Eli Lilly and Company (LLY) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$6.58	$8.38	+27.4%	—	—	—
Q4 26	$6.79	$8.55	+25.9%	—	—	—
Q3 26	$6.91	$7.54	+9.1%	—	—	—
Q2 26	$5.89	$7.02	+19.2%	—	—	—
Q1 26	$5.59	$6.31	+12.9%	—	—	—
Q4 25	$3.46	$3.34	-3.5%	—	—	—
Q3 25	$5.07	$5.32	+4.9%	—	—	—
Q2 25	$1.47	$1.18	-19.7%	—	—	—
Q1 25	$2.77	$3.92	+41.5%	—	—	—
Q4 24	$2.49	$2.58	+3.6%	—	—	—
Q3 24	$2.37	$2.49	+5.1%	—	—	—
Q2 24	-$0.12	$0.1	+183.3%	—	—	—
Q1 24	$1.99	$2.11	+6.0%	—	—	—
Q4 23	$1.73	$1.62	-6.4%	—	—	—
Q3 23	$1.83	$2.09	+14.2%	—	—	—
Q2 23	$1.94	$1.98	+2.1%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$23.1	—	—	$65.2B	—
FY24	—	$11.8	—	—	$45B	—
FY23	—	$5.83	—	—	$34.1B	—
FY22	—	$6.57	—	—	$28.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$21.2B	$20B	$21.5B	$22.3B	$24.5B	$28.3B	$28.5B	$34.1B	$45B	$65.2B
YoY change	+6.33%	-5.88%	+7.61%	+3.84%	+9.95%	+15.4%	+0.79%	+19.6%	+32%	+44.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	21.2B	20B	21.5B	22.3B	24.5B	28.3B	28.5B	34.1B	45B	65.2B
Cost of revenue	5.7B	4.4B	4.7B	4.7B	5.5B	7.3B	6.6B	7.1B	8.4B	11.1B
Gross profit	15.5B	15.5B	16.8B	17.6B	19.1B	21B	21.9B	27B	36.6B	54.1B
Gross margin	73.1%	77.7%	78.2%	78.8%	77.7%	74.2%	76.8%	79.2%	81.3%	83%
Research & development	5.3B	5.1B	5.1B	5.6B	6.1B	6.9B	7.2B	9.3B	11B	13.3B
Selling, general & administrative	6.3B	6.2B	5.7B	6B	5.9B	6.1B	6.1B	6.9B	8.6B	11.1B
Operating expenses	11.6B	11.3B	10.8B	11.6B	12B	13.1B	13.3B	16.3B	19.6B	24.4B
Operating income	3.9B	4.2B	6B	6B	7.1B	7.9B	8.7B	10.8B	17B	29.7B
Operating margin	18.2%	21.3%	28%	26.9%	28.9%	28%	30.3%	31.6%	37.8%	45.6%
Non-operating income, net	-420.8M	-1.9B	-2.3B	-413.3M	455.1M	-1.5B	-1.6B	-3.9B	-3.8B	-4B
Pretax income	3.4B	2.3B	3.7B	5.3B	7.2B	6.2B	6.8B	6.6B	12.7B	25.7B
Income tax	636.4M	2.4B	529.5M	628M	1B	573.8M	561.6M	1.3B	2.1B	5.1B
Net income	2.7B	-204.1M	3.2B	8.3B	6.2B	5.6B	6.2B	5.2B	10.6B	20.6B
Net margin	12.9%	-1.02%	15%	37.3%	25.2%	19.7%	21.9%	15.4%	23.5%	31.7%
EBITDA	5.7B	6.1B	7.8B	7.3B	8.3B	9.6B	10.2B	12.5B	19.4B	35.1B
EPS	2.49	-0.19	3.14	8.69	6.47	5.85	6.57	5.83	11.8	23.1
Diluted EPS	2.49	-0.19	3.13	8.69	6.47	5.85	6.57	5.8	11.7	22.9

