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Side-by-side financial comparison of Medline Inc. (MDLN) and Medtronic (MDT). Click either name above to swap in a different company.
Medtronic is the larger business by last-quarter revenue ($9.0B vs $7.4B, roughly 1.2× Medline Inc.). Medtronic runs the higher net margin — 12.8% vs 3.3%, a 9.5% gap on every dollar of revenue. On growth, Medline Inc. posted the faster year-over-year revenue change (10.7% vs 8.7%). Medtronic produced more free cash flow last quarter ($3.3B vs $316.0M).
Medline Inc. is an American public healthcare company headquartered in Northfield, Illinois. In June 2021 it was acquired by a consortium of private equity firms Blackstone, Carlyle and Hellman & Friedman valuing the company at $34 billion in one of the largest leveraged buyouts of all time. It was the nation's largest privately held manufacturer and distributor of medical supplies providing products, education, clinical programs and services across the continuum of care with operations in ov...
Medtronic plc is an Irish medical device company. The company's legal and executive headquarters are in Ireland, while its operational headquarters are in Minneapolis, Minnesota. Medtronic rebased to Ireland following its acquisition of Irish-based Covidien in 2015. While it primarily operates in the United States, it operates in more than 150 countries and employs over 90,000 people. It develops and manufactures healthcare technologies and therapies.
MDLN vs MDT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2026
| Metric | | |
|---|---|---|
| Revenue | $7.4B | $9.0B |
| Net Profit | $239.0M | $1.1B |
| Gross Margin | 25.0% | — |
| Operating Margin | 5.7% | 16.2% |
| Net Margin | 3.3% | 12.8% |
| Revenue YoY | 10.7% | 8.7% |
| Net Profit YoY | -59.9% | -11.7% |
| EPS (diluted) | $0.16 | $0.89 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $7.4B | $9.0B | ||
| Q4 25 | — | $9.0B | ||
| Q3 25 | — | $8.6B | ||
| Q2 25 | — | $8.9B | ||
| Q1 25 | — | $8.3B | ||
| Q4 24 | — | $8.4B | ||
| Q3 24 | — | $7.9B | ||
| Q2 24 | — | $8.6B |
| Q1 26 | $239.0M | $1.1B | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $654.0M |
| Q1 26 | 25.0% | — | ||
| Q4 25 | — | 65.8% | ||
| Q3 25 | — | 65.0% | ||
| Q2 25 | — | 64.8% | ||
| Q1 25 | — | 66.5% | ||
| Q4 24 | — | 64.9% | ||
| Q3 24 | — | 65.1% | ||
| Q2 24 | — | 64.5% |
| Q1 26 | 5.7% | 16.2% | ||
| Q4 25 | — | 18.8% | ||
| Q3 25 | — | 16.8% | ||
| Q2 25 | — | 16.1% | ||
| Q1 25 | — | 19.9% | ||
| Q4 24 | — | 19.0% | ||
| Q3 24 | — | 16.1% | ||
| Q2 24 | — | 12.3% |
| Q1 26 | 3.3% | 12.8% | ||
| Q4 25 | — | 15.3% | ||
| Q3 25 | — | 12.1% | ||
| Q2 25 | — | 11.8% | ||
| Q1 25 | — | 15.6% | ||
| Q4 24 | — | 15.1% | ||
| Q3 24 | — | 13.2% | ||
| Q2 24 | — | 7.6% |
| Q1 26 | $0.16 | $0.89 | ||
| Q4 25 | — | $1.07 | ||
| Q3 25 | — | $0.81 | ||
| Q2 25 | — | $0.81 | ||
| Q1 25 | — | $1.01 | ||
| Q4 24 | — | $0.99 | ||
