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EARNINGS PER SHARE
6 Months Ended
Jun. 27, 2026
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
All net income prior to the IPO was entirely allocable to partners of Medline Holdings. As a result of the Reorganization and IPO, the Company’s capital structure before and after IPO are not comparable, and the presentation of earnings per share for the periods prior to the IPO is not meaningful and not presented herein.

The Company computes earnings per share of Class A common stock using the two-class method required for participating securities. Shares of Class B common stock are not considered participating securities because they have no right to receive dividends, no right to receive distribution on liquidation or winding up of Medline Inc. and no earnings or losses are allocable to such class. Therefore, basic and diluted earnings per share of Class B common stock has not been presented.
Basic earnings per share attributable to the Company’s stockholders is computed by dividing net income attributable to the Company by the weighted-average number of Class A common stock outstanding during the period. Diluted earnings per share attributable to the Company gives effect to all potential shares of Class A common stock, including conversion of Class B common stock, conversion of Medline Holdings Incentive Units, options, RSAs, RSUs, PSUs, and ESPP to the extent these are dilutive.

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

(in millions, except number of shares and per share amounts)Three Months EndedSix Months Ended
June 27, 2026June 27, 2026
Basic earnings per share:
Numerator
Net income$139 $378 
Less: Net income attributable to noncontrolling interests79 189 
Net income attributable to Medline Inc.$60 $189 
Reallocation of net income attributed to vested incentive units(1)
Numerator for earnings per share$59 $197 
Denominator
Weighted-average number of Class A common stock outstanding856,671,262 838,299,245 
Basic earnings per share$0.07 $0.23 
Diluted earnings per share:
Numerator
Numerator for earnings per share (Basic)$59 $197 
Effect of dilutive stock compensation awards— — 
Numerator for earnings per share (Diluted)$59 $197 
Denominator
Weighted-average number of Class A common stock outstanding (Basic)856,671,262 838,299,245 
Weighted-average effect of dilutive securities:
Effect of dilutive stock compensation awards4,219,457 4,580,411 
Weighted-average number of Class A common stock outstanding (Diluted)860,890,719 842,879,656 
Diluted earnings per share$0.07 $0.23 
The following table presents outstanding shares of potentially dilutive securities excluded from the calculation of diluted earnings per share because including them would have had an anti-dilutive effect, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied at the end of the respective period:

Three Months EndedSix Months Ended
June 27, 2026June 27, 2026
Class B common stock437,356,274 437,356,274 
Incentive units39,347,705 39,347,705 
PSUs1,206,267 1,206,267 
RSUs1,083,429 — 
Total anti-dilutive securities478,993,675 477,910,246