0002046386-26-000060
SEC filingMedline第三季度净销售额增10.4%至$7.9B、Adjusted EBITDA增11.8%，但净利降1.2%；上调全年Organic Sales指引并授权$1B回购。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net sales | $7,856 million | $7,115 million | 10.4% |
| Gross profit | $1,925 million | $1,875 million | 2.7% |
| Gross margin | 24.5% | 26.4% | — |
| Operating income | $500 million | $574 million | (12.9)% |
| Net income | $318 million | $322 million | (1.2)% |
| Diluted EPS | $0.22 | — | — |
| Adjusted EBITDA | $960 million | $859 million | 11.8% |
| Adjusted EBITDA Margin | 12.2% | 12.1% | — |
| Adjusted Diluted EPS | $0.44 | — | — |
| Organic Sales growth | 10.5% | — | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Organic Sales growth | 10.0% to 10.5% | Non-GAAP |
| FY2026 | Adjusted EBITDA | $3.3 billion to $3.4 billion | Non-GAAP |
第三季度净销售额同比增10.4%至$7,856 million，Organic Sales增10.5%，主要由存量客户增长及2025年新签客户落地驱动，并含$11 million客户还款调整带来的净销售额增加。盈利端承压：毛利率由26.4%降至24.5%，主因通胀推高库存成本、运营费用上升及客户结构，部分被净销售额增长和IEEPA关税退款净收益抵消；Operating income降12.9%至$500 million，Net income降1.2%至$318 million，Adjusted EBITDA则增11.8%至$960 million。分部门看，Supply Chain Solutions净销售额增13.9%至$4,219 million但Adjusted EBITDA降10.2%至$184 million、利润率降至4.4%；Medline Brand净销售额增6.6%、Adjusted EBITDA增14.9%至$943 million，利润率25.9%。
九个月口径下，Net income降28.8%至$696 million，含Tracy配送中心火灾相关净损失$316 million；Adjusted EBITDA增5.0%至$2.8 billion。现金流强劲，经营活动现金流$2,152 million、Free Cash Flow $1,804 million。公司上调全年Organic Sales指引至10.0%–10.5%，重申Adjusted EBITDA $3.3–$3.4 billion（不含前九个月$324 million净关税退款收益），并授权最高$1 billion股份回购、提前偿还$750 million 2033 Refinancing Term Loan，体现资本返还与降杠杆并举。