| Q3 24 | — | $0.80 | ||
| Q2 24 | — | $0.50 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.2B | — |
| Total DebtLower is stronger | $12.5B | — |
| Stockholders' EquityBook value | $19.3B | — |
| Total Assets | $39.0B | — |
| Debt / EquityLower = less leverage | 0.65× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.2B | — | ||
| Q4 25 | — | $8.3B | ||
| Q3 25 | — | $8.1B | ||
| Q2 25 | — | $9.0B | ||
| Q1 25 | — | $7.9B | ||
| Q4 24 | — | $8.0B | ||
| Q3 24 | — | $7.8B | ||
| Q2 24 | — | $8.0B |
| Q1 26 | $12.5B | — | ||
| Q4 25 | — | $27.7B | ||
| Q3 25 | — | $26.2B | ||
| Q2 25 | — | $25.6B | ||
| Q1 25 | — | $24.0B | ||
| Q4 24 | — | $24.6B | ||
| Q3 24 | — | $26.3B | ||
| Q2 24 | — | $23.9B |
| Q1 26 | $19.3B | — | ||
| Q4 25 | — | $48.7B | ||
| Q3 25 | — | $47.9B | ||
| Q2 25 | — | $48.0B | ||
| Q1 25 | — | $49.4B | ||
| Q4 24 | — | $48.5B | ||
| Q3 24 | — | $47.9B | ||
| Q2 24 | — | $50.2B |
| Q1 26 | $39.0B | — | ||
| Q4 25 | — | $91.3B | ||
| Q3 25 | — | $91.0B | ||
| Q2 25 | — | $91.7B | ||
| Q1 25 | — | $90.0B | ||
| Q4 24 | — | $90.0B | ||
| Q3 24 | — | $89.7B | ||
| Q2 24 | — | $90.0B |
| Q1 26 | 0.65× | — | ||
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.53× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | — | 0.51× | ||
| Q3 24 | — | 0.55× | ||
| Q2 24 | — | 0.48× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $412.0M | $4.8B |
| Free Cash FlowOCF − Capex | $316.0M | $3.3B |
| FCF MarginFCF / Revenue | 4.3% | 37.1% |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | 1.72× | 4.14× |
| TTM Free Cash FlowTrailing 4 quarters | — | $6.5B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $412.0M | $4.8B | ||
| Q4 25 | — | $925.0M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $958.0M | ||
| Q3 24 | — | $986.0M | ||
| Q2 24 | — | $2.8B |
| Q1 26 | $316.0M | $3.3B | ||
| Q4 25 | — | $457.0M | ||
| Q3 25 | — | $584.0M | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $554.0M | ||
| Q3 24 | — | $466.0M | ||
| Q2 24 | — | $2.4B |
| Q1 26 | 4.3% | 37.1% | ||
| Q4 25 | — | 5.1% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | 23.2% | ||
| Q1 25 | — | 25.3% | ||
| Q4 24 | — | 6.6% | ||
| Q3 24 | — | 5.9% | ||
| Q2 24 | — | 27.4% |
| Q1 26 | 1.3% | — | ||
| Q4 25 | — | 5.2% | ||
| Q3 25 | — | 5.9% | ||
| Q2 25 | — | 5.1% | ||
| Q1 25 | — | 5.7% | ||
| Q4 24 | — | 4.8% | ||
| Q3 24 | — | 6.6% | ||
| Q2 24 | — | 5.0% |
| Q1 26 | 1.72× | 4.14× | ||
| Q4 25 | — | 0.67× | ||
| Q3 25 | — | 1.05× | ||
| Q2 25 | — | 2.39× | ||
| Q1 25 | — | 1.99× | ||
| Q4 24 | — | 0.75× | ||
| Q3 24 | — | 0.95× | ||
| Q2 24 | — | 4.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MDLN
| Supply Chain Solutions segment | $3.9B | 53% |
| Medline Brand segment | $3.5B | 47% |
MDT
| Cardiovascular Portfolio | $3.5B | 38% |
| Neuroscience Portfolio | $2.6B | 28% |
| Medical Surgical Portfolio | $2.2B | 24% |
| Diabetes business | $796.0M | 9% |
