Eli Lilly (LLY) financial statements: income, balance sheet and cash flow
NYSE: LLY · Health care · United States
In brief
Eli Lilly (NYSE: LLY) reported net income of USD 7.10 billion for Q2 2026 and total assets of USD 142 billion at 30 Jun 2026, according to its Form 10-Q. At 30 Jun 2026 total debt was USD 54.9 billion and cash and short-term investments USD 8.95 billion, so net debt, our calculation, was USD 46.0 billion.
Key facts
Eli Lilly (NYSE: LLY) · USD · fiscal year ends 31 December · figures from SEC filings; derived values are marked.
- Operating income, TTM (USD)
- Not presented
What the numbers show
Eli Lilly's income statement for Q2 FY2026, the quarter ended 30 Jun 2026, shows revenue of USD 23.0 billion, up 47.7% on Q2 FY2025. Net income was USD 7.10 billion, a net margin of 30.9%, our calculation. Gross margin, also ours, was 85.8%, against 84.3% a year earlier.
Revenue grew from USD 28.3 billion in FY2021 to USD 65.2 billion in FY2025, a compound annual growth rate of 23.2%, our calculation. Net income grew 38.7% a year over that run, faster than revenue, and net margin went from 19.7% to 31.7%. Eli Lilly's income statement has no operating income line, so there is no operating margin. Cells marked R were restated in a later filing, and the tables print the restated value.
Eli Lilly's balance sheet held total assets of USD 142 billion at 30 Jun 2026, against USD 117 billion at 31 Mar 2026. Goodwill and intangibles were USD 27.0 billion, up from USD 13.5 billion at the end of Q1. Inventory was USD 16.8 billion. Equity was USD 33.9 billion, and current assets of USD 64.7 billion exceeded current liabilities of USD 47.7 billion.
Total debt, the sum of short-term and long-term borrowings, was USD 54.9 billion at 30 Jun 2026, against USD 43.4 billion at 31 Mar 2026. With cash and short-term investments of USD 8.95 billion, net debt was USD 46.0 billion, our calculation. At the year-ends, total debt went from USD 16.9 billion in FY2021 to USD 42.5 billion in FY2025, while equity went from USD 8.98 billion to USD 26.5 billion.
In the cash flow statement, cash from operations was USD 10.7 billion in Q2 FY2026 and USD 5.33 billion in Q1 FY2026. After capital expenditure of USD 2.93 billion in Q2, free cash flow, our calculation, was USD 7.76 billion. Quarterly cells marked D are derived from the year-to-date totals in a 10-Q. In FY2025 cash from operations of USD 16.8 billion was below net income of USD 20.6 billion. Over that year receivables rose from USD 11.0 billion to USD 17.8 billion.
Diluted EPS was USD 7.94 per share in Q2 FY2026, against USD 6.29 per share in Q2 FY2025. For FY2025 it was USD 22.95 per share, up 39.2% a year from FY2021, our calculation. Diluted shares were 899 million shares in FY2025 against 912 million shares in FY2021. The quarterly table leaves gross profit and EPS empty for Q4 FY2024 and Q4 FY2025, so nothing is said about those two quarters. Eli Lilly stock fundamentals covers the revenue run in more depth.
Income statement
Eli Lilly quarterly revenue, Q3 2024 to Q2 2026
USD bn · quarters ended to
Annual
| USD m | FY2025ended | FY2024ended | FY2023ended | FY2022ended | FY2021ended | CAGRFY21–FY25 |
|---|---|---|---|---|---|---|
| Revenue | 65,179 | 45,043 | 34,124 | 28,541 | 28,318 | |
| Revenue YoY % | not available | |||||
| Cost of revenue | 11,052 | 8,418 | 7,082 | 6,630 | 7,313 | |
| Gross profit | 54,127 D | 36,625 R D | 27,042 D | 21,912 D | 21,006 D | |
| Gross margin % | 83.0% | 81.3% R | 79.2% | 76.8% | 74.2% | not available |
| R&D | 13,337 | 10,991 | 9,313 | 7,191 | 6,931 R | |
| SG&A | 11,094 | 8,594 | 7,404 R | 6,440 | 6,432 | |
| Net interest | not available | −605 D | −312 D | −269 D | −314 D | not available |
| Pre-tax income | 25,731 | 12,680 | 6,554 R | 6,806 | 6,156 | |
| Income tax | 5,091 | 2,090 | 1,314 | 562 | 574 | |
| Net income | 20,640 | 10,590 | 5,240 | 6,245 | 5,582 | |
| Net margin % | 31.7% | 23.5% | 15.4% | 21.9% | 19.7% | not available |
| Per share | ||||||
| Diluted EPS (USD) | 22.95 | 11.71 | 5.80 | 6.90 | 6.12 | |
| Diluted shares (m) | 899 | 904 | 903 | 905 | 912 | not available |
Source: Eli Lilly Forms 10-Q and 10-K, SEC EDGAR
- D Combined from line items reported in the same filing (see Methodology).