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	9.5B	9.4B	8.8B	11.3B	11.4B	13.5B	12.7B	15.6B	17.6B	19.3B	19.8B	23B
Cost of revenue	1.9B	1.8B	1.7B	2.2B	2.2B	2.4B	2.2B	2.4B	3B	3.4B	3.6B	3.3B
Gross profit	7.6B	7.6B	7.1B	9.1B	9.3B	11.1B	10.5B	13.1B	14.6B	15.9B	16.2B	19.7B
Gross margin	80.4%	80.9%	80.9%	80.8%	81%	82.2%	82.5%	84.3%	82.9%	82.5%	81.9%	85.8%
Research & development	2.4B	2.6B	2.5B	2.7B	2.7B	3B	2.7B	3.3B	3.5B	3.8B	3.5B	3.8B
Selling, general & administrative	1.8B	1.5B	1.8B	2B	2B	2.4B	2.5B	2.8B	2.7B	3.1B	2.9B	3.4B
Operating expenses	4.2B	4B	4.4B	4.7B	4.7B	5.4B	5.2B	6.1B	6.2B	6.9B	6.4B	7.2B
Operating income	3.4B	3.5B	2.7B	4.4B	4.5B	5.7B	5.3B	7B	8.4B	9B	9.8B	12.5B
Operating margin	36.1%	37.8%	31.2%	39.1%	39.8%	42%	41.7%	45.1%	47.6%	46.6%	49.4%	54.2%
Non-operating income, net	-2.9B	-937.5M	-65.7M	-755M	-2.8B	-462.9M	-1.7B	-35.4M	-1B	-1.2B	-928M	-3.2B
Pretax income	427.2M	2.5B	2.5B	3.5B	1.6B	5B	3.5B	6.8B	7.2B	8.3B	8.8B	9.2B
Income tax	484.6M	319.1M	293.2M	550.2M	618.1M	628.9M	696.8M	1.1B	1.6B	1.6B	1.5B	2.2B
Net income	-57.4M	2.2B	2.2B	3B	970.3M	4.4B	2.8B	5.7B	5.6B	6.6B	7.4B	7.1B
Net margin	-0.6%	23.4%	25.6%	26.3%	8.48%	32.6%	21.7%	36.4%	31.7%	34.4%	37.4%	30.9%
EBITDA	4B	3.6B	3.2B	4.9B	5B	6.3B	5.9B	7.5B	8.9B	12.8B	11.2B	16.5B
EPS	-0.06	2.43	2.49	3.29	1.08	4.91	3.07	6.3	6.23	7.42	8.28	7.96
Diluted EPS	-0.06	2.42	2.48	3.28	1.07	4.88	3.06	6.29	6.21	7.39	8.26	7.94

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	81B	88.9B	118.9B	125.8B	161.5B	263.4B	347.6B	524.3B	692.9B	961.6B	1.1T
Enterprise value	85.2B	94.5B	121.8B	138.7B	174.4B	276.4B	361.6B	546.6B	723.1B	996.9B	1.1T
Shares outstanding	1.1B	1.1B	1B	957.5M	956.6M	953.7M	950.2M	899.4M	897.5M	894.8M	894.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	29.6	—	36.8	15.1	26.1	47.2	55.7	100	65.4	46.6	39.7
P/S	3.82	4.45	5.53	5.64	6.58	9.3	12.2	15.4	15.4	14.8	13.3
P/B	5.75	7.62	10.9	46.6	27.7	28.8	32.3	48.3	48.6	36.2	31.2
EV/EBITDA	15	15.5	15.7	19.1	21.1	28.9	35.4	43.9	37.2	28.4	26.4
EV/Sales	4.02	4.73	5.67	6.22	7.11	9.76	12.7	16	16.1	15.3	13.8
Earnings yield	3.38%	—	2.72%	6.61%	3.83%	2.12%	1.8%	1%	1.53%	2.15%	2.52%
FCF yield	4.64%	3.89%	2.11%	2.77%	2.77%	2.05%	1.32%	-0.6%	0.06%	0.62%	1.05%
PEG	—	—	—	—	—	—	—	—	—	—	1.51

