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RETIREMENT PLANS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Defined contribution plan, expense	$ 49	$ 43	$ 37

STOCK-BASED COMPENSATION - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 79	$ 61	$ 73
Equity-classified awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	65	53	65
Liability-classified awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 14	$ 8	$ 8

- 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

RETIREMENT PLANS - Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Retirement Benefits [Abstract]
Accrued expenses and other current liabilities	$ (6)	$ (1)
Other long-term liabilities	(49)	(42)
Net liability recognized	$ (55)	$ (43)

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

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 and the following table reflects the stock-based compensation expense in the Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023.


(in millions)	Year Ended
Classification	December 31, 2025		December 31, 2024		December 31, 2023












Equity-classified awards	$	65	$	53	$	65
Liability-classified awards	14		8		8
Total	$	79	$	61	$	73

Summary of Incentive Units activity

The following table summarizes the Class B Units activity during the year ended December 31, 2025:



	Class B Units	Wtd. Avg. Grant Date Fair Value








Unvested as of December 31, 2024	429,007,732	$	0.37
Granted	62,943,267	$	0.58
Vested	(144,877,004)	$	0.35
Forfeited	(4,562,775)	$	0.33
Effect of the Reorganization and IPO	(342,511,220)	$	0.39
Outstanding as of December 31, 2025	—	$	—

The following table summarizes the information about Class B units in Medline Holdings that were reclassified to Incentive Units in Medline Holdings:


	Incentive Units	Wtd. Avg. Grant Date Fair Value
Effect of the Reorganization and IPO as of December 17, 2025	17,056,431	$	6.45
Granted	—	$	—
Vested	(339,388)	$	5.16
Forfeited	(2,178,225)	$	5.80
Unvested as of December 31, 2025	14,538,818	$	5.86

Summary of Valuation Assumptions

The following table provides the weighted-average inputs for expected term, volatility, risk-free interest rate, and dividend yield that were utilized by the Company in its Monte Carlo simulation for awards granted during 2021 through 2025:


Dividend yield	—	%
Expected term (in years)	3.6 to 6.0
Risk-free interest rate	1.2% to 4.6%
Expected Volatility	35.0% to 48.0%

Nonvested Restricted Stock Shares Activity

The following table summarizes the RSAs activity during the year ended December 31, 2025:


	Restricted Stock	Wtd. Avg. Grant Date Fair Value
Effect of the Reorganization and IPO as of December 17, 2025	1,982,467	$	29.00
Granted	—	$	—
Vested	—	$	—
Forfeited	(23,810)	$	29.00
Unvested as of December 31, 2025	1,958,657	$	29.00

Schedule of Nonvested Restricted Stock Units Activity

The following table summarizes the RSUs activity during the year ended December 31, 2025:


	Restricted Stock Units	Wtd. Avg. Grant Date Fair Value
Effect of the Reorganization and IPO as of December 17, 2025	513,450	$	29.00
Granted	10,345	$	29.00
Vested	—	$	—
Forfeited	—	$	—
Unvested as of December 31, 2025	523,795	$	29.00

Schedule of Stock Option Activity

The following table summarizes option activity during the year ended December 31, 2025:


	Stock Options	Wtd. Avg. Grant Date Fair Value		Wtd. Avg. Exercise Price		Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Effect of the Reorganization and IPO as of December 17, 2025	6,770,442	$	11.97	$	29.00	10.0
Granted	—	—		—
Exercised	—	—		—
Forfeited	—	—		—
Outstanding as of December 31, 2025	6,770,442	$	11.97	$	29.00	10.0	$	88
Exercisable as of December 31, 2025	—	$	—	$	—
Expected to vest as of December 31, 2025	6,770,442	$	11.97	$	29.00	10.0	$	88

Summary of Stock Option Weighted Average Assumptions

The following table provides the weighted average fair value of options granted during 2025 and the related assumptions used in the Black-Scholes option pricing model:


Weighted average fair value of options issued	$	11.97
Assumptions used:
Dividend yield	—		%
Expected term (in years)	5.1 to 6.5
Risk-free interest rate	3.7% to 3.8%
Expected Volatility	35		%

INCOME TAXES - Schedule of Effective Income Tax Expense Reconciliation - 2025 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Income tax expense at U.S. statutory rate	$ 262	$ 262	$ 55
State and local tax effect, net of federal benefit	4	6	7
Statutory income tax rate differential	(19)	(211)	(42)
Effects of changes in tax laws or rates enacted in the current period	2
Effects of cross-border tax laws	2	34	28
Changes in valuation allowance	(1)
Impact of non-taxable partnership earnings	(160)
Other	1	0	1
Provision for income taxes	$ 91	$ 46	$ 30
Percent
Income tax expense at U.S. statutory rate	21.00%
State and local tax effect, net of federal benefit	0.40%
Statutory income tax rate differential	(1.50%)
Effects of changes in tax laws or rates enacted in the current period	0.10%
Effects of cross-border tax laws	0.20%
Changes in valuation allowance	(0.10%)
Impact of non-taxable partnership earnings	(12.80%)
Other	0.00%
Income tax expense	7.30%

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Cash, Cash Equivalents and Restricted Cash Reconciliation
Cash and cash equivalents	$ 1,939	$ 199
Restricted cash included in other current assets	3	51
Cash, cash equivalents and restricted cash	$ 1,942	$ 250

CREDIT AGREEMENTS AND BORROWINGS - Schedule of Long-Term Borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total debt	$ 12,755	$ 16,757
Less: amounts due within one year	(76)	(76)
Total other	(195)	(265)
Total Long-term borrowings	12,484	16,416
Embedded derivative	41
Unsecured debt
Debt Instrument [Line Items]
Total debt	2,500	2,500
Unsecured debt \| Unsecured Fixed Debt, Maturing 2029
Debt Instrument [Line Items]
Total debt	$ 2,500	$ 2,500
Average effective interest rate	5.61%	5.61%
Secured debt
Debt Instrument [Line Items]
Total debt	$ 10,255	$ 14,257
Secured debt \| Secured Fixed Debt, Maturing 2029
Debt Instrument [Line Items]
Total debt	$ 6,000	$ 6,000
Average effective interest rate	4.79%	4.66%
Secured debt \| Secured Variable Debt, euro-denominated
Debt Instrument [Line Items]
Total debt	$ 0	$ 645
Average effective interest rate	0.00%	6.68%
Secured debt \| Secured Variable Debt, Maturing 2026-2030
Debt Instrument [Line Items]
Total debt	$ 4,255	$ 7,612
Average effective interest rate	7.10%	8.74%

CREDIT AGREEMENTS AND BORROWINGS - Narrative - Revolving Credit Facilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2021
Debt Instrument [Line Items]
Proceeds from lines of credit	$ 179	$ 166	$ 0
Repayments under lines of credit	179	166	$ 0
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	1,000	1,000		$ 1,000
Available borrowing capacity	947	951
Letters of credit outstanding	53	49
Proceeds from lines of credit	179	166
Repayments under lines of credit	179	166
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.

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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

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

During 2024, the Company reorganized operations to align around its two primary reportable segments, Medline Brand and Supply Chain Solutions. Subsequent to the reorganization, each of the reportable segments also represents a single reporting unit. See Note 20—Segment Information for additional information.

In 2024, total goodwill of $8,070 million was allocated to the new reporting units based on their relative fair value with $6,716 million assigned to Medline Brand and $1,354 million assigned to Supply Chain Solutions. In conjunction with the change in reportable segments, the Company evaluated goodwill for impairment, both before and after the segment change and determined that the goodwill was not impaired.

Changes in the carrying amount of Goodwill were as follows:


(in millions)	Medline Brand		Supply Chain Solutions		Total
Balance, December 31, 2023					$	7,532
Acquisitions					538
Allocation to reporting segments	$	6,716	$	1,354	$	8,070
Currency translation adjustments	(4)		(1)		(5)
Balance, December 31, 2024	$	6,712	$	1,353	$	8,065
Measurement period adjustments	4		—		4
Currency translation adjustments	8		2		10
Balance, December 31, 2025	$	6,724	$	1,355	$	8,079

Identifiable intangible assets consist of the following as of:


	December 31, 2025							December 31, 2024
(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	15	$	10,692	$	(2,364)	$	8,328	16	$	10,679	$	(1,787)	$	8,892
Trade names	5	25		(10)		15		6	24		(4)		20
Developed technology	15	2,167		(447)		1,720		16	2,142		(325)		1,817
Total finite-lived intangible assets		$	12,884	$	(2,821)	$	10,063		$	12,845	$	(2,116)	$	10,729
Indefinite-lived trade names		$	3,830	—		$	3,830		$	3,830	—		$	3,830
Intangible assets, net		$	16,714	$	(2,821)	$	13,893		$	16,675	$	(2,116)	$	14,559

The carrying amount of intangible assets, net as of December 31, 2025 includes the final fair values for customer relationships, trade names and developed technology assets. See Note 2—Acquisitions for additional information.

The annual impairment testing performed did not indicate any impairment of goodwill or intangible assets for the years ended December 31, 2025, 2024, and 2023.

Estimated amortization expense for the next five years and thereafter is as follows:


(in millions)	Total
2026	$	704
2027	704
2028	704
2029	702
2030	701
Thereafter	6,548
	$	10,063

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 segment	Dec. 31, 2024 USD ($) segment
Goodwill [Line Items]
Number of reportable segments \| segment	2	2
Allocation to reporting segments		$ 8,070
Medline Brand
Goodwill [Line Items]
Allocation to reporting segments		6,716
Supply Chain Solutions
Goodwill [Line Items]
Allocation to reporting segments		$ 1,354

- 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.

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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

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 December 31, 2025 and 2024 were classified as Level 2 of the fair value hierarchy.

See Note 15—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 determined using a Monte Carlo simulation model. The significant assumptions used in the Monte Carlo simulation include risk-free rate (4.62%), revenue forecast, revenue discount rate (9.5%), revenue volatility (13%), estimated operational leverage and the Company’s credit spread (3%), most of which are unobservable inputs. These significant unobservable inputs used in the determination of the fair value of the contingent payments classified as Level 3 have an inherent measurement of uncertainty that if changed, could result in higher or lower fair value measurements as of the reporting date. See Note 2—Acquisitions for additional information regarding the acquisition.

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


	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)


	December 31, 2024
	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)	$	—	$	127	$	—	$	127
Total assets at fair value	$	—	$	127	$	—	$	127
Financial liabilities
Contingent consideration liability	$	—	$	—	$	(27)	$	(27)
Total liabilities at fair value	$	—	$	—	$	(27)	$	(27)

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 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
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+ Details

STOCK-BASED COMPENSATION - Narrative - Equity-Classified Awards - Post-IPO Incentive Plan and Awards (Details) shares in Millions, $ in Millions		12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) participant	Jan. 01, 2026 shares	Dec. 16, 2025 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, options	$ 24	$ 24
Incentive units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Incremental cost		5
Vested in period, fair value		2
Unrecognized compensation expense	$ 49	$ 49
Unrecognized compensation expense, period for recognition	1 year 1 month 6 days
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]
Unrecognized compensation expense	$ 13	$ 13
Unrecognized compensation expense, period for recognition	1 year 4 months 24 days
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense	$ 5	$ 5
Unrecognized compensation expense, period for recognition	1 year 2 months 12 days
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition	1 year 6 months
2025 Omnibus Incentive Plan \| Common Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Capital shares reserved for future issuance (in shares) \| shares				60
2025 Omnibus Incentive Plan \| Common Class A \| Subsequent event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Capital shares reserved for future issuance, annual increase, share threshold (in shares) \| shares			54
Capital shares reserved for future issuance, annual increase, percentage threshold			4.00%

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 18, 2025	Dec. 31, 2024
Effective Income Tax Rate Reconciliation [Line Items]
Unrecognized tax benefits	$ 0		$ 0
Foreign
Effective Income Tax Rate Reconciliation [Line Items]
Net operating loss carryforwards	10
Net operating loss carryforwards, subject to expiration	8
Net operating loss carryforwards, not subject to expiration	2
Domestic
Effective Income Tax Rate Reconciliation [Line Items]
Net operating loss carryforwards	$ 964
Net operating loss carryforwards acquired		$ 911

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Payroll	$ 323	$ 330
Customer rebates and distributor chargebacks	406	365
Interest payable, net	144	163
Indirect tax payable	87	83
Lease liability	66	76
Litigation accrual (EtO)	0	174
Income taxes payable	24	4
Other	402	298
Total accrued expenses and other current liabilities	$ 1,452	$ 1,493

CREDIT AGREEMENTS AND BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2025

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)	December 31, 2025		December 31, 2024
Current portion of long-term debt (1)	$	76	$	76
Other short-term debt	1		2
Total	$	77	$	78

(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:


		December 31, 2025				December 31, 2024
	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		4.66	%
Variable (euro-denominated) (1)	—	—		—	%	645		6.68	%
Variable	2026 - 2030	4,255		7.10	%	7,612		8.74	%
Total secured debt		10,255				14,257
Total debt		12,755				16,757
Less: amounts due within one year		(76)				(76)
Total other (2)		(195)				(265)
Total Long-term borrowings		$	12,484			$	16,416

(1) Includes exchange rate adjustments.

(2) Includes $41 million of embedded derivative related to the Dollar Term Loans and deferred financing costs.

The fair value of the Company’s long-term borrowings as of December 31, 2025 and 2024 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)	December 31, 2025		December 31, 2024
Dollar Term Loans	$	4,276	$	7,660
Euro Term Loans	—		647
3.875% fixed rate note	4,399		4,166
5.250% fixed rate note	2,516		2,411
6.250% fixed rate note	1,553		1,517

Schedule of Maturities of Long-Term Debt

Future aggregate principal amounts over the next five years are as follows:


(in millions)	Annual 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

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-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

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-Name Accounting Standards Codification
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-Section 50
-Paragraph 8
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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Topic 505
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-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

DERIVATIVES AND HEDGING ACTIVITIES RISK MANAGEMENT - Schedule of Cash Flow Hedges Included in AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Gain (loss) recognized in AOCI	$ (3)	$ 77	$ 47
Gain (loss) reclassified from AOCI into earnings	86	165	162
Total change in AOCI	(89)	(88)	(115)
Interest rate swaps \| Included in effectiveness testing
Derivative [Line Items]
Gain (loss) recognized in AOCI	1	49	33
Gain (loss) reclassified from AOCI into earnings	52	100	78
Interest rate caps \| Included in effectiveness testing
Derivative [Line Items]
Gain (loss) recognized in AOCI	(1)	33	24
Gain (loss) reclassified from AOCI into earnings	42	75	101
Interest rate caps \| Excluded in effectiveness testing
Derivative [Line Items]
Gain (loss) recognized in AOCI	(3)	(5)	(10)
Gain (loss) reclassified from AOCI into earnings	$ (8)	$ (10)	$ (17)

DERIVATIVES AND HEDGING ACTIVITIES RISK MANAGEMENT - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount			$ 1,450
Interest rate swaps \| Cash flow hedging
Derivative [Line Items]
Derivative, Notional Amount	$ 1,000	$ 2,950
Interest rate caps
Derivative [Line Items]
Derivative, Notional Amount			$ 1,000
Interest rate caps \| Cash flow hedging
Derivative [Line Items]
Derivative, Notional Amount	$ 2,000	$ 2,500

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

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:


	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)


	December 31, 2024
	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)	$	—	$	127	$	—	$	127
Total assets at fair value	$	—	$	127	$	—	$	127
Financial liabilities
Contingent consideration liability	$	—	$	—	$	(27)	$	(27)
Total liabilities at fair value	$	—	$	—	$	(27)	$	(27)

NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Property Plant and Equipment, Useful Lives (Details)	Dec. 31, 2025
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life	15 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	40 years
Building Improvements - Leased
Property, Plant and Equipment [Line Items]
Useful Life	10 years
Land Improvements
Property, Plant and Equipment [Line Items]
Useful Life	15 years
Machinery and Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life	3 years
Machinery and Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	20 years
Computer software
Property, Plant and Equipment [Line Items]
Useful Life	3 years
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Useful Life	7 years
Vehicles \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life	5 years
Vehicles \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	7 years

INCOME TAXES - Summary of Valuation Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Valuation Allowance [Roll Forward]
Balance at the beginning of the period	$ 1	$ 0	$ 0
Charges to income tax expense	(1)	1	0
Balance at the end of the period	$ 0	$ 1	$ 0

STOCK-BASED COMPENSATION - Narrative - Liability-Classified Awards (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended		12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Dec. 16, 2025	Mar. 29, 2025	Mar. 30, 2024	Dec. 31, 2025	Dec. 31, 2024
Liability-classified awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award amount reclassified to equity	$ 10	$ 10				$ 10	$ 9
Award vesting period			5 years
Award vesting rights, percentage			20.00%
Granted (in shares)				50,659,004	67,794,018
Granted (in dollars per share)				$ 0.58	$ 0.47
Unrecognized compensation expense	$ 13	$ 13				$ 13
Unrecognized compensation expense, period for recognition						1 year 2 months 12 days
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	10,345
Granted (in dollars per share)	$ 29.00
Units expected to be issued (in shares)	566,029	566,029				566,029
Units expected to be issued, fair value	$ 24	$ 24				$ 24
Unrecognized compensation expense	$ 5	$ 5				$ 5
Unrecognized compensation expense, period for recognition		1 year 2 months 12 days
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%

INVENTORIES

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following as of:


(in millions)	December 31, 2025		December 31, 2024
Raw materials and work in process, net	$	748	$	676
Finished goods, net	4,021		3,780
Inventories, net	$	4,769	$	4,456

If LIFO inventories had been valued on a current cost or FIFO basis, they would have been greater by $359 million and $276 million as of December 31, 2025 and 2024, respectively. The inventory reserve for obsolescence was $44 million and $35 million as of December 31, 2025 and 2024, respectively.

ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

The Company has allocated the final purchase price to the assets acquired and the liabilities assumed based on their fair values as of August 1, 2024 as below:


(in millions)	Amount
Cash and cash equivalents	$	36
Trade accounts receivable	40
Other current assets	8
Inventories	113
Property, plant, and equipment	41
Other long-term assets	17
Intangible assets	336
Accounts payable	(39)
Accrued expenses and other current liabilities	(46)
Other long-term liabilities	(22)
Income taxes payable	(1)
Total identifiable net assets	483
Goodwill	422
Net assets acquired, at fair value	$	905

The Company has allocated the final purchase price to the assets acquired and the liabilities assumed based on their fair values as of February 1, 2024 as below:


(in millions)	Amount
Cash and cash equivalents	$	3
Trade accounts receivable	29
Other current assets	2
Inventories	24
Property, plant, and equipment	3
Other long-term assets	6
Intangible assets	93
Accounts payable	(8)
Accrued expenses and other current liabilities	(21)
Other long-term liabilities	(7)
Income taxes payable	(16)
Total identifiable net assets	108
Goodwill	87
Net assets acquired, at fair value	$	195

The Company has allocated the final purchase price to the assets acquired and the liabilities assumed based on their fair values as of January 4, 2024 as below:


(in millions)	Amount
Inventories	$	9
Trade accounts receivable	5
Property, plant, and equipment	2
Other long-term assets	2
Intangible assets	24
Accounts Payable	(10)
Accrued expenses and other current liabilities	(7)
Other long-term liabilities	(1)
Total identifiable net assets	24
Goodwill	29
Net assets acquired, at fair value	$	53

Schedule of Intangible Assets Acquired

Below is a summary of the intangible assets acquired in the acquisition:


(in millions)	Amount		Useful life
Trade Name	$	60	Indefinite
Developed Technology	186		10 years
Customer Relationships	90		12 years
Total	$	336

Below is a summary of the intangible assets acquired in the acquisition:


(in millions)	Amount		Useful life
Trade name	$	19	7 years
Customer relationships	74		14 years
Total	$	93

Below is a summary of the intangible assets acquired in the acquisition:


(in millions)	Amount		Useful life
Trade name	$	2	2 years
Customer relationships	22		11 years
Total	$	24

Schedule of Pro Forma Information

The pro forma results below are not necessarily indicative of the results that would have been if this acquisition had occurred on the dates indicated, nor are the pro forma results indicative of results which may occur in the future. The proforma result does not reflect any realization of cost savings or synergies associated with the acquisition.