- R Restated in Form 10-K filed ; originally reported USD 36,624 m in Form 10-K filed .
- R Uses FY2024 gross profit as restated in Form 10-K filed (USD 36,625 m; originally reported USD 36,624 m in Form 10-K filed ).
- R Restated in Form 10-K filed ; originally reported USD 7,026 m in Form 10-K filed .
- R Restated in Form 10-K filed ; originally reported USD 7,403 m in Form 10-K filed .
- D Net interest = interest income − interest expense, both from the same filing.
- R Restated in Form 10-K filed ; originally reported USD 6,555 m in Form 10-K filed .
- Not available
CAGR: compound annual growth rate from FY2021 to FY2025, our calculation; n/m when the endpoints differ in sign or the base is zero or negative.
Totals may not add up because of rounding.
Arrows show direction of change only, not whether a change is good or bad.
Quarterly
| USD m | Q2 2026ended | Q1 2026ended | Q4 2025ended | Q3 2025ended | Q2 2025ended | Q1 2025ended | Q4 2024ended | Q3 2024ended |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22,974 | 19,799 | 19,292 D | 17,601 | 15,558 | 12,729 | 13,533 D | 11,439 |
| Revenue YoY % | ||||||||
| Cost of revenue | 3,268 | 3,577 | 3,372 D | 3,008 | 2,448 | 2,225 R | 2,404 D | 2,171 |
| Gross profit | 19,706 D | 16,222 D | not available | 14,593 D | 13,110 D | 10,504 D | not available | 9,268 D |
| Gross margin % | 85.8% | 81.9% | not available | 82.9% | 84.3% | 82.5% | not available | 81.0% |
| R&D | 3,819 | 3,510 | 3,802 D | 3,466 | 3,336 | 2,734 | 3,023 D | 2,734 |
| SG&A | 3,430 | 2,934 | 3,131 D | 2,741 | 2,753 | 2,468 R | 2,425 D | 2,100 |
| Net interest | not available | not available | not available | −115 D | −209 D | −195 D | −180 D | −145 D |
| Pre-tax income | 9,247 | 8,850 | 8,266 D | 7,232 | 6,777 R | 3,456 | 5,039 D | 1,588 |
| Income tax | 2,152 | 1,454 | 1,629 D | 1,650 | 1,116 | 697 | 629 D | 618 |
| Net income | 7,095 | 7,396 | 6,638 D | 5,583 | 5,661 | 2,759 | 4,410 D | 970 |
| Net margin % | 30.9% | 37.4% | 34.4% | 31.7% | 36.4% | 21.7% | 32.6% | 8.5% |
| Per share | ||||||||
| Diluted EPS (USD) | 7.94 | 8.26 | not available | 6.21 | 6.29 | 3.06 | not available | 1.07 |
| Diluted shares (m) | 894 | 896 | not available | 899 | 900 | 901 | not available | 905 |
Source: Eli Lilly Forms 10-Q and 10-K, SEC EDGAR
- D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
- R Restated in Form 10-Q filed ; originally reported USD 2,224 m in Form 10-Q filed .
- D Combined from line items reported in the same filing (see Methodology).
- R Restated in Form 10-Q filed ; originally reported USD 2,469 m in Form 10-Q filed .
