Detailed financial statements for Eli Lilly and Company (LLY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Eli Lilly and Company is a prominent global pharmaceutical firm dedicated to the research, development, and commercialization of human medicines across the world. Its therapeutic offerings include a comprehensive suite of diabetes medications. This encompasses various insulin formulations like Basaglar, the Humalog family (e.g., Mix 75/25, U-100, U-200, Mix 50/50), insulin lispro products (including protamine and mix 75/25), and the Humulin line (e.g., 70/30, N, R, U-500).
Analysis Summary
Eli Lilly and Company reported revenue of $65.18B in the most recent fiscal year, growing at a 5-year CAGR of 21.6%. Net income reached $20.64B, with a 27.2% 5-year CAGR.
Trailing-twelve-month margins: gross margin 83.4%, operating margin 49.7%, net margin 33.5%. Free cash flow grew at 14.9% CAGR over 5 years.
At the current price of $1,143.12, LLY trades at a P/E of 38.35 and an ROE of 92.58%. Market capitalisation stands at $1.1T, placing it among large-cap names.
Balance sheet quality for LLY: current ratio of 1.6, net debt of $35.23B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $8.97B represents 43% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.22B | $19.97B | $21.49B | $22.32B | $24.54B | $28.32B | $28.54B | $34.12B | $45.04B | $65.18B |
| Cost of Revenue | $5.71B | $4.45B | $4.68B | $4.72B | $5.48B | $7.31B | $6.63B | $7.08B | $8.42B | $11.05B |
| Gross Profit | $15.51B | $15.53B | $16.81B | $17.60B | $19.06B | $21.01B | $21.91B | $27.04B | $36.62B | $54.13B |
| Research & Development | $5.31B | $5.10B | $5.05B | $5.59B | $5.98B | $6.93B | $7.19B | $9.31B | $10.99B | $13.34B |
| Selling, General & Admin | $6.33B | $6.18B | $5.73B | $6.00B | $5.87B | $6.14B | $6.07B | $6.94B | $8.59B | $11.09B |
| Operating Expenses | $11.64B | $11.28B | $10.79B | $11.60B | $11.85B | $13.07B | $13.26B | $16.25B | $19.59B | $24.43B |
| Operating Income | $3.87B | $4.25B | $6.03B | $6.00B | $7.21B | $7.93B | $8.65B | $10.79B | $17.04B | $29.70B |
| EBITDA | $5.06B | $4.10B | $5.53B | $6.90B | $8.91B | $8.04B | $8.66B | $8.57B | $18.81B | $31.69B |
| Interest Expense | $185.2M | $225.0M | $242.5M | $400.6M | $359.6M | $339.8M | $331.6M | $485.9M | $780.6M | $795.3M |
| Pre-tax Income | $3.37B | $2.30B | $3.68B | $5.27B | $7.23B | $6.16B | $6.81B | $6.55B | $12.68B | $25.73B |
| Income Tax | $636.4M | $2.39B | $529.5M | $628.0M | $1.04B | $573.8M | $561.6M | $1.31B | $2.09B | $5.09B |
| Net Income | $2.74B | -$204.1M | $3.23B | $8.32B | $6.19B | $5.58B | $6.24B | $5.24B | $10.59B | $20.64B |
| EPS | $2.49 | $-0.19 | $3.14 | $8.69 | $6.47 | $5.85 | $6.57 | $5.83 | $11.76 | $23.07 |
| EPS (Diluted) | $2.49 | $-0.19 | $3.13 | $8.69 | $6.47 | $5.85 | $6.57 | $5.80 | $11.71 | $22.95 |
| Shares Outstanding (Diluted) | $1.10B | $1.05B | $1.03B | $957.5M | $956.6M | $953.7M | $950.2M | $903.3M | $904.1M | $898.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $17.60B | $19.29B | $19.80B | $22.97B |
| Gross Profit | $14.59B | $15.92B | $16.22B | $19.71B |
| Operating Income | $8.39B | $8.99B | $9.78B | $12.46B |
| EBITDA | $7.88B | $12.14B | $10.29B | $12.99B |
| Net Income | $5.58B | $6.64B | $7.40B | $7.09B |
| EPS | $6.23 | $7.42 | $8.28 | $7.96 |
