v3.26.3
SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 26, 2026
Segment Reporting [Abstract]  
Schedule of Financial Information by Segment
The following tables present financial information by segment:

Three months endedNine months ended
(in millions)September 26, 2026September 27, 2025September 26, 2026September 27, 2025
Net sales to external customers:
Front Line Care$1,706 $1,634 $4,976 $4,752 
Surgical Solutions1,659 1,538 4,853 4,494 
Laboratory and Diagnostics272 239 813 751 
Medline Brand3,637 3,411 10,642 9,997 
Supply Chain Solutions4,219 3,704 12,251 10,648 
Consolidated net sales to external customers$7,856 $7,115 $22,893 $20,645 
Segment Adjusted EBITDA:
Medline Brand$943 $821 $2,775 $2,541 
Supply Chain Solutions184 205 575 588 
Total segment adjusted EBITDA1,127 1,026 3,350 3,129 
Corporate & Other(167)(167)(554)(467)
Interest expense, net(118)(213)(373)(646)
Depreciation and amortization(259)(253)(769)(750)
Inventory-related adjustments(122)(2)(154)(38)
Stock-based compensation expense(29)(15)(81)(52)
Litigation gains, net— — — 47 
Transaction-related costs (1)
(30)(12)(94)(35)
Other non-core charges, net (2)
(16)(19)(413)(146)
Income before income taxes$386 $345 $912 $1,042 
(1) Represents acquisition and integration-related costs and IPO and subsequent offerings related costs.
(2)Represents costs related to specified transformation and implementation projects, loss on debt extinguishment and other debt refinancing costs and fees related to specified financing transactions, and other items. The impact of a fire at the distribution center in Tracy, costs attributable to specified remediation activities undertaken in response to FDA observations and warning letters, and recall and discontinuation costs related to Medline Brand beds are included in the 2026 periods. Foreign exchange losses directly attributable to the remeasurement of euro-denominated term loans is included in the 2025 periods.
Schedule of Sales and Long-Lived Assets by Geographical Areas
The following tables present information by sales office and geographic area:

Three months endedNine months ended
(in millions)
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
Net sales to external customers:
Acute care (1)
$5,471 $4,880 $16,003 $14,168 
Non-Acute care (2)
1,867 1,756 5,344 5,061 
United States7,338 6,636 21,347 19,229 
International518 479 1,546 1,416 
Consolidated net sales to external customers$7,856 $7,115 $22,893 $20,645 
(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)September 26, 2026December 31, 2025
Long-lived assets by geographical area (1):
United States$4,364 $4,433 
International838 777 
Consolidated long-lived assets, net$5,202 $5,210 
(1) Includes property, plant, and equipment, net, and operating lease right-of-use assets.