- D Net interest = interest income − interest expense, both from the same filing.
- R Restated in Form 10-Q filed ; originally reported USD 6,776 m in Form 10-Q filed .
- Not available
Totals may not add up because of rounding.
Arrows show direction of change only, not whether a change is good or bad.
Balance sheet
Annual
| USD m | FY2025at | FY2024at | FY2023at | FY2022at | FY2021at |
|---|---|---|---|---|---|
| Cash and short-term investments | 7,268 | 3,423 D | 2,928 D | 2,212 D | 3,909 D |
| Receivables | 17,760 | 11,006 | 9,091 | 6,896 | 6,673 |
| Inventory | 13,744 | 7,589 | 5,773 | 4,310 | 3,886 |
| Total current assets | 55,629 | 32,740 | 25,727 | 18,035 | 18,452 |
| PP&E (net) | 24,675 | 17,102 | 12,914 | 10,144 | 8,985 |
| Goodwill and intangibles | 12,419 D | 11,936 R D | 11,846 D | 11,280 D | 11,584 D |
| Total assets | 112,476 | 78,715 | 64,006 | 49,490 | 48,806 |
Source: Eli Lilly Forms 10-Q and 10-K, SEC EDGAR
- 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 Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.
- R Restated in Form 10-K filed ; originally reported USD 11,937 m in Form 10-K filed .
Totals may not add up because of rounding.
| USD m | FY2025at | FY2024at | FY2023at | FY2022at | FY2021at |
|---|---|---|---|---|---|
| Current liabilities | 35,228 | 28,376 R | 27,293 | 17,138 | 15,053 |
| Total debt | 42,503 D | 33,644 D | 25,225 D | 16,239 D | 16,885 D |
| Total liabilities | not available | 64,443 D | 53,143 D | 38,714 D | 39,651 D |
| Shareholders' equity | 26,535 | 14,272 R | 10,772 | 10,650 | 8,979 |
| Net debt / (net cash) | 35,235 D | 30,221 D | 22,298 D | 14,027 D | 12,976 D |
Source: Eli Lilly Forms 10-Q and 10-K, SEC EDGAR
- R Restated in Form 10-K filed ; originally reported USD 28,377 m in Form 10-K filed .
- D Total debt = short-term debt + long-term debt, from the same filing.
- D Total liabilities = total liabilities and equity − total equity, from the same filing.
- R Restated in Form 10-K filed ; originally reported USD 14,192 m in Form 10-K filed .
- D Net debt = total debt minus cash and short-term investments; a negative value is net cash.
- Not available
Totals may not add up because of rounding.
Quarterly
| USD m | Q2 2026at | Q1 2026at | Q4 2025at | Q3 2025at | Q2 2025at | Q1 2025at | Q4 2024at | Q3 2024at |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | 8,950 | 5,282 | 7,268 | 9,914 D | 3,546 D | 3,221 D | 3,423 D | 3,518 D |
| Receivables | 20,083 | 18,429 | 17,760 | 16,107 | 14,170 | 12,037 | 11,006 | 10,295 |
| Inventory | 16,793 | 14,529 | 13,744 | 12,180 | 11,014 | 9,311 | 7,589 | 7,460 |
| Total current assets | 64,672 | 54,835 | 55,629 | 62,071 | 49,854 | 41,261 | 32,740 | 31,415 |
| PP&E (net) | 29,286 | 26,540 | 24,675 | 22,316 | 20,530 | 18,474 | 17,102 | 16,172 |
| Goodwill and intangibles | 26,959 D | 13,504 D | 12,419 D | 12,345 D | 11,679 D | 11,783 D | 11,936 R D | 12,306 D |
| Total assets | 142,283 | 116,576 | 112,476 | 114,935 | 100,923 | 89,389 | 78,715 | 75,607 |
Source: Eli Lilly Forms 10-Q and 10-K, SEC EDGAR
- 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 Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.
- R Restated in Form 10-K filed ; originally reported USD 11,937 m in Form 10-K filed .
