MethodologyAbout
Search
Menu
US · NYSE LLY

Eli Lilly (NYSE: LLY) stock fundamentals

NYSE: LLY · Health care · United States

Signed off by OffScriptBySami on  · Updated

Data as of  · For information only, not investment advice.

In brief

Eli Lilly (NYSE: LLY) is a pharmaceutical company. Its Form 10-K for FY2025 reports revenue of USD 65.2 billion and net income of USD 20.6 billion. Its Form 10-Q for Q2 2026 reports revenue of USD 23.0 billion and net income of USD 7.10 billion for the quarter ended 30 Jun 2026.

Data as of Source: Form 10-K for FY2025 and Form 10-Q for Q2 2026

Key facts

Data as of

Eli Lilly (NYSE: LLY) · USD · fiscal year ends 31 December · figures from SEC filings; derived values are marked.

Revenue (USD bn)
65.2
FY2025 (ended ) · Form 10-K
Revenue, TTM (USD bn)
79.7
TTM to · derived
Revenue by quarter, from USD 11.4 bn in Q3 2024 to USD 23.0 bn in Q2 2026
Net income attributable to shareholders (USD bn)
20.6
FY2025 (ended ) · Form 10-K
Operating margin
Not presented
FY2025 (ended ) · no such subtotal in the company's statements; we do not build one
Free cash flow (USD bn)
8.97
FY2025 (ended ) · derived
Net debt (USD bn)
46.0
at · derived: total debt minus cash and short-term investments
Dividend declared per share (USD)
6.23
FY2025 (ended ) · Form 10-K
Shares outstanding (m)
941
at · Form 10-Q cover page

Fundamentals profile

vs Eli Lilly's own FY2021–FY2025 range (fewer than 5 covered peers) · TTM to Q2 2026 · Data as of

Each row places Eli Lilly's value against its own FY2021–FY2025 range. It describes; it does not rate. There is no overall score. How we calculate this

Eli Lilly fundamentals profile compared with its own FY2021–FY2025 range. Each row names its period; values are percentages, multiples or years.
DimensionMetricEli LillyOwn 5-year medianPositionRange
GrowthRevenue, 3-year CAGR to FY202531.7%Own 5-year median 11.6%Above its 5-year median
Lower (8.5%) Higher (31.7%)
MarginsOperating margin (TTM to Q2 2026)Not presentedOwn 5-year median not availablenot availablenot available
LeverageNet debt / EBITDA (TTM to Q2 2026; below zero means net cash)Not presentedOwn 5-year median not availablenot availablenot available
Cash flowFCF margin (TTM to Q2 2026)22.8%Own 5-year median 13.8%Above its 5-year median
Lower (2.3%) Higher (21.4%)
Dividend historyConsecutive years of cash dividends, to FY2025Counted from FY2016; our data has no dividend per share for FY2015, so the run may be longer.At least 10Own 5-year median not availablenot availablenot available

Source: Eli Lilly Forms 10-Q and 10-K, SEC EDGAR. Derived by StockFactsheet. Data as of

Compared with Eli Lilly's own FY2021–FY2025 range because fewer than 5 covered peers exist. Descriptive only; not a rating.

How fast did Eli Lilly's revenue grow over the 8 quarters to Q2 2026?

Eli Lilly's revenue was USD 23.0 billion in the quarter ended 30 Jun 2026, up 47.7% on the same quarter a year earlier. Revenue rose year on year in each of the 8 quarters shown, by between 20.4% and 55.5%. Its gross margin, our calculation, was 85.8% in that quarter.

