Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-12

Medline (MDLN)

CEO James Boyle was paid $3,860,972 in fiscal year 2025, ↓ down 10.3% from fiscal year 2024, the 1st percentile of its disclosed peer group (SEC filing 0001104659-26-047092 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$10,907,077
James Pigott total, FY2025
President — highest-paid officer; CEO James Boyle: $3,860,972
1st
CEO (James Boyle) pay percentile vs peers
—
CEO-to-median pay ratio
99.48%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- James Boyle (Chief Executive Officer), FY2025 total compensation $3,860,972 (base salary $1,250,000) [exec_comp, SEC accession 0001104659-26-047092, filed 2026-04-23]

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MDLN's next annual pay disclosure, estimated April 23, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
James Pigott$1,100,000$0$0$0$930,573$0$8,876,504$10,907,077
President
James Boyle1,250,00001,177,66501,409,960023,3473,860,972
Chief Executive Officer
Michael Drazin810,0000956,8530763,117027,2892,557,259
Chief Financial Officer
Douglas Golwas800,0000956,8530772,410025,0302,554,293
Chief Commercial Officer
Stephen Miller800,0000956,8530676,78109,1402,442,774
Chief Operating Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
James Pigott$10,907,077$3,957,278—↑ +6,949,799
James Boyle3,860,9724,305,297—↓ −444,325
Michael Drazin2,557,2592,759,644—↓ −202,385
Douglas Golwas2,554,2932,758,157—↓ −203,864
Stephen Miller2,442,7744,315,145—↓ −1,872,371

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against MDLN
1 company names MDLN as a compensation peer

    Each company listed discloses MDLN in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named MDLN in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

    01c

    Board of directors

    One page per director: the seat, the committees and the fee table, read for one person at a time.

    DirectorRoleFY2025 total
    Anushka M. SunderIndependent Director—
    Jacob D. BestIndependent Director—
    Joseph P. BarattaIndependent Director—
    Patrick J. HealyIndependent Director—
    Richard A. GalantiIndependent Director$375,787
    Robert R. SchmidtIndependent Director—
    Stephen H. WiseIndependent Director—
    Thomas W. SweetIndependent Director$150,000
    Todd M. BluedornIndependent Director$304,921
    02

    Equity transactions since the proxy statement was filed

    No insider equity transactions reported since the proxy statement.

    03

    Grants of plan-based awards — fiscal year 2025

    ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
    Michael DrazinPSU2025-04-1116,49732,995—49,492$956,853
    Douglas GolwasPSU2025-04-1116,49732,995—49,492956,853
    James BoylePSU2025-04-1120,30540,609—60,9141,177,665
    Stephen MillerPSU2025-04-1116,49732,995—49,492956,853
    03b

    Vehicle mix — grant-date fair value by award type

    Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
    Michael Drazin$0$956,853$0100.0%
    Douglas Golwas0956,8530100.0%
    James Boyle01,177,6650100.0%
    Stephen Miller0956,8530100.0%

    % performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

    04

    Outstanding equity awards at fiscal year-end 2025

    ExecutiveAwardShares unvestedExercise priceMarket value unvested
    James PigottRSU1,008,005—$18,947,619
    James BoyleRSU799,632—11,777,744
    Michael DrazinRSU506,913—7,848,576
    Douglas GolwasRSU356,473—5,503,398
    Stephen MillerRSU255,035—2,876,222
    05

    Incentive-plan design — the Compensation Discussion & Analysis

    The compensation program is designed to enhance business strategy, attract and retain innovative business leaders, and build long-term results for stockholders.

    CEO STI target (% of salary)—
    CEO LTI target (% of salary)—
    Independent consultantKorn Ferry
    Clawback policytrue
    Anti-hedgingtrue
    Anti-pledgingtrue
    06

    Say-on-pay — recent advisory votes

    Meeting yearMeeting dateForAgainstAbstainSupportOutcome
    20262026-06-111,189,280,3996,203,14554,98899.48%Passed

    Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

    Say-on-pay — history, company's computation

    Meeting yearMeeting dateApproval — company's computation
    20262026-06-1199.48%a

    a. Voting standard not stated in the filing.

    Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

    08

    Director compensation — fiscal year 2025

    DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
    Richard A. GalantiIndependent$75,787$300,000———$375,787
    Todd M. BluedornIndependent4,921300,000———304,921
    Thomas W. SweetIndependent150,0000———150,000
    James M. BoyleEmployee director—————0
    Stephen H. WiseIndependent—0————
    Robert R. SchmidtIndependent—0————
    Charles N. MillsNot independent · Board Chair——————
    Jacob D. BestIndependent—0————
    Andrew J. MillsNot independent——————
    Patrick J. HealyIndependent—0————
    Anushka M. SunderIndependent—0————
    Joseph P. BarattaIndependent—0————
    09

    Board fee structure and ownership guideline

    Annual cash retainer$125,000
    Annual equity retainer$200,000
    Per board meeting fee—
    Committee chair fees (audit / comp / nom-gov)25,000 / 20,000 / 20,000
    Stock ownership guideline$5
    09b

    Total cost of the board

    ComponentFY2025
    Cash retainers and fees$230,708
    Equity awards (grant-date value)$600,000
    All other compensation$0
    Total cost of the board$830,708

    Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

    10

    Disclosed peer group — fiscal year 2025

    The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

    10a

    Peer reciprocity

    Of the companies Medline names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

    Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Medline.

