-based compensation+$76.00 MAmortization of deferred financing costs: $59,000,000.00Debt issuance cost amortization+$59.00 MEmbedded derivative on debt: -$41,000,000.00Embedded derivative gain & loss−$41.00 MCredit losses: $54,000,000.00Credit loss provision+$54.00 MUnrealized foreign exchange loss (gain), net: $68,000,000.00Unrealized FX gain & loss+$68.00 MAmortization of inventory step-up: $0.00Loss on extinguishment of debt: $58,000,000.00Debt extinguishment gain & loss+$58.00 MNon-cash lease expense: $72,000,000.00Non-cash lease expense+$72.00 MOther non-cash adjustments: $13,000,000.00Other non-cash items+$13.00 MTrade accounts receivable: -$355,000,000.00Accounts receivable−$355.00 MInventories: -$264,000,000.00Inventories−$264.00 MOther assets: -$126,000,000.00Other operating assets−$126.00 MAccounts payable: $73,000,000.00Accounts payable+$73.00 MAccrued expenses and other current liabilities: -$92,000,000.00Accrued liabilities−$92.00 MOther liabilities: -$19,000,000.00Other operating liabilities−$19.00 MNet cash from operating activities: $1,744,000,000.00Operating cash+$1.74 Boperating reconciliation: $2,641,000,000.00Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions: $7,048,000,000.00IPO proceeds, net+$7.05 BPurchase of Class A common stock and redemptions of Common Units from Pre-IPO owners: -$1,970,000,000.00Purchase of Class A common stock and redemptionsof Common Units from Pre-IPO owners−$1.97 BPayment for offering costs: -$36,000,000.00Stock issuance costs−$36.00 MProceeds from long-term borrowings: $7,569,000,000.00Other long-term debt issued+$7.57 BRepayment for long-term borrowings: -$11,661,000,000.00Other long-term debt repaid−$11.66 BRepayments under lines of credit: -$179,000,000.00Long-term credit line repayments−$179.00 MProceeds from lines of credit: $179,000,000.00Long-term credit line borrowings+$179.00 MPayment for debt issuance cost: $0.00Payment towards Class B unit repurchases: -$33,000,000.00Common stock repurchases−$33.00 MDistributions to partners: -$518,000,000.00Capital distributions−$518.00 MNet cash from financing activities: $399,000,000.00Financing cash+$399.00 Mfinancing reconciliation: $14,796,000,000.00Purchases of property and equipment, net: -$447,000,000.00PP&E purchases−$447.00 MAcquisitions of businesses, net of cash acquired: $6,000,000.00Acquisitions, net of cash+$6.00 MCash paid for asset acquisitions: -$33,000,000.00Cash paid for asset acquisitions−$33.00 MOther investing activities: $0.00Net cash used in investing activities: -$474,000,000.00. Cash required to fund net payments.Investing cash−$474.00 Minvesting reconciliation: $480,000,000.00Cash sources and uses: $2,416,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $250,000,000.00Beginning cash$250.00 MEnding cash: Cash, cash equivalents, and restricted cash: $1,942,000,000.00Ending cash$1.94 BExchange-rate effect: $23,000,000.00FX effect+$23.00 MCASH RECONCILIATIONOperatingflowsFinancingflowsInvestingflowsFree cash flow$1.30 BOperating cash − cash spent on PP&ECash flow / Net incomeUnavailableOperating cash flow ÷ net incomeNet cash change+$1.69 BEnding cash − beginning cash
Chart details

Medline Inc. cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025

Cash flows for Jan 1, 2025 through Dec 31, 2025. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2024. Ending cash: Dec 31, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2024
250,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
1,744,000,000 US dollars. Net cash provided.
Net income
1,157,000,000 US dollars
Depreciation and amortization
1,011,000,000 US dollars
Stock-based compensation expense
76,000,000 US dollars
Amortization of deferred financing costs
59,000,000 US dollars
Embedded derivative on debt
negative 41,000,000 US dollars
Credit losses
54,000,000 US dollars
Unrealized foreign exchange loss (gain), net
68,000,000 US dollars
Amortization of inventory step-up
0 US dollars
Loss on extinguishment of debt
58,000,000 US dollars
Non-cash lease expense
72,000,000 US dollars
Other non-cash adjustments
13,000,000 US dollars
Trade accounts receivable
negative 355,000,000 US dollars
Inventories
negative 264,000,000 US dollars
Other assets
negative 126,000,000 US dollars
Accounts payable
73,000,000 US dollars
Accrued expenses and other current liabilities
negative 92,000,000 US dollars
Other liabilities
negative 19,000,000 US dollars
Investing activities
negative 474,000,000 US dollars. Net cash used.
Purchases of property and equipment, net
negative 447,000,000 US dollars
Acquisitions of businesses, net of cash acquired
6,000,000 US dollars
Cash paid for asset acquisitions
negative 33,000,000 US dollars
Other investing activities
0 US dollars
Financing activities
399,000,000 US dollars. Net cash provided.
Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions
7,048,000,000 US dollars
Purchase of Class A common stock and redemptions of Common Units from Pre-IPO owners
negative 1,970,000,000 US dollars
Payment for offering costs
negative 36,000,000 US dollars
Proceeds from long-term borrowings
7,569,000,000 US dollars
Repayment for long-term borrowings
negative 11,661,000,000 US dollars
Repayments under lines of credit
negative 179,000,000 US dollars
Proceeds from lines of credit
179,000,000 US dollars
Payment for debt issuance cost
0 US dollars
Payment towards Class B unit repurchases
negative 33,000,000 US dollars
Distributions to partners
negative 518,000,000 US dollars
Operating adjustment reconciliation
2,641,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
14,796,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
480,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
23,000,000 US dollars
Ending cash on Dec 31, 2025
1,942,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
2,416,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
1,692,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
Unavailable. Operating cash flow and reconciliation net income for the same period are required.
Operating cash flow
1,744,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
Cash purchases of property, plant and equipment
447,000,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
1,297,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: 1,744,000,000 US dollars minus 447,000,000 US dollars equals 1,297,000,000 US dollars.
Medline Inc. (MDLN) FY2025 Annual Statement of Cash Flows Sankey chart
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