| EPS (Diluted) | $6.21 | $7.39 | $8.26 | $7.94 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.58B | $6.54B | $7.32B | $2.34B | $3.66B | $3.82B | $2.07B | $2.82B | $3.27B | $7.16B |
| Short-term Investments | $1.46B | $1.50B | $88.2M | $101.0M | $24.2M | $90.1M | $144.8M | $109.1M | $154.8M | $105.0M |
| Receivables | $4.77B | $5.26B | $5.78B | $5.54B | $6.93B | $8.13B | $8.56B | $11.34B | $13.28B | $20.16B |
| Inventory | $3.56B | $4.46B | $3.10B | $3.19B | $3.98B | $3.89B | $4.31B | $5.77B | $7.59B | $13.74B |
| Total Current Assets | $15.10B | $19.20B | $20.55B | $13.71B | $17.46B | $18.45B | $18.03B | $25.73B | $32.74B | $55.63B |
| Property, Plant & Equipment | $8.25B | $8.83B | $8.00B | $8.40B | $8.68B | $8.99B | $10.14B | $12.91B | $17.10B | $24.68B |
| Goodwill | $3.97B | $4.37B | $1.37B | $3.68B | $3.77B | $3.89B | $4.07B | $4.94B | $5.77B | $5.90B |
| Intangible Assets | $4.36B | $4.03B | $1.07B | $6.62B | $7.45B | $7.69B | $7.21B | $6.91B | $6.17B | $6.52B |
| Total Assets | $38.81B | $44.98B | $43.91B | $39.29B | $46.63B | $48.81B | $49.49B | $64.01B | $78.71B | $112.48B |
| Accounts Payable | $1.35B | $1.41B | $1.21B | $1.41B | $1.61B | $1.67B | $1.93B | $2.60B | $3.23B | $5.38B |
| Short-term Debt | $1.94B | $3.71B | $1.10B | $1.50B | $8.7M | $1.54B | $1.50B | $6.90B | $5.12B | $1.64B |
| Total Current Liabilities | $10.99B | $14.54B | $11.89B | $11.78B | $12.48B | $15.05B | $17.14B | $27.29B | $28.38B | $35.23B |
| Long-term Debt | $8.37B | $9.93B | $9.20B | $13.82B | $16.59B | $15.35B | $14.74B | $18.32B | $28.53B | $40.87B |
| Total Liabilities | $24.73B | $33.31B | $33.00B | $36.59B | $40.81B | $39.65B | $38.71B | $53.14B | $64.44B | $85.94B |
| Retained Earnings | $16.05B | $13.89B | $11.40B | $4.92B | $7.83B | $8.96B | $10.04B | $10.31B | $13.54B | $24.47B |
| Total Equity | $14.01B | $11.59B | $9.83B | $2.61B | $5.64B | $8.98B | $10.65B | $10.77B | $14.19B | $26.54B |
| Total Debt | $10.31B | $13.65B | $10.30B | $15.80B | $16.60B | $16.88B | $16.24B | $25.23B | $33.64B | $42.50B |
| Net Debt | $4.27B | $5.61B | $2.89B | $13.37B | $12.91B | $12.98B | $14.03B | $22.30B | $30.22B | $35.23B |
| Working Capital | $4.11B | $4.67B | $8.66B | $1.93B | $4.98B | $3.40B | $896.3M | -$1.57B | $4.36B | $20.40B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $9.79B | $7.16B | $5.14B | $8.89B |
| Total Assets | $114.94B | $112.48B | $116.58B | $142.28B |
| Total Liabilities | $91.08B | $85.94B | $85.38B | $108.40B |
| Total Equity | $23.79B | $26.54B | $31.20B | $33.88B |
| Total Debt | $42.51B | $42.50B | $43.37B | $54.91B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $2.74B | -$204.1M | $3.23B | $8.32B | $6.19B | $5.58B | $6.24B | $5.24B | $10.59B | $20.64B |
| Depreciation & Amortization | $1.50B | $1.57B | $1.61B | $1.23B | $1.32B | $1.55B | $1.52B | $1.53B | $1.77B | $2.00B |
| Stock-based Compensation | $255.3M | $281.3M | $279.5M | $312.4M | $308.1M | $342.8M | $371.1M | $628.5M | $645.6M | $626.0M |
| Change in Working Capital | -$484.1M | $3.20B | -$2.38B | -$1.69B | -$747.4M | -$1.01B | -$800,000 | -$3.06B | -$5.38B | -$8.09B |
| Operating Cash Flow | $4.85B | $5.62B | $5.52B | $4.84B | $6.50B | $7.37B | $7.59B | $4.24B | $8.82B | $16.81B |
| Capital Expenditure | -$1.09B | -$2.16B | -$3.02B | -$1.35B | -$2.03B | -$1.98B | -$2.99B | -$7.39B | -$8.40B | -$7.84B |