	Year ended
(in millions)	December 31, 2024		December 31, 2023

Net revenue	$	25,689	$	23,588
Net income	1,272		261

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Cost

The following table summarizes the components of lease cost:


	Year ended
(in millions)	December 31, 2025		December 31, 2024		December 31, 2023
Operating lease cost	$	106	$	90	$	67
Variable lease cost	31		25		19
Short-term lease cost	4		3		2
Total lease cost	$	141	$	118	$	88

Sublease income	(12)		(10)		(7)
Total lease cost, net	$	129	$	108	$	81

Schedule of Operating Leases Assets and Liabilities

The following table presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets:


(in millions)	Consolidated Balance Sheets captions:	December 31, 2025		December 31, 2024
Operating leases:
Operating lease right-of-use assets	Other long-term assets	$	432	$	384


Current portion of operating lease liabilities	Accrued expenses and other current liabilities	66		76
Long-term operating lease liabilities	Other long-term liabilities	386		329
Total operating lease liabilities		$	452	$	405

Schedule of Future Lease Annual Operating Lease Payments

Future lease annual operating lease payments under non-cancelable leases over the next five years and thereafter is as follows:


(in millions)	Total
2026	$	92
2027	85
2028	77
2029	66
2030	56
Thereafter	215
Total future lease payments	$	591

Less: Imputed interest	(139)
Present value of future lease payments	$	452

Schedule of Components of Lease Income

The following table summarizes the components of lease income recorded in Cost of goods sold and Selling, general and administrative expenses:


	Year ended
(in millions)	December 31, 2025		December 31, 2024		December 31, 2023
Operating lease income	$	15	$	13	$	15
Variable lease income	2		2		2
Total lease income	$	17	$	15	$	17

Schedule of Lessor, Operating Lease, Payment to be Received

Estimated maturities of operating lease receivables over the next five years and thereafter is as follows:


(in millions)	Total
2026	$	13
2027	10
2028	8
2029	7
2030	7
Thereafter	9
Total future lease receivables	$	54

Schedule of Property, Plant, and Equipment, Lessor Asset under Operating Lease

Assets under operating leases are included in Property, plant, and equipment, net of the Company’s Consolidated Balance Sheets and consist of the following as of:


(in millions)	December 31, 2025		December 31, 2024
Buildings and improvements	$	92	$	110
Land and improvements	35		41

Less: Accumulated depreciation	(22)		(23)
Assets under operating leases, net	$	105	$	128

COMMITMENTS AND CONTINGENCIES - Narrative (Details)	1 Months Ended		3 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES - Narrative (Details)	Oct. 31, 2023 plaintiff	Jan. 31, 2019 plaintiff	Jun. 28, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Feb. 17, 2026 USD ($)	Mar. 29, 2025 USD ($)
Loss Contingencies [Line Items]
Restricted cash, amount released			$ 47,000,000
Insurance recovery receivable				$ 0	$ 10,000,000
Payments under unconditional purchase obligation				207,000,000	274,000,000	$ 212,000,000
Mass Tort Litigation, Cook County, Illinois
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff		380
Loss contingency liability				0	$ 174,000,000			$ 166,000,000
Loss contingency, payments			$ 166,000,000
Mass Tort Litigation, Cook County, Illinois \| Settled Litigation
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff	5
Intellectual Properties Case
Loss Contingencies [Line Items]
Litigation gains (charges), net				$ 43,000,000
Hazardous, Medical and Universal Waste Violation, California Facilities \| Subsequent event
Loss Contingencies [Line Items]
Estimate of possible loss (could exceed)							$ 300,000

INCOME TAXES - Schedule of Income Tax Expense For Each Reporting Period (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current income tax expense:
U.S. federal income tax expense	$ 24	$ 6	$ 0
State income tax expense	4	6	7
Foreign income tax expense in various foreign tax jurisdictions	83	58	46
Total current	111	70	53
Deferred income tax expense:
U.S. federal income tax expense	4	0	0
State income tax expense	0	0	0
Foreign income tax expense in various foreign tax jurisdictions	(24)	(24)	(23)
Total deferred	(20)	(24)	(23)
Provision for income taxes	$ 91	$ 46	$ 30

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value, Recurring (Details) - Recurring - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Financial assets
Total assets at fair value	$ 36	$ 127
Financial liabilities
Contingent consideration liability	(29)	(27)
Total liabilities at fair value	(29)	(27)
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	36	127
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)	(27)
Total liabilities at fair value	(29)	(27)
Interest rate contracts (hedge)
Financial assets
Interest rate contracts (hedge)	36	127
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)	36	127
Interest rate contracts (hedge) \| Significant unobservable inputs (Level 3)
Financial assets
Interest rate contracts (hedge)	$ 0	$ 0

STOCK-BASED COMPENSATION - Summary of Incentive Units Activity (Details) - Incentive units	Dec. 31, 2025 $ / shares shares
Class B Units
Unvested, beginning balance (in shares) \| shares	17,056,431
Granted (in shares) \| shares	0
Vested (in shares) \| shares	(339,388)
Forfeited (in shares) \| shares	(2,178,225)
Unvested, ending balance (in shares) \| shares	14,538,818
Wtd. Avg. Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 6.45
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	5.16
Forfeited (in dollars per share) \| $ / shares	5.80
Unvested, ending balance (in dollars per share) \| $ / shares	$ 5.86

NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment


Asset Class						Useful Life

Buildings and Improvements - Owned						15-40 years
Building Improvements - Leased						Shorter of 10 years/Remaining lease term
Land Improvements						15 years
Machinery and Equipment						3-20 years
Computer Software						3 years
Furniture and Fixtures						7 years
Auto and Trucks						5-7 years

Property, plant, and equipment, net consists of the following as of:


(in millions)	December 31, 2025		December 31, 2024
Machinery, equipment, and fixtures	$	1,399	$	1,190
Buildings and improvements	3,066		2,989
Land and improvements	621		640
Vehicles	301		287
Construction in progress	466		316
Leasehold improvements	60		11
Computer software	26		23
Total property, plant, and equipment	5,939		5,456

Less: Accumulated depreciation and amortization	(1,161)		(861)
Property, plant, and equipment, net	$	4,778	$	4,595

LEASES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	7 years	7 years
Weighted average discount rate	7.00%	8.00%
Future undiscounted lease payments under leases not yet commenced	$ 312
Operating lease term not yet commenced	12 years

ACQUISITIONS - Schedule of Intangible Assets Acquired (Details) - USD ($) $ in Millions	Aug. 01, 2024	Feb. 01, 2024	Jan. 04, 2024
Mircrotek
Intangible Asset, Acquired, Finite-Lived [Line Items]
Total	$ 336
Useful life	11 years
Mircrotek \| Developed technology
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible assets acquired	$ 186
Useful life	10 years
Mircrotek \| Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible assets acquired	$ 90
Useful life	12 years
Mircrotek \| Trade names
Intangible Asset, Acquired, Finite-Lived [Line Items]
Indefinite-lived intangible assets acquired	$ 60
Sinclair Dental
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible assets acquired		$ 93
Useful life		13 years
Sinclair Dental \| Trade names
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible assets acquired		$ 19
Useful life		7 years
Sinclair Dental \| Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible assets acquired		$ 74
Useful life		14 years
United Medco
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible assets acquired			$ 24
Useful life			10 years
United Medco \| Trade names
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible assets acquired			$ 2
Useful life			2 years
United Medco \| Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible assets acquired			$ 22
Useful life			11 years

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 1,157	$ 1,200	$ 234
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,011	977	951
Stock-based compensation expense	76	61	78
Amortization of deferred financing costs	59	57	80
Embedded derivative on debt	(41)	0	0
Credit losses	54	63	8
Unrealized foreign exchange loss (gain), net	68	(10)	3
Amortization of inventory step-up	0	25	90
Loss on extinguishment of debt	58	32	0
Non-cash lease expense	72	61	47
Other non-cash adjustments	13	(22)	(5)
Changes in assets and liabilities, net of acquisitions:
Trade accounts receivable	(355)	(256)	(153)
Inventories	(264)	(545)	444
Other assets	(126)	46	(92)
Accounts payable	73	106	136
Accrued expenses and other current liabilities	(92)	62	(112)
Other liabilities	(19)	(88)	(24)
Net cash provided by operating activities	1,744	1,769	1,685
Cash flows from investing activities
Purchases of property and equipment, net	(447)	(354)	(275)
Acquisitions of businesses, net of cash acquired	6	(1,126)	(16)
Cash paid for asset acquisitions	(33)	(10)	(10)
Other investing activities	0	(3)	(11)
Net cash used in investing activities	(474)	(1,493)	(312)
Cash flows from financing activities
Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions	7,048	0	0
Purchase of Class A common stock and redemptions of Common Units from Pre-IPO owners	(1,970)	0	0
Payment for offering costs	(36)	0	0
Proceeds from long-term borrowings	7,569	15,932	0
Repayment for long-term borrowings	(11,661)	(15,995)	(77)
Repayments under lines of credit	(179)	(166)	0
Proceeds from lines of credit	179	166	0
Payment for debt issuance cost	0	(12)	0
Payment towards Class B unit repurchases	(33)	(20)	0
Distributions to partners	(518)	(1,518)	(114)
Net cash provided by (used in) financing activities	399	(1,613)	(191)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	23	2	4
Net change in cash and cash equivalents and restricted cash	1,692	(1,335)	1,186
Cash, cash equivalents and restricted cash, beginning of year	250	1,585	399
Cash, cash equivalents and restricted cash, end of year	1,942	250	1,585
Supplemental disclosure of cash flow information:
Cash payments for interest on borrowings	944	1,022	1,126
Cash received from interest rate hedging activities	89	170	170
Cash payments for income taxes, net	62	101	52
Operating cash flows paid for operating leases	109	84	56
Right-of-use operating lease assets obtained in exchange for lease obligations	115	143	145
Non-cash purchases of property, plant and equipment	58	50	25
Recognition of tax receivable agreement liability	3,542	0	0
Recognition of deferred tax assets from equity transactions	553	0	0
Non-cash capital contribution	$ 0	$ 0	$ 84

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consisted of the following as of:


(in millions)	December 31, 2025		December 31, 2024
Raw materials and work in process, net	$	748	$	676
Finished goods, net	4,021		3,780
Inventories, net	$	4,769	$	4,456

INCOME TAXES - Schedule of Effective Income Tax Expense Reconciliation - 2024 and 2023 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense at U.S. statutory rate	$ 262	$ 262	$ 55
Tax rate differential	(19)	(211)	(42)
Tax holidays		(2)	(1)
Effects of cross-border tax laws	2	34	28
Tax credits		(32)	(24)
State tax effect	4	6	7
Changes in NOL		1	1
Nontaxable item		(12)
Nondeductible item			5
Other	1	0	1
Provision for income taxes	$ 91	$ 46	$ 30

LEASES - Schedule of Operating Lease Receivable (Details) $ in Millions	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 13
2027	10
2028	8
2029	7
2030	7
Thereafter	9
Total future lease receivables	$ 54

NET INCOME (LOSS) PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details)	Dec. 31, 2025 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	553,653,695
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)	502,045,878
RSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,958,657
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	523,795
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	6,770,442
Incentive units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	41,788,894
Liability-classified awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	566,029

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income Statement [Abstract]

Net sales

$ 28,432

$ 25,507

$ 23,231

Cost of goods sold

20,914

18,531

17,346

Gross profit

7,518

6,976

5,885

Operating expense

Selling, general and administrative expenses

4,524

4,108

3,867

Amortization of intangible assets

704

685

662

Other operating expenses

106

Total operating expense

5,306

4,830

4,635

Operating income

2,212

2,146

1,250

Other expense

Interest expense, net

(812)

(864)

(976)

Other (expense) income, net

(64)

(43)

Foreign exchange (loss) gain, net

(88)

(11)

Total other expense

(964)

(900)

(986)

Income before income taxes

1,248

1,246

264

Provision for income taxes

Net income

1,157

1,200

234

Net loss attributable to noncontrolling interests

(2)

Net income attributable to Medline Inc.

$ 1,159

Net loss per share attributable to Medline Inc.

Basic (in dollars per share)

^[1]

$ (0.01)

Diluted (in dollars per share)

^[1]

$ (0.01)

Weighted average number of Class A common shares outstanding

Basic (in shares)

^[1]

810,000,000

Diluted (in shares)

^[1]

810,000,000

Other comprehensive income (loss), net of tax

Retirement plan, net of tax

$ (8)

(2)

Net unrealized loss on derivative instruments

(89)

(88)

(115)

Currency translation adjustment

129

(89)

Total other comprehensive income (loss), net of tax

(177)

(74)

Total comprehensive income

1,189

1,023

160

Comprehensive loss attributable to noncontrolling interests

(2)

Comprehensive income attributable to Medline Inc.

$ 1,191

$ 1,023

$ 160

[1]

Represents net loss per share of Class A common stock and weighted-average shares of Class A common stock outstanding for the period from December 17, 2025, the date after the SEC declared effective the Company's Registration Statement on S-1 filed in connection with its IPO, through December 31, 2025, the period following the reorganization transactions and initial public offering. See Note 1—Nature of Business and Significant Accounting Policies and Note 18—Net Income (Loss) Per Share.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

RETIREMENT PLANS - Schedule of Net Unfunded status (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Retirement Benefits [Abstract]
Projected benefit obligation	$ 61	$ 49
Less: Fair value of plan assets	(6)	(6)
Unfunded status	$ 55	$ 43

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

Lessee Activities

The following table summarizes the components of lease cost:


	Year ended
(in millions)	December 31, 2025		December 31, 2024		December 31, 2023
Operating lease cost	$	106	$	90	$	67
Variable lease cost	31		25		19
Short-term lease cost	4		3		2
Total lease cost	$	141	$	118	$	88

Sublease income	(12)		(10)		(7)
Total lease cost, net	$	129	$	108	$	81

Variable lease cost primarily includes payments for operating expenses, maintenance, electricity and property taxes.

The following table presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets:


(in millions)	Consolidated Balance Sheets captions:	December 31, 2025		December 31, 2024
Operating leases:
Operating lease right-of-use assets	Other long-term assets	$	432	$	384


Current portion of operating lease liabilities	Accrued expenses and other current liabilities	66		76
Long-term operating lease liabilities	Other long-term liabilities	386		329
Total operating lease liabilities		$	452	$	405

The Company’s operating leases have a weighted-average remaining lease term of 7 years for both December 31, 2025 and 2024. The weighted-average discount rate of the Company’s operating leases is 7% and 8% for December 31, 2025 and 2024, respectively.

Future lease annual operating lease payments under non-cancelable leases over the next five years and thereafter is as follows:


(in millions)	Total
2026	$	92
2027	85
2028	77
2029	66
2030	56
Thereafter	215
Total future lease payments	$	591

Less: Imputed interest	(139)
Present value of future lease payments	$	452

As of December 31, 2025, the Company has executed operating lease agreements for warehouse distribution facilities that have not yet commenced. As such the total expected future lease payments of $312 million for these agreements are not reflected in the table above. These operating leases will commence after December 31, 2025 with lease terms of 12 years.

Lessor Activities

The following table summarizes the components of lease income recorded in Cost of goods sold and Selling, general and administrative expenses:


	Year ended
(in millions)	December 31, 2025		December 31, 2024		December 31, 2023
Operating lease income	$	15	$	13	$	15
Variable lease income	2		2		2
Total lease income	$	17	$	15	$	17

The variable lease income includes reimbursements for tenant improvements, property tax, services, utilities, and maintenance.

Estimated maturities of operating lease receivables over the next five years and thereafter is as follows:


(in millions)	Total
2026	$	13
2027	10
2028	8
2029	7
2030	7
Thereafter	9
Total future lease receivables	$	54

Assets under operating leases are included in Property, plant, and equipment, net of the Company’s Consolidated Balance Sheets and consist of the following as of:


(in millions)	December 31, 2025		December 31, 2024
Buildings and improvements	$	92	$	110
Land and improvements	35		41

Less: Accumulated depreciation	(22)		(23)
Assets under operating leases, net	$	105	$	128

LEASES

Lessee Activities

The following table summarizes the components of lease cost:


	Year ended
(in millions)	December 31, 2025		December 31, 2024		December 31, 2023
Operating lease cost	$	106	$	90	$	67
Variable lease cost	31		25		19
Short-term lease cost	4		3		2
Total lease cost	$	141	$	118	$	88

Sublease income	(12)		(10)		(7)
Total lease cost, net	$	129	$	108	$	81

Variable lease cost primarily includes payments for operating expenses, maintenance, electricity and property taxes.

The following table presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets:


(in millions)	Consolidated Balance Sheets captions:	December 31, 2025		December 31, 2024
Operating leases:
Operating lease right-of-use assets	Other long-term assets	$	432	$	384


Current portion of operating lease liabilities	Accrued expenses and other current liabilities	66		76
Long-term operating lease liabilities	Other long-term liabilities	386		329
Total operating lease liabilities		$	452	$	405

Future lease annual operating lease payments under non-cancelable leases over the next five years and thereafter is as follows:


(in millions)	Total
2026	$	92
2027	85
2028	77
2029	66
2030	56
Thereafter	215
Total future lease payments	$	591

Less: Imputed interest	(139)
Present value of future lease payments	$	452

Lessor Activities

The following table summarizes the components of lease income recorded in Cost of goods sold and Selling, general and administrative expenses:


	Year ended
(in millions)	December 31, 2025		December 31, 2024		December 31, 2023
Operating lease income	$	15	$	13	$	15
Variable lease income	2		2		2
Total lease income	$	17	$	15	$	17

The variable lease income includes reimbursements for tenant improvements, property tax, services, utilities, and maintenance.

Estimated maturities of operating lease receivables over the next five years and thereafter is as follows:


(in millions)	Total
2026	$	13
2027	10
2028	8
2029	7
2030	7
Thereafter	9
Total future lease receivables	$	54

Assets under operating leases are included in Property, plant, and equipment, net of the Company’s Consolidated Balance Sheets and consist of the following as of:


(in millions)	December 31, 2025		December 31, 2024
Buildings and improvements	$	92	$	110
Land and improvements	35		41

Less: Accumulated depreciation	(22)		(23)
Assets under operating leases, net	$	105	$	128

STOCKHOLDERS’ EQUITY, MEZZANINE EQUITY AND PARTNERS’ CAPITAL - Schedule of Mezzanine Equity and Partners’ Capital (Details) - USD ($)
shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 16, 2025

Dec. 31, 2024

Dec. 31, 2023

Mezzanine Equity

Beginning balance

$ 367

$ 366

$ 233

$ 156

Net income prior to reorganization transactions

Distribution to partners

(8)

(17)

Units repurchased prior to reorganization transactions

(4)

(2)

Ending balance

367

366

233

Limited Partners' Capital Account [Abstract]

Beginning balance, partners' capital

16,872

16,158

16,744

16,621

Net income (loss)

(9)

1,153

1,163

234

Distributions to partners prior to reorganization transactions

(510)

(1,501)

(114)

Reclass from liability-classified units prior to reorganization transactions

Units repurchased prior to reorganization transactions

(1,970)

(29)

(18)

Stock-based compensation prior to reorganization transactions

Ending balance, partners' capital

16,872

16,158

$ 16,744

Common Stock

Limited Partners' Capital Account [Abstract]

Beginning balance, partners' capital

^[1]

16,830

16,147

Net income (loss)

^[1]

1,153

Distributions to partners prior to reorganization transactions

^[1]

(510)

Reclass from liability-classified units prior to reorganization transactions

^[1]

Units repurchased prior to reorganization transactions

^[1]

(29)

Stock-based compensation prior to reorganization transactions

^[1]

Ending balance, partners' capital

^[1]

$ 0

$ 16,830

$ 16,147

Class A Units

Mezzanine Equity

Beginning balance (in shares)

128

Beginning balance

$ 240

$ 237

$ 178

$ 138

Net income prior to reorganization transactions

Distribution to partners

$ (4)

$ (9)

Ending balance (in shares)

128

Ending balance

$ 240

$ 237

$ 178

Stock-based Compensation

Mezzanine Equity

Beginning balance (in shares)

101

106

Beginning balance

$ 127

$ 129

$ 55

$ 18

Net income prior to reorganization transactions

Distribution to partners

$ (4)

$ (8)

Units repurchased prior to reorganization transactions (in shares)

(5)

Units repurchased prior to reorganization transactions

$ (4)

$ (2)

Ending balance (in shares)

101

106

Ending balance

$ 127

$ 129

$ 55

Class A | Common Stock

Limited Partners' Capital Account [Abstract]

Beginning balance (in shares)

16,723

Beginning balance, partners' capital

$ 16,617

$ 15,976

$ 16,422

$ 16,290

Net income (loss)

1,112

1,104

234

Distributions to partners prior to reorganization transactions

$ (471)

$ (1,435)

(114)

Stock-based compensation prior to reorganization transactions

$ 5

Ending balance (in shares)

16,723

Ending balance, partners' capital

$ 16,617

$ 15,976

$ 16,422

Class B | Common Stock

Limited Partners' Capital Account [Abstract]

Beginning balance (in shares)

734

721

754

680

Beginning balance, partners' capital

$ 162

$ 123

$ 108

$ 54

Net income (loss)

Distributions to partners prior to reorganization transactions

$ (39)

$ (64)

Reclass from liability-classified units prior to reorganization transactions (in shares)

Reclass from liability-classified units prior to reorganization transactions

$ 10

$ 9

Units repurchased prior to reorganization transactions (in shares)

(44)

Units repurchased prior to reorganization transactions

$ (29)

$ (18)

Stock-based compensation prior to reorganization transactions (in shares)

(57)

Stock-based compensation prior to reorganization transactions

$ 59

$ 53

$ 54

Ending balance (in shares)

734

721

754

Ending balance, partners' capital

$ 162

$ 123

$ 108

Class B CUPI | Common Stock

Limited Partners' Capital Account [Abstract]

Beginning balance (in shares)

Beginning balance, partners' capital

$ 51

$ 48

$ 26

$ 15

Net income (loss)

$ 3

Distributions to partners prior to reorganization transactions

$ (2)

Stock-based compensation prior to reorganization transactions (in shares)

(9)

Stock-based compensation prior to reorganization transactions

$ 11

Ending balance (in shares)

Ending balance, partners' capital

$ 51

$ 48

$ 26

[1]	Reflects Partners’ Capital, net of Accumulated other comprehensive income.

