← Eli Lilly and Company (LLY)

Eli Lilly and Company (LLY) Financials

Q1 FY2026, built from SEC filings. Accession numbers are cited throughout so every figure can be checked against sec.gov. The same data is published as JSON at financials.json for agents that prefer to fetch it directly.

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About this file

Ticker	LLY
CIK	0000059478
Company	Eli Lilly and Company
Business type	pharmaceutical manufacturer
Schema note	Standard operating-company template (revenue, cost of sales, gross profit, research and development, marketing/selling/administrative, acquired in-process research and development, net income, balance sheet, cash flow). Lilly is a single-reportable-segment pharmaceutical manufacturer, so no segment breakdown is presented; instead the filings' revenue disaggregation by product, therapeutic area, and geography is carried through, along with research and development and acquired in-process research and development as separate lines, because those are the economically important expense categories for this business.
Reporting currency	USD
Converted to USD	no
Units	actual dollars (not millions)

Annual

	FY2025	FY2024	FY2023
Fiscal year	2025	2024	2023
Period end	2025-12-31	2024-12-31	2023-12-31
Source accession	0000059478-26-000013	0000059478-26-000013	0000059478-26-000013
Income statement
Revenue	65,179,000,000	45,043,000,000	34,124,000,000
Cost of sales	11,052,000,000	8,418,000,000	7,082,000,000
Gross profit	54,127,000,000	36,625,000,000	27,042,000,000
Gross margin %	83.0%	81.3%	79.2%
Research and development	13,337,000,000	10,991,000,000	9,313,000,000
Marketing selling and administrative	11,094,000,000	8,594,000,000	7,404,000,000
Acquired in process research and development	2,910,000,000	3,280,000,000	3,800,000,000
Asset impairment restructuring and other special charges	484,000,000	861,000,000	68,000,000
Other net expense income	571,000,000	219,000,000	-97,000,000
Total costs expenses and other	39,448,000,000	32,363,000,000	27,570,000,000
Operating income derived	26,302,000,000	12,899,000,000	6,457,000,000
Income before income taxes	25,731,000,000	12,680,000,000	6,554,000,000
Income taxes	5,091,000,000	2,090,000,000	1,314,000,000
Effective tax rate %	19.8%	16.5%	20.0%
Net income	20,640,000,000	10,590,000,000	5,240,000,000
Net margin %	31.7%	23.5%	15.4%
EPS basic	23.0	11.76	5.82
EPS diluted	22.95	11.71	5.8
Weighted average shares basic	897,300,000	900,600,000	900,200,000
Weighted average shares diluted	899,300,000	904,100,000	903,300,000
Dividends declared per share	6.23	5.4	4.69
Revenue by geography
US	43,481,000,000	30,375,000,000	21,791,000,000
Outside US	21,698,000,000	14,668,000,000	12,333,000,000
Total	65,179,000,000	45,043,000,000	34,124,000,000
Revenue by product
Mounjaro
US	13,651,000,000	8,950,000,000	4,834,000,000
Outside US	9,315,000,000	2,590,000,000	329,000,000
Total	22,965,000,000	11,540,000,000	5,163,000,000
Zepbound
US	13,484,000,000	4,926,000,000	176,000,000
Outside US	58,000,000	0	0
Total	13,542,000,000	4,926,000,000	176,000,000
Verzenio
US	3,464,000,000	3,421,000,000	2,509,000,000
Outside US	2,259,000,000	1,886,000,000	1,354,000,000
Total	5,723,000,000	5,307,000,000	3,863,000,000
Trulicity
US	2,914,000,000	3,694,000,000	5,433,000,000
Outside US	1,362,000,000	1,560,000,000	1,699,000,000
Total	4,276,000,000	5,254,000,000	7,132,000,000
Jardiance
US	1,582,000,000	1,598,000,000	1,600,000,000
Outside US	1,849,000,000	1,743,000,000	1,144,000,000
Total	3,431,000,000	3,341,000,000	2,744,000,000
Taltz
US	2,333,000,000	2,152,000,000	1,832,000,000
Outside US	1,230,000,000	1,108,000,000	928,000,000
Total	3,563,000,000	3,260,000,000	2,760,000,000
Revenue by therapeutic area
Cardiometabolic health
US	33,864,000,000	21,850,000,000	14,781,000,000
Outside US	14,357,000,000	7,671,000,000	4,887,000,000
Total	48,221,000,000	29,521,000,000	19,668,000,000
Oncology
US	5,352,000,000	5,036,000,000	3,797,000,000
Outside US	4,024,000,000	3,717,000,000	2,861,000,000
Total	9,376,000,000	8,753,000,000	6,658,000,000
Immunology
US	2,964,000,000	2,458,000,000	2,058,000,000
Outside US	2,283,000,000	1,935,000,000	1,740,000,000
Total	5,247,000,000	4,393,000,000	3,798,000,000
Neuroscience
US	997,000,000	780,000,000	696,000,000
Outside US	394,000,000	694,000,000	2,183,000,000