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	73.1%	77.7%	78.2%	78.8%	77.7%	74.2%	76.8%	79.2%	81.3%	83%	85.8%
Operating margin	18.2%	21.3%	28%	26.9%	28.9%	28%	30.3%	31.6%	37.8%	45.6%	54.2%
Net margin	12.9%	-1.02%	15%	37.3%	25.2%	19.7%	21.9%	15.4%	23.5%	31.7%	33.5%
ROE	19.4%	-1.75%	29.6%	308.2%	106.3%	61%	58%	48.2%	74.2%	77.8%	102.3%
ROA	7.05%	-0.45%	7.36%	21.2%	13.3%	11.4%	12.6%	8.19%	13.5%	18.4%	20.4%
ROIC	17.1%	0%	37.4%	33.9%	32.5%	32.5%	32%	26%	32%	38.6%	39.4%
Return on tangible assets	12.4%	-0.72%	8.28%	44.5%	25.6%	21.8%	23.2%	13%	19.3%	23.6%	30.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.37	1.32	1.73	1.16	1.4	1.23	1.05	0.94	1.15	1.58	1.35
Quick ratio	1.05	1.01	1.47	0.89	1.08	0.97	0.8	0.73	0.89	1.19	1
Debt / equity	0.73	1.17	0.94	5.67	2.85	1.84	1.51	2.32	2.36	1.6	1.62
Debt / assets	0.27	0.3	0.23	0.39	0.36	0.35	0.33	0.39	0.43	0.38	0.39
Net debt / EBITDA	0.75	0.92	0.37	1.77	1.56	1.36	1.37	1.79	1.56	1	0.93
Interest coverage	19.2	11.2	16.2	14.1	21.1	19.1	21.5	14.5	17.2	—	—
Effective tax rate	18.9%	100%	14.4%	11.9%	14.3%	9.32%	8.25%	20.1%	16.5%	19.8%	20.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	19.3	19	20.9	23.3	25.7	29.7	30	37.9	50.2	72.8	89
EPS (basic)	2.49	-0.19	3.14	8.69	6.47	5.85	6.57	5.83	11.8	23.1	23.1
EPS (diluted)	2.49	-0.19	3.13	8.69	6.47	5.85	6.57	5.8	11.7	22.9	29.8
Book value per share	12.8	11.1	10.6	2.82	6.09	9.6	11.3	12.1	15.9	29.7	38
FCF per share	3.41	3.28	2.44	3.64	4.67	5.65	4.84	-3.5	0.46	6.67	15.2
Cash per share	5.49	7.64	7.21	2.55	3.85	4.1	2.33	3.26	3.81	8.12	10
Capex per share	0.88	1.02	1.18	1.08	1.45	1.37	1.95	3.83	5.64	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	4.54%	5.39%	5.63%	4.63%	5.66%	4.63%	6.5%	10.1%	11.2%	—	—
Capex / operating cash flow	18.7%	50.6%	21.3%	11.2%	18.2%	17.8%	25.3%	56.6%	41%	—	—
Payout ratio	78.8%	-1.1K%	71.5%	29%	43.4%	55.3%	56.6%	77.7%	44.2%	26.1%	21.7%
Dividend yield	2.67%	2.47%	1.94%	1.91%	1.66%	1.17%	1.02%	0.78%	0.68%	0.56%	0.58%

Yield

0.58%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.73

ex-dividend Aug 14, 2026

Payout ratio

22%

of earnings

Dividend growth

11 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 14, 2026	$1.73
May 15, 2026	$1.73
Feb 13, 2026	$1.73