CREDIT AGREEMENTS AND BORROWINGS - Schedule of Current Portion of Long-Term Borrowings and Other Short-Term Borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Current portion of long-term debt	$ 76	$ 76
Other short-term debt	1	2
Total	$ 77	$ 78

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

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Mezzanine Equity

The following table summarizes the changes in the balances of mezzanine equity and partners’ capital for the period prior to Reorganization of January 1, 2025 thru December 16, 2025:


	Year ended December 31, 2025
	Mezzanine Equity								Partners' Capital(1)
	Class A			Stock-based Compensation			Total Mezzanine Equity		Class A			Class B			Class B CUPI			Total Partners’ Capital
(in millions)	Units	Amount		Units	Amount		Amount		Units	Amount		Units	Amount		Units	Amount
Balance, January 1, 2025	128	$	237	106	$	129	$	366	16,723	$	15,976	721	$	123	23	$	48	$	16,147
Net income prior to reorganization transactions	—	7		—	6		13		—	1,112		—	38		—	3		1,153

Distributions to partners prior to reorganization transactions	—	(4)		—	(4)		(8)		—	(471)		—	(39)		—	—		(510)
Reclass from liability-classified units prior to reorganization transactions	—	—		—	—		—		—	—		51	10		—	—		10
Units repurchased prior to reorganization transactions	—	—		(5)	(4)		(4)		—	—		(44)	(29)		—	—		(29)
Stock-based compensation prior to reorganization transactions	—	—		—	—		—		—	—		6	59		—	—		59
Balance, December 16, 2025	128	$	240	101	$	127	$	367	16,723	$	16,617	734	$	162	23	$	51	$	16,830

(1) Reflects Partners’ Capital, net of Accumulated other comprehensive income.

Schedule of Partners' Capital

The following table summarizes the changes in the balances of mezzanine equity and partners’ capital for the period prior to Reorganization of January 1, 2025 thru December 16, 2025:


	Year ended December 31, 2025
	Mezzanine Equity								Partners' Capital(1)
	Class A			Stock-based Compensation			Total Mezzanine Equity		Class A			Class B			Class B CUPI			Total Partners’ Capital
(in millions)	Units	Amount		Units	Amount		Amount		Units	Amount		Units	Amount		Units	Amount
Balance, January 1, 2025	128	$	237	106	$	129	$	366	16,723	$	15,976	721	$	123	23	$	48	$	16,147
Net income prior to reorganization transactions	—	7		—	6		13		—	1,112		—	38		—	3		1,153

Distributions to partners prior to reorganization transactions	—	(4)		—	(4)		(8)		—	(471)		—	(39)		—	—		(510)
Reclass from liability-classified units prior to reorganization transactions	—	—		—	—		—		—	—		51	10		—	—		10
Units repurchased prior to reorganization transactions	—	—		(5)	(4)		(4)		—	—		(44)	(29)		—	—		(29)
Stock-based compensation prior to reorganization transactions	—	—		—	—		—		—	—		6	59		—	—		59
Balance, December 16, 2025	128	$	240	101	$	127	$	367	16,723	$	16,617	734	$	162	23	$	51	$	16,830

(1) Reflects Partners’ Capital, net of Accumulated other comprehensive income.

Schedule of Accumulated Other Comprehensive Income (Loss)

The following tables summarize the change in the balance of Accumulated other comprehensive income (loss) by component and in total:



(in millions)	Unrealized gain (loss) on derivative instruments		Currency translation adjustments		Retirement plans, net of tax		Accumulated other comprehensive income
Balance, January 1, 2025	$	124	$	(114)	$	1	$	11
Other comprehensive income (loss) before reclassifications	(3)		129		(8)		118
Amount reclassified to earnings	(86)		—		—		(86)
Net other comprehensive income (loss)	(89)		129		(8)		32
Less: Effect of the reorganization transactions	13		6		(3)		16
Balance, December 31, 2025	$	22	$	9	$	(4)	$	27



(in millions)	Unrealized gain (loss) on derivative instruments		Currency translation adjustments		Retirement plans, net of tax		Accumulated other comprehensive income
Balance, January 1, 2024	$	212	$	(25)	$	1	$	188
Other comprehensive income (loss) before reclassifications	77		(89)		—		(12)
Amount reclassified to earnings	(165)		—		—		(165)
Net other comprehensive loss	(88)		(89)		—		(177)
Balance, December 31, 2024	$	124	$	(114)	$	1	$	11



(in millions)	Unrealized gain (loss) on derivative instruments		Currency translation adjustments		Retirement plans, net of tax		Accumulated other comprehensive income
Balance, January 1, 2023	$	327	$	(68)	$	3	$	262
Other comprehensive income (loss) before reclassifications	47		43		(2)		88
Amount reclassified to earnings	(162)		—		—		(162)
Net other comprehensive (loss) income	(115)		43		(2)		(74)
Balance, December 31, 2023	$	212	$	(25)	$	1	$	188

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

DERIVATIVES AND HEDGING ACTIVITIES RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

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

December 31, 2025

December 31, 2024

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

2,950

Nov'2025 to Dec'2026

Interest rate caps

USD

2,000

Dec'2026

2,500

Dec'2025 to 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) for each reporting period:



			Year ended
(in millions)				December 31, 2025		December 31, 2024		December 31, 2023
Gain (loss) recognized in AOCI	Included in effectiveness testing	Interest rate swaps		$	1	$	49	$	33
		Interest rate caps		(1)		33		24
	Excluded in effectiveness testing	Interest rate caps		(3)		(5)		(10)
				(3)		77		47

Gain (loss) reclassified from AOCI into earnings	Included in effectiveness testing	Interest rate swaps		52		100		78
		Interest rate caps		42		75		101
	Excluded in effectiveness testing	Interest rate caps		(8)		(10)		(17)
				86		165		162
Total change in AOCI				$	(89)	$	(88)	$	(115)

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	December 31, 2025		December 31, 2024
Interest rate swaps	Other current assets	$	21	$	46
	Other long-term assets	—		25

Interest rate caps	Other current assets	15		33
	Other long-term assets	—		23
Total designated cash flow hedges		$	36	$	127

DERIVATIVES AND HEDGING ACTIVITIES RISK MANAGEMENT - Schedule of Classification and Fair Value of the Derivatives (Details) - Cash flow hedging - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Interest rate contracts (hedge)	$ 36	$ 127
Interest rate swaps \| Other current assets
Derivative [Line Items]
Interest rate contracts (hedge)	21	46
Interest rate swaps \| Other long-term assets
Derivative [Line Items]
Interest rate contracts (hedge)	0	25
Interest rate caps \| Other current assets
Derivative [Line Items]
Interest rate contracts (hedge)	15	33
Interest rate caps \| Other long-term assets
Derivative [Line Items]
Interest rate contracts (hedge)	$ 0	$ 23

- 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.

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 1,939	$ 199
Trade accounts receivable, net of allowance for credit losses of $152 and $108 as of December 31, 2025 and 2024, respectively	3,533	3,219
Inventories	4,769	4,456
Other current assets	438	398
Total current assets	10,679	8,272
Property, plant, and equipment, net	4,778	4,595
Other non-current assets
Goodwill	8,079	8,065
Intangible assets, net	13,893	14,559
Deferred tax assets	583	0
Other long-term assets	472	487
Total other non-current assets	23,027	23,111
Total assets	38,484	35,978
Current liabilities
Current portion of long-term borrowings and other short-term borrowings	77	78
Accounts payable	961	869
Accrued expenses and other current liabilities	1,452	1,493
Total current liabilities	2,490	2,440
Non-current liabilities
Long-term borrowings, less current portion	12,484	16,416
Tax receivable agreement liability	3,542	0
Other long-term liabilities	682	598
Total non-current liabilities	16,708	17,014
Total liabilities	19,198	19,454
Commitments and contingencies
Mezzanine equity	0	366
Stockholders’ equity / partners’ capital
Preferred stock	0
Additional paid-in capital	10,717
Accumulated deficit	(7)
Partners’ capital		16,147
Accumulated other comprehensive income	27	11
Total Medline Inc. stockholders’ equity	10,737
Partners' capital		16,158
Noncontrolling interests	8,549
Total stockholders’ equity / partners’ capital	19,286
Total liabilities, stockholders’ equity and mezzanine equity / partners’ capital	38,484	$ 35,978
Common Class A
Stockholders’ equity / partners’ capital
Common stock	0
Class B common stock
Stockholders’ equity / partners’ capital
Common stock	$ 0

RETIREMENT PLANS

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

RETIREMENT PLANS

The Company has non-contributory defined benefit retirement plan obligations at several foreign subsidiaries. These plans cover certain employees, as defined, within those foreign jurisdictions. The Company uses December 31 as the measurement date of its defined benefit pension plans.

The following table sets forth the various plans’ unfunded status and amounts recognized in the Company’s Consolidated Balance Sheets:


(in millions)	December 31, 2025		December 31, 2024
Projected benefit obligation	$	61	$	49
Less: Fair value of plan assets	(6)		(6)
Unfunded status	$	55	$	43

Amounts recognized in the Consolidated Balance Sheets are as below:


(in millions)	December 31, 2025		December 31, 2024

Accrued expenses and other current liabilities	$	(6)	$	(1)
Other long-term liabilities	(49)		(42)
Net liability recognized	$	(55)	$	(43)

The following table presents information relating to unfunded status that have an accumulated benefit obligation in excess of plan assets:


(in millions)	December 31, 2025		December 31, 2024
Accumulated benefit obligation	$	47	$	37
Less: Fair value of plan assets	(6)		(6)
Unfunded status	$	41	$	31

The Company funds the minimum contribution required under the various statutory requirements of each foreign jurisdiction. Employer’s contribution to obligation and benefits paid by the employer under the plan were not material during the years ended December 31, 2025, 2024 and 2023.

The weighted-average assumptions are as follows:


	December 31, 2025				December 31, 2024
	Benefit Obligation		Net Periodic Benefit Cost		Benefit Obligation		Net Periodic Benefit Cost
Weighted-average discount rate	7.41	%	7.00	%	7.00	%	6.28	%
Rate of compensation increase	4.49	%	4.35	%	4.35	%	4.34	%

Social Security increase rate	3.00	%	3.07	%	3.07	%	3.04	%
Pension increase rate (in payment)	0.51	%	0.47	%	0.47	%	0.58	%
Expected long term return on plan assets	N/A		3.25	%	N/A		3.45	%

Estimated benefit payments over the next five years and thereafter are as follows:


(in millions)	Total
2026	$	5
2027	6
2028	6
2029	6
2030	7
Thereafter	42
	$	72

Substantially all of the Company’s domestic employees are eligible to be enrolled in the company-sponsored contributory retirement savings plans, which include features under Section 401(k) of the Internal Revenue Code of 1986, and provide for matching and discretionary contributions by the Company.

The total expense for the employee retirement savings plan for the years ended December 31, 2025, 2024 and 2023 was $49 million, $43 million and $37 million, respectively, which were included in Selling, general and administrative expenses on the Consolidated Statements of Comprehensive Income.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

NET INCOME (LOSS) PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 16, 2025

Dec. 31, 2024

Dec. 31, 2023

Numerator

Net loss

$ (9)

$ 1,153

$ 1,163

$ 234

Less: Net loss attributable to noncontrolling interests

(2)

$ (2)

Net income attributable to Medline Inc.

(7)

$ 1,159

Adjustment to net loss attributable to Medline Inc.

Numerator for net loss per share

(7)

Net income attributable to Medline Inc.

$ (7)

Denominator

Weighted-average number of Class A common stock outstanding - basic (in shares)

809,688,877

810,000,000

^[1]

Weighted-average number of Class A common stock outstanding - diluted (in shares)

809,688,877

810,000,000

^[1]

Basic, net loss per share (in dollars per share)

$ (0.01)

^[1]

Diluted, net loss per share (in dollars per share)

$ (0.01)

^[1]

[1]

RELATED PARTY

12 Months Ended

Dec. 31, 2025

RELATED PARTY

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 Consolidated Statements of Comprehensive Income.

As of December 31, 2025, the Company recorded a TRA liability of $3,542 million, as a result of the Reorganization, the IPO and the exercise of the underwriters’ option to purchase additional shares, unchanged from the time of IPO. During the year ended December 31, 2025, the Company did not make any payment pursuant to the TRA or record a remeasurement adjustment.

RELATED PARTY

Credit Agreements and Borrowings

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 7—Credit Agreements and Borrowings for additional information on the long-term debt.


(in millions)	December 31, 2025		December 31, 2024
Current portion of long-term borrowings and other short-term borrowing	$	2	$	3
Long-term borrowings, less current portion	158		450

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. See Note 11—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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

PROPERTY, PLANT, AND EQUIPMENT

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment, net consists of the following as of:


(in millions)	December 31, 2025		December 31, 2024
Machinery, equipment, and fixtures	$	1,399	$	1,190
Buildings and improvements	3,066		2,989
Land and improvements	621		640
Vehicles	301		287
Construction in progress	466		316
Leasehold improvements	60		11
Computer software	26		23
Total property, plant, and equipment	5,939		5,456

Less: Accumulated depreciation and amortization	(1,161)		(861)
Property, plant, and equipment, net	$	4,778	$	4,595

Depreciation expense related to property, plant, and equipment for the years ended December 31, 2025, 2024 and 2023 was $307 million, $292 million, and $289 million, respectively.

RETIREMENT PLANS - Schedule Of Weighted-Average Pension Plan Assumptions (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Benefit Obligation
Weighted-average discount rate	7.41%	7.00%
Rate of compensation increase	4.49%	4.35%
Social Security increase rate	3.00%	3.07%
Pension increase rate (in payment)	0.51%	0.47%
Net Periodic Benefit Cost
Weighted-average discount rate	7.00%	6.28%
Rate of compensation increase	4.35%	4.34%
Social Security increase rate	3.07%	3.04%
Pension increase rate (in payment)	0.47%	0.58%
Expected long term return on plan assets	3.25%	3.45%

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Legal 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 EtO activities in Lake County, Illinois. In October 2023, the Company agreed to settlement with all but 5 existing plaintiffs. The group settlement was finalized in March 2025 (the “EtO settlements”).

As of December 31, 2025, there was no outstanding liability related to the EtO settlements. As of December 31, 2024, the outstanding liability related to the EtO settlements was $174 million, which was reduced to $166 million in the first quarter of 2025. The reduction in the liability was recorded in Other operating expenses in the Consolidated Statements of Comprehensive Income for the year ended December 31, 2025. In the second quarter of 2025, the Company made total cash payments of $166 million, of which $47 million was released from escrow deposited in 2024.

As of December 31, 2025, there were no outstanding receivables with the primary insurance carriers for recovery of the EtO settlements. As of December 31, 2024, the Company carried receivables of $10 million related to agreements with the primary insurance carriers for recovery of the EtO settlements. The Company is actively pursuing litigation with its excess insurance carriers related to their obligations to reimburse the Company for substantially all remaining 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 December 31, 2025.

In March 2025, the Company reached a legal settlement related to an intellectual property dispute with a third party and recorded gains of $43 million for the year ended December 31, 2025, in Selling, general and administrative expenses in the Consolidated Statements of Comprehensive Income.

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 waste, medical waste and universal waste at its California facilities. On February 17, 2026, the Company met with the County Attorneys to discuss the matter. While the Company cannot predict the ultimate outcome of this matter, the potential for penalties or settlement costs is likely to exceed $300,000. Although the Company does not believe that this matter will have a material adverse effect on the Company’s consolidated financial statements, the Company can provide no assurance as to the scope and outcome of this matter.

Based on current knowledge and the advice of legal counsel, management believes that the reserve as of December 31, 2025 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 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 $207 million, $274 million and $212 million for the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025, future payments related to commitments over the next five years and thereafter are as follows:


(in millions)	Total
2026	$	172
2027	162
2028	169
2029	172
2030	115
Thereafter	59
	$	849

ACQUISITIONS - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Aug. 01, 2024	Feb. 01, 2024	Jan. 04, 2024	Dec. 31, 2023
Business Combination [Line Items]
Goodwill	$ 8,079	$ 8,065				$ 7,532
Mircrotek
Business Combination [Line Items]
Cash and cash equivalents			$ 36
Trade accounts receivable			40
Other current assets			8
Inventories			113
Property, plant, and equipment			41
Other long-term assets			17
Intangible assets			336
Accounts payable			(39)
Accrued expenses and other current liabilities			(46)
Other long-term liabilities			(22)
Income taxes payable			(1)
Total identifiable net assets			483
Goodwill	$ 422		422
Net assets acquired, at fair value			$ 905
Sinclair Dental
Business Combination [Line Items]
Cash and cash equivalents				$ 3
Trade accounts receivable				29
Other current assets				2
Inventories				24
Property, plant, and equipment				3
Other long-term assets				6
Intangible assets				93
Accounts payable				(8)
Accrued expenses and other current liabilities				(21)
Other long-term liabilities				(7)
Income taxes payable				(16)
Total identifiable net assets				108
Goodwill				87
Net assets acquired, at fair value				$ 195
United Medco
Business Combination [Line Items]
Trade accounts receivable					$ 5
Inventories					9
Property, plant, and equipment					2
Other long-term assets					2
Intangible assets					24
Accounts payable					(10)
Accrued expenses and other current liabilities					(7)
Other long-term liabilities					(1)
Total identifiable net assets					24
Goodwill					29
Net assets acquired, at fair value					$ 53

CREDIT AGREEMENTS AND BORROWINGS

12 Months Ended

Dec. 31, 2025

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)	December 31, 2025		December 31, 2024
Current portion of long-term debt (1)	$	76	$	76
Other short-term debt	1		2
Total	$	77	$	78

(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:


		December 31, 2025				December 31, 2024
	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		4.66	%
Variable (euro-denominated) (1)	—	—		—	%	645		6.68	%
Variable	2026 - 2030	4,255		7.10	%	7,612		8.74	%
Total secured debt		10,255				14,257
Total debt		12,755				16,757
Less: amounts due within one year		(76)				(76)
Total other (2)		(195)				(265)
Total Long-term borrowings		$	12,484			$	16,416

(1) Includes exchange rate adjustments.

(2) Includes $41 million of embedded derivative related to the Dollar Term Loans and deferred financing costs.

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.

In connection with Credit Agreement amendments and the debt prepayments, the Company paid debt modification expenses of $6 and $24 for the years ended December 31, 2025 and 2024, respectively. The Company also incurred debt extinguishment losses of $58 and $32 for writing off unamortized issuing discounts and deferred financing costs associated with the debts repaid, for the years ended December 31, 2025 and 2024, respectively. These costs were included in Other (expense) income, net on the Consolidated Statements of Comprehensive Income.

The Dollar Term Loans require quarterly amortization payments of 0.25% of the amended principal due at each calendar quarter-end. These amortization payments were $76 million and $50 million for the years ended December 31, 2025 and 2024, respectively. The Euro Term Loans did not have any mandatory amortization payments.


(in millions)	December 31, 2025		December 31, 2024
Dollar Term Loans	$	4,276	$	7,660
Euro Term Loans	—		647
3.875% fixed rate note	4,399		4,166
5.250% fixed rate note	2,516		2,411
6.250% fixed rate note	1,553		1,517

The indentures contain certain affirmative and negative covenants, which require, among other provisions, delivery of the consolidated financial statements to the relevant note holders. Compliance with the covenants does not significantly impact the Company’s operations. As of December 31, 2025, the Company was in compliance with all the covenants under the Credit Agreement.

Future aggregate principal amounts over the next five years are as follows:


(in millions)	Annual 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 December 31, 2025 and 2024, 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 December 31, 2025 and 2024, availability under the Revolving Credit Facility was $947 million and $951 million, respectively, after taking into account outstanding letters of credit of $53 million and $49 million, respectively. The Company borrowed and repaid $179 million and $166 million under the Revolving Credit Facility during the years ended December 31, 2025 and 2024, respectively, which resulted in no amounts outstanding as of December 31, 2025 or 2024.