    10b

    Chief executive pay against the peer group

    Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

    RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
    1Thermo Fisher Scientific Inc.2025Marc Casper$1,785,534$65,730,211$7,951,377$3,742,123$79,923,350
    2Baxter International Inc.2025Andrew Hider499,31523,133,5183,185,053820,12529,805,182
    3Danaher Corporation2025Rainer Blair1,400,0009,292,3708,386,6574,194,40023,795,280
    4Stryker Corporation2025Kevin Lobo1,500,0009,764,1366,920,7812,250,00021,401,495
    53M Company2025William Brown1,800,0007,753,8527,001,2423,745,32221,005,009
    6Honeywell International Inc.2025Vimal Kapur1,600,00010,866,2693,623,9143,516,80020,381,435
    7GE HealthCare Technologies Inc.2025Peter Arduini1,324,98311,249,5333,624,9702,081,08418,562,794
    8Becton, Dickinson and Company2025Thomas Polen1,395,4639,991,8543,311,8611,852,01017,129,140
    9Colgate-Palmolive Company2025Noel Wallace1,500,0008,005,1523,570,0162,455,95016,478,196
    10Kimberly-Clark Corporation2025Michael Hsu1,500,00011,499,98901,596,42415,320,405
    11Illinois Tool Works, Inc.2025Christopher A. O'Herlihy1,337,2715,249,9575,249,9962,702,38915,211,011
    12Henry Schein, Inc.2025Stanley Bergman1,707,0007,764,80002,289,25112,013,915
    13W.W. Grainger, Inc.2025D.G. Macpherson1,176,3708,451,81901,653,07511,609,508
    14Medline2025James Boyle1,250,0001,177,66501,409,9603,860,972

    Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

    10c

    Incentive design against the same peers

    CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
    Medlinenot disclosednot disclosednot disclosedKorn Ferry
    3M Company118.9%PSU 50 · Options 50NoFW Cook
    Baxter International Inc.not disclosednot disclosedNoAon Consulting, Inc. (Aon)
    Becton, Dickinson and Company85%PSU 50 · Options 25 · RSU 25NoSemler Brossy
    Colgate-Palmolive Company93.6%PSU 50 · Options 30 · RSU 20NoFW Cook
    Danaher Corporationnot disclosedOptions 50 · RSU 50Yes — Relative TSRFW Cook
    GE HealthCare Technologies Inc.101%PSU 50 · Option 25 · RSU 25NoSemler Brossy
    Henry Schein, Inc.89.3%PSU 65 · RSU 35NoPearl Meyer
    Honeywell International Inc.126%PSU 50 · Options 25 · RSU 25Yes — three-year total shareowner return (TSR) relative to the 2025 Compensation Peer Groupnot disclosed
    Illinois Tool Works, Inc.not disclosedPSU 50 · Options 50NoMeridian Compensation Partners LLC
    Kimberly-Clark Corporation61%PSU 60 · RSU 40NoSemler Brossy Consulting Group
    Stryker Corporation100%PSU 48 · Options 34NoSemler Brossy
    Thermo Fisher Scientific Inc.99.8%PSU 50 · Options 50Yes — Relative TSRPearl Meyer
    W.W. Grainger, Inc.93%PSU 60 · RSU 40NoPay Governance, LLC

    Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

    10d

    Frequently asked questions

    Who was the highest-paid executive at Medline in fiscal 2025?
    As disclosed, James Pigott (President) was the highest-paid executive at Medline in fiscal 2025, with total compensation of $10,907,077.
    How does Medline's chief executive pay compare to its disclosed peer group?
    As disclosed, James Boyle's total compensation ranked at the 1st percentile of Medline's disclosed peer group.
    How did shareholders vote on Medline's executive compensation?
    As disclosed, 99.48% of shareholders supported Medline's executive compensation in the latest say-on-pay vote.
    How much does Medline spend in total on board compensation for fiscal 2025?
    As disclosed, Medline reported total board compensation of $830,708 for fiscal 2025.

    Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

    11

    Source register

    Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

    #SupportsDocumentFiledAccessionLocation in document
    1Section 01, James PigottDEF 14A2026-04-230001104659-26-047092Section “Executive Compensation Tables”. As printed: 10,907,077. Filing ↗machine: r5 · c42 · span 1447156–1447166
    2Section 01, James BoyleDEF 14A2026-04-230001104659-26-047092Section “Executive Compensation Tables”. As printed: 3,860,972. Filing ↗machine: r1 · c42 · span 1422792–1422801
    3Section 01, Michael DrazinDEF 14A2026-04-230001104659-26-047092Section “Executive Compensation Tables”. As printed: 2,557,259. Filing ↗machine: r3 · c42 · span 1434968–1434977
    4Section 01, Douglas GolwasDEF 14A2026-04-230001104659-26-047092Section “Executive Compensation Tables”. As printed: 2,554,293. Filing ↗machine: r7 · c42 · span 1459335–1459344
    5Section 01, Stephen MillerDEF 14A2026-04-230001104659-26-047092Section “Executive Compensation Tables”. As printed: 2,442,774. Filing ↗machine: r9 · c42 · span 1471430–1471439
    6Section 03, Michael Drazin PSUDEF 14A2026-04-230001104659-26-047092Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1534914–1534921
    7Section 03, Douglas Golwas PSUDEF 14A2026-04-230001104659-26-047092Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1551027–1551034
    8Section 03, James Boyle PSUDEF 14A2026-04-230001104659-26-047092Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1526182–1526191
    9Section 03, Stephen Miller PSUDEF 14A2026-04-230001104659-26-047092Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1558763–1558770
    10Section 08, Richard A. GalantiDEF 14A2026-04-230001104659-26-047092Section “Director Compensation”. As printed: 375,787. Filing ↗machine: span 765225–765232
    11Section 08, Todd M. BluedornDEF 14A2026-04-230001104659-26-047092Section “Director Compensation”. As printed: 304,921. Filing ↗machine: span 768048–768055
    12Section 08, Thomas W. SweetDEF 14A2026-04-230001104659-26-047092Section “Director Compensation”. As printed: 150,000. Filing ↗machine: span 762105–762112
    13Section 08, James M. BoyleDEF 14A2026-04-230001104659-26-047092Section “Director Compensation”. As printed: 0. Filing ↗
    14Section 08, Stephen H. WiseDEF 14A2026-04-230001104659-26-047092Section “Director Compensation”. As printed: —. Filing ↗
    15Section 08, Robert R. SchmidtDEF 14A2026-04-230001104659-26-047092Section “Director Compensation”. As printed: —. Filing ↗
    16Section 08, Charles N. MillsDEF 14A2026-04-230001104659-26-047092Section “Director Compensation”. As printed: —. Filing ↗
    17Section 08, Jacob D. BestDEF 14A2026-04-230001104659-26-047092Section “Director Compensation”. As printed: —. Filing ↗
    18Section 08, Andrew J. MillsDEF 14A2026-04-230001104659-26-047092Section “Director Compensation”. As printed: —. Filing ↗
    19Section 08, Patrick J. HealyDEF 14A2026-04-230001104659-26-047092Section “Director Compensation”. As printed: —. Filing ↗
    20Section 08, Anushka M. SunderDEF 14A2026-04-230001104659-26-047092Section “Director Compensation”. As printed: —. Filing ↗
    21Section 08, Joseph P. BarattaDEF 14A——Section “Director Compensation”. As printed: —.
    22Section 06, 2026 voteForm 8-K2026-06-120002046386-26-000037Item 5.07 · say-on-pay result. As reported: 99.48% (votes for as printed: 1,189,280,399). Filing ↗
    23Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
    24Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
    25Section 09b board cost (computed)Computed——Cash 230,708 + equity 600,000 + all other 0 = 830,708, summed across the director compensation table rows.machine: formula: Σ = 830,708
    26Thermo Fisher Scientific Inc., Section 10b CEO totalDEF 14A2026-04-070001193125-26-144585CEO total compensation as printed in Thermo Fisher Scientific Inc.'s own proxy. As printed: 79,923,350. Filing ↗machine: span 973487–973497
    27Baxter International Inc., Section 10b CEO totalDEF 14A2026-03-230001628280-26-020330CEO total compensation as printed in Baxter International Inc.'s own proxy. As printed: 29,805,182. Filing ↗machine: r4 · c30 · span 1451066–1451076
    28Danaher Corporation, Section 10b CEO totalDEF 14A2026-03-250000313616-26-000101CEO total compensation as printed in Danaher Corporation's own proxy. As printed: 23,795,280. Filing ↗machine: t122 · r2 · c21 · span 1070180–1070190