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$9.5B	$9.4B	$8.8B	$11.3B	$11.4B	$13.5B	$12.7B	$15.6B	$17.6B	$19.3B	$19.8B	$23B
YoY change	+36.8%	+28.1%	+26%	+36%	+20.4%	+44.7%	+45.2%	+37.6%	+53.9%	+42.6%	+55.5%	+47.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	6B	8B	7.4B	2.4B	3.7B	3.9B	2.2B	2.9B	3.4B	7.3B
Receivables	4B	4.5B	4.6B	4.5B	5.9B	6.7B	6.9B	9.1B	11B	17.8B
Inventory	3.6B	4.5B	3.1B	3.2B	4B	3.9B	4.3B	5.8B	7.6B	13.7B
Total current assets	15.1B	19.2B	20.5B	13.7B	17.5B	18.5B	18B	25.7B	32.7B	55.6B
Property, plant & equipment	9.2B	10.1B	8.7B	8.7B	9.9B	1.4B	2.2B	4.6B	8.3B	14.6B
Goodwill & intangibles	16.7B	16.8B	4.9B	20.6B	22.4B	23.2B	22.6B	23.7B	23.9B	24.8B
Total assets	38.8B	45B	43.9B	39.3B	46.6B	48.8B	49.5B	64B	78.7B	112.5B
Accounts payable	1.3B	1.4B	1.2B	1.4B	1.6B	1.7B	1.9B	2.6B	3.2B	5.4B
Short-term debt	1.9B	3.7B	1.1B	1.5B	8.7M	1.5B	1.5B	6.9B	5.1B	1.6B
Total current liabilities	11B	14.5B	11.9B	11.8B	12.5B	15.1B	17.1B	27.3B	28.4B	35.2B
Long-term debt	8.4B	9.9B	9.2B	13.8B	16.6B	15.3B	14.7B	18.3B	28.5B	40.9B
Total liabilities	24.7B	33.3B	33B	36.6B	40.8B	39.7B	38.7B	53.1B	64.4B	85.9B
Shareholders' equity	14.1B	11.7B	10.9B	2.7B	5.8B	9.2B	10.8B	10.9B	14.3B	26.5B
Total debt	10.3B	13.6B	10.3B	15.3B	16.6B	16.9B	16.2B	25.2B	33.6B	42.5B
Net debt	5.7B	7.1B	3B	13B	12.9B	13.1B	14.2B	22.4B	30.4B	35.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.5B	2.9B	2.6B	3.4B	3.5B	3.4B	3.2B	3.5B	9.9B	7.3B	5.3B	8.9B
Receivables	8.2B	9.1B	7.9B	11B	10.3B	11B	12B	14.2B	16.1B	17.8B	18.4B	20.1B
Inventory	4.9B	5.8B	6.1B	6.5B	7.5B	7.6B	9.3B	11B	12.2B	13.7B	14.5B	16.8B
Total current assets	23B	25.7B	25.2B	30.2B	31.4B	32.7B	41.3B	49.9B	62.1B	55.6B	54.8B	64.7B
Property, plant & equipment	-10.8B	4.6B	-11.2B	-11.4B	-11.8B	8.3B	-12.1B	-12.6B	-12.4B	14.6B	—	-13.1B
Goodwill & intangibles	21.7B	23.7B	23.4B	24.8B	24.6B	23.9B	23.6B	23.4B	24.7B	24.8B	27B	53.9B
Total assets	57.9B	64B	63.9B	71.9B	75.6B	78.7B	89.4B	100.9B	114.9B	112.5B	116.6B	142.3B
Accounts payable	2.4B	2.6B	2.5B	2.9B	2.9B	3.2B	3.4B	4.1B	4.3B	5.4B	5B	6.1B
Short-term debt	2.2B	6.9B	1.7B	5.2B	2.1B	5.1B	4B	5.7B	1.6B	1.6B	4B	7B
Total current liabilities	22B	27.3B	18.6B	27.1B	24.7B	28.4B	30.1B	39B	40.1B	35.2B	36.6B	47.7B
Long-term debt	17.9B	18.3B	24.6B	23.7B	29B	28.5B	34.5B	34.2B	40.9B	40.9B	39.4B	47.9B
Total liabilities	46.6B	53.1B	51B	58.2B	61.3B	64.4B	73.5B	82.6B	91.1B	85.9B	85.4B	108.4B