Total	1,391,000,000	1,474,000,000	2,879,000,000
Other
US	304,000,000	251,000,000	459,000,000
Outside US	639,000,000	652,000,000	663,000,000
Total	943,000,000	903,000,000	1,122,000,000
Balance sheet
Cash and cash equivalents	7,268,000,000	3,268,000,000
Accounts receivable	17,760,000,000	11,006,000,000
Other receivables	2,395,000,000	2,270,000,000
Inventories	13,744,000,000	7,589,000,000
Prepaid expenses	14,315,000,000	8,341,000,000
Other current assets	147,000,000	266,000,000
Total current assets	55,629,000,000	32,740,000,000
Investments noncurrent	2,802,000,000	3,216,000,000
Goodwill	5,898,000,000	5,770,000,000
Other intangibles net	6,521,000,000	6,166,000,000
Deferred tax assets	9,959,000,000	8,001,000,000
Property and equipment net	24,675,000,000	17,102,000,000
Other noncurrent assets	6,992,000,000	5,720,000,000
Total assets	112,476,000,000	78,715,000,000
Short term borrowings and current maturities of long term debt	1,635,000,000	5,117,000,000
Accounts payable	5,379,000,000	3,229,000,000
Employee compensation	2,375,000,000	2,094,000,000
Sales rebates and discounts	17,382,000,000	11,539,000,000
Other current liabilities	8,457,000,000	6,397,000,000
Total current liabilities	35,228,000,000	28,376,000,000
Long term debt	40,868,000,000	28,527,000,000
Long term income taxes payable	5,875,000,000	4,061,000,000
Other noncurrent liabilities	3,970,000,000	3,479,000,000
Total noncurrent liabilities	50,713,000,000	36,067,000,000
Total liabilities	85,941,000,000	64,443,000,000
Common stock	590,000,000	592,000,000
Additional paid in capital	7,346,000,000	7,439,000,000
Retained earnings	24,470,000,000	13,545,000,000
Employee benefit trust	-3,013,000,000	-3,013,000,000
Accumulated other comprehensive loss	-2,880,000,000	-4,322,000,000
Other equity	22,000,000	31,000,000
Total equity	26,535,000,000	14,272,000,000
Total liabilities and equity	112,476,000,000	78,715,000,000
Total debt	42,503,000,000	33,644,000,000
Net debt	35,235,000,000	30,376,000,000
Issued shares at period end	944,800,000	947,900,000
Cash flow
Net income	20,640,000,000	10,590,000,000	5,240,000,000
Depreciation and amortization	1,997,000,000	1,767,000,000	1,527,000,000
Change in deferred income taxes	-1,707,000,000	-2,683,000,000	-2,341,000,000
Stock based compensation	626,000,000	646,000,000	629,000,000
Gains on sale of product rights	-180,000,000	-224,000,000	-1,879,000,000
Acquired in process research and development noncash	2,910,000,000	3,280,000,000	3,800,000,000
Other operating activities net	620,000,000	826,000,000	319,000,000
Change in receivables	-7,000,000,000	-2,155,000,000	-2,451,000,000
Change in inventories	-4,671,000,000	-2,507,000,000	-1,425,000,000
Change in prepaid expenses and other assets	-6,609,000,000	-3,331,000,000	-3,453,000,000
Change in accounts payable and other liabilities	10,187,000,000	2,609,000,000	4,274,000,000
Operating cash flow	16,813,000,000	8,818,000,000	4,240,000,000
Capital expenditures	-7,841,000,000	-5,058,000,000	-3,448,000,000
Proceeds from sales of and distributions from noncurrent investments	964,000,000	374,000,000	508,000,000
Purchases of noncurrent investments	-645,000,000	-677,000,000	-731,000,000
Proceeds from sale of product rights	218,000,000	601,000,000	1,604,000,000
Purchases of in process research and development	-3,008,000,000	-3,346,000,000	-3,944,000,000
Cash paid for acquisitions net of cash acquired	-661,000,000	-948,000,000	-1,044,000,000
Other investing activities net	1,000,000	-248,000,000	-98,000,000
Investing cash flow	-10,972,000,000	-9,302,000,000	-7,153,000,000
Dividends paid	-5,384,000,000	-4,680,000,000	-4,069,000,000
Net change in short term borrowings	-4,338,000,000	-1,852,000,000	4,691,000,000
Proceeds from issuance of long term debt	13,167,000,000	11,417,000,000	3,959,000,000
Repayments of long term debt	-778,000,000	-664,000,000	0
Share repurchases	-4,108,000,000	-2,500,000,000	-750,000,000
Other financing activities net	-772,000,000	-491,000,000	-335,000,000
Financing cash flow	-2,213,000,000	1,230,000,000	3,496,000,000
Effect of exchange rate changes on cash	372,000,000	-297,000,000	169,000,000
Net change in cash	4,000,000,000	449,000,000	752,000,000
Cash at beginning of year	3,268,000,000	2,819,000,000	2,067,000,000
Cash at end of year	7,268,000,000	3,268,000,000	2,819,000,000
Free cash flow	8,972,000,000	3,760,000,000	792,000,000