Totals may not add up because of rounding.
| USD m | Q2 2026at | Q1 2026at | Q4 2025at | Q3 2025at | Q2 2025at | Q1 2025at | Q4 2024at | Q3 2024at |
|---|---|---|---|---|---|---|---|---|
| Current liabilities | 47,741 | 36,634 | 35,228 | 40,141 | 39,020 | 30,068 | 28,376 R | 24,674 |
| Total debt | 54,908 D | 43,370 D | 42,503 D | 42,507 D | 39,904 D | 38,516 D | 33,644 D | 31,120 D |
| Total liabilities | not available | not available | not available | 91,085 D | 82,574 D | 73,542 D | 64,443 D | 61,286 D |
| Shareholders' equity | 33,879 | 31,198 | 26,535 | 23,793 | 18,273 | 15,765 | 14,272 R | 14,240 |
| Net debt / (net cash) | 45,958 D | 38,088 D | 35,235 D | 32,593 D | 36,358 D | 35,295 D | 30,221 D | 27,601 D |
Source: Eli Lilly Forms 10-Q and 10-K, SEC EDGAR
- R Restated in Form 10-K filed ; originally reported USD 28,377 m in Form 10-K filed .
- D Total debt = short-term debt + long-term debt, from the same filing.
- D Total liabilities = total liabilities and equity − total equity, from the same filing.
- R Restated in Form 10-K filed ; originally reported USD 14,192 m in Form 10-K filed .
- D Net debt = total debt minus cash and short-term investments; a negative value is net cash.
- Not available
Totals may not add up because of rounding.
Cash flow
Eli Lilly quarterly free cash flow, Q3 2024 to Q2 2026
USD bn · quarters ended to
Annual
| USD m | FY2025ended | FY2024ended | FY2023ended | FY2022ended | FY2021ended |
|---|---|---|---|---|---|
| Cash from operations | 16,813 | 8,818 | 4,240 | 7,586 R | 7,366 R |
| Capital expenditure | −7,841 | −5,058 | −3,448 | −1,854 | −1,310 |
| Free cash flow | 8,972 D | 3,760 D | 793 D | 5,731 R D | 6,056 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 |
| Cash from investing | −10,972 | −9,302 | −7,153 | −3,763 R | −2,868 R |
| Cash from financing | −2,213 | 1,230 | 3,496 | −5,407 | −4,131 |
Source: Eli Lilly Forms 10-Q and 10-K, SEC EDGAR
- 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 ).
- R Restated in Form 10-K filed ; originally reported USD −3,262 m in Form 10-K filed .
- R Restated in Form 10-K filed ; originally reported USD −2,762 m in Form 10-K filed .
Totals may not add up because of rounding.
Quarterly
| USD m | Q2 2026ended | Q1 2026ended | Q4 2025ended | Q3 2025ended | Q2 2025ended | Q1 2025ended | Q4 2024ended | Q3 2024ended |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 10,690 D | 5,333 | 3,225 D | 8,836 D | 3,087 D | 1,666 | 2,474 D | 3,712 D |
| Capital expenditure | −2,933 D | −2,326 | −2,547 D | −2,088 D | −1,697 D | −1,510 | −1,496 D | −1,351 D |
| Free cash flow | 7,757 D | 3,007 D | 678 D | 6,748 D | 1,390 D | 156 D | 978 D | 2,361 D |
| Dividends paid | −1,546 D | −1,548 | −1,346 D | −1,345 D | −1,347 D | −1,346 | −1,168 D | −1,171 D |
| Share buybacks | −1,601 D | −2,356 | −1,508 D | −708 D | −692 D | −1,200 | −2,054 D | −446 D |
| Cash from investing | −15,396 D | −3,916 | −2,802 D | −2,983 D | −1,834 R D | −3,353 R | −1,921 D | −4,005 D |
| Cash from financing | 8,426 D | −3,470 | −2,879 D | 531 D | −1,245 D | 1,380 | −225 D | 211 D |
Source: Eli Lilly Forms 10-Q and 10-K, SEC EDGAR
- D Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
- D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
- D Free cash flow = cash from operations minus capital expenditure.
- R Restated in Form 10-Q filed ; originally reported USD −3,352 m in Form 10-Q filed .
- R Restated
Totals may not add up because of rounding.
Per share and dividends
Notes on these figures
- R Restated
- Restated in Form 10-K filed ; originally reported USD 36,624 m in Form 10-K filed .
- Uses FY2024 gross profit as restated in Form 10-K filed (USD 36,625 m; originally reported USD 36,624 m in Form 10-K filed ).
- Restated in Form 10-K filed ; originally reported USD 7,026 m in Form 10-K filed .
- Restated in Form 10-K filed ; originally reported USD 7,403 m in Form 10-K filed .
- Restated in Form 10-K filed ; originally reported USD 6,555 m in Form 10-K filed .
- Restated in Form 10-Q filed ; originally reported USD 2,224 m in Form 10-Q filed .
- Restated in Form 10-Q filed ; originally reported USD 2,469 m in Form 10-Q filed .
- Restated in Form 10-Q filed ; originally reported USD 6,776 m in Form 10-Q filed .
- Restated in Form 10-K filed ; originally reported USD 11,937 m in Form 10-K filed .
- Restated in Form 10-K filed ; originally reported USD 28,377 m in Form 10-K filed .
- Restated in Form 10-K filed ; originally reported USD 14,192 m in Form 10-K filed .
- Restated in Form 10-K filed ; originally reported USD 7,084 m in Form 10-K filed .
- Restated in Form 10-K filed ; originally reported USD 7,261 m in Form 10-K filed .
- 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 ).
- 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 ).
- Restated in Form 10-K filed ; originally reported USD −3,262 m in Form 10-K filed .
- Restated in Form 10-K filed ; originally reported USD −2,762 m in Form 10-K filed .
- Restated in Form 10-Q filed ; originally reported USD −3,352 m in Form 10-Q filed .
- D Derived by StockFactsheet
- Combined from line items reported in the same filing (see Methodology).
- Net interest = interest income − interest expense, both from the same filing.
- Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
- Cash and cash equivalents plus the short-term investments, current marketable securities or current debt securities the filing tags, from the same filing.
- Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.
- Total debt = short-term debt + long-term debt, from the same filing.
- Total liabilities = total liabilities and equity − total equity, from the same filing.
- Net debt = total debt minus cash and short-term investments; a negative value is net cash.
- Free cash flow = cash from operations minus capital expenditure.
- Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
- Template: standard statement set (not bank or insurer).
- Arrows show direction of change only, not whether a change is good or bad.
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 2024 to Q2 2026) and 10-K (FY2021 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. CAGR = compound annual growth across the annual table.
- Restatements
- FY2024 gross profit, an input of the FY2024 ratio, was restated in Form 10-K filed (originally USD 36,624 m). 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
- None: this page shows the company's own figures only.
- Currency
- As reported (USD); no FX conversion.
CSV downloads
One file per statement, with the annual and quarterly figures on this page in full units.
Sources and data
Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).
(opens in new tab)- [1] Filing Form 10-Q, quarter ended 30 Jun 2026
- [2] Filing Form 10-Q, quarter ended 31 Mar 2026
- [3] Filing Form 10-K, fiscal year ended 31 Dec 2025
- [4] Filing Form 10-Q, quarter ended 30 Sep 2025
- [5] Filing Form 10-Q, quarter ended 30 Jun 2025
- [6] Filing Form 10-Q, quarter ended 31 Mar 2025
- [7] Filing Form 10-K, fiscal year ended 31 Dec 2024
- [8] Filing Form 10-Q, quarter ended 30 Sep 2024
- [9] Filing Form 10-K, fiscal year ended 31 Dec 2023
- [10] Filing Form 10-K, fiscal year ended 31 Dec 2022
- [11] Filing Form 10-K, fiscal year ended 31 Dec 2021
- [12] Filing Form 10-Q, quarter ended 30 Jun 2024
- [13] Filing Form 10-Q, quarter ended 31 Mar 2024
- [14] Filing Form 10-Q, quarter ended 30 Sep 2023
- [15] Filing Form 10-K, fiscal year ended 31 Dec 2020
- [16] 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.
Cite this page
StockFactsheet (2026). "Eli Lilly (LLY) financial statements: income, balance sheet and cash flow." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/lly/financials/
For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer
Update history
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