| Acquisitions | -$45.0M | -$882.1M | 0 | -$6.94B | -$849.3M | -$747.4M | -$327.2M | -$1.04B | -$947.7M | -$661.0M |
| Stock Repurchased | -$600.1M | -$299.8M | -$4.15B | -$4.40B | -$500.0M | -$1.25B | -$1.50B | -$750.0M | -$2.50B | -$4.11B |
| Dividends Paid | -$2.16B | -$2.19B | -$2.31B | -$2.41B | -$2.69B | -$3.09B | -$3.54B | -$4.07B | -$4.68B | -$5.38B |
| Free Cash Flow | $3.76B | $3.45B | $2.51B | $3.48B | $4.47B | $5.39B | $4.60B | -$3.15B | $414.3M | $8.97B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $8.84B | $3.22B | $5.33B | $10.69B |
| Capital Expenditure | -$223.9M | -$2.55B | -$2.33B | -$2.93B |
| Free Cash Flow | $8.61B | $677.9M | $3.01B | $7.76B |
| Dividends Paid | -$1.35B | -$1.35B | -$1.55B | -$1.55B |
| Stock-based Compensation | $151.1M | $136.1M | $161.0M | $201.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -5.9% | +7.6% | +3.8% | +9.9% | +15.4% | +0.8% | +19.6% | +32.0% | +44.7% | |
| Net Income Growth (YoY) | -107.5% | +1,683.5% | +157.4% | -25.5% | -9.9% | +11.9% | -16.1% | +102.1% | +94.9% | |
| EPS Growth (YoY) | -107.6% | +1,752.6% | +176.8% | -25.5% | -9.6% | +12.3% | -11.3% | +101.7% | +96.2% | |
| Shares Change (YoY) | -4.4% | -1.7% | -7.4% | -0.1% | -0.3% | -0.4% | -4.9% | +0.1% | -0.7% | |
| FCF Growth (YoY) | -8.2% | -27.4% | +39.0% | +28.3% | +20.5% | -14.6% | -168.5% | +113.1% | +2,065.6% | |
| Gross Margin | 73.1% | 77.7% | 78.2% | 78.8% | 77.7% | 74.2% | 76.8% | 79.2% | 81.3% | 83.0% |
| Operating Margin | 18.2% | 21.3% | 28.0% | 26.9% | 29.4% | 28.0% | 30.3% | 31.6% | 37.8% | 45.6% |
| EBITDA Margin | 23.8% | 20.5% | 25.7% | 30.9% | 36.3% | 28.4% | 30.3% | 25.1% | 41.8% | 48.6% |
| Net Margin | 12.9% | -1.0% | 15.0% | 37.3% | 25.2% | 19.7% | 21.9% | 15.4% | 23.5% | 31.7% |
| FCF Margin | 17.7% | 17.3% | 11.7% | 15.6% | 18.2% | 19.0% | 16.1% | -9.2% | 0.9% | 13.8% |
| Effective Tax Rate | 18.9% | 103.7% | 14.4% | 11.9% | 14.3% | 9.3% | 8.3% | 20.1% | 16.5% | 19.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.41 | $3.28 | $2.42 | $3.64 | $4.67 | $5.65 | $4.84 | $-3.49 | $0.46 | $9.99 |
| Dividends Per Share | $1.96 | $2.08 | $2.24 | $2.52 | $2.81 | $3.24 | $3.72 | $4.51 | $5.18 | $6.00 |
| Shares Outstanding (Basic) | $1.10B | $1.05B | $1.03B | $957.5M | $956.6M | $953.7M | $950.2M | $899.4M | $900.6M | $898.0M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 92.58% |
| Return on Invested Capital | 31.00% |
| Return on Assets | 18.77% |
| Gross Margin | 83.40% |
| Operating Margin | 49.72% |
| Net Margin | 33.53% |
Financial Health
| Debt / Equity | 1.62 |
| Current Ratio | 1.35 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 8.71 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 29.54 | -444.53 | 36.85 | 15.12 | 26.10 | 47.22 | 55.68 | 99.99 | 65.65 | 46.58 |
| P/B | 5.78 | 7.66 | 12.10 | 48.27 | 28.63 | 29.34 | 32.64 | 48.67 | 48.99 | 36.37 |
| P/S | 3.82 | 4.45 | 5.53 | 5.64 | 6.58 | 9.30 | 12.18 | 15.36 | 15.44 | 14.81 |
| Gross Margin | 73.1% | 77.7% | 78.2% | 78.8% | 77.7% | 74.2% | 76.8% | 79.2% | 81.3% | 83.0% |
| Operating Margin | 18.2% | 21.3% | 28.0% | 26.9% | 29.4% | 28.0% | 30.3% | 31.6% | 37.8% | 45.6% |
| Net Margin | 12.9% | -1.0% | 15.0% | 37.3% | 25.2% | 19.7% | 21.9% | 15.4% | 23.5% | 31.7% |
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Explore sector: Healthcare · Drug Manufacturers - General
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