Quarterly

	2026-03-31	2025-03-31
Fiscal period	Q1 2026	Q1 2025
Period end	2026-03-31	2025-03-31
Period type	three months	three months
Source accession	0000059478-26-000045	0000059478-26-000045
Income statement
Revenue	19,799,000,000	12,729,000,000
Cost of sales	3,577,000,000	2,225,000,000
Gross profit	16,222,000,000	10,504,000,000
Gross margin %	81.9%	82.5%
Research and development	3,510,000,000	2,734,000,000
Marketing selling and administrative	2,934,000,000	2,468,000,000
Acquired in process research and development	584,000,000	1,572,000,000
Asset impairment restructuring and other special charges	279,000,000	35,000,000
Other net expense income	65,000,000	239,000,000
Total costs expenses and other	10,949,000,000	9,273,000,000
Operating income derived	8,915,000,000	3,695,000,000
Income before income taxes	8,850,000,000	3,456,000,000
Income taxes	1,454,000,000	697,000,000
Effective tax rate %	16.4%	20.2%
Net income	7,396,000,000	2,759,000,000
Net margin %	37.4%	21.7%
EPS basic	8.27	3.07
EPS diluted	8.26	3.06
Weighted average shares basic	894,500,000	898,700,000
Weighted average shares diluted	895,900,000	900,600,000
Revenue by geography
US	12,119,000,000	8,489,000,000
Outside US	7,680,000,000	4,239,000,000
Total	19,799,000,000	12,729,000,000
Revenue by product
Mounjaro
US	4,232,000,000	2,656,000,000
Outside US	4,430,000,000	1,186,000,000
Total	8,662,000,000	3,842,000,000
Zepbound
US	4,134,000,000	2,305,000,000
Outside US	26,000,000	7,000,000
Total	4,160,000,000	2,312,000,000
Verzenio
US	706,000,000	658,000,000
Outside US	596,000,000	501,000,000
Total	1,302,000,000	1,159,000,000
Trulicity
US	600,000,000	771,000,000
Outside US	318,000,000	325,000,000
Total	919,000,000	1,095,000,000
Jardiance
US	512,000,000	310,000,000
Outside US	602,000,000	705,000,000
Total	1,114,000,000	1,014,000,000
Taltz
US	417,000,000	477,000,000
Outside US	315,000,000	285,000,000
Total	733,000,000	762,000,000
Revenue by therapeutic area
Cardiometabolic health
US	9,924,000,000	6,577,000,000
Outside US	5,836,000,000	2,631,000,000
Total	15,760,000,000	9,208,000,000
Oncology
US	1,228,000,000	1,046,000,000
Outside US	1,040,000,000	902,000,000
Total	2,268,000,000	1,948,000,000
Immunology
US	619,000,000	578,000,000
Outside US	584,000,000	510,000,000
Total	1,203,000,000	1,088,000,000
Neuroscience
US	293,000,000	189,000,000
Outside US	89,000,000	83,000,000
Total	382,000,000	272,000,000
Other
US	56,000,000	100,000,000
Outside US	130,000,000	113,000,000
Total	187,000,000	213,000,000
Dividends paid per share	1.73
Balance sheet
Cash and cash equivalents	5,282,000,000
Accounts receivable	18,429,000,000
Other receivables	2,748,000,000
Inventories	14,529,000,000
Prepaid expenses	13,633,000,000
Other current assets	214,000,000
Total current assets	54,835,000,000
Investments noncurrent	3,116,000,000
Goodwill	6,130,000,000
Other intangibles net	7,374,000,000
Deferred tax assets	11,350,000,000
Property and equipment net	26,540,000,000
Other noncurrent assets	7,231,000,000
