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 and 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 have 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.


(in millions, except number of shares and per share amounts)	Three months ended		Nine months ended
	September 26, 2026		September 26, 2026
Basic earnings per share:
Numerator
Net income	$	318	$	696
Less: Net income attributable to noncontrolling interests	123		312
Net income attributable to Medline Inc.	195		384
Reallocation of net income attributed to vested incentive units	3		7
Numerator for earnings per share	198		391
Denominator
Weighted-average number of Class A common stock outstanding	876,467,488		851,211,179
Basic earnings per share	$	0.23	$	0.46

Diluted earnings per share:
Numerator
Numerator for earnings per share (Basic)	$	198	$	391
Effect of dilutive stock compensation awards	(2)		(2)
Effect of conversion of Class B common stock to Class A common stock	92		209
Numerator for earnings per share (Diluted)	288		598
Denominator
Weighted-average number of Class A common stock outstanding (Basic)	876,467,488		851,211,179
Weighted-average effect of dilutive securities:
Effect of dilutive stock compensation awards	2,962,759		4,263,402
Effect of conversion of Class B common stock to Class A common stock	436,975,667		461,290,893
Weighted-average number of Class A common stock outstanding (Diluted)	1,316,405,914		1,316,765,474
Diluted earnings per share	$	0.22	$	0.45

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: