ELI LILLY & Co financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ELI LILLY & Co files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	21,222	19,974	21,493	22,320	24,540	28,318	28,541	34,124	45,043	65,179
Cost of revenue	5,710	4,448	4,682	4,721	5,483	7,313	6,630	7,082	8,418	11,052
Gross profit	15,512	15,526	16,812	17,598	19,057	21,006	21,912	27,042	36,625	54,127
Research and development	5,310	5,096	5,051	5,595	5,976	6,931	7,191	9,313	10,991	13,337
Selling, general and administrative	6,528	5,982	5,975	6,214	6,121	6,432	6,440	7,404	8,594	11,094
Interest expense	185	225	243	401	360	340	332	486	781	895
Interest income	109	166	159	80.4	33	25.4	62.8	174	175
Other non-operating income	113	302	146	292	1,172	-202	-321	97	-219	-571
Pre-tax income	3,374	2,305	3,680	5,266	7,230	6,156	6,806	6,554	12,680	25,731
Income tax	636	2,391	530	628	1,036	574	562	1,314	2,090	5,091
Net income	2,738	-204	3,232	8,318	6,194	5,582	6,245	5,240	10,590	20,640
EPS, basic	2.59	-0.19	3.14	8.93	6.82	6.15	6.93	5.82	11.76	23.00
EPS, diluted	2.58	-0.19	3.13	8.89	6.79	6.12	6.90	5.80	11.71	22.95
Shares, basic (weighted)	1,058	1,052	1,028	931	908	907	902	900	901	897
Shares, diluted (weighted)	1,062	1,052	1,034	936	913	912	905	903	904	899
Dividend per share	2.05	2.12	2.33	2.68	3.07	3.53	4.07	4.69	5.40	6.23

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4,582	6,536	7,321	2,338	3,657	3,819	2,067	2,819	3,268	7,268
Short-term investments	1,457	1,498	88.2	101	24.2	90.1	145	109	155
Receivables	4,029	4,546	4,594	4,547	5,875	6,673	6,896	9,091	11,006	17,760
Inventory	3,562	4,458	3,098	3,191	3,980	3,886	4,310	5,773	7,589	13,744
Other current assets	735	1,448	2,037	2,539	2,872	2,531	7.3	150	266	147
Total current assets	15,101	19,202	20,550	13,710	17,462	18,452	18,035	25,727	32,740	55,629
Property, plant and equipment	8,253	8,827	7,996	7,873	8,682	8,985	10,144	12,914	17,102	24,675
Lease right-of-use assets			0	532				1,024	1,050	1,260
Goodwill	3,973	4,370	1,367	3,679	3,767	3,892	4,073	4,940	5,770	5,898
Intangible assets	4,358	4,029	1,068	6,618	7,450	7,692	7,207	6,907	6,166	6,521
Long-term investments	5,208	5,679	2,005	1,962	2,967	3,213	2,902	3,052	3,216	2,802
Other non-current assets	1,914	1,708	1,825	2,871	3,475	4,083	4,337	4,990	5,720	6,992
Total assets	38,806	44,981	43,908	39,286	46,633	48,806	49,490	64,006	78,715	112,476
Accounts payable	1,349	1,411	1,207	1,405	1,607	1,671	1,931	2,599	3,229	5,379
Accrued liabilities	897	998	956	916	997	958	1,060	1,650	2,094	2,375
Short-term debt	1,937	3,707	1,102	1,499	8.7	1,538	1,501	6,905	5,117	1,635
Total current liabilities	10,987	14,536	11,888	11,775	12,482	15,053	17,138	27,293	28,376	35,228
Long-term debt	8,368	9,941	9,196	13,818	16,587	15,346	14,738	18,321	28,527	40,868
Lease liabilities			0	487				949	971	1,140
Other non-current liabilities	2,228	1,546	1,358	1,501	1,708	1,644	1,824	2,241	3,479	3,970
Total liabilities	24,725	33,313	32,999	36,587	40,808	39,651	38,714	53,143	64,443	85,941
Total debt	9,006	9,941	9,196	13,639	16,349	16,741	14,815	19,105	29,474	40,868
Paid-in capital	5,641	5,818	6,584	6,685	6,779	6,833	6,921	7,250	7,439	7,346
Retained earnings	16,046	13,894	11,396	4,920	7,830	8,959	10,043	10,312	13,545	24,470
Treasury stock	-80.5	-75.8	-69.4	-60.8	-55.7	-52.7	-50.5	-44.2	-49.5
Other comprehensive income	-5,274	-5,719	-5,729	-6,524	-6,496	-4,343	-3,845	-4,327	-4,322	-2,880
Shareholders' equity	14,008	11,592	9,829	2,607	5,642	8,979	10,650	10,772	14,272	26,535
Minority interests	72.8	75.7	1,080	92.2	184	176	126	91.8	79.5
Total equity	14,081	11,668	10,909	2,699	5,825	9,155	10,775	10,864	14,272	26,535
Total liabilities and equity	38,806	44,981	43,908	39,286	46,633	48,806	49,490	64,006	78,715	112,476

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,738	-204	3,232	8,318	6,194	5,582	6,245	5,240	10,590	20,640
Depreciation and amortization	1,497	1,567	1,609	1,233	1,324	1,548	1,523	1,527	1,767	1,997
Stock-based compensation	255	281	280	312	308	343	371	629	646	626
Deferred income tax	440	-832	248	62.4	-135	-802	-2,185	-2,341	-2,683	-1,707
Change in inventory	-328	-254	7.8	-259	-533	-236	-600	-1,425	-2,507	-4,671
Change in payables	1,124	916	-285	-478	1,271	-1,014	1,692	4,274	2,609	10,187
Cash from operations	4,851	5,616	5,525	4,837	6,500	7,366	7,586	4,240	8,818	16,813
Acquisitions	-45	-882	0	-6,918	-849	-747	-327
Purchases of investments		-3,390	-112	-42.7	-11.4	-83.5	-107	-98.2	-98.5
Cash from investing	-3,139	-3,784	1,906	-8,083	-2,259	-2,868	-3,763	-7,153	-9,302	-10,972
Debt issued	1,207	2,232	2,478	6,556	2,062	2,411	0	3,959	11,417	13,167
Debt repaid	-0.2	-631	-1,009	-2,866	-277	-1,905	-1,560	0	-664	-778
Share buybacks	-600	-300	-4,151	-4,400	-500	-1,250	-1,500	-750	-2,500	-4,108
Dividends paid	-2,159	-2,192	-2,312	-2,410	-2,687	-3,087	-3,536	-4,069	-4,680	-5,384
Cash from financing	-560	143	-5,905	-2,325	-3,137	-4,131	-5,407	3,496	1,230	-2,213
Exchange rate effect	-236	-20.5	-63.6	-89.9	216	-206	-168	169	-297	372
Net change in cash	916	1,954	1,462	-5,661	1,320	161	-1,752	752	449	4,000
Interest paid	146	193	224	306	346	338	324	404	578	633
Income taxes paid	701	222	1,077	1,181	955	1,599	2,673	5,559	6,562	10,814

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1,183.46 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	83.4%	Gross profit / revenue.
Pre-tax margin	42.2%	Pre-tax income / revenue.
Net margin	33.5%	Net income / revenue.
Operating cash flow margin	35.3%	Cash from operations / revenue.
Effective tax rate	20.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	78.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	18.8%	Net income / average total assets.
R&D / revenue	18.3%	Research and development expense / revenue.
SG&A / revenue	15.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	2.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	44.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	31.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	21.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	47.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	35.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	23.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	94.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	49.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	27.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	96.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	49.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	27.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	90.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	30.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	20.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	15.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	15.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	15.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	85.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	35.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	36.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	42.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	31.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	19.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.35x	Current assets / current liabilities.
Quick ratio	0.61x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.19x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.41x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	33.6%	Total debt / total assets.
Liabilities / assets	76.2%	Total liabilities / total assets.
Net debt	$38.91B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$16.93B	Current assets - current liabilities.
Goodwill and intangibles / assets	18.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$6.92B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.56x	Revenue / average total assets.
Fixed asset turnover	2.72x	Revenue / average property, plant and equipment.
Inventory turnover	0.79x	Cost of revenue / average inventory.
Days inventory	463 days	365 x average inventory / cost of revenue.
Receivables turnover	3.97x	Revenue / average receivables.
Days sales outstanding	92 days	365 x average receivables / revenue.
Days payables	169 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	387 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$29.89	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$89.14	Revenue / diluted weighted shares.
Operating cash flow per share	$31.42	Cash from operations / diluted weighted shares.
Book value per share	$37.91	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.74	Tangible book value / shares outstanding.
Cash per share	$10.01	(Cash + short-term investments) / shares outstanding.
Payout ratio	21.7%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.11T	Share price x shares outstanding.
Enterprise value	$1.15T	Market cap + total debt - cash - short-term investments.
P/E	41.7x	Market cap / net income. Only when net income is positive.
P/S	14.0x	Market cap / revenue.
P/B	32.9x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	161x	Market cap / tangible book value, when positive.
P/OCF	39.7x	Market cap / cash from operations, when positive.
EV/Sales	14.5x	Enterprise value / revenue.
Earnings yield	2.4%	Net income / market cap (the inverse of P/E).
Dividend yield	0.5%	Dividends paid over the period / market cap.
Shareholder yield	1.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.85x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ELI LILLY & Co's revenue in fiscal 2025?

ELI LILLY & Co reported revenue of $65.18B for fiscal 2025, 44.7% higher than the year before.

Was ELI LILLY & Co profitable in fiscal 2025?

Yes. Net income was $20.64B, a net margin of 31.7%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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