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 consolidated financial statements to the relevant debt holders. As of December 31, 2025, 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6
-Subparagraph (b)
-Publisher FASB
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

CREDIT AGREEMENTS AND BORROWINGS - Schedule of Fair Value of Long-Term Borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2021
Dollar Term Loans \| Fair value \| Secured debt
Debt Instrument [Line Items]
Debt fair value	$ 4,276	$ 7,660
Euro Term Loans \| Fair value \| Secured debt
Debt Instrument [Line Items]
Debt fair value	$ 0	647
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	$ 4,399	4,166
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	$ 2,516	$ 2,411
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	$ 1,553	$ 1,517

NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Dec. 18, 2025 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) day shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 16, 2025
Product Information [Line Items]
Restricted cash		$ 0	$ 47
LIFO charges		$ 83	$ 53	$ 61
Percentage of LIFO inventory		89.00%	89.00%
Research and development costs		$ 80	$ 67	$ 60
Long-lived asset impairment		$ 0
Tax receivable agreement, payment, percent of tax benefit	90.00%
Class B common stock
Product Information [Line Items]
Common stock, conversion ratio (in shares) \| shares		1
Medline Holdings
Product Information [Line Items]
Ownership percentage					100.00%
Euro Term Loans \| Secured debt
Product Information [Line Items]
Repayments of secured debt	$ 731
Dollar Term Loans \| Secured debt
Product Information [Line Items]
Repayments of secured debt	$ 3,292
Minimum
Product Information [Line Items]
Useful life		2 years
Remaining lease term		12 months
Credit terms, number of days from invoice \| day		30
Maximum
Product Information [Line Items]
Useful life		21 years
Remaining lease term		14 years
Credit terms, number of days from invoice \| day		60
IPO
Product Information [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares	248,439,654
Sale of stock, price (in dollars per share) \| $ / shares	$ 29.00
Sale of stock, consideration received on transaction	$ 7,048
Underwriting discount and commission expense	157
Offering expense	$ 40
IPO, Secured Debt Repayment
Product Information [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares	179,000,000
Sale of stock, consideration received on transaction	$ 5,078
IPO, Purchase or Redemption of Class A Holders
Product Information [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares	37,034,482
Sale of stock, consideration received on transaction	$ 1,051
IPO, Purchase or Redemption of Common Units
Product Information [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares	32,405,172
Sale of stock, consideration received on transaction	$ 919

INTEREST EXPENSE, NET

12 Months Ended

Dec. 31, 2025

Other Income and Expenses [Abstract]

INTEREST EXPENSE, NET

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



	Year ended
(in millions)	December 31, 2025		December 31, 2024		December 31, 2023

Interest expense	$	(945)	$	(1,144)	$	(1,213)
Interest income	133		280		237
Interest expense, net	$	(812)	$	(864)	$	(976)

TAX RECEIVABLE AGREEMENT (Details) - USD ($) $ in Millions	Dec. 18, 2025	Dec. 31, 2025	Dec. 31, 2024
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		$ 3,542	$ 0

STOCK-BASED COMPENSATION - Summary of Restricted Stock Units Activity (Details) - RSUs	Dec. 31, 2025 $ / shares shares
Class B Units
Unvested, beginning balance (in shares) \| shares	513,450
Granted (in shares) \| shares	10,345
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Unvested, ending balance (in shares) \| shares	523,795
Wtd. Avg. Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 29.00
Granted (in dollars per share) \| $ / shares	29.00
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Unvested, ending balance (in dollars per share) \| $ / shares	$ 29.00

RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Schedule of Net Unfunded status

The following table sets forth the various plans’ unfunded status and amounts recognized in the Company’s Consolidated Balance Sheets:


(in millions)	December 31, 2025		December 31, 2024
Projected benefit obligation	$	61	$	49
Less: Fair value of plan assets	(6)		(6)
Unfunded status	$	55	$	43

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the Consolidated Balance Sheets are as below:


(in millions)	December 31, 2025		December 31, 2024

Accrued expenses and other current liabilities	$	(6)	$	(1)
Other long-term liabilities	(49)		(42)
Net liability recognized	$	(55)	$	(43)

Schedule of Accumulated Benefit Obligation In Excess of Plan Assets

The following table presents information relating to unfunded status that have an accumulated benefit obligation in excess of plan assets:


(in millions)	December 31, 2025		December 31, 2024
Accumulated benefit obligation	$	47	$	37
Less: Fair value of plan assets	(6)		(6)
Unfunded status	$	41	$	31

Schedule of Weighted-Average Pension Plan Assumptions

The weighted-average assumptions are as follows:


	December 31, 2025				December 31, 2024
	Benefit Obligation		Net Periodic Benefit Cost		Benefit Obligation		Net Periodic Benefit Cost
Weighted-average discount rate	7.41	%	7.00	%	7.00	%	6.28	%
Rate of compensation increase	4.49	%	4.35	%	4.35	%	4.34	%

Social Security increase rate	3.00	%	3.07	%	3.07	%	3.04	%
Pension increase rate (in payment)	0.51	%	0.47	%	0.47	%	0.58	%
Expected long term return on plan assets	N/A		3.25	%	N/A		3.45	%

Schedule of Estimated Benefit Payments

Estimated benefit payments over the next five years and thereafter are as follows:


(in millions)	Total
2026	$	5
2027	6
2028	6
2029	6
2030	7
Thereafter	42
	$	72

SEGMENT INFORMATION - Narrative (Details)	12 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Dec. 31, 2025 segment product_category supplier	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments \| segment	2	2
Number of product categories \| product_category	3
Number of third-party suppliers \| supplier	1,300

INTEREST EXPENSE, NET (Details) - USD ($) $ in Millions	12 Months Ended
INTEREST EXPENSE, NET (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Income and Expenses [Abstract]
Interest expense	$ (945)	$ (1,144)	$ (1,213)
Interest income	133	280	237
Interest expense, net	$ (812)	$ (864)	$ (976)

STOCK-BASED COMPENSATION - Summary of Class B Unit Activity (Details) - Class B Units - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class B Units
Unvested, beginning balance (in shares)	429,007,732
Granted (in shares)	62,943,267
Vested (in shares)	(144,877,004)
Forfeited (in shares)	(4,562,775)
Effect of the Reorganization and IPO (in shares)	(342,511,220)
Unvested, ending balance (in shares)	0	429,007,732
Wtd. Avg. Grant Date Fair Value
Unvested, beginning balance (in dollars per share)	$ 0.37
Granted (in dollars per share)	0.58	$ 0.49	$ 0.36
Vested (in dollars per share)	0.35
Forfeited (in dollars per share)	0.33
Effect of the Reorganization and IPO (in dollars per share)	0.39
Unvested, ending balance (in dollars per share)	$ 0	$ 0.37

RELATED PARTY (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Current portion of long-term borrowings and other short-term borrowing	$ 76	$ 76
Long-term borrowings, less current portion	12,484	16,416
Affiliated entity
Related Party Transaction [Line Items]
Current portion of long-term borrowings and other short-term borrowing	2	3
Long-term borrowings, less current portion	$ 158	$ 450

- 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
-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 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-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

TAX RECEIVABLE AGREEMENT

12 Months Ended

Dec. 31, 2025

TAX RECEIVABLE AGREEMENT

RELATED PARTY

Credit Agreements and Borrowings


(in millions)	December 31, 2025		December 31, 2024
Current portion of long-term borrowings and other short-term borrowing	$	2	$	3
Long-term borrowings, less current portion	158		450

Tax Receivable Agreement

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

- Definition

+ References

+ Details

STOCKHOLDERS’ EQUITY, MEZZANINE EQUITY AND PARTNERS’ CAPITAL

12 Months Ended

Dec. 31, 2025

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 CUPIs, 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 Class B CUPIs holders until the Class B CUPIs holders 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 Class B CUPIs holders, 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 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 CUPIs 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 CUPIs 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 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.

The following table summarizes the changes in the balances of mezzanine equity and partners’ capital for the period prior to Reorganization of January 1, 2025 thru December 16, 2025:


	Year ended December 31, 2025
	Mezzanine Equity								Partners' Capital(1)
	Class A			Stock-based Compensation			Total Mezzanine Equity		Class A			Class B			Class B CUPI			Total Partners’ Capital
(in millions)	Units	Amount		Units	Amount		Amount		Units	Amount		Units	Amount		Units	Amount
Balance, January 1, 2025	128	$	237	106	$	129	$	366	16,723	$	15,976	721	$	123	23	$	48	$	16,147
Net income prior to reorganization transactions	—	7		—	6		13		—	1,112		—	38		—	3		1,153

Distributions to partners prior to reorganization transactions	—	(4)		—	(4)		(8)		—	(471)		—	(39)		—	—		(510)
Reclass from liability-classified units prior to reorganization transactions	—	—		—	—		—		—	—		51	10		—	—		10
Units repurchased prior to reorganization transactions	—	—		(5)	(4)		(4)		—	—		(44)	(29)		—	—		(29)
Stock-based compensation prior to reorganization transactions	—	—		—	—		—		—	—		6	59		—	—		59
Balance, December 16, 2025	128	$	240	101	$	127	$	367	16,723	$	16,617	734	$	162	23	$	51	$	16,830

(1) Reflects Partners’ Capital, net of Accumulated other comprehensive income.

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 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 Consolidated Balance Sheets.

Accumulated other comprehensive income

The following tables summarize the change in the balance of Accumulated other comprehensive income (loss) by component and in total:



(in millions)	Unrealized gain (loss) on derivative instruments		Currency translation adjustments		Retirement plans, net of tax		Accumulated other comprehensive income
Balance, January 1, 2025	$	124	$	(114)	$	1	$	11
Other comprehensive income (loss) before reclassifications	(3)		129		(8)		118
Amount reclassified to earnings	(86)		—		—		(86)
Net other comprehensive income (loss)	(89)		129		(8)		32
Less: Effect of the reorganization transactions	13		6		(3)		16
Balance, December 31, 2025	$	22	$	9	$	(4)	$	27



(in millions)	Unrealized gain (loss) on derivative instruments		Currency translation adjustments		Retirement plans, net of tax		Accumulated other comprehensive income
Balance, January 1, 2024	$	212	$	(25)	$	1	$	188
Other comprehensive income (loss) before reclassifications	77		(89)		—		(12)
Amount reclassified to earnings	(165)		—		—		(165)
Net other comprehensive loss	(88)		(89)		—		(177)
Balance, December 31, 2024	$	124	$	(114)	$	1	$	11



(in millions)	Unrealized gain (loss) on derivative instruments		Currency translation adjustments		Retirement plans, net of tax		Accumulated other comprehensive income
Balance, January 1, 2023	$	327	$	(68)	$	3	$	262
Other comprehensive income (loss) before reclassifications	47		43		(2)		88
Amount reclassified to earnings	(162)		—		—		(162)
Net other comprehensive (loss) income	(115)		43		(2)		(74)
Balance, December 31, 2023	$	212	$	(25)	$	1	$	188

See Note 15—Derivatives and Hedging Activities Risk Management for additional information regarding hedging activity.

- Definition

The entire disclosure for equity.

+ References

+ Details

NET INCOME (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

NET INCOME (LOSS) 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 net income per share for the periods prior to the IPO is not meaningful and not presented herein.

The Company computes net income (loss) 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 net income (loss) per share of Class B common stock has not been presented.

Basic net income (loss) per share attributable to the Company’s stockholders is computed by dividing net income (loss) attributable to the Company by the weighted-average number of Class A common stock outstanding during the period. Diluted net income (loss) 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, liability-classified stock awards, stock options, RSAs, and RSUs to the extent these are dilutive.

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


(in millions, except number of shares and per share amounts)	Period from December 17, 2025 through December 31, 2025
	Class A
Basic and diluted net loss per share:
Numerator
Net loss	$	(9)
Less: Net loss attributable to noncontrolling interests	(2)
Net loss attributable to Medline Inc.	$	(7)
Adjustment to net loss attributable to Medline Inc.	—
Numerator for net loss per share	$	(7)
Denominator
Weighted-average number of Class A common stock outstanding	809,688,877
Basic and diluted net loss per share	$	(0.01)

The following table presents outstanding shares of potentially dilutive securities excluded from the calculation of diluted net income (loss) per share because including them would have had an anti-dilutive effect, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied at the end of the respective period:


			Period from December 17, 2025 through December 31, 2025
Class B common stock			502,045,878
RSAs			1,958,657
RSUs			523,795
Stock options			6,770,442
Incentive units			41,788,894
Liability-classified awards			566,029
Total anti-dilutive securities			553,653,695

NET INCOME (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


(in millions, except number of shares and per share amounts)	Period from December 17, 2025 through December 31, 2025
	Class A
Basic and diluted net loss per share:
Numerator
Net loss	$	(9)
Less: Net loss attributable to noncontrolling interests	(2)
Net loss attributable to Medline Inc.	$	(7)
Adjustment to net loss attributable to Medline Inc.	—
Numerator for net loss per share	$	(7)
Denominator
Weighted-average number of Class A common stock outstanding	809,688,877
Basic and diluted net loss per share	$	(0.01)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


			Period from December 17, 2025 through December 31, 2025
Class B common stock			502,045,878
RSAs			1,958,657
RSUs			523,795
Stock options			6,770,442
Incentive units			41,788,894
Liability-classified awards			566,029
Total anti-dilutive securities			553,653,695

GOODWILL AND INTANGIBLE ASSETS - Schedule of Future Amortization (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 704
2027	704
2028	704
2029	702
2030	701
Thereafter	6,548
Net Carrying Amount	$ 10,063	$ 10,729

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 8,065	$ 7,532
Acquisitions		538
Allocation to reporting segments		8,070
Measurement period adjustments	4
Currency translation adjustments	10	(5)
Goodwill, ending balance	8,079	8,065
Medline Brand
Goodwill [Roll Forward]
Goodwill, beginning balance	6,712
Acquisitions
Allocation to reporting segments		6,716
Measurement period adjustments	4
Currency translation adjustments	8	(4)
Goodwill, ending balance	6,724	6,712
Supply Chain Solutions
Goodwill [Roll Forward]
Goodwill, beginning balance	1,353
Acquisitions
Allocation to reporting segments		1,354
Measurement period adjustments	0
Currency translation adjustments	2	(1)
Goodwill, ending balance	$ 1,355	$ 1,353

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
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+ Details

CREDIT AGREEMENTS AND BORROWINGS - Narrative - Long-Term Debt (Details) € in Millions, $ in Millions			12 Months Ended
	Dec. 18, 2025 USD ($)	Jul. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) amendment	Dec. 31, 2024 EUR (€) amendment	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)
Debt Instrument [Line Items]
Number of amendments \| amendment				3	3
Loss on extinguishment of debt			$ 58	$ 32		$ 0
Secured debt
Debt Instrument [Line Items]
Debt modification expense			6	24
Loss on extinguishment of debt			$ 58	32
Secured debt \| 3.875% fixed rate note
Debt Instrument [Line Items]
Principal amount							$ 4,500
Stated interest rate			3.875%				3.875%	3.875%
Secured debt \| 6.250% fixed rate note
Debt Instrument [Line Items]
Principal amount				$ 1,500
Stated interest rate			6.25%	6.25%
Secured debt \| Dollar Term Loans
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			$ 76	$ 50
Secured debt \| Dollar Term Loan Facility, Maturing October 2028
Debt Instrument [Line Items]
Principal amount		$ 4,074
Repayment for long-term borrowings	$ 3,281
Secured debt \| Dollar Term Loan Facility, Maturing October 2030
Debt Instrument [Line Items]
Principal amount		$ 3,500
Secured debt \| Euro Term Loans
Debt Instrument [Line Items]
Principal amount \| €								€ 435
Principal amount, increase \| €					€ 185
Repayment for long-term borrowings	$ 730
Repayment for long-term borrowings, amortization			$ 0	$ 0
Secured debt \| Euro Term Loans \| Minimum
Debt Instrument [Line Items]
Margin spread				2.25%	2.25%
Secured debt \| Euro Term Loans \| Maximum
Debt Instrument [Line Items]
Margin spread				2.75%	2.75%
Unsecured debt \| 5.250% fixed rate note
Debt Instrument [Line Items]
Principal amount							$ 2,500
Stated interest rate			5.25%				5.25%	5.25%
Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 2,375
Percent of consolidated EBITDA, threshold							100.00%	100.00%

STOCK-BASED COMPENSATION - Summary of Stock Option Weighted Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0.00%
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average future dividends (in dollars per share)	$ 11.97
Dividend yield	0.00%
Expected Volatility	35.00%
Stock options \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years 1 month 6 days
Risk-free interest rate	3.70%
Stock options \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 6 months
Risk-free interest rate	3.80%

- 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 - Narrative - Equity-Classified Awards - Prior to Reorganization and IPO (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) class $ / shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 17, 2025 class
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of classes \| class	3			3
Stock-based compensation expense	$ 79	$ 61	$ 73
MPU Award
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	0	0	217
Class B CUPI
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested in period, fair value			13
Class B Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested in period, fair value	$ 50	$ 39	$ 45
Award vesting period			5 years
Award vesting rights, percentage			20.00%
Granted (in dollars per share) \| $ / shares	$ 0.58	$ 0.49	$ 0.36
Stock-based Compensation
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of classes \| class	2

INVENTORIES - Schedule of Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials and work in process, net	$ 748	$ 676
Finished goods, net	4,021	3,780
Inventories, net	$ 4,769	$ 4,456

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

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)	December 31, 2025		December 31, 2024
Payroll	$	323	$	330
Customer rebates and distributor chargebacks	406		365
Interest payable, net	144		163
Indirect tax payable	87		83
Lease liability	66		76
Litigation accrual (EtO)	—		174
Income taxes payable	24		4
Other	402		298
Total accrued expenses and other current liabilities	$	1,452	$	1,493

GOODWILL AND INTANGIBLE ASSETS - Schedule of Finite-Lived and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 12,884	$ 12,845
Accumulated Amortization	(2,821)	(2,116)
Net Carrying Amount	10,063	10,729
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	16,714	16,675
Accumulated Amortization	(2,821)	(2,116)
Net Carrying Amount	13,893	14,559
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	15 years	16 years
Gross Carrying Amount	$ 10,692	$ 10,679
Accumulated Amortization	(2,364)	(1,787)
Net Carrying Amount	8,328	8,892
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (2,364)	$ (1,787)
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	5 years	6 years
Gross Carrying Amount	$ 25	$ 24
Accumulated Amortization	(10)	(4)
Net Carrying Amount	15	20
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (10)	$ (4)
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	15 years	16 years
Gross Carrying Amount	$ 2,167	$ 2,142
Accumulated Amortization	(447)	(325)
Net Carrying Amount	1,720	1,817
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (447)	$ (325)

RETIREMENT PLANS - Schedule of Accumulated Benefit Obligation In Excess of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Retirement Benefits [Abstract]
Accumulated benefit obligation	$ 47	$ 37
Less: Fair value of plan assets	(6)	(6)
Unfunded status	$ 41	$ 31

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Chicago, Illinois
Auditor Firm ID	42

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSThe Company has evaluated its consolidated financial statements for subsequent events through February 25, 2026, the date the consolidated financial statements were available to be issued.

SEGMENT INFORMATION - Schedule of Sales and Long-Lived Assets by Geographical Areas (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Net sales	$ 28,432	$ 25,507	$ 23,231
Consolidated long-lived assets, net	5,210	4,979
United States
Segment Reporting, Asset Reconciling Item [Line Items]
Net sales	26,479	23,747	21,800
Consolidated long-lived assets, net	4,433	4,329
United States \| Acute care
Segment Reporting, Asset Reconciling Item [Line Items]
Net sales	19,506	17,491	15,906
United States \| Non-Acute care
Segment Reporting, Asset Reconciling Item [Line Items]
Net sales	6,973	6,256	5,894
International
Segment Reporting, Asset Reconciling Item [Line Items]
Net sales	1,953	1,760	$ 1,431
Consolidated long-lived assets, net	$ 777	$ 650

- 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

ACQUISITIONS

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

ACQUISITIONS

Microtek

On August 1, 2024, the Company acquired all of the outstanding shares of the global surgical solutions business of Ecolab (the “Microtek” business) pursuant to a share purchase agreement for $905 million cash consideration. The primary purpose of the business combination was to expand the Medline Brand business (defined in Note 20—Segment Information) by creating synergies based on Ecolab’s expertise in innovative sterile drape solutions for patients and operating room equipment, while also bolstering a capability for temperature management systems used in the operating room. This acquisition also creates an opportunity for the Company to add design and development capabilities to support original equipment manufacturer customers. With these new capabilities, the Company will be able to support cutting edge medical device companies to bring innovative solutions to healthcare customers. The Company will also use its existing platform to expand margins on acquired Microtek contracts.

The acquisition met the requirements to be considered a business combination under ASC 805, “Business Combinations” (“ASC 805”) and was accounted for using the acquisition method of accounting. Results of operations of this acquired business are included in the Company’s consolidated financial statements beginning from the date of acquisition. The Microtek acquisition contributed $127 million of net sales and an immaterial amount of net income for the year ended December 31, 2024. The Company has allocated the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed based on their fair market values at the acquisition date as required under ASC 805.

During the year ended December 31, 2025, the Company recorded measurement period adjustments as a result of additional facts and circumstances that existed as of the acquisition date. Total net adjustments of $4 million were offset by an increase in goodwill acquired from $418 million to $422 million. The adjustments primarily relate to updated valuations of Trade accounts receivable, Inventories, Other long-term assets and Other long-term liabilities as well as a reclassification of $11 million from Other long-term liabilities to Accrued expenses and other current liabilities. In addition, an adjustment which decreased Trade accounts receivable also reduced the purchase price by $6 million. These adjustments did not have a material impact on the Consolidated Statements of Comprehensive Income.

The Company has allocated the final purchase price to the assets acquired and the liabilities assumed based on their fair values as of August 1, 2024 as below:


(in millions)	Amount
Cash and cash equivalents	$	36
Trade accounts receivable	40
Other current assets	8
Inventories	113
Property, plant, and equipment	41
Other long-term assets	17
Intangible assets	336
Accounts payable	(39)
Accrued expenses and other current liabilities	(46)
Other long-term liabilities	(22)
Income taxes payable	(1)
Total identifiable net assets	483
Goodwill	422
Net assets acquired, at fair value	$	905

The excess of the purchase price over the fair value of the net identifiable tangible and intangible assets was recorded as goodwill. $427 million of the goodwill is estimated to be tax deductible over the amortizable period. Goodwill is comprised of expected synergies related to the combined operations, trade name, and customer relationships acquired in the business combination.

At the date of acquisition, the fair values for trade name and developed technology were determined using the relief from royalty method and the fair value of customer relationships was determined using the distributor method. The Company considers the fair value of the intangible assets to be Level 3 measurements due to the significant estimates and assumptions used by management in establishing the fair value which includes discount rates, revenue growth and royalty rates. The identifiable intangible assets acquired subject to amortization have a weighted average useful life of 11 years.