Total assets	116,576,000,000
Short term borrowings and current maturities of long term debt	4,000,000,000
Accounts payable	5,029,000,000
Employee compensation	1,359,000,000
Sales rebates and discounts	17,547,000,000
Other current liabilities	8,699,000,000
Total current liabilities	36,634,000,000
Long term debt	39,370,000,000
Long term income taxes payable	5,289,000,000
Other noncurrent liabilities	4,085,000,000
Total noncurrent liabilities	48,744,000,000
Total liabilities	85,378,000,000
Common stock	590,000,000
Additional paid in capital	6,921,000,000
Retained earnings	29,514,000,000
Employee benefit trust	-3,013,000,000
Accumulated other comprehensive loss	-2,833,000,000
Other equity	19,000,000
Total equity	31,198,000,000
Total liabilities and equity	116,576,000,000
Total debt	43,370,000,000
Net debt	38,088,000,000
Shares outstanding on cover	941,741,406
Shares outstanding cover date	2026-04-27
Cash flow
Net income	7,396,000,000	2,759,000,000
Depreciation and amortization	509,000,000	463,000,000
Change in deferred income taxes	-1,478,000,000	-392,000,000
Stock based compensation	161,000,000	154,000,000
Acquired in process research and development noncash	584,000,000	1,572,000,000
Other changes in operating assets and liabilities	-1,664,000,000	-3,364,000,000
Other operating activities net	-175,000,000	474,000,000
Operating cash flow	5,333,000,000	1,666,000,000
Capital expenditures	-2,326,000,000	-1,510,000,000
Purchases of noncurrent investments	-297,000,000	-197,000,000
Purchases of in process research and development	-204,000,000	-1,757,000,000
Cash paid for acquisitions net of cash acquired	-1,058,000,000	0
Other investing activities net	-31,000,000	111,000,000
Investing cash flow	-3,916,000,000	-3,353,000,000
Dividends paid	-1,548,000,000	-1,346,000,000
Net change in short term borrowings	1,775,000,000	-1,849,000,000
Proceeds from issuance of long term debt	0	6,461,000,000
Repayments of long term debt	-750,000,000	0
Share repurchases	-2,356,000,000	-1,200,000,000
Other financing activities net	-591,000,000	-686,000,000
Financing cash flow	-3,470,000,000	1,380,000,000
Effect of exchange rate changes on cash	67,000,000	132,000,000
Net change in cash	-1,986,000,000	-175,000,000
Cash at beginning of period	7,268,000,000	3,268,000,000
Cash at end of period	5,282,000,000	3,093,000,000
Free cash flow	3,007,000,000	156,000,000

Trailing twelve months

	Twelve months ended March 31, 2026
Period	Twelve months ended March 31, 2026
Basis	FY2025 (10-K, accession 0000059478-26-000013) less the three months ended March 31, 2025 plus the three months ended March 31, 2026 (10-Q, accession 0000059478-26-000045)
Revenue	72,249,000,000
Cost of sales	12,404,000,000
Gross profit	59,845,000,000
Gross margin %	82.8%
Research and development	14,113,000,000
Net income	25,277,000,000
Net margin %	35.0%
Operating cash flow	20,480,000,000
Capital expenditures	-8,657,000,000
Free cash flow	11,823,000,000
EPS diluted	28.15