Chart 1

Eli Lilly quarterly revenue, Q3 2024 to Q2 2026

USD bn · quarters ended to

Revenue by quarter, from USD 11.4 bn in Q3 2024 to USD 23.0 bn in Q2 2026.010203023.0Q32024Q4Q12025Q2Q3Q4Q12026Q2stockfactsheet.com
Source: Eli Lilly Forms 10-Q and 10-K, SEC EDGAR Data as of
Report an error in this table

Swipe for earlier periods

Table 1 Eli Lilly quarterly revenue, margins and profit, Q3 2024–Q2 2026 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mQ2 2026ended Q1 2026ended Q4 2025ended Q3 2025ended Q2 2025ended Q1 2025ended Q4 2024ended Q3 2024ended
Revenue22,97419,79919,292 D17,60115,55812,72913,533 D11,439
Revenue YoY %increased 47.7%increased 55.5%increased 42.6%increased 53.9%increased 37.6%increased 45.2%increased 44.7%increased 20.4%
Gross margin %85.8%81.9%not available82.9%84.3%82.5%not available81.0%
Net income attributable to shareholders7,0957,3966,638 D5,5835,6612,7594,410 D970
(opens in new tab)

Source: Eli Lilly Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
  • Not available

Totals may not add up because of rounding.

Arrows show direction of change only, not whether a change is good or bad.

Revenue was USD 11.4 billion in Q3 FY2024 and USD 23.0 billion in Q2 FY2026. Across FY2025 it was USD 12.7 billion, USD 15.6 billion, USD 17.6 billion and USD 19.3 billion in the four quarters, and USD 19.8 billion in Q1 FY2026. Over the 12 months to 30 Jun 2026 revenue was USD 79.7 billion, our calculation, against USD 65.2 billion in FY2025, according to its Form 10-K.

Gross margin, our calculation, was 81.0% in Q3 FY2024, 82.5% in Q1 FY2025, 84.3% in Q2 FY2025, 82.9% in Q3 FY2025, 81.9% in Q1 FY2026 and 85.8% in Q2 FY2026. The table leaves the gross margin cells for Q4 FY2024 and Q4 FY2025 empty. This page says nothing about those two quarters beyond their revenue, USD 13.5 billion and USD 19.3 billion.

Net income was USD 970 million in Q3 FY2024 and USD 7.10 billion in Q2 FY2026. Eli Lilly's income statement lists no operating income line, so this page shows no operating margin. The Eli Lilly financial statements page sets out the full income statement for 5 fiscal years and 8 quarters.

How did Eli Lilly's net debt change over the 5 quarters to 30 Jun 2026?

Eli Lilly's net debt was USD 46.0 billion at 30 Jun 2026, our calculation, against USD 36.4 billion at 30 Jun 2025. At 30 Jun 2026 its total debt was USD 54.9 billion and its cash and short-term investments were USD 8.95 billion.

Report an error in this table

Swipe for earlier periods

Table 2 Eli Lilly cash, debt and net debt, Q2 2025–Q2 2026 (USD millions) USD millions · net cash shown as a negative net debt
USD mQ2 2026at Q1 2026at Q4 2025at Q3 2025at Q2 2025at
Cash and short-term investments8,9505,2827,2689,914 D3,546 D
Total debt54,908 D43,370 D42,503 D42,507 D39,904 D
Net debt / (net cash)45,958 D38,088 D35,235 D32,593 D36,358 D
(opens in new tab)

Source: Eli Lilly Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Cash and cash equivalents plus the short-term investments, current marketable securities or current debt securities the filing tags, from the same filing.
  • D Total debt = short-term debt + long-term debt, from the same filing.
  • D Net debt = total debt minus cash and short-term investments; a negative value is net cash.

Net debt is total debt less cash and short-term investments. Total debt was USD 39.9 billion at 30 Jun 2025, USD 43.4 billion at 31 Mar 2026 and USD 54.9 billion at 30 Jun 2026. Cash and short-term investments were USD 3.55 billion at 30 Jun 2025, USD 9.91 billion at 30 Sep 2025 and USD 5.28 billion at 31 Mar 2026.

Net debt fell from USD 36.4 billion at 30 Jun 2025 to USD 32.6 billion at 30 Sep 2025. It was USD 38.1 billion at 31 Mar 2026 and USD 46.0 billion at 30 Jun 2026, the highest net debt of the 5 quarter-ends shown. Total debt was also higher at that date than at any of the other four. The table does not say what caused the rise in the latest quarter, so this page does not either.

How much of Eli Lilly's free cash flow went to dividends and buybacks from FY2021 to FY2025?