Below is a summary of the intangible assets acquired in the acquisition:


(in millions)	Amount		Useful life
Trade Name	$	60	Indefinite
Developed Technology	186		10 years
Customer Relationships	90		12 years
Total	$	336

The following unaudited pro forma results were prepared using the acquisition method of accounting and were based on the historical financial information of the Company and Microtek. In order to reflect the occurrence of the acquisition of January 1, 2023 as required, the unaudited pro forma financial information includes adjustments to reflect the incremental amortization expense to be incurred based on the fair value of the intangible assets acquired, incremental cost of sales related to the fair value adjustments on acquisition-date inventory, and the reclassification of acquisition-related costs incurred during the years ended December 31, 2024 and 2023. The pro forma results below are not necessarily indicative of the results that would have been if this acquisition had occurred on the dates indicated, nor are the pro forma results indicative of results which may occur in the future. The proforma result does not reflect any realization of cost savings or synergies associated with the acquisition.


	Year ended
(in millions)	December 31, 2024		December 31, 2023

Net revenue	$	25,689	$	23,588
Net income	1,272		261

For the year ended December 31, 2024, the Company incurred $25 million of incremental cost of sales from the fair value step-ups on acquired Microtek inventory that was sold in 2024. The Company also incurred $11 million of additional amortization expense from the fair values of identifiable intangible assets acquired. The unaudited pro forma combined financial information includes adjustments to reflect incremental amortization expense based on the fair values of the identifiable intangible assets acquired and some immaterial nonrecurring transaction expenses directly attributable to the acquisition.

Acquisition-related costs for Microtek were included in Selling, general and administrative expenses in the Company’s Consolidated Statements of Comprehensive Income as incurred during the years ended December 31, 2025 and 2024 were not material.

Sinclair Dental

On February 1, 2024, the Company, through its indirect wholly-owned subsidiary Medline Canada, Corporation, acquired all the outstanding shares of Sinclair Dental Co. Ltd. (“Sinclair Dental”) pursuant to the terms of a share purchase agreement in exchange for $195 million cash consideration. The primary purpose of the acquisition was to expand Medline Supply Chain Solutions business (defined in Note 20—Segment Information) by creating synergies based on Sinclair Dental’s expertise in dental equipment and supplies distribution and expand the Company’s product and service offerings. The Company will also use its existing platform to expand margins on acquired Sinclair Dental contracts. The acquisition met the requirements to be considered a business combination under ASC 805 and was accounted for using the acquisition method of accounting. Results of operations of this acquired business are included in the Company’s consolidated financial statements beginning from the date of acquisition. The Company has allocated the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed based on their fair market values at the acquisition date as required under ASC 805.

The Company has allocated the final purchase price to the assets acquired and the liabilities assumed based on their fair values as of February 1, 2024 as below:


(in millions)	Amount
Cash and cash equivalents	$	3
Trade accounts receivable	29
Other current assets	2
Inventories	24
Property, plant, and equipment	3
Other long-term assets	6
Intangible assets	93
Accounts payable	(8)
Accrued expenses and other current liabilities	(21)
Other long-term liabilities	(7)
Income taxes payable	(16)
Total identifiable net assets	108
Goodwill	87
Net assets acquired, at fair value	$	195

The excess of the purchase price over the fair value of the net identifiable tangible and intangible assets was recorded as goodwill and is not deductible for tax purposes. Goodwill is comprised of expected synergies for the combined operations, trade name, and customer relationships acquired in the business combination.

At the date of acquisition, the fair value for trade name was determined using the relief from royalty method and the fair value of customer relationships was determined using the excess earnings method. The Company considers the fair value of the intangible assets to be Level 3 measurements due to the significant estimates and assumptions used by management in establishing the fair value which includes discount rates, revenue growth and royalty rates. The intangible assets acquired subject to amortization have a weighted average useful life of 13 years. Below is a summary of the intangible assets acquired in the acquisition:


(in millions)	Amount		Useful life
Trade name	$	19	7 years
Customer relationships	74		14 years
Total	$	93

Acquisition-related costs for Sinclair Dental were included in Selling, general and administrative expenses in the Company’s Consolidated Statements of Comprehensive Income as incurred during the year ended December 31, 2024 and were not material.

United Medco

On January 4, 2024, the Company acquired 100% of the shares of United Medco, LLC. United Medco, LLC is a national wholesaler and distributor of over-the-counter drugs, personal care, and daily living products to the managed care marketplace. Total purchase consideration of $53 million consisted of $33 million cash consideration and a contingent liability at a fair value of $20 million at closing. United Medco, LLC brought growth to the Company’s health plans business by augmenting the Company’s best-in-class distribution capabilities and expanding the Company’s supplemental benefits offerings. The Company gained access to United Medco, LLC’s valued customer base and further grew in the managed care space.

The acquisition met the requirements to be considered a business combination under ASC 805 and was accounted for using the acquisition method of accounting. Results of operations of this acquired business are included in the Company’s consolidated financial statements beginning as of the date of acquisition. The Company has allocated the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed based on their fair market values at the acquisition date as required under ASC 805.

The maximum payout amount under the contingent liability is $35 million. The actual payout amount is based on the defined metrics for fiscal year 2024 and 2025 and will be paid over two years. The Company recorded the contingent liability of $20 million on the acquisition date with $8 million as Other current liabilities and $12 million as Other long-term liabilities in the Company’s Consolidated Balance Sheets. At the date of acquisition, the fair value of contingent consideration liability was estimated using a Monte Carlo simulation model. The contingent liability will be remeasured to fair value at each reporting date until the liability is resolved, with changes in fair value being recognized within Other operating expenses in the Company’s Consolidated Statements of Comprehensive Income.

The Company has allocated the final purchase price to the assets acquired and the liabilities assumed based on their fair values as of January 4, 2024 as below:


(in millions)	Amount
Inventories	$	9
Trade accounts receivable	5
Property, plant, and equipment	2
Other long-term assets	2
Intangible assets	24
Accounts Payable	(10)
Accrued expenses and other current liabilities	(7)
Other long-term liabilities	(1)
Total identifiable net assets	24
Goodwill	29
Net assets acquired, at fair value	$	53

The excess of the purchase price over the fair value of the net identifiable tangible and intangible assets was recorded as goodwill and is fully deductible for tax purposes. Goodwill is comprised of expected synergies for the combined operations.

At the date of acquisition, the fair value for trade name was determined using the relief from royalty method and the fair value of customer relationships was determined using the excess earnings method. The Company considers the fair value of the intangible assets to be Level 3 measurements due to the significant estimates and assumptions used by management in establishing the fair value which includes discount rates, revenue growth and royalty rates. The intangible assets acquired subject to amortization have a weighted average useful life of 10 years. Below is a summary of the intangible assets acquired in the acquisition:


(in millions)	Amount		Useful life
Trade name	$	2	2 years
Customer relationships	22		11 years
Total	$	24

Acquisition-related costs for United Medco were included in Selling, general and administrative expenses in the Company’s Consolidated Statements of Comprehensive Income as incurred during the year ended December 31, 2024 and were not material.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

LEASES - Schedule of Operating Leases Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease right-of-use assets	$ 432	$ 384
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current portion of operating lease liabilities	$ 66	$ 76
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Long-term operating lease liabilities	$ 386	$ 329
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Total operating lease liabilities	$ 452	$ 405

INCOME TAXES - Schedule of Income Taxes Paid, Net of Refunds (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Federal	$ 12
State	3
Total	62	$ 101	$ 52
Canada, federal
Effective Income Tax Rate Reconciliation [Line Items]
Foreign	13
Canada, Territories
Effective Income Tax Rate Reconciliation [Line Items]
Foreign	2
Mexico
Effective Income Tax Rate Reconciliation [Line Items]
Foreign	15
Netherlands
Effective Income Tax Rate Reconciliation [Line Items]
Foreign	4
Other
Effective Income Tax Rate Reconciliation [Line Items]
Foreign	$ 13

STOCK-BASED COMPENSATION - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2025	Dec. 17, 2025
Stock Options
Outstanding, beginning (in shares)	6,770,442
Granted (in shares)	0
Exercised (in shares)	0
Forfeited (in shares)	0
Outstanding, ending (in shares)	6,770,442	6,770,442
Options exercisable (in shares)	0
Options expected to vest (in 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	$ 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	$ 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	10 years	10 years
Options expected to vest, average remaining contractual term	10 years
Outstanding, aggregate intrinsic value	$ 88
Expected to vest, aggregate intrinsic value	$ 88

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

Income Before Income Tax Expense by Category

Income before taxes and equity in earnings of affiliates from continuing operations was as follows:


	Year ended
(in millions)	December 31, 2025		December 31, 2024		December 31, 2023
United States	$	929	$	952	$	15
International	319		294		249
Income before provision for income taxes	$	1,248	$	1,246	$	264

Income Tax Expense

Income tax expense for each reporting period consists of the following:


	Year ended
(in millions)	December 31, 2025		December 31, 2024		December 31, 2023
Current income tax expense:
U.S. federal income tax expense	$	24	$	6	$	—
State income tax expense	4		6		7
Foreign income tax expense in various foreign tax jurisdictions	83		58		46
Total current	111		70		53
Deferred income tax expense:
U.S. federal income tax expense	4		—		—
State income tax expense	—		—		—
Foreign income tax expense in various foreign tax jurisdictions	(24)		(24)		(23)
Total deferred	(20)		(24)		(23)
Provision for income taxes	$	91	$	46	$	30

Deferred Tax Assets and Liabilities

The following table presents the components of deferred tax assets and liabilities:


(in millions)	December 31, 2025		December 31, 2024
Deferred tax asset


Net operating loss and credit carryforwards	$	256	$	2
Interest expense carryforward	142		—
Future tax benefits from TRA payments	310		—
Pensions and other post-retirement benefits	14		13
Accrued expenses	17		10
Others	8		4
Valuation allowance	—		(1)
Total deferred tax asset	747		28

Deferred tax liability
Investment in partnership	(157)		—
Intangibles	(170)		(183)
Property, plant, and equipment	(34)		(37)
Inventories	—		(1)
Others	(2)		(2)
Total deferred tax liability	(363)		(223)

Net deferred tax asset (liability)	$	384	$	(195)

As of December 31, 2025, the Company had foreign net operating loss (“NOL”) carryforwards of $10 million. Out of this, $8 million of the foreign NOL carryforwards will expire between 2027 and 2035, and $2 million of the foreign NOL carryforwards have no expiration date.

As part of the IPO Reorganization, the Company acquired $911 million of U.S. NOL carryforwards. As of December 31, 2025, the Company had U.S. NOL carryforwards of $964 million which have no expiration date.

Realization of the NOL carryforwards depends on generating sufficient future earnings. An immaterial valuation allowance was recognized as of December 31, 2025 and 2024 to reduce the deferred tax assets associated with NOL carryforwards because the Company does not believe it is more likely than not that these assets will be fully realized prior to expiration.

The following table is a summary of changes in our deferred tax valuation allowance:


	Year ended
(in millions)	December 31, 2025		December 31, 2024		December 31, 2023
Balance at the beginning of the period	$	1	$	—	$	—
Charges to income tax expense	(1)		1		—
Balance at the end of the period	$	—	$	1	$	—

The Company did not have any unrecognized tax benefits recorded on its Consolidated Balance Sheets as of December 31, 2025 and 2024.

Income Tax Expense Reconciliation

The Company has elected to prospectively adopt the guidance in ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective tax rate in accordance with ASU 2023-09.


	Year ended
(in millions)	December 31, 2025
Income tax expense at U.S. statutory rate	$	262	21.0	%
State and local tax effect, net of federal benefit (1)	4		0.4	%
Statutory income tax rate differential (2)	(19)		(1.5)	%
Effects of changes in tax laws or rates enacted in the current period	2		0.1	%
Effects of cross-border tax laws (3)	2		0.2	%
Changes in valuation allowance	(1)		(0.1)	%
Nontaxable or non deductible items
Impact of non-taxable partnership earnings	(160)		(12.8)	%
Other	1		—	%
Income tax expense	$	91	7.3	%

(1) During the year ended December 31, 2025, state and local taxes in New York City and Tennessee comprised greater than 50% of the tax effect in this category.

(2) Includes the impact of the global minimum tax under Pillar Two.

(3) GILTI and Subpart F, net of Section 250 deduction and Foreign Tax Credits.

The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective tax rate prior to the adoption of ASU 2023-09.


	Year ended
(in millions)	December 31, 2024		December 31, 2023
Income tax expense at U.S. statutory rate	$	262	$	55
Tax rate differential	(211)		(42)
Tax holidays	(2)		(1)
GILTI & Subpart F income	34		28
Tax credits	(32)		(24)
State tax effect	6		7
Changes in NOL	1		1
Nontaxable or non deductible items	(12)		5
Other	—		1
Income tax expense	$	46	$	30

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.

Cash paid, net of refunds received, for income taxes consisted of the following:


	Year ended
(in millions)	December 31, 2025
Federal	$	12
State	3
Foreign
Canada
Federal	13
Territories	2
Mexico	15
Netherlands	4
Other	13
Total	$	62

Tax Holidays

The Company receives tax holidays as a result of Free Trade Zones in United Arab Emirates, Panama, and the Dominican Republic. The financial impact of the reductions as compared to the statutory tax rate is indicated in the income tax expense reconciliation table above.

Examinations of Tax Returns

The Company currently files income tax returns in the U.S. and all foreign jurisdictions in which it has entities, which are periodically under audit by federal, state, and foreign tax authorities. As of December 31, 2025, the Company had ongoing audits in the U.S. for tax year 2021 and in Canada, Germany, India, Italy, Vietnam, and other jurisdictions for the tax years 2014 through 2024. While the final outcome of these matters is inherently uncertain, the Company does not believe that any of these pose a material risk to the consolidated financial statements. During 2025, the Company closed audits in the U.S., India, and Switzerland, with no material adjustments to the Company’s consolidated financial statements.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

STOCK-BASED COMPENSATION - Summary of Valuation Assumptions (Details)	12 Months Ended	60 Months Ended
	Dec. 31, 2025	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0.00%
Class B Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield		0.00%
Class B Units \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)		3 years 7 months 6 days
Risk-free interest rate		1.20%
Expected Volatility		35.00%
Class B Units \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)		6 years
Risk-free interest rate		4.60%
Expected Volatility		48.00%

- 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

COMMITMENTS AND CONTINGENCIES - Schedule of Unconditional Purchase Obligations (Details) $ in Millions	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 172
2027	162
2028	169
2029	172
2030	115
Thereafter	59
Total	$ 849

DERIVATIVES AND HEDGING ACTIVITIES RISK MANAGEMENT - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Cash flow hedge, decrease to interest expense in next 12 months	$ 34
Notional amount, annual incremental decrease	$ 500	$ 500
Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount			$ 1,450
Interest rate caps
Derivative [Line Items]
Derivative, Notional Amount			$ 1,000

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

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, 2023					$	7,532
Acquisitions					538
Allocation to reporting segments	$	6,716	$	1,354	$	8,070
Currency translation adjustments	(4)		(1)		(5)
Balance, December 31, 2024	$	6,712	$	1,353	$	8,065
Measurement period adjustments	4		—		4
Currency translation adjustments	8		2		10
Balance, December 31, 2025	$	6,724	$	1,355	$	8,079

Schedule of Finite-Lived Intangible Assets

Identifiable intangible assets consist of the following as of:


	December 31, 2025							December 31, 2024
(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	15	$	10,692	$	(2,364)	$	8,328	16	$	10,679	$	(1,787)	$	8,892
Trade names	5	25		(10)		15		6	24		(4)		20
Developed technology	15	2,167		(447)		1,720		16	2,142		(325)		1,817
Total finite-lived intangible assets		$	12,884	$	(2,821)	$	10,063		$	12,845	$	(2,116)	$	10,729
Indefinite-lived trade names		$	3,830	—		$	3,830		$	3,830	—		$	3,830
Intangible assets, net		$	16,714	$	(2,821)	$	13,893		$	16,675	$	(2,116)	$	14,559

Schedule of Indefinite-Lived Intangible Assets

Identifiable intangible assets consist of the following as of:


	December 31, 2025							December 31, 2024
(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	15	$	10,692	$	(2,364)	$	8,328	16	$	10,679	$	(1,787)	$	8,892
Trade names	5	25		(10)		15		6	24		(4)		20
Developed technology	15	2,167		(447)		1,720		16	2,142		(325)		1,817
Total finite-lived intangible assets		$	12,884	$	(2,821)	$	10,063		$	12,845	$	(2,116)	$	10,729
Indefinite-lived trade names		$	3,830	—		$	3,830		$	3,830	—		$	3,830
Intangible assets, net		$	16,714	$	(2,821)	$	13,893		$	16,675	$	(2,116)	$	14,559

Schedule of Future Amortization Expense

Estimated amortization expense for the next five years and thereafter is as follows:


(in millions)	Total
2026	$	704
2027	704
2028	704
2029	702
2030	701
Thereafter	6,548
	$	10,063

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Section 55
-Paragraph 24
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Financial Information by Segment

The following tables present financial information by segment:



	Year ended
(in millions)	December 31, 2025		December 31, 2024		December 31, 2023
Net sales to external customers:
Front Line Care	$	6,514	$	6,088	$	5,845
Surgical Solutions	6,166		5,471		4,931
Laboratory and Diagnostics	1,040		956		837
Medline Brand	$	13,720	$	12,515	$	11,613
Supply Chain Solutions	14,712		12,992		11,618
Consolidated net sales to external customers	$	28,432	$	25,507	$	23,231













Segment Adjusted EBITDA:
Medline Brand	$	3,334	$	3,269	$	2,704
Supply Chain Solutions	805		647		491
Subtotal	4,139		3,916		3,195
Corporate & Other	(672)		(555)		(427)
Interest expense, net	(812)		(864)		(976)
Depreciation and amortization	(1,011)		(977)		(951)
Inventory-related adjustments	(83)		(78)		(150)
Stock-based compensation expense	(79)		(61)		(78)
Litigation gains (charges), net	33		(2)		(161)
Transaction-related costs (1)	(58)		(18)		(142)
Other non-core charges, net (2)	(209)		(115)		(46)
Income before income taxes	$	1,248	$	1,246	$	264

(1) Represents acquisition and integration related costs, IPO related costs, gain related to acquisition of equity investment, gain due to a change in valuation estimate related to an acquisition, and the compensation expense related to the Liquidity MPU Payouts. See Note 17—Stock-Based Compensation for additional information on Liquidity MPU Payouts.

(2) Represents loss on debt extinguishment and other refinancing costs and fees, credit loss expense related to customer bankruptcies, loss on disposals of assets and exits, realized and unrealized foreign currency and investment losses and costs, and other items.

Schedule of Sales and Long-Lived Assets by Geographical Areas

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



	Year ended
(in millions)	December 31, 2025		December 31, 2024		December 31, 2023
Net sales to external customers:
Acute care (1)	$	19,506	$	17,491	$	15,906
Non-Acute care (2)	6,973		6,256		5,894
United States	26,479		23,747		21,800
International	1,953		1,760		1,431
Consolidated net sales to external customers	$	28,432	$	25,507	$	23,231

(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)	December 31, 2025		December 31, 2024
Long-lived assets by geographical area (1):
United States	$	4,433	$	4,329
International	777		650
Consolidated long-lived assets, net	$	5,210	$	4,979

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

NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation and Fiscal Periods

The consolidated financial statements and accompanying notes are prepared in accordance with United States generally accepted accounting principles (“GAAP”). The results of businesses acquired or disposed of are included in the 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 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 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 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 Consolidated Balance Sheets and 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

The preparation of the 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 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, deferred tax valuations, depreciation and amortization, actuarial assumptions, and fair value allocations related to business combinations. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid financial instruments with an original maturity of 90 days or less to be cash equivalents. Due to the short-term nature of these instruments, the carrying values approximate the fair market value. The Company presents its cash and cash equivalents under the liability extinguishment approach and, as a result, classifies its book overdrafts independent of deposit accounts as current liabilities. Of the cash held on deposit, essentially all of the cash balances were in excess of amounts insured by the Federal Deposit Insurance Corporation or other foreign provided bank insurance. The Company performs periodic evaluations of these institutions for relative credit standing and has not experienced any losses as a result of its cash concentration. Restricted cash represents cash balances restricted as to withdrawal or use and are included in Other current assets on the Consolidated Balance Sheets. As of December 31, 2025, restricted cash was not material. As of December 31, 2024, restricted cash includes $47 million held in an escrow account related to settlement for ethylene oxide sterilization (“EtO”) litigation.

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined primarily by the last-in, first-out (“LIFO”) method. The LIFO method presumes that the most recent inventory purchases are the first items sold and the inventory cost under LIFO approximates market. A LIFO charge is recognized when the net effect of price increases on products held in inventory exceeds the impact of price declines, including the effect of products that have lost market exclusivity. A LIFO credit is recognized when the net effect of price declines exceeds the impact of price increases on products held in inventory. The Company recognized increases in the LIFO reserve of $83 million, $53 million, and $61 million in the years ended December 31, 2025, 2024 and 2023, respectively, all within Cost of goods sold in the Consolidated Statements of Comprehensive Income. For certain foreign subsidiaries, cost is determined using the first-in, first-out (“FIFO”) method. The LIFO method was used to value approximately 89% of the Company’s inventories for both December 31, 2025 and 2024. Estimated provisions are established for slow-moving and obsolete inventory based on historical and forecasted sales trends. Rebates received from vendors relating to the purchase or distribution of inventory are considered product discounts and are accounted for as a reduction in the cost of inventory and are recognized when the inventory is sold.