Units notes seen

	Value
FY2025 10-K consolidated statements of operations	(Dollars and shares in millions, except per-share data)
FY2025 10-K consolidated statements of comprehensive income	(Dollars in millions)
FY2025 10-K consolidated balance sheets	(Dollars and shares in millions)
FY2025 10-K consolidated statements of shareholders' equity	(Dollars and shares in millions, except per-share data)
FY2025 10-K consolidated statements of cash flows	(Dollars in millions)
FY2025 10-K notes to consolidated financial statements	(Tables present dollars in millions, except per-share data, and numbers may not add due to rounding)
FY2025 10-K management's discussion and analysis tables	(Tables present dollars in millions, except per-share data, and numbers may not add due to rounding)
Q1 2026 10-Q consolidated condensed statements of operations	(Dollars and shares in millions, except per-share data)
Q1 2026 10-Q consolidated condensed balance sheets	(Dollars in millions)
Q1 2026 10-Q consolidated condensed statements of cash flows	(Dollars in millions)
Q1 2026 10-Q notes to consolidated condensed financial statements	(Tables present dollars and shares in millions, except per-share data, and numbers may not add due to rounding)

Adjustments

	Value
Splits applied	none
ADR ratio	n/a
FX	None. Lilly reports in U.S. dollars, so no currency conversion was applied. Foreign-exchange effects on revenue are those disclosed by the company (a 1 percent tailwind to consolidated 2025 revenue growth).
Note	No stock splits occurred over the periods covered, so per-share figures are directly comparable across years as reported.

Sources

	Value
0000059478-26-000013	Annual report on Form 10-K for the fiscal year ended December 31, 2025, filed February 12, 2026
0000059478-26-000045	Quarterly report on Form 10-Q for the quarter ended March 31, 2026, filed April 30, 2026

	Value
Common shares issued 2025 12 31	944,800,000
Common shares issued 2024 12 31	947,900,000
Shares outstanding 2026 02 09	943,357,420
Shares outstanding 2026 04 27	941,741,406
Note	Share counts come from the balance sheet and the cover pages of the two filings. The weighted-average diluted share counts used for earnings per share (899.3 million for 2025, 895.9 million for the March 2026 quarter) are lower than issued shares because shares held by the employee benefit trust are excluded from the earnings-per-share denominator.