Shareholders' equity	11.3B	10.9B	12.9B	13.6B	14.3B	14.3B	15.8B	18.3B	23.9B	26.5B	31.2B	33.9B
Total debt	20.2B	25.2B	26.2B	28.9B	31.1B	33.6B	38.5B	39.9B	42.5B	42.5B	43.4B	54.9B
Net debt	17.8B	22.4B	23.8B	25.7B	27.8B	30.4B	35.4B	36.5B	32.7B	35.2B	38.1B	46B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2.7B	-204.1M	3.2B	8.3B	6.2B	5.6B	6.2B	5.2B	10.6B	20.6B
Depreciation & amortization	1.5B	1.6B	1.6B	1.2B	1.3B	1.5B	1.5B	1.5B	1.8B	2B
Stock-based compensation	255.3M	281.3M	279.5M	312.4M	308.1M	342.8M	371.1M	628.5M	645.6M	626M
Change in working capital	-179.3M	-284.7M	-2.3B	-1.5B	-1.1B	-1B	-800K	-3.1B	-2.1B	-1.5B
Operating cash flow	5.2B	2.1B	5.7B	9.2B	7.6B	7.4B	7.3B	6.1B	12.3B	16.8B
Capital expenditure	-963.6M	-1.1B	-1.2B	-1B	-1.4B	-1.3B	-1.9B	-3.4B	-5.1B	—
Investing cash flow	-3.1B	-2.7B	3.7B	-7.8B	-1.6B	-2.4B	-2.7B	-4.8B	-6.6B	-341M
Dividends paid	-2.2B	-2.2B	-2.3B	-2.4B	-2.7B	-3.1B	-3.5B	-4.1B	-4.7B	-5.4B
Share repurchases	-600.1M	-299.8M	-4.2B	-4.4B	-500M	-1.3B	-1.5B	-750M	-2.5B	-4.1B
Financing cash flow	-559.8M	142.6M	-5.9B	-2.3B	-3.1B	-4.1B	-5.4B	3.5B	1.2B	-2.2B
Net change in cash	1.5B	-428.2M	3.5B	-889M	2.9B	808.5M	-812.2M	4.8B	7B	14.3B
Free cash flow	3.8B	3.5B	2.5B	3.5B	4.5B	5.4B	4.6B	-3.2B	414.3M	6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-57.4M	2.2B	2.2B	3B	970.3M	4.4B	2.8B	5.7B	5.6B	6.6B	7.4B	7.1B
Depreciation & amortization	411M	387.7M	400.6M	414.4M	466.8M	484.8M	462.8M	478.3M	470.3M	585.7M	509M	534M
Stock-based compensation	215.6M	120.2M	159.4M	211.1M	133.2M	141.9M	153.7M	184.8M	150.9M	136.1M	161M	201M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	3.2B	3B	2.9B	2.7B	3.9B	4.8B	4.9B	3.1B	8.8B	3.2B	5.3B	10.7B
Capital expenditure	-970.3M	-1.1B	-986.3M	-1.2B	-1.4B	-1.5B	-1.5B	—	—	—	—	—
Investing cash flow	-1.7B	-1.3B	-1.1B	-1.1B	-1.7B	-1.7B	-1.6B	-102.4M	-451.1M	-49.8M	-1.4B	-9.2B
Dividends paid	-1B	-1B	-1.2B	-1.2B	-1.2B	-1.2B	-1.3B	-1.3B	-1.3B	-1.3B	-1.5B	-1.5B
Share repurchases	0	0	0	0	-446.1M	-2.1B	-1.2B	-692.2M	-708.3M	-1.5B	-2.4B	-1.6B
Financing cash flow	572M	3.5B	-311.3M	2.2B	211.3M	-225.4M	1.4B	-1.2B	530.8M	-2.9B	-3.5B	8.4B
Net change in cash	2.1B	5.3B	1.5B	3.9B	2.4B	2.8B	4.7B	1.7B	8.9B	296M	477M	9.9B
Free cash flow	-1.8B	-2B	83.2M	63.4M	-458.9M	726.6M	-1.6B	1.3B	6B	254.2M	2.8B	4.5B

Date	Ratio
Oct 16, 1997	2:1
Dec 21, 1995	2:1
May 1, 1989	2:1
Jan 30, 1986	2:1

Eli Lilly and Company Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history