Accounts Receivable, Net of Allowance for Credit Losses

Accounts receivable are carried at amortized cost less an allowance for credit losses. Credit losses are determined utilizing a forward-looking model and are recognized in accordance with Accounting Standard Codification (“ASC”) 326 Financial Instruments - Credit Losses. The allowance for credit losses reflects the best estimate of future losses over the contractual life of outstanding accounts receivable and is determined on the basis of historical experience, specific allowances for known troubled accounts, other currently available information including customer’s financial condition, and both current and forecasted economic conditions. The Company charges interest on overdue receivables and evaluates the collection of this interest. Net interest on overdue receivables was not material as of December 31, 2025, 2024 and 2023. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received. The Company does not reduce customer rebates from accounts receivable as right of set-off does not exist, and therefore, they are classified separately under Accrued expenses and Other Current Liabilities

Concentrations of Credit Risk

The Company diversifies the concentration of its cash by maintaining deposits with a number of major banks and investing in money market funds. The Company has a primary customer base within the healthcare industry, which is subject to volatility. Generally, the Company does not require collateral from its customers. The Company performs regular credit evaluations of the Company’s customers’ financial conditions and maintains reserves for expected losses through the established allowance for credit losses

Research and Development Expenses

Research and development expenses are charged to earnings as incurred.

Property, Plant, and Equipment

Property, plant, and equipment are stated at cost less accumulated depreciation and amortization, using straight-line method over estimated useful lives. Fully depreciated assets remain on the books until disposal, at which point, the costs and accumulated depreciation are removed, and any resulting gain or loss is recognized in net income. Maintenance and repairs are expensed as incurred, while significant renewals are capitalized. Leasehold improvements are amortized over the shorter of their useful life or lease term.


Asset Class						Useful Life

Buildings and Improvements - Owned						15-40 years
Building Improvements - Leased						Shorter of 10 years/Remaining lease term
Land Improvements						15 years
Machinery and Equipment						3-20 years
Computer Software						3 years
Furniture and Fixtures						7 years
Auto and Trucks						5-7 years

Impairment of Long-Lived Assets

The Company reviews long-lived assets, including property, plant, and equipment, definite-lived intangible assets and right-of-use assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of an asset or asset group may not be fully recoverable. An impairment loss would be recognized when the estimated undiscounted future cash flow from use of the asset and its eventual disposition is less than the carrying amount of that asset. The amount of the impairment loss recorded is calculated by the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis if market value is not readily available or attainable.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets acquired and liabilities assumed for a business combination.

The Company performs its annual goodwill impairment test in October and monitors for interim indicators of impairment on an ongoing basis. Goodwill is tested for impairment at the reporting unit level. When performing the annual goodwill impairment assessment, the Company has the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If management concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company conducts a quantitative goodwill impairment test; otherwise, no further analysis is required.

The quantitative goodwill impairment test compares the estimated fair value of each reporting unit to its carrying value. If the carrying value of a reporting unit exceeds its estimated fair value, an impairment charge is recognized in an amount equal to that excess, limited to the total goodwill allocated to that reporting unit. If the estimated fair value of a reporting unit exceeds the carrying value, goodwill is not impaired.

Intangible Assets

Intangible assets are initially measured at fair value and consist of trade names, customer relationships and developed technology from acquisitions by the Company. The definite-lived intangible assets are amortized using the straight-line method over their estimated useful lives, which ranges from 2 - 21 years.

The Company performs its annual indefinite-lived assets impairment test in October and monitors for interim indicators of impairment on an ongoing basis. The impairment test for indefinite-lived intangibles involves first assessing qualitative factors to determine if it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount. To perform the qualitative review, the Company uses estimates and significant judgments and considers the weight of evidence and significance of all identified events and circumstances and most relevant drivers of fair value in determining whether it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount. If management concludes that it is more likely than not that the fair value is less than its carrying amount, the Company conducts a quantitative impairment test; otherwise, no further analysis is required.

The quantitative test compares the estimated fair value of the indefinite-lived intangible asset to the respective asset’s carrying amount. If the carrying value of the indefinite-lived intangible exceeds its estimated fair value, an impairment charge is recognized in an amount equal to that excess. If the estimated fair value of the indefinite-lived intangible exceeds the carrying value, the asset is not impaired.

Leases

The Company enters into operating leases primarily for corporate offices, manufacturing and distribution facilities, vehicles and equipment. The Company determines if an arrangement is a lease at inception by evaluating whether the arrangement conveys the right to use an identifiable asset and whether the Company obtains substantially all of the economic benefits from and has the ability to direct the use of the asset. The Company’s lease agreements generally do not contain any material residual value guarantees or material restrictive covenants.

Operating lease right-of-use assets and corresponding operating lease liabilities are recognized in the Company’s Consolidated Balance Sheets at lease commencement date based on the present value of lease payments over the lease term. Operating lease expense for operating lease assets is recognized on a straight-line basis over the lease term. Some lease arrangements include payments that are adjusted periodically based on actual charges incurred for common area maintenance, utilities, taxes and insurance, or changes in an index or rate referenced in the lease. The fixed portion of these payments is included in the measurement of right-of-use assets and lease liabilities at lease commencement, while the variable portion is recorded as variable lease expense. As most of the leases do not provide an implicit rate, the Company uses incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company’s lease agreements contain lease components and non-lease components. The Company elected the practical expedient to combine lease and non-lease components into one single lease component for all asset classes other than certain arrangements with embedded lease assets. For embedded lease assets, the Company accounts for the lease components and non-lease components separately. The Company, from time to time, subleases certain portions of real estate property, resulting in sublease income. The Company does not recognize lease liabilities or right-of-use assets for short-term leases with a term of less than 12 months.

The Company’s leases have remaining lease terms ranging from less than 12 months to approximately 14 years. The lease terms may include options to extend or terminate the lease when it is reasonably certain and there is a significant economic incentive to exercise that option.

As a lessor, the Company enters into operating leases primarily for corporate offices and distribution facilities. The contracts generally do not contain options to purchase the underlying assets. Other contractual terms, including options to shorten or extend the lease term, vary by contract. The contracts generally also include non-lease components such as utilities, maintenance, and other services, for which payments are variable and immaterial to the Company. For all asset classes, the Company elected the practical expedient to account for the lease and non-lease components as a single lease component under ASC 842, “Leases”.

Revenue Recognition

The Company’s revenues are generated principally from the sale of products. The majority of the sales transactions are supported by an underlying agreement or a formal purchase order. Revenue is recognized as performance obligations under the terms of the contract are satisfied, which generally occurs with the transfer of control. The Company transfers control and recognizes revenue when product is shipped to customers or when product arrives at destination, depending on the shipping term; customers have legal title to the product; and the Company has a right to payment for such product. Significant judgment is generally not required to determine the timing of satisfying the performance obligation. Revenue is measured as the amount of consideration the Company expects to receive in exchange for those products. Shipping and handling costs include all delivery expenses as well as all costs to prepare the product for shipment to the customer, which are treated as fulfillment costs and primarily included in Selling, general and administrative expenses. Since the Company typically invoices customers when performance obligations are satisfied, the Company does not have material contract assets or contract liabilities. The Company’s credit terms typically range from net 30 to 60 days from the invoice date and do not contain significant financing components that extend beyond one year of fulfillment of performance obligations. Sales taxes collected from customers and remitted to governmental authorities are excluded from revenues.

The Company generally warrants that its products will conform to pre-established specifications and that its products will be free from material defects for a limited time. The Company limits its warranty to the replacement of defective parts, or a refund or credit of the price of the defective product. The Company does not account for these warranties as separate performance obligations. Warranty claims are not material as a majority of the Company’s products are consumables.

Although products are generally sold at fixed prices, certain customers receive cash discounts, customer rebates, distributor chargebacks, return allowances, scrap allowances, and other rights, which are accounted for as variable consideration and may require significant judgment in determining the amounts by which to reduce revenue. Customer rebates typically represent the most significant component of variable consideration, with distributor chargebacks generally constituting the next largest category. The Company estimates these amounts at the point that revenue is recognized based on the expected value to be provided to the customer and reduces revenue accordingly. The amount of variable consideration recognized as revenue is limited to the amount for which it is probable that a significant reversal in revenue will not occur when the related uncertainty is resolved. The Company’s estimate of variable consideration and ultimate determination of the estimated amounts to include in the transaction price are based upon the contractual terms between the Company and its customers, products subject to a rebate, the lag between the sale and the payment of the rebate, and historical rebate payment trends.

Cost of Goods Sold

The primary components of cost of goods sold include the cost of the product (net of purchase discounts, supplier rebates), direct and certain indirect labor, overhead cost, including depreciation and freight incurred to transport inventories from a supplier location or in between Company locations. Costs related to purchasing, receiving, inspections, warehousing, and other costs of the Company’s distribution network are included in Selling, general and administrative expenses.

Stock-based Compensation

The Company issues stock-based awards to employees that are generally in the form RSUs, restricted stock awards (“RSAs”), stock options, or incentive units. These awards are generally equity classified. Compensation cost for equity awards is measured at their grant-date fair value. The grant date fair value of RSUs and RSAs is based on the fair value of the Company’s underlying common stock. The grant date fair value of stock options is estimated using the Black-Scholes option pricing model, which requires management to make assumptions with respect to the fair value of the Company’s equity award on the grant date, including the expected term of the award, the expected volatility of the Company’s stock calculated based on a period of time generally commensurate with the expected term of the award, risk-free interest rates and expected dividend yields of the Company’s stock. Generally, RSUs, RSAs, incentive units, and stock options have graded vesting. For graded vesting awards with service only conditions, the Company recognizes expense using the straight-line attribution method over the requisite service period. Forfeitures are accounted for as they occur.

Additionally, stock-based compensation includes other stock-based awards, such as awards that include performance conditions and may be settled in restricted shares with time-based vesting. Awards with performance conditions are generally liability classified and remeasured at fair value through settlement. Upon settlement, these awards are reclassified as equity, and their fair value is finalized at the grant date.

Net Income (loss) per Share

Basic net income (loss) per share is computed by dividing net income (loss) attributable to the Company by the weighted average number of common stock outstanding during the period. Diluted net income (loss) per unit is computed by dividing net earnings or losses attributable to the Company by the weighted-average shares outstanding during the period after adjusting for the impact of securities that would have a dilutive effect on net income (loss) per share. The treasury stock method is applied to equity incentive plans, while the if-converted method is used for instruments with conversion features.

Income Taxes and Tax Receivable Agreement

Income Taxes

The Company accounts for income taxes under the liability method in accordance with ASC 740, “Income Taxes”, and Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying value of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided if it is determined that it is more likely than not that the deferred tax asset will not be realized. The Company records any tax on Global Intangible Low-Taxed Income (“GILTI”) in the provision for income taxes in the year it is incurred.

The Company recognizes interest and penalties related to unrecognized tax benefits in interest and income tax expense, respectively. The Company had no amounts accrued for interest or penalties related to unrecognized tax benefits as of December 31, 2025 and 2024. The Company does not expect the total amount of unrecognized tax benefits to substantially change in the next 12 months.

Tax Receivable Agreement

In connection with the IPO, the Company entered into a tax receivable agreement (“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. realizes, or is deemed to realize. The Company recognizes obligations arising under the TRA in accordance with ASC 450, “Contingencies”. Obligations under the TRA are accrued when it is probable that a liability has been incurred and its amount is estimable. Liabilities associated with the TRA are classified as either current or noncurrent based on the expected date of payment and are presented in the Consolidated Balance Sheets under the captions Accrued expenses and other current liabilities and Tax receivable agreement liability, respectively. The exchange of partnership interest will result in an increase in TRA liabilities with a corresponding adjustment to Additional paid-in capital. Subsequent remeasurement of the TRA liabilities is recognized in the Consolidated Statements of Comprehensive Income as a component of Other (expense) income, net.

Loss contingencies

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. When a loss is considered probable and reasonably estimable, the Company records a liability in the amount of the best estimate for the ultimate loss. However, the likelihood of a loss with respect to a particular contingency is often difficult to predict, and determining a meaningful estimate of the loss or a range of loss may not be practicable based on the information available and the potential effect of future events and decisions by third parties that will determine the ultimate resolution of the contingency. The Company adjusts the recorded contingent liability from time to time based upon periodic assessment of the potential outcomes of the pending matters.

Interest expense, net

Interest expense, net primarily consists of interest expense of the Company’s borrowings, net interest settlements of interest rate derivatives, amortization of deferred finance costs including original issue discounts on debt, reduced by interest income on bank deposits and liquid financial instruments, customer interest income and other interest income.

Defined Benefit Pension Plans

The Company uses appropriate actuarial methods and assumptions in accounting for its defined benefit pension plans. Actual results that differ from assumptions used are accumulated and amortized over future periods and, accordingly, generally affect recognized expense and the recorded obligation in future periods. Therefore, assumptions used to calculate benefit obligations as of the end of a fiscal year directly impact the expense to be recognized in future periods. Pension expense on the defined benefit plans is based on management’s assumptions and consists of the actuarially computed costs of pension benefits in respect of the current year’s service, expected return on plan assets, interest on pension obligations, amortization of net gains or losses, and amortization of prior service costs or credits. In addition, the Company is required to recognize as a component of Other comprehensive income (loss), net of tax the actuarial gains or losses and the prior service costs or credits that arise during the year but are not immediately recognized as components of net periodic benefit costs. The amortization of net gains or losses is based on a straight-line amortization of net gains or losses.

The Company accounts for its defined benefit pension plans in conformity with sections of ASC 715, “Compensation - Retirement Benefits”. This guidance requires an employer to recognize the funded status of its defined benefit pension plans as a net asset or liability in its statement of financial position, with an offsetting amount in Accumulated other comprehensive income (loss), net of tax and to recognize changes in that funded status in the year in which changes occur through comprehensive (loss) income.

Translation of Financial Statements of Foreign Subsidiaries

The Company’s foreign subsidiaries typically use the local currency as their functional currency. The consolidated assets and liabilities of the foreign subsidiaries are translated at exchange rates in effect at the balance sheet date. Income statement activity with respect to the operations of these subsidiaries is converted at the average rate for the period. The effect of the foreign currency translation is recorded in Accumulated other comprehensive income (loss).

Derivative Financial Instruments

Derivative financial instruments are used primarily to manage interest rate and foreign currency exchange exposures, and are recorded at fair value in the Company’s Consolidated Balance Sheets.

The Company uses interest rate derivatives such as interest rate swaps and caps to add stability to interest expense and to manage its exposure to interest rate movements. The Company designates certain of its interest rate derivatives as hedging instruments in cash flow. A derivative qualifies for hedge accounting if, at inception, it is expected to be highly effective in offsetting the underlying hedged cash flows and the Company formally designates and documents the hedging relationship in accordance with ASC 815, “Derivatives and Hedging”. For derivatives designated and qualified as cash flow hedges of interest rate risk, the gain or loss from the fair value change of the derivative is recorded in Accumulated other comprehensive income (loss) and subsequently reclassified into Interest expense, net in the same period(s) during which the hedged transaction affects earnings. Gains and losses on the derivative instruments representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis through an amortization approach. The Company evaluates hedge effectiveness of the derivative instruments at inception and on an ongoing basis, and ineffective portions of the fair value change of the derivatives are recognized in earnings following the date when ineffectiveness was identified. Derivatives not designated as hedges are marked-to-market at the end of each reporting period with the fair value change included in earnings.

Fair Value of Financial Instruments

The Company is required to estimate fair value using a three-tiered hierarchy, which prioritizes the inputs used in measuring fair value. Level 1 provides the most reliable measure of fair value; whereas, Level 3 generally requires significant management judgment. The three levels are defined as follows.

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company has the ability to access as of the measurement date.

Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect the Company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.

The carrying amount of financial instruments, including cash and cash equivalents, accounts receivable, notes receivable and accounts payable, approximates fair value due to the short maturities of these instruments.

Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted

Recently Adopted Accounting Standards

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires enhanced income tax disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated amounts by certain jurisdictions related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The Company has adopted this standard on a prospective basis in 2025. See Note 12—Income Taxes for additional information.

Recently Issued Accounting Standards Not Yet Adopted

In December 2025, the FASB issued ASU 2025-12, Codification Improvements. ASU 2025-12 amends various areas of the ASC to (1) clarify, (2) correct errors, or (3) make minor improvements. The ASU intends to make the ASC easier to understand and apply in cases in which the original guidance may have been unclear. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods. Early adoption is permitted. Entities may adopt the guidance using a prospective or retrospective approach. The Company expects adoption of this ASU would not have a material impact on the consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (ASC 270): Narrow Scope Improvements. ASU 2025-11 clarifies existing interim disclosure requirements and the applicability of ASC 270 and does not expand or reduce interim disclosure requirements. The ASU also includes a disclosure principle that requires entities to disclose material events and changes occurring since the end of the most recent annual reporting period, which may be presented either on the face of the interim financial statements or in the accompanying notes. The ASU is effective for interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted. Entities may adopt the guidance using a prospective or retrospective approach. The Company expects adoption of this ASU would not have a material impact on the interim consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Government Grants (ASC 832): Accounting for Government Grants Received by Business Entities. ASU 2025-10 provides recognition, measurement, presentation, and disclosure requirements for government grants, including guidance for grants related to an asset and grants related to income. The amendments introduce two permitted approaches for asset-related grants: a deferred income approach or a cost accumulation approach. The amendments are effective for annual periods beginning after December 15, 2028, and interim periods within those annual periods. Early adoption is permitted. Entities may adopt the guidance using a prospective, retrospective, or modified transition approach. The Company is currently evaluating the impact of adopting this new standard on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (ASC 815) and Revenue from Contracts with Customers (ASC 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. ASU 2025-07 refines the scope of derivative accounting by excluding certain non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract. The scope exception does not apply to variables based on a market rate, market price, market index, the price, or performance of a financial asset or liability, contracts (or features) involving an issuer’s own equity or options on debt instruments. In addition, the amendments clarify that share-based noncash consideration received from a customer should be accounted for under the noncash consideration guidance in ASC 606. The amendments are effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods. Early adoption is permitted. Entities may adopt the guidance either prospectively or on a modified retrospective basis. The Company expects adoption of this ASU would not have a material impact on the consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 updates the guidance for internal-use software by eliminating references to development stages and clarifying the criteria for capitalization. Under the new guidance, capitalization begins when (1) management authorizes and commits to funding the project and (2) it is probable that the project will be completed, and the software will be used as intended. The amendments are effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. Entities may adopt the guidance using a prospective, retrospective, or modified transition approach. The Company expects adoption of this ASU would not have a material impact on the consolidated financial statements.

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 expects adoption of this ASU would not have a material impact on the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard, later clarified by ASU No. 2025-01, requires public business entities to, among other things, 1) disclose disaggregated information about certain income statement line items into one or more of the natural expense categories such as purchases of inventory; employee compensation, depreciation, and intangible asset amortization, where such expenses are included; 2) present certain other expenses and gains or losses that must be disclosed under existing U.S. GAAP in tabular disclosure on an annual and, when applicable, interim basis; and 3) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. Upon adoption, the amendments may be applied prospectively to reporting periods after the effective date or retrospectively to all periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its disclosures.