Eli Lilly's free cash flow, our calculation, was USD 8.97 billion in FY2025, from cash from operations of USD 16.8 billion less capital expenditure of USD 7.84 billion. In the same year it paid USD 5.38 billion in dividends and USD 4.11 billion on share buybacks, according to its Form 10-K.

Report an error in this table

Swipe for earlier periods

Table 3 Eli Lilly cash flow, dividends paid and buybacks, FY2021–FY2025 (USD millions) USD millions · outflows shown with a minus sign
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Cash from operations16,8138,8184,2407,586 R7,366 R
Capital expenditure−7,841−5,058−3,448−1,854−1,310
Free cash flow8,972 D3,760 D793 D5,731 R D6,056 R D
Dividends paid−5,384−4,680−4,069−3,536−3,087
Share buybacks−4,108−2,500−750−1,500−1,250
(opens in new tab)

Source: Eli Lilly Forms 10-Q and 10-K, SEC EDGAR Data as of

  • R Restated in Form 10-K filed ; originally reported USD 7,084 m in Form 10-K filed .
  • R Restated in Form 10-K filed ; originally reported USD 7,261 m in Form 10-K filed .
  • D Free cash flow = cash from operations minus capital expenditure.
  • R Uses FY2022 cash from operations as restated in Form 10-K filed (USD 7,586 m; originally reported USD 7,084 m in Form 10-K filed ).
  • R Uses FY2021 cash from operations as restated in Form 10-K filed (USD 7,366 m; originally reported USD 7,261 m in Form 10-K filed ).

Totals may not add up because of rounding.

Free cash flow was smaller than dividends paid in FY2023 and FY2024. It was USD 793 million in FY2023 against USD 4.07 billion of dividends, and USD 3.76 billion in FY2024 against USD 4.68 billion. In FY2022 it was USD 5.73 billion, against dividends paid of USD 3.54 billion.

Dividends paid rose in every year of the 5, from USD 3.09 billion in FY2021 to USD 5.38 billion in FY2025. Dividends declared were USD 6.23 per share in FY2025. Buybacks were USD 1.25 billion in FY2021, USD 1.50 billion in FY2022, USD 750 million in FY2023, USD 2.50 billion in FY2024 and USD 4.11 billion in FY2025.

Capital expenditure rose each year, from USD 1.31 billion in FY2021 to USD 7.84 billion in FY2025. Cash from operations rose from USD 4.24 billion in FY2023 to USD 16.8 billion in FY2025. The PepsiCo stock fundamentals page sets that company's free cash flow beside its dividends paid and buybacks in the same way.

How we got these numbers

Every figure comes from Eli Lilly's Forms 10-Q and 10-K as filed with the SEC. Derived values are marked D and explained below.

Full method for this page
Source documents
Forms 10-Q (Q3 2023 to Q2 2026) and 10-K (FY2019 to FY2025)
Period covered
8 quarters and 5 fiscal years
Calculations
TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. EBITDA = operating income + depreciation and amortisation (our calculation). Net debt = total debt − cash and short-term investments. CAGR = compound annual growth over three fiscal years.
Restatements
FY2022 cash from operations, an input of the FY2022 ratio, was restated in Form 10-K filed (originally USD 7,084 m). FY2021 cash from operations, an input of the FY2021 ratio, was restated in Form 10-K filed (originally USD 7,261 m). Restated figures carry the R marker; its footnote gives the originally reported value.
Comparator
Each profile row compares the current value with Eli Lilly's own last five fiscal years, FY2021 to FY2025: the median of those five years and their range, from the lowest to the highest. A current value outside that range is drawn just past the end of the strip. Fewer than 5 covered peers exist, so there is no sector median yet.
Currency
As reported (USD); no FX conversion.
Read the full methodology

Latest filings and disclosures

SEC filings behind Eli Lilly's figures, newest first.