    29Stryker Corporation, Section 10b CEO totalDEF 14A2026-03-230000310764-26-000013CEO total compensation as printed in Stryker Corporation's own proxy. As printed: 21,401,495. Filing ↗machine: t101 · r2 · c7 · span 1584979–1584989
    303M Company, Section 10b CEO totalDEF 14A2026-03-250000066740-26-000151CEO total compensation as printed in 3M Company's own proxy. As printed: 21,005,009. Filing ↗machine: r2 · c9 · span 2797692–2797702
    31Honeywell International Inc., Section 10b CEO totalDEF 14A2026-04-100000773840-26-000029CEO total compensation as printed in Honeywell International Inc.'s own proxy. As printed: 20,381,435. Filing ↗machine: span 2093429–2093439
    32GE HealthCare Technologies Inc., Section 10b CEO totalDEF 14A2026-03-190001932393-26-000021CEO total compensation as printed in GE HealthCare Technologies Inc.'s own proxy. As printed: 18,562,794. Filing ↗machine: r3 · c39 · span 924977–924987
    33Becton, Dickinson and Company, Section 10b CEO totalDEF 14A2025-12-180001628280-25-057846CEO total compensation as printed in Becton, Dickinson and Company's own proxy. As printed: 17,129,140. Filing ↗machine: r2 · c27 · span 1173285–1173295
    34Colgate-Palmolive Company, Section 10b CEO totalDEF 14A2026-03-250001308179-26-000136CEO total compensation as printed in Colgate-Palmolive Company's own proxy. As printed: 16,478,196. Filing ↗machine: t137 · r1 · c18 · span 723853–723863
    35Kimberly-Clark Corporation, Section 10b CEO totalDEF 14A2026-03-230001628280-26-020404CEO total compensation as printed in Kimberly-Clark Corporation's own proxy. As printed: 15,320,405. Filing ↗machine: r2 · c21 · span 1086894–1086904
    36Illinois Tool Works, Inc., Section 10b CEO totalDEF 14A2026-03-270001193125-26-127599CEO total compensation as printed in Illinois Tool Works, Inc.'s own proxy. As printed: 15,211,011. Filing ↗machine: span 1647874–1647884
    37Henry Schein, Inc., Section 10b CEO totalDEF 14A2026-04-080001193125-26-146317CEO total compensation as printed in Henry Schein, Inc.'s own proxy. As printed: 12,013,915. Filing ↗machine: t221 · r3 · c35 · span 671366–671376
    38W.W. Grainger, Inc., Section 10b CEO totalDEF 14A2026-03-100001104659-26-025575CEO total compensation as printed in W.W. Grainger, Inc.'s own proxy. As printed: 11,609,508. Filing ↗machine: r1 · c32 · span 1578498–1578509
    39Medline (subject), Section 10b CEO totalDEF 14A2026-04-230001104659-26-047092CEO total compensation as printed in Medline's own proxy. As printed: 3,860,972. Filing ↗machine: r1 · c42 · span 1422792–1422801
    40Section 10a, Baxter International Inc. reciprocityDEF 14A—0001628280-26-020330Baxter International Inc.'s most recent proxy was read; its disclosed peer group does not include Medline. Filing ↗
    41Section 10a, W.W. Grainger, Inc. reciprocityDEF 14A—0001104659-26-025575W.W. Grainger, Inc.'s most recent proxy was read; its disclosed peer group does not include Medline. Filing ↗
    42Section 10a, Stryker Corporation reciprocityDEF 14A—0000310764-26-000013Stryker Corporation's most recent proxy was read; its disclosed peer group does not include Medline. Filing ↗
    43Section 10a, 3M Company reciprocityDEF 14A—0000066740-26-0001513M Company's most recent proxy was read; its disclosed peer group does not include Medline. Filing ↗
    44Section 10a, GE HealthCare Technologies Inc. reciprocityDEF 14A—0001932393-26-000021GE HealthCare Technologies Inc.'s most recent proxy was read; its disclosed peer group does not include Medline. Filing ↗
    45Section 10a, Honeywell International Inc. reciprocityDEF 14A—0000773840-26-000029Honeywell International Inc.'s most recent proxy was read; its disclosed peer group does not include Medline. Filing ↗
    46Section 10a, Henry Schein, Inc. reciprocityDEF 14A—0001193125-26-146317Henry Schein, Inc.'s most recent proxy was read; its disclosed peer group does not include Medline. Filing ↗
    47Section 10a, Becton, Dickinson and Company reciprocityDEF 14A—0001628280-25-057846Becton, Dickinson and Company's most recent proxy was read; its disclosed peer group does not include Medline. Filing ↗
    48Section 10a, Danaher Corporation reciprocityDEF 14A—0000313616-26-000101Danaher Corporation's most recent proxy was read; its disclosed peer group does not include Medline. Filing ↗
    49Section 10a, Illinois Tool Works, Inc. reciprocityDEF 14A—0001193125-26-127599Illinois Tool Works, Inc.'s most recent proxy was read; its disclosed peer group does not include Medline. Filing ↗