Notes

All figures are stated in actual U.S. dollars. The filings present their statements in millions; every amount here has been multiplied out to whole dollars, so a $65,179 million revenue line appears as 65,179,000,000.
Lilly's income statement does not present an operating income subtotal. The line reported here as 'operating_income_derived' is revenue less cost of sales, research and development, marketing/selling/administrative, acquired in-process research and development, and asset impairment/restructuring/other special charges. It excludes the 'Other-net, (income) expense' line, which the company reports separately and which bridges this subtotal to income before income taxes as presented in the filings. For fiscal 2025 that derived operating income is $26,302 million, and subtracting the $571 million of other-net expense gives the $25,731 million of income before income taxes shown on the face of the 10-K.
Capital expenditures are the 'Purchases of property and equipment' line of the cash flow statement ($7,841 million in 2025). The FY2025 10-K's segment note separately discloses 'expenditures for long-lived assets' of $8,672 million for 2025, which additionally includes computer software costs; the cash flow statement figure is used here for consistency with the free cash flow calculation.
Free cash flow is operating cash flow less purchases of property and equipment. It is a calculated measure, not a line item in the filings.
The FY2025 10-K presents three years of income statement and cash flow data (2025, 2024, 2023) but only two balance sheet dates (December 31, 2025 and December 31, 2024). No balance sheet is reported here for fiscal 2023; the only 2023 balance sheet datum available on the face of the filing is year-end cash and cash equivalents of $2,819 million, which appears in the cash flow statement.
Likewise, the Q1 2026 10-Q balance sheet presents March 31, 2026 and December 31, 2025 columns only, so no balance sheet is reported for the March 2025 quarter. Cash and cash equivalents at March 31, 2025 were $3,093 million per that quarter's comparative cash flow statement.
Total debt is the sum of 'Short-term borrowings and current maturities of long-term debt' and 'Long-term debt' from the balance sheet: $42,503 million at December 31, 2025, $33,644 million at December 31, 2024, and $43,370 million at March 31, 2026. Net debt subtracts cash and cash equivalents only; short-term investments are not broken out on the face of the balance sheet.
Dividends declared per share (2023: $4.69; 2024: $5.40; 2025: $6.23) come from the consolidated statements of shareholders' equity in the FY2025 10-K. For the March 2026 quarter, the 10-Q states dividends paid of $1.5 billion, or $1.73 per share.
Revenue by product for fiscal 2025 and fiscal 2024 uses the worldwide totals as printed in the FY2025 10-K's management's discussion and analysis. The U.S. and outside-U.S. splits, and all 2023 product figures, come from the revenue disaggregation note; worldwide totals for 2023 (and for products the management's discussion table groups into 'Other products') are the sum of the note's U.S. and outside-U.S. columns. Because the filing rounds each column to the nearest million, a summed total can differ by $1 million from the company's printed worldwide total (Mounjaro 2025 is the one such case: $22,965 million as printed versus $22,966 million summed; the printed figure is used).
The therapeutic-area totals shown are the sum of the U.S. and outside-U.S. columns of the revenue disaggregation note. These summed area totals add to $65,178 million for 2025 against the $65,179 million revenue on the face of the income statement; the difference is the filing's own rounding, which it discloses.
The 'Other' revenue category and the therapeutic-area groupings are the company's own; Lilly operates as a single reportable segment, so these are revenue disaggregations rather than segment results.
Lilly's income statement carries no operating income subtotal, and its structured data reported to the SEC contains no operating income concept, consistent with the face of the filing.
Zepbound revenue outside the United States was zero in 2023 and 2024 (the product had not launched outside the U.S.); the filing shows an em dash, recorded here as zero.
Repayments of long-term debt were nil in 2023 and in the March 2025 quarter, and proceeds from issuance of long-term debt were nil in the March 2026 quarter; the filing shows em dashes, recorded here as zero.

Uncertainties

The 'operating_income_derived' line is a calculated subtotal, not a figure Lilly prints. Users who define operating income to include the 'Other-net, (income) expense' line will arrive at a different number (that alternative equals income before income taxes, since Lilly reports no interest expense line separately on the face of the income statement).
Lilly does not present interest expense, interest income, or depreciation separately on the face of the income statement; interest and similar items are embedded in 'Other-net, (income) expense'. Any interest-coverage or EBITDA-style measure therefore cannot be built from the income statement lines reported here without going to the notes.
Fiscal 2023 balance sheet data and March 2025 balance sheet data are not reported because the two filings on hand do not present those columns.
The trailing-twelve-month figures are arithmetic (fiscal 2025 less the March 2025 quarter plus the March 2026 quarter). Trailing diluted earnings per share computed the same way ($28.15) is an approximation, since the share-count denominators differ between the periods being combined; trailing net income divided by the most recent quarter's diluted share count gives a slightly different result.
The quarterly cash flow statement in the 10-Q collapses working-capital movements into a single 'Other changes in operating assets and liabilities' line, so the receivables, inventory, and payables detail available annually is not available quarterly.
Free cash flow does not deduct purchases of in-process research and development ($3,008 million in 2025) or cash paid for acquisitions ($661 million in 2025), which the company classifies as investing outflows. For a business that spends this heavily on externally sourced pipeline assets, some readers will want those treated as recurring rather than discretionary.

Company details

	Value
Name	ELI LILLY & Co
Ticker	LLY
CIK	0000059478
Exchange	NYSE
State	Indiana
Incorporation	Indiana
SIC	2834
Office	Life Sciences
Industry	Pharmaceutical Preparations

Next filing

	Value
Predicted date	2026-08-06
Predicted type	10-Q

Fiscal period

	FY2026
Fiscal year	2026
Fiscal period	Q1
Tag	FY26Q1
Period end	2026-03-31
Form	10-Q
Accession	0000059478-26-000045
Fiscal year end	1231
Source	facts

Built from Eli Lilly and Company's SEC filings by Ticker Scout. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer. Also for this company: company index, financials.json, index.json.