STOCKHOLDERS’ EQUITY, MEZZANINE EQUITY AND PARTNERS’ CAPITAL - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Dec. 16, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, partners' capital	$ 16,872	$ 16,158	$ 16,158	$ 16,744	$ 16,621
Other comprehensive income (loss) before reclassifications		118		(12)	88
Amount reclassified to earnings		(86)		(165)	(162)
Total other comprehensive income (loss), net of tax	1	32	31	(177)	(74)
Less: Effect of the reorganization transactions		16
Ending balance	19,286	19,286
Ending balance, partners' capital			16,872	16,158	16,744
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total other comprehensive income (loss), net of tax	1		31
Ending balance	27	27
Unrealized gain (loss) on derivative instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications		(3)
Amount reclassified to earnings		(86)
Total other comprehensive income (loss), net of tax		(89)
Less: Effect of the reorganization transactions		13
Ending balance	22	22
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications		129
Amount reclassified to earnings		0
Total other comprehensive income (loss), net of tax		129
Less: Effect of the reorganization transactions		6
Ending balance	9	9
Retirement plans, net of tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications		(8)
Amount reclassified to earnings		0
Total other comprehensive income (loss), net of tax		(8)
Less: Effect of the reorganization transactions		(3)
Ending balance	(4)	(4)
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, partners' capital	$ 42	11	11	188	262
Total other comprehensive income (loss), net of tax				(177)	(74)
Ending balance, partners' capital			42	11	188
Unrealized gain (loss) on derivative instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, partners' capital		124	124	212	327
Other comprehensive income (loss) before reclassifications				77	47
Amount reclassified to earnings				(165)	(162)
Total other comprehensive income (loss), net of tax				(88)	(115)
Ending balance, partners' capital				124	212
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, partners' capital		(114)	(114)	(25)	(68)
Other comprehensive income (loss) before reclassifications				(89)	43
Amount reclassified to earnings				0	0
Total other comprehensive income (loss), net of tax				(89)	43
Ending balance, partners' capital				(114)	(25)
Retirement plans, net of tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, partners' capital		$ 1	$ 1	1	3
Other comprehensive income (loss) before reclassifications				0	(2)
Amount reclassified to earnings				0	0
Total other comprehensive income (loss), net of tax				0	(2)
Ending balance, partners' capital				$ 1	$ 1

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2025

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)	December 31, 2025		December 31, 2024
Payroll	$	323	$	330
Customer rebates and distributor chargebacks	406		365
Interest payable, net	144		163
Indirect tax payable	87		83
Lease liability	66		76
Litigation accrual (EtO)	—		174
Income taxes payable	24		4
Other	402		298
Total accrued expenses and other current liabilities	$	1,452	$	1,493

INVENTORIES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Excess over stated LIFO value, current costs or FIFO	$ 359	$ 276
Inventory reserve for obsolescence	$ 44	$ 35

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Unconditional Purchase Obligations

As of December 31, 2025, future payments related to commitments over the next five years and thereafter are as follows:


(in millions)	Total
2026	$	172
2027	162
2028	169
2029	172
2030	115
Thereafter	59
	$	849

CREDIT AGREEMENTS AND BORROWINGS - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2026	$ 76
2027	76
2028	726
2029	8,535
2030	3,342
Total debt	$ 12,755	$ 16,757

STOCK-BASED COMPENSATION - Narrative - Fair Value of Holdings Incentive Units (Details)	12 Months Ended
	Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]
Dividend yield	0.00%

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Trade accounts receivable, allowance for credit losses	$ 152	$ 108
Preferred stock, par value (in dollars per share)	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000,000
Preferred stock, issued (in shares)	0
Preferred stock, outstanding (in shares)	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.0001
Common stock, authorized (in shares)	50,000,000,000
Common stock, issued (in shares)	812,000,000
Common stock, outstanding (in shares)	812,000,000
Class B common stock
Common stock, par value (in dollars per share)	$ 0.0001
Common stock, authorized (in shares)	50,000,000,000
Common stock, issued (in shares)	502,000,000
Common stock, outstanding (in shares)	502,000,000

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax asset
Net operating loss and credit carryforwards	$ 256	$ 2
Interest expense carryforward	142	0
Future tax benefits from TRA payments	310	0
Pensions and other post-retirement benefits	14	13
Accrued expenses	17	10
Others	8	4
Valuation allowance	0	(1)	$ 0	$ 0
Total deferred tax asset	747	28
Deferred tax liability
Investment in partnership	(157)	0
Intangibles	(170)	(183)
Property, plant, and equipment	(34)	(37)
Inventories	0	(1)
Others	(2)	(2)
Total deferred tax liability	(363)	(223)
Net deferred tax asset	$ 384
Net deferred tax liability		$ (195)

LEASES - Schedule of Property, Plant, and Equipment, Assets under Operating Lease (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Less: Accumulated depreciation	$ (22)	$ (23)
Assets under operating leases, net	105	128
Buildings and improvements
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Assets under operating leases, gross	92	110
Land and improvements
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Assets under operating leases, gross	$ 35	$ 41

PROPERTY, PLANT, AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	$ 5,939	$ 5,456
Less: Accumulated depreciation and amortization	(1,161)	(861)
Property, plant, and equipment, net	4,778	4,595
Machinery, equipment, and fixtures
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	1,399	1,190
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	3,066	2,989
Land and improvements
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	621	640
Vehicles
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	301	287
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	466	316
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	60	11
Computer software
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	$ 26	$ 23

LEASES - Schedule of Future Lease Annual Operating Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 92
2027	85
2028	77
2029	66
2030	56
Thereafter	215
Total future lease payments	591
Less: Imputed interest	(139)
Total operating lease liabilities	$ 452	$ 405

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Tax Expense (Benefit) by Category

Income before taxes and equity in earnings of affiliates from continuing operations was as follows:


	Year ended
(in millions)	December 31, 2025		December 31, 2024		December 31, 2023
United States	$	929	$	952	$	15
International	319		294		249
Income before provision for income taxes	$	1,248	$	1,246	$	264

Schedule of Income Tax Expense (Benefit)

Income tax expense for each reporting period consists of the following:


	Year ended
(in millions)	December 31, 2025		December 31, 2024		December 31, 2023
Current income tax expense:
U.S. federal income tax expense	$	24	$	6	$	—
State income tax expense	4		6		7
Foreign income tax expense in various foreign tax jurisdictions	83		58		46
Total current	111		70		53
Deferred income tax expense:
U.S. federal income tax expense	4		—		—
State income tax expense	—		—		—
Foreign income tax expense in various foreign tax jurisdictions	(24)		(24)		(23)
Total deferred	(20)		(24)		(23)
Provision for income taxes	$	91	$	46	$	30

Schedule of Deferred Tax Assets and Liabilities

The following table presents the components of deferred tax assets and liabilities:


(in millions)	December 31, 2025		December 31, 2024
Deferred tax asset


Net operating loss and credit carryforwards	$	256	$	2
Interest expense carryforward	142		—
Future tax benefits from TRA payments	310		—
Pensions and other post-retirement benefits	14		13
Accrued expenses	17		10
Others	8		4
Valuation allowance	—		(1)
Total deferred tax asset	747		28

Deferred tax liability
Investment in partnership	(157)		—
Intangibles	(170)		(183)
Property, plant, and equipment	(34)		(37)
Inventories	—		(1)
Others	(2)		(2)
Total deferred tax liability	(363)		(223)

Net deferred tax asset (liability)	$	384	$	(195)

Summary of Valuation Allowance

The following table is a summary of changes in our deferred tax valuation allowance:


	Year ended
(in millions)	December 31, 2025		December 31, 2024		December 31, 2023
Balance at the beginning of the period	$	1	$	—	$	—
Charges to income tax expense	(1)		1		—
Balance at the end of the period	$	—	$	1	$	—

Schedule of Effective Income Tax Expense Reconciliation

The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective tax rate in accordance with ASU 2023-09.


	Year ended
(in millions)	December 31, 2025
Income tax expense at U.S. statutory rate	$	262	21.0	%
State and local tax effect, net of federal benefit (1)	4		0.4	%
Statutory income tax rate differential (2)	(19)		(1.5)	%
Effects of changes in tax laws or rates enacted in the current period	2		0.1	%
Effects of cross-border tax laws (3)	2		0.2	%
Changes in valuation allowance	(1)		(0.1)	%
Nontaxable or non deductible items
Impact of non-taxable partnership earnings	(160)		(12.8)	%
Other	1		—	%
Income tax expense	$	91	7.3	%

(1) During the year ended December 31, 2025, state and local taxes in New York City and Tennessee comprised greater than 50% of the tax effect in this category.

(2) Includes the impact of the global minimum tax under Pillar Two.

(3) GILTI and Subpart F, net of Section 250 deduction and Foreign Tax Credits.

The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective tax rate prior to the adoption of ASU 2023-09.


	Year ended
(in millions)	December 31, 2024		December 31, 2023
Income tax expense at U.S. statutory rate	$	262	$	55
Tax rate differential	(211)		(42)
Tax holidays	(2)		(1)
GILTI & Subpart F income	34		28
Tax credits	(32)		(24)
State tax effect	6		7
Changes in NOL	1		1
Nontaxable or non deductible items	(12)		5
Other	—		1
Income tax expense	$	46	$	30

Schedule of Income Taxes Paid, Net of Refunds

Cash paid, net of refunds received, for income taxes consisted of the following:


	Year ended
(in millions)	December 31, 2025
Federal	$	12
State	3
Foreign
Canada
Federal	13
Territories	2
Mexico	15
Netherlands	4
Other	13
Total	$	62

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	Dec. 31, 2024 USD ($)	Dec. 31, 2025 class vote $ / shares shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Capital Unit [Line Items]
Number of classes \| class	3		3
Preferred stock, shares authorized (in shares) \| shares			5,000,000,000
Preferred stock, par value (in dollars per share)			$ 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		$ (58)	$ (40)
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%
Class B
Capital Unit [Line Items]
Holder repurchase rights, percent of units	20.00%
Common stock, authorized (in shares) \| shares			50,000,000,000
Common stock, par value (in dollars per share)			$ 0.0001
Common stock, number of votes \| vote			1
Common stock, conversion ratio (in shares) \| shares			1
Class A
Capital Unit [Line Items]
Common stock, authorized (in shares) \| shares			50,000,000,000
Common stock, par value (in dollars per share)			$ 0.0001
Common stock, number of votes \| vote			1

INTEREST EXPENSE, NET (Tables)

12 Months Ended

Dec. 31, 2025

Other Income and Expenses [Abstract]

Schedule of Interest Expense, net

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



	Year ended
(in millions)	December 31, 2025		December 31, 2024		December 31, 2023

Interest expense	$	(945)	$	(1,144)	$	(1,213)
Interest income	133		280		237
Interest expense, net	$	(812)	$	(864)	$	(976)

RELATED PARTY (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Related Party Transactions


(in millions)	December 31, 2025		December 31, 2024
Current portion of long-term borrowings and other short-term borrowing	$	2	$	3
Long-term borrowings, less current portion	158		450

PROPERTY, PLANT, AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment


Asset Class						Useful Life

Buildings and Improvements - Owned						15-40 years
Building Improvements - Leased						Shorter of 10 years/Remaining lease term
Land Improvements						15 years
Machinery and Equipment						3-20 years
Computer Software						3 years
Furniture and Fixtures						7 years
Auto and Trucks						5-7 years

Property, plant, and equipment, net consists of the following as of:


(in millions)	December 31, 2025		December 31, 2024
Machinery, equipment, and fixtures	$	1,399	$	1,190
Buildings and improvements	3,066		2,989
Land and improvements	621		640
Vehicles	301		287
Construction in progress	466		316
Leasehold improvements	60		11
Computer software	26		23
Total property, plant, and equipment	5,939		5,456

Less: Accumulated depreciation and amortization	(1,161)		(861)
Property, plant, and equipment, net	$	4,778	$	4,595

RETIREMENT PLANS - Schedule of Estimated Benefit Payments (Details) $ in Millions	Dec. 31, 2025 USD ($)
Retirement Benefits [Abstract]
2026	$ 5
2027	6
2028	6
2029	6
2030	7
Thereafter	42
Estimated future benefit payments, total	$ 72

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2025

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:



	Year ended
(in millions)	December 31, 2025		December 31, 2024		December 31, 2023
Net sales to external customers:
Front Line Care	$	6,514	$	6,088	$	5,845
Surgical Solutions	6,166		5,471		4,931
Laboratory and Diagnostics	1,040		956		837
Medline Brand	$	13,720	$	12,515	$	11,613
Supply Chain Solutions	14,712		12,992		11,618
Consolidated net sales to external customers	$	28,432	$	25,507	$	23,231













Segment Adjusted EBITDA:
Medline Brand	$	3,334	$	3,269	$	2,704
Supply Chain Solutions	805		647		491
Subtotal	4,139		3,916		3,195
Corporate & Other	(672)		(555)		(427)
Interest expense, net	(812)		(864)		(976)
Depreciation and amortization	(1,011)		(977)		(951)
Inventory-related adjustments	(83)		(78)		(150)
Stock-based compensation expense	(79)		(61)		(78)
Litigation gains (charges), net	33		(2)		(161)
Transaction-related costs (1)	(58)		(18)		(142)
Other non-core charges, net (2)	(209)		(115)		(46)
Income before income taxes	$	1,248	$	1,246	$	264

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



	Year ended
(in millions)	December 31, 2025		December 31, 2024		December 31, 2023
Net sales to external customers:
Acute care (1)	$	19,506	$	17,491	$	15,906
Non-Acute care (2)	6,973		6,256		5,894
United States	26,479		23,747		21,800
International	1,953		1,760		1,431
Consolidated net sales to external customers	$	28,432	$	25,507	$	23,231

(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)	December 31, 2025		December 31, 2024
Long-lived assets by geographical area (1):
United States	$	4,433	$	4,329
International	777		650
Consolidated long-lived assets, net	$	5,210	$	4,979

(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.

+ References

Reference 1: 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 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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+ Details

SEGMENT INFORMATION - Schedule of Financial Information by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Net sales	$ 28,432	$ 25,507	$ 23,231
Interest expense, net	(812)	(864)	(976)
Depreciation and amortization	(1,011)	(977)	(951)
Stock-based compensation expense	(79)	(61)	(73)
Income before income taxes	1,248	1,246	264
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Segment adjusted EBITDA	4,139	3,916	3,195
Operating Segments \| Medline Brand
Segment Reporting, Asset Reconciling Item [Line Items]
Net sales	13,720	12,515	11,613
Segment adjusted EBITDA	3,334	3,269	2,704
Operating Segments \| Medline Brand \| Front Line Care
Segment Reporting, Asset Reconciling Item [Line Items]
Net sales	6,514	6,088	5,845
Operating Segments \| Medline Brand \| Surgical Solutions
Segment Reporting, Asset Reconciling Item [Line Items]
Net sales	6,166	5,471	4,931
Operating Segments \| Medline Brand \| Laboratory and Diagnostics
Segment Reporting, Asset Reconciling Item [Line Items]
Net sales	1,040	956	837
Operating Segments \| Supply Chain Solutions
Segment Reporting, Asset Reconciling Item [Line Items]
Net sales	14,712	12,992	11,618
Segment adjusted EBITDA	805	647	491
Corporate & Other
Segment Reporting, Asset Reconciling Item [Line Items]
Segment adjusted EBITDA	(672)	(555)	(427)
Reconciling Items
Segment Reporting, Asset Reconciling Item [Line Items]
Interest expense, net	(812)	(864)	(976)
Depreciation and amortization	(1,011)	(977)	(951)
Inventory-related adjustments	(83)	(78)	(150)
Stock-based compensation expense	(79)	(61)	(78)
Litigation gains (charges), net	33	(2)	(161)
Transaction and other costs	(58)	(18)	(142)
Other non-core charges, net	$ (209)	$ (115)	$ (46)

LEASES - Schedule of Components of Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 106	$ 90	$ 67
Variable lease cost	31	25	19
Short-term lease cost	4	3	2
Total lease cost	141	118	88
Sublease income	(12)	(10)	(7)
Total lease cost, net	$ 129	$ 108	$ 81

LEASES - Components of Lease Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease income	$ 15	$ 13	$ 15
Variable lease income	2	2	2
Total lease income	$ 17	$ 15	$ 17

PROPERTY, PLANT, AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 307	$ 292	$ 289

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION


(in millions)	Year Ended
Classification	December 31, 2025		December 31, 2024		December 31, 2023












Equity-classified awards	$	65	$	53	$	65
Liability-classified awards	14		8		8
Total	$	79	$	61	$	73

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.

Participants in the Medline Industries, Inc. Managing Partner Program (“MPU”) were entitled to receive a liquidity event payout amount (the “Liquidity MPU Payout”) upon the change-of-control transaction in 2021. All MPU participants were granted the opportunity, pursuant to a reinvestment election agreement, to waive receipt of a portion of their Liquidity MPU Payout in exchange for Class B CUPIs. The Company recorded $217 million of compensation expense related to Liquidity MPU Payouts for the year ended December 31, 2023, as a component of Selling, general and administrative expenses, and no expense for the years ended December 31, 2025 and 2024.

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 16—Stockholders’ Equity, Mezzanine Equity and Partners’ Capital for additional information of the mezzanine equity.

All Class B CUPIs were vested by fiscal year 2023. Total fair value of Class B CUPI units vested during the year ended December 31, 2023 was $13 million. 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. The weighted-average grant-date fair value of Class B units granted during the years ended December 31, 2024 and 2023 was $0.49 and $0.36, respectively. Total fair value of Class B units vested during the years ended December 31, 2025, 2024, and 2023, were $50 million, $39 million, and $45 million, respectively. The following table summarizes the Class B Units activity during the year ended December 31, 2025:



	Class B Units	Wtd. Avg. Grant Date Fair Value








Unvested as of December 31, 2024	429,007,732	$	0.37
Granted	62,943,267	$	0.58
Vested	(144,877,004)	$	0.35
Forfeited	(4,562,775)	$	0.33
Effect of the Reorganization and IPO	(342,511,220)	$	0.39
Outstanding as of December 31, 2025	—	$	—

Fair Value of Holdings Incentive Units

The fair value of the Holdings Incentive Units is calculated using the Monte Carlo simulation in an option pricing framework, where the total equity value was evolved over a period from the grant date to the expected liquidity date. Prior to the IPO, in the absence of a public trading market, the Company exercised significant judgment and considered numerous objectives and subjective factors to determine the fair value of equity-based awards including:

•Relevant precedent transactions involving equity units;

•The Company’s operating and financial performance;

•Current business conditions and projections;

•The market performance of comparable publicly traded companies; and

•U.S. and global capital market conditions.

The following assumptions were made in the Monte Carlo simulation.

Expected Term: The expected term represents the period over which the Company anticipates equity-based awards to be outstanding as of the valuation date, which is the estimated period of time from the valuation date to exit in terms of a future liquidity event, such as an initial public offering of the Company’s shares.

Volatility: Expected volatility is a measure of the amount by which the equity value is expected to fluctuate. The Company estimates the expected volatility by assessing the equity volatility of guideline companies.

Risk-Free Interest Rate: The risk-free interest rate is estimated based on U.S. Treasury zero-coupon notes with terms consistent with the expected term of the awards.

Dividend Yield: The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future. Consequently, the Company used an expected dividend yield of zero.


Dividend yield	—	%
Expected term (in years)	3.6 to 6.0
Risk-free interest rate	1.2% to 4.6%
Expected Volatility	35.0% to 48.0%

Post-IPO Incentive Plan and Awards

Omnibus Incentive Plan

In connection with the IPO, the Company adopted the Medline Inc. 2025 Omnibus Incentive Plan (the “Omnibus Plan”), which became effective on the date of the IPO. The Omnibus Plan provides for potential grants of the following awards: (i) stock options, (ii) stock appreciation rights, (iii) restricted stock awards; (iv) other stock-based awards, and (v) other cash-based awards. The Company initially reserved 60 million shares of Class A common stock for the issuance of awards under the Omnibus Plan. Starting in 2026, the number of shares available for issuance under the Omnibus Plan will be increased automatically on January 1 of each fiscal year, by a number of shares of the Company’s Class A common stock equal to the least of (i) 54 million shares of Class A common stock; (ii) 4% of the total number of shares of Class A common stock outstanding on the last day of the immediately preceding fiscal year, and (iii) a lower number of shares as may be determined by the Board of Directors.

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 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 performance-vesting Class B units were reclassified into unvested Incentive Units. At the IPO date, management concluded that the IPO caused the achievement of respective performance conditions to be probable. As such, the Company recorded $5 million compensation expense for the year ending December 31, 2025 and will record the remaining compensation expense through the end of respective service requisite periods.

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; therefore, no incremental expense related to the reclassification was recorded.

Total fair value of Incentive Units vested during the year ended December 31, 2025 was $2 million. As of December 31, 2025, there was $49 million of unrecognized compensation cost related to Incentive Units, which is expected to be recognized on a graded or straight-line basis over a weighted-average period of 1.1 years. The following table summarizes the information about Class B units in Medline Holdings that were reclassified to Incentive Units in Medline Holdings:


	Incentive Units	Wtd. Avg. Grant Date Fair Value
Effect of the Reorganization and IPO as of December 17, 2025	17,056,431	$	6.45
Granted	—	$	—
Vested	(339,388)	$	5.16
Forfeited	(2,178,225)	$	5.80
Unvested as of December 31, 2025	14,538,818	$	5.86

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

As of December 31, 2025, there was $13 million of unrecognized compensation cost related to RSAs, 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 the RSAs activity during the year ended December 31, 2025:


	Restricted Stock	Wtd. Avg. Grant Date Fair Value
Effect of the Reorganization and IPO as of December 17, 2025	1,982,467	$	29.00
Granted	—	$	—
Vested	—	$	—
Forfeited	(23,810)	$	29.00
Unvested as of December 31, 2025	1,958,657	$	29.00

RSUs

As of December 31, 2025, there was $5 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized on a graded or straight-line basis over a weighted-average period of 1.2 years. The following table summarizes the RSUs activity during the year ended December 31, 2025:


	Restricted Stock Units	Wtd. Avg. Grant Date Fair Value
Effect of the Reorganization and IPO as of December 17, 2025	513,450	$	29.00
Granted	10,345	$	29.00
Vested	—	$	—
Forfeited	—	$	—
Unvested as of December 31, 2025	523,795	$	29.00

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 December 31, 2025, there was $24 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 1.5 years. The following table summarizes option activity during the year ended December 31, 2025:


	Stock Options	Wtd. Avg. Grant Date Fair Value		Wtd. Avg. Exercise Price		Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Effect of the Reorganization and IPO as of December 17, 2025	6,770,442	$	11.97	$	29.00	10.0
Granted	—	—		—
Exercised	—	—		—
Forfeited	—	—		—
Outstanding as of December 31, 2025	6,770,442	$	11.97	$	29.00	10.0	$	88
Exercisable as of December 31, 2025	—	$	—	$	—
Expected to vest as of December 31, 2025	6,770,442	$	11.97	$	29.00	10.0	$	88

The aggregate intrinsic value in the table above represents the cumulative difference between the closing price of Class A common stock on December 31, 2025 and the option exercise prices.

The Company uses the Black-Scholes option pricing model to determine the fair value of stock options at the grant date. The use of a valuation model for the stock options requires management to make certain assumptions with respect to selected model inputs. The dividend yield was based on the Company’s expected dividend rate. The expected term to maturity was based on the weighted-average vesting terms and contractual terms of the awards. The risk-free interest rate was based on U.S. Treasury rates commensurate with the expected life of the award. Expected volatility was calculated based on the observed volatility for comparable companies.

