Medline Q2 net sales up 11.6% to $7.7B; net income down 58.3%; updates FY guidance

Medline Inc.

Q2 net sales $7.7B (+11.6% YoY); net income $139M (-58.3%); diluted EPS $0.07, adjusted EPS $0.50.
Q2 Adjusted EBITDA $1.06B (+13.4%); H1 Free Cash Flow $920M on $207M capex.
Tracy, CA distribution center fire caused $336M pre-insurance loss in Q2.
IEEPA tariff refunds: $332M benefit in COGS, offset by $89M customer repayments reducing sales.
FY2026 guidance: Organic Sales growth raised to 9.0%-10.0%; Adjusted EBITDA lowered to $3.3B-$3.4B.

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