(opens in new tab)
  1. Filing Form 10-Q, quarter ended 30 Jun 2026 sec.gov
  2. Filing Form 10-Q, quarter ended 31 Mar 2026 sec.gov
  3. Filing Form 10-K, fiscal year ended 31 Dec 2025 sec.gov
  4. Filing Form 10-Q, quarter ended 30 Sep 2025 sec.gov
  5. Filing Form 10-Q, quarter ended 30 Jun 2025 sec.gov
  6. Filing Form 10-Q, quarter ended 31 Mar 2025 sec.gov
  7. Filing Form 10-K, fiscal year ended 31 Dec 2024 sec.gov
  8. Filing Form 10-Q, quarter ended 30 Sep 2024 sec.gov
All filings on SEC EDGAR

Company identifiers

Data as of
(opens in new tab)
Legal name
Eli Lilly and Company
Exchange
NYSE
Ticker
LLY
Sector
Health care
Country
United States
Fiscal year end
31 December
Reporting currency
USD
Accounting standard
US GAAP
SEC CIK
0000059478
Latest filing in this page's data
Form 10-Q, quarter ended 30 Jun 2026 · filed

Sources and data

Data as of Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).

(opens in new tab)
  1. [1] Filing Form 10-Q, quarter ended 30 Jun 2026 Eli Lilly and Company · · sec.gov
  2. [2] Filing Form 10-Q, quarter ended 31 Mar 2026 Eli Lilly and Company · · sec.gov
  3. [3] Filing Form 10-K, fiscal year ended 31 Dec 2025 Eli Lilly and Company · · sec.gov
  4. [4] Filing Form 10-Q, quarter ended 30 Sep 2025 Eli Lilly and Company · · sec.gov
  5. [5] Filing Form 10-Q, quarter ended 30 Jun 2025 Eli Lilly and Company · · sec.gov
  6. [6] Filing Form 10-Q, quarter ended 31 Mar 2025 Eli Lilly and Company · · sec.gov
  7. [7] Filing Form 10-K, fiscal year ended 31 Dec 2024 Eli Lilly and Company · · sec.gov
  8. [8] Filing Form 10-Q, quarter ended 30 Sep 2024 Eli Lilly and Company · · sec.gov
  9. [9] Filing Form 10-K, fiscal year ended 31 Dec 2023 Eli Lilly and Company · · sec.gov
  10. [10] Filing Form 10-K, fiscal year ended 31 Dec 2022 Eli Lilly and Company · · sec.gov
  11. [11] Filing Form 10-K, fiscal year ended 31 Dec 2021 Eli Lilly and Company · · sec.gov
  12. [12] Filing Form 10-Q, quarter ended 30 Jun 2024 Eli Lilly and Company · · sec.gov
  13. [13] Filing Form 10-Q, quarter ended 31 Mar 2024 Eli Lilly and Company · · sec.gov
  14. [14] Filing Form 10-Q, quarter ended 30 Sep 2023 Eli Lilly and Company · · sec.gov
  15. [15] Filing Form 10-K, fiscal year ended 31 Dec 2020 Eli Lilly and Company · · sec.gov
  16. [16] Filing Form 10-K, fiscal year ended 31 Dec 2019 Eli Lilly and Company · · sec.gov
  17. [17] Our dataset StockFactsheet fundamentals dataset, extracted from SEC EDGAR XBRL on ; derived values (Q4, TTM, free cash flow, net debt, margins, growth rates and ratios) are explained in Methodology.

Spotted an error? Report it Corrections log Methodology

Cite this page

StockFactsheet (2026). "Eli Lilly (NYSE: LLY) stock fundamentals." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/lly/

Not investment advice

For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer

Author and editor

OffScriptBySami

Founder and editor, StockFactsheet

All pages signed off

How you can check this page

  • The filings behind the figures on this page are listed in Sources and data above.
  • Signed off by OffScriptBySami on , after the figure, wording and source checks.
  • Found an error? Report it. Corrections are published in the log.

StockFactsheet is not a licensed investment adviser, broker or dealer, and does not give personal recommendations.

How this page was made
  1. Data imported (SEC EDGAR, )
  2. Drafted from our dataset only
  3. Automated checks and review steps passed ()
  4. Signed off and published by OffScriptBySami (, GST)

Update history

  1. Published First published version.