The following table provides the weighted average fair value of options granted during 2025 and the related assumptions used in the Black-Scholes option pricing model:


Weighted average fair value of options issued	$	11.97
Assumptions used:
Dividend yield	—		%
Expected term (in years)	5.1 to 6.5
Risk-free interest rate	3.7% to 3.8%
Expected Volatility	35		%

Liability-classified awards

Liability-classified awards are presented in Other long-term liabilities on the Consolidated Balance Sheets. The fair value of these awards is determined using the same technique and assumptions as the Holdings Incentive Units, and the Company reevaluates the fair value of these 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 years ended December 31, 2025 and 2024, the Company reclassified liabilities of $10 million and $9 million, respectively, to equity.

Prior to Reorganization and IPO

During the first quarter of fiscal years 2025, 2024, and 2023, 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 are 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 is classified as a liability in accordance with ASC 718 until the official grant date, when it will be reclassified as equity.

During the first quarter of fiscal years 2025 and 2024, upon fulfillment of the performance conditions, 50,659,004 Class B units with a fair value of $0.58 per unit and 67,794,018 Class B Units with a fair value of $0.47 per unit, respectively, were legally granted.

IPO and Reorganization

At the time of IPO, the liability-classified awards authorized in the first quarter of fiscal year 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. At the achievement of certain performance targets, the 2025 Awards will be settled into RSUs with the same economic value of the equivalent Class B units. At the time of settlement into RSUs, 25% of the 2025 Awards will vest after 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. 2025 Awards continues to be classified as liability until the official grant date, when it will be reclassified as equity.

As of December 31, 2025, the number of RSUs probable to be issued is 566,029, with fair value of $24 million. As of December 31, 2025, there was $13 million of unrecognized compensation cost related to liability-classified awards, which is expected to be recognized on a graded basis over a weighted-average period of 1.2 years. The amount of unrecognized compensation cost for liability-classified awards will fluctuate over time as they are marked to market. The final value of the liability-classified awards is contingent upon the Company's actual performance against the performance targets.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY, MEZZANINE EQUITY AND PARTNERS' CAPITAL - USD ($)
shares in Millions, $ in Millions

Total

Additional Paid-In Capital

Accumulated Deficit

Accumulated Other Comprehensive Income

Noncontrolling Interests

Common Stock

Accumulated Other Comprehensive Income

Class A

Stock-based Compensation

Class A

Common Stock

Class A

Common Stock

Class B

Common Stock

Class B

Common Stock

Class B CUPI

Common Stock

Beginning balance (in shares) at Dec. 31, 2022

128

Beginning balance at Dec. 31, 2022

$ 156

$ 138

$ 18

Mezzanine Equity

Compensation expense (in shares)

Adjustment of puttable common units to redemption value

$ 40

$ 37

Ending balance (in shares) at Dec. 31, 2023

128

Ending balance at Dec. 31, 2023

233

$ 178

$ 55

Beginning balance (in shares) at Dec. 31, 2022

16,723

680

Beginning balance, partners' capital at Dec. 31, 2022

16,621

$ 262

$ 16,290

$ 54

$ 15

Partners' Capital

Net income (loss)

234

Other comprehensive income (loss)

(74)

Distribution to partners

(114)

Stock-based compensation (in shares)

(9)

Stock-based compensation

$ 54

$ 11

Capital contribution

Adjustment of puttable common units to redemption value

(40)

Adjustment of stock-based compensation to redemption value

(37)

$ (37)

Ending balance (in shares) at Dec. 31, 2023

16,723

754

Ending balance, partners' capital at Dec. 31, 2023

16,744

188

$ 16,422

$ 108

$ 26

Stockholders' Equity

Net income (loss)

234

Other comprehensive income (loss)

(74)

Net income

$ 27

Units repurchased (in shares)

(5)

Units repurchased prior to reorganization transactions

(2)

$ (2)

Compensation expense (in shares)

Adjustment of puttable common units to redemption value

$ 57

Distribution to partners

(17)

$ (9)

$ (8)

Ending balance (in shares) at Dec. 31, 2024

128

106

Ending balance at Dec. 31, 2024

366

$ 237

$ 129

Partners' Capital

Net income (loss)

1,163

1,104

Other comprehensive income (loss)

(177)

Distribution to partners

(1,501)

(1,435)

$ (64)

$ (2)

Reclass from liability-classified units (in shares)

Reclass from liability-classified units

$ 9

Units repurchased (in shares)

(44)

Units repurchased

(18)

$ (18)

Stock-based compensation (in shares)

(57)

Stock-based compensation

$ 53

Adjustment of puttable common units to redemption value

(58)

Adjustment of stock-based compensation to redemption value

(57)

$ (57)

Ending balance (in shares) at Dec. 31, 2024

16,723

721

Ending balance, partners' capital at Dec. 31, 2024

16,158

$ 16,147

^[1]

$ 15,976

$ 123

$ 48

Stockholders' Equity

Purchases of Class A common stock and common units from pre-IPO owners (in shares)

(44)

Purchases of Class A common stock and redemptions of common units from pre-IPO owners

(18)

$ (18)

Net income (loss)

1,163

$ 1,104

$ 35

$ 24

Other comprehensive income (loss)

(177)

Ending balance (in shares) at Dec. 31, 2024

Ending balance at Dec. 31, 2024

$ 0

Ending balance at Dec. 31, 2025

Partners' Capital

Other comprehensive income (loss)

Ending balance, partners' capital at Dec. 31, 2025

^[1]

Stockholders' Equity

Other comprehensive income (loss)

Ending balance (in shares) at Dec. 31, 2025

812

502

Ending balance at Dec. 31, 2025

19,286

10,717

(7)

$ 27

8,549

$ 0

Ending balance at Dec. 31, 2025

10,737

Beginning balance (in shares) at Dec. 31, 2024

128

106

Beginning balance at Dec. 31, 2024

366

$ 237

$ 129

Mezzanine Equity

Net income

$ 6

Units repurchased (in shares)

(5)

Units repurchased prior to reorganization transactions

(4)

$ (4)

Distribution to partners

(8)

$ (4)

Ending balance (in shares) at Dec. 16, 2025

128

101

Ending balance at Dec. 16, 2025

367

$ 240

$ 127

Beginning balance (in shares) at Dec. 31, 2024

16,723

721

Beginning balance, partners' capital at Dec. 31, 2024

16,158

16,147

^[1]

$ 15,976

$ 123

$ 48

Partners' Capital

Net income (loss)

1,153

^[1]

1,112

$ 3

Other comprehensive income (loss)

Distribution to partners

(510)

^[1]

$ (471)

$ (39)

Reclass from liability-classified units (in shares)

Reclass from liability-classified units

^[1]

$ 10

Units repurchased (in shares)

(44)

Units repurchased

(29)

^[1]

$ (29)

Stock-based compensation (in shares)

Stock-based compensation

^[1]

$ 59

Ending balance (in shares) at Dec. 16, 2025

16,723

734

Ending balance, partners' capital at Dec. 16, 2025

16,872

16,830

^[1]

$ 42

$ 16,617

$ 162

$ 51

Beginning balance (in shares) at Dec. 31, 2024

Beginning balance at Dec. 31, 2024

$ 0

Stockholders' Equity

Purchases of Class A common stock and common units from pre-IPO owners (in shares)

(44)

Purchases of Class A common stock and redemptions of common units from pre-IPO owners

(29)

^[1]

$ (29)

Net income (loss)

1,153

^[1]

$ 1,112

$ 38

$ 3

Other comprehensive income (loss)

Ending balance (in shares) at Dec. 16, 2025

Ending balance at Dec. 16, 2025

$ 0

Mezzanine Equity

Effect of the reorganization transactions

(367)

Ending balance at Dec. 31, 2025

Partners' Capital

Effect of the reorganization transactions

^[1]

(16,830)

Net income (loss)

(9)

(7)

(2)

Other comprehensive income (loss)

Units repurchased (in shares)

(45)

(25)

Units repurchased

(1,970)

(1,323)

(647)

Ending balance, partners' capital at Dec. 31, 2025

^[1]

$ 0

Stockholders' Equity

Effect of the reorganization transactions (in shares)

609

527

Effect of the reorganization transactions

367

8,007

(16)

9,206

Issuance of Class A common stock, net of costs (in shares)

248

Issuance of Class A common stock, net of costs

7,008

Purchases of Class A common stock and common units from pre-IPO owners (in shares)

(45)

(25)

Purchases of Class A common stock and redemptions of common units from pre-IPO owners

(1,970)

(1,323)

(647)

Exchange of common units for Class A common stock

(10)

Tax receivable agreement

(3,542)

Recognition of deferred tax assets from equity transactions

553

Net income (loss)

(9)

(7)

(2)

Other comprehensive income (loss)

Stock-based compensation subsequent to reorganization transactions

Ending balance (in shares) at Dec. 31, 2025

812

502

Ending balance at Dec. 31, 2025

19,286

$ 10,717

$ (7)

$ 27

$ 8,549

$ 0

Ending balance at Dec. 31, 2025

$ 10,737

[1]	Reflects Partners’ Capital, net of Accumulated other comprehensive income.

INCOME TAXES - Income (Loss) Before Income Tax Expense (Benefit) by Category (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ 929	$ 952	$ 15
International	319	294	249
Income before income taxes	$ 1,248	$ 1,246	$ 264

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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+ Details

STOCK-BASED COMPENSATION - Summary of Restricted Stock Awards Activity (Details) - RSAs	Dec. 31, 2025 $ / shares shares
Class B Units
Unvested, beginning balance (in shares) \| shares	1,982,467
Granted (in shares) \| shares	0
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	(23,810)
Unvested, ending balance (in shares) \| shares	1,958,657
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	0
Forfeited (in dollars per share) \| $ / shares	29.00
Unvested, ending balance (in dollars per share) \| $ / shares	$ 29.00

ACQUISITIONS - Narrative (Details) - USD ($) $ in Millions				12 Months Ended
ACQUISITIONS - Narrative (Details) - USD ($) $ in Millions	Aug. 01, 2024	Feb. 01, 2024	Jan. 04, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Goodwill				$ 8,079	$ 8,065	$ 7,532
Mircrotek
Business Combination [Line Items]
Payments to acquire businesses, gross	$ 905
Revenue, amount contributed since acquisition					127
Net income, amount contributed since acquisition					0
Business acquisition, measurement period adjustments				4
Goodwill, initial estimate	418
Goodwill	422			422
Measurement period adjustments, other long-term liabilities, decrease				11
Measurement period adjustments, accrued expenses and other current liabilities, increase				11
Measurement period adjustments, trade accounts receivable, decrease				$ 6
Goodwill, expected tax deductible amount	$ 427
Acquired intangible assets, weighted average useful life	11 years
Proforma cost of sales					25
Proforma amortization expense					$ 11
Sinclair Dental
Business Combination [Line Items]
Payments to acquire businesses, gross		$ 195
Goodwill		$ 87
Acquired intangible assets, weighted average useful life		13 years
United Medco
Business Combination [Line Items]
Payments to acquire businesses, gross			$ 33
Goodwill			$ 29
Acquired intangible assets, weighted average useful life			10 years
Percentage of voting interests acquired			100.00%
Business acquisition, purchase consideration			$ 53
Business acquisition, contingent liability consideration			20
Contingent liability, maximum payout			$ 35
Contingent liability, term			2 years
Contingent consideration liability			$ 20
Contingent consideration liability, current			8
Contingent consideration liability, non-current			$ 12

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our cybersecurity team reviews and updates its information security strategy and creates plans based on identified enterprise risks. We engage with third parties in order to enhance, implement, assess and monitor our cybersecurity processes, controls, and posture. We maintain cybersecurity incident response, disaster recovery, and business continuity plans that guide activities such as preparing for, detecting, coordinating, investigating, containing, remediating, documenting, recovering from, and escalating applicable incidents to senior management and, where appropriate, relevant committees of the Board of Directors. We also conduct mandatory employee cybersecurity and privacy compliance awareness training. We identify and assess third-party risks associated with suppliers and service providers across a range of areas, including cybersecurity, through a third-party risk management process that incorporates, among other features, the use of risk assessments and, where appropriate, contractual requirements around cybersecurity, audit requirements, appropriate service levels, and other terms. As of the date of this Annual Report, we have not identified any risks from cybersecurity threats, including as a result of past cybersecurity incidents, have had, or we believe are reasonably likely to have, a material adverse effect on us, including our business strategy, results of operations, or financial condition. However, we, or third-party service providers we’ve engaged, may be subject to cybersecurity incidents, or other unauthorized access of information systems in the future. There can be no assurance that any future cybersecurity incident or unauthorized access to or breach of these information systems will not be material to our business, strategy, results of operations, or financial condition. For more information on risks to us from cybersecurity threats, see Part I, “Item 1A—Risk Factors—Risks Related to Regulation and Legal Proceedings.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	As part of our enterprise risk management strategy, we identify, assess, and manage risks related to cybersecurity through policies, standards, and procedures.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance The Risk Committee assists the Board of Directors in its oversight of our cybersecurity program. As part of its cybersecurity oversight, the Risk Committee oversees and regularly reviews our programs and processes for managing cybersecurity risks, including our framework for preventing, detecting, and addressing cybersecurity incidents and identifying emerging risks both broadly and within related industries. Our CISO routinely provides cybersecurity updates to the Risk Committee and information to the Board of Directors. We have protocols by which certain cybersecurity incidents that meet established reporting thresholds are escalated within the Company and, where appropriate, reported to the Board of Directors and Risk Committee, as well as ongoing updates regarding any such incident until it has been addressed.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Risk Committee assists the Board of Directors in its oversight of our cybersecurity program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	As part of its cybersecurity oversight, the Risk Committee oversees and regularly reviews our programs and processes for managing cybersecurity risks, including our framework for preventing, detecting, and addressing cybersecurity incidents and identifying emerging risks both broadly and within related industries. Our CISO routinely provides cybersecurity updates to the Risk Committee and information to the Board of Directors. We have protocols by which certain cybersecurity incidents that meet established reporting thresholds are escalated within the Company and, where appropriate, reported to the Board of Directors and Risk Committee, as well as ongoing updates regarding any such incident until it has been addressed.
Cybersecurity Risk Role of Management [Text Block]	We have a dedicated cybersecurity team that works to prevent, detect, and respond to cybersecurity threats. The cybersecurity team is led by the Global Chief Information Security Officer (“CISO”). Our CISO has over 20 years of cybersecurity experience and maintains industry recognized security certifications. Our CISO receives reports on cybersecurity threats on an ongoing basis and regularly reviews risk management measures we’ve implemented to identify and mitigate data protection and cybersecurity risks. Our CISO works closely with our legal team to oversee compliance with legal, regulatory and contractual security requirements. As part of our enterprise risk management strategy, we identify, assess, and manage risks related to cybersecurity through policies, standards, and procedures. The cybersecurity team works to identify, assess, and manage cybersecurity risks by: (i) reviewing risks from cybersecurity threats with senior management; (ii) regularly reviewing cybersecurity risks and mitigation efforts, including with the Board of Directors and the Risk and Compliance Committee of the Board of Directors (the “Risk Committee”); (iii) conducting periodic tabletop exercises to promote awareness and improve internal processes; (iv) implementing security measures and policies intended to identify and assist in containing and remediating cybersecurity risks, and (v) using third party cybersecurity experts as needed for reviews and testing.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The cybersecurity team is led by the Global Chief Information Security Officer (“CISO”). Our CISO has over 20 years of cybersecurity experience and maintains industry recognized security certifications. Our CISO receives reports on cybersecurity threats on an ongoing basis and regularly reviews risk management measures we’ve implemented to identify and mitigate data protection and cybersecurity risks. Our CISO works closely with our legal team to oversee compliance with legal, regulatory and contractual security requirements.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO has over 20 years of cybersecurity experience and maintains industry recognized security certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	As part of our enterprise risk management strategy, we identify, assess, and manage risks related to cybersecurity through policies, standards, and procedures. The cybersecurity team works to identify, assess, and manage cybersecurity risks by: (i) reviewing risks from cybersecurity threats with senior management; (ii) regularly reviewing cybersecurity risks and mitigation efforts, including with the Board of Directors and the Risk and Compliance Committee of the Board of Directors (the “Risk Committee”); (iii) conducting periodic tabletop exercises to promote awareness and improve internal processes; (iv) implementing security measures and policies intended to identify and assist in containing and remediating cybersecurity risks, and (v) using third party cybersecurity experts as needed for reviews and testing.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

ACQUISITIONS - Schedule of Pro Forma Information (Details) - Mircrotek - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Net revenue	$ 25,689	$ 23,588
Net income	$ 1,272	$ 261

- 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.

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+ Details

COVER - USD ($) $ in Billions	12 Months Ended
COVER - USD ($) $ in Billions	Dec. 31, 2025	Feb. 23, 2026	Dec. 17, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement related to its 2026 Annual Meeting of Stockholders to be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year ended December 31, 2025 are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Public Float			$ 13.0
Entity Central Index Key	0002046386
Document Fiscal Year Focus	2025
Document Period Focus	FY
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		811,647,534
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		502,045,878

NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

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.

Initial Public Offering

On December 16, 2025, the Securities and Exchange Commission declared effective the Company’s Registration Statement on Form S-1 filed in connection with its initial public offering (the “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 proceed 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 catch-up profits interests units (“CUPIs”) 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 have been accounted for as a reorganization of entities under common control. As a result, the consolidated financial statements of Medline Inc. recognize 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

Fiscal Periods

Use of Estimates

Cash and Cash Equivalents

Inventories

Accounts Receivable, Net of Allowance for Credit Losses

Concentrations of Credit Risk

Research and Development Expenses

Research and development expenses are charged to earnings as incurred. Research and development costs for the years ended December 31, 2025, 2024 and 2023 were $80 million, $67 million and $60 million, respectively.

Property, Plant, and Equipment


Asset Class						Useful Life

Buildings and Improvements - Owned						15-40 years
Building Improvements - Leased						Shorter of 10 years/Remaining lease term
Land Improvements						15 years
Machinery and Equipment						3-20 years
Computer Software						3 years
Furniture and Fixtures						7 years
Auto and Trucks						5-7 years

Impairment of Long-Lived Assets

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets acquired and liabilities assumed for a business combination.

Intangible Assets

Leases

Revenue Recognition

See Note 20—Segment Information for disaggregation of net sales by product category, geography, and sales office as the Company believes that it best depicts how the nature, amount, timing and uncertainty of net sales and cash flows are affected by economic factors.

Cost of Goods Sold

Stock-based Compensation

See Note 17—Stock-based Compensation for a discussion of the Company’s stock-based compensation plans and awards.

Net Income (loss) per Share

Income Taxes

Tax Receivable Agreement

Loss contingencies

Interest expense, net

Defined Benefit Pension Plans

Translation of Financial Statements of Foreign Subsidiaries

Derivative Financial Instruments

Derivative financial instruments are used primarily to manage interest rate and foreign currency exchange exposures, and are recorded at fair value in the Company’s Consolidated Balance Sheets.

Fair Value of Financial Instruments

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company has the ability to access as of the measurement date.

Level 3: Significant unobservable inputs that reflect the Company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

Recently Adopted Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

DERIVATIVES AND HEDGING ACTIVITIES RISK MANAGEMENT

12 Months Ended

Dec. 31, 2025

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 fiscal years 2025, 2024 and 2023, 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 $34 million will be reclassified as a decrease to interest expense within one year after December 31, 2025.

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

December 31, 2025

December 31, 2024

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

2,950

Nov'2025 to Dec'2026

Interest rate caps

USD

2,000

Dec'2026

2,500

Dec'2025 to Dec'2026

The Company entered into interest rate swaps with notional value of $1,450 million in 2023, which have matured on November 30, 2025. Additionally, 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. The remaining notional amount is set to mature on December 31, 2026.

Gains and Losses on Hedging Instruments

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



			Year ended
(in millions)				December 31, 2025		December 31, 2024		December 31, 2023
Gain (loss) recognized in AOCI	Included in effectiveness testing	Interest rate swaps		$	1	$	49	$	33
		Interest rate caps		(1)		33		24
	Excluded in effectiveness testing	Interest rate caps		(3)		(5)		(10)
				(3)		77		47

Gain (loss) reclassified from AOCI into earnings	Included in effectiveness testing	Interest rate swaps		52		100		78
		Interest rate caps		42		75		101
	Excluded in effectiveness testing	Interest rate caps		(8)		(10)		(17)
				86		165		162
Total change in AOCI				$	(89)	$	(88)	$	(115)

The gain (loss) reclassed from AOCI into earnings is recorded to Interest expense, net in 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. Cash flows from undesignated derivatives are classified within investing activities.

Derivative Assets and Liabilities

The Company records both the designated interest rate derivatives and the undesignated derivatives at fair value in the 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	December 31, 2025		December 31, 2024
Interest rate swaps	Other current assets	$	21	$	46
	Other long-term assets	—		25

Interest rate caps	Other current assets	15		33
	Other long-term assets	—		23
Total designated cash flow hedges		$	36	$	127

- 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 - Narrative (Details) - Significant unobservable inputs (Level 3)	Dec. 31, 2025
Risk free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, measurement input	0.0462
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, measurement input	0.095
Price volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, measurement input	0.13
Credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, measurement input	0.03