Saturday 31 October 2026 Export LLY’s income statement to Excel — free account

Eli Lilly and Company

LLY Healthcare Drug Manufacturers General

Eli Lilly and Company’s revenue for fiscal 2025 (year ended December 2025) was $65.2 billion, up 44.7% from fiscal 2024. In the quarter to June 2026, revenue grew 47.7%, EPS grew 26.2%, free cash flow grew 458.1% and total debt rose 37.6%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for twenty-five consecutive years, revenue growth for five.

1,415.16 41.46 +3.02%

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Market cap: $1.29T
P/E: 47.5×
Fwd P/E: 36.7×
Dividend yield: 0.47%
F-score: 7/9
Altman Z: 8.61
Beneish M: −1.91
Dividend safety: 86/100

Overview Business Profile Earnings & Analysis Segments Filings

Insider Decisions trades per month

Total sells 783.04

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	18	3	2	—	—	—	1	1	—	3	—	—

Insider Ownership 4.93%

Capital & Financial Ratios $m

Market Cap 1,293,140.00

Revenue 79,665.00

Net Income 26,711.00

Free Cash Flow 18,190.00

Net Debt 45,958.00

Current Ratio 1.35

Debt/Equity 1.62

P/E ratio 47.49

Fwd P/E 36.70

P/S ratio 15.85

P/B ratio 37.28

Past 5Y EPS Growth 27.58%

This Y EPS Growth 42.20%

Next Y EPS Growth 39.97%

Next Y revenue growth 36.06%

Next 5Y EPS Growth 31.30%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 63.49%

10-year low 10-year high

P/S against its own 10 years 84.94%

10-year low 10-year high

P/B against its own 10 years 73.26%

10-year low 10-year high

EV/Sales against its own 10 years 84.98%

10-year low 10-year high

EV/FCF against its own 10 years 71.06%

10-year low 10-year high

Dividends

Payout Ratio 0.22

Annual Dividend Rate 6.69

Annual Dividend Yield 0.47%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	6.82	1.73 1.73 1.73
2025	6.00	1.50 1.50 1.50 1.50
2024	5.20	1.30 1.30 1.30 1.30
2023	4.52	1.13 1.13 1.13 1.13
2022	3.92	0.98 0.98 0.98 0.98
2021	3.40	0.85 0.85 0.85 0.85
2020	2.96	0.74 0.74 0.74 0.74
2019	2.58	0.65 0.65 0.65 0.65
2018	2.25	0.56 0.56 0.56 0.56
2017	2.08	0.52 0.52 0.52 0.52
2016	2.55	0.51 0.51 0.51 0.51 0.51

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	2,928	3,268	7,268	8,950
Receivables	11,336	13,276	20,155	23,475
Inventory	5,773	7,589	13,744	16,793
Other	150	266	147	86
	25,727	32,740	55,629	64,672

	2023	2024	2025	Q'26
Payables	2,599	3,229	5,379	6,112
ST’ Debt	—	—	—	7,050
Other	16,621	20,030	28,214	34,579
	27,293	28,376	35,228	47,741

Compound Annual Growth %

	10y	5y	3y
Sales	12.56%	21.58%	31.69%
Cash Flow	18.95%	20.93%	30.38%
Earnings	23.96%	27.22%	48.96%
Book Value	6.16%	35.43%	35.04%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 6.01 Actual 8.38

4.90 5.93 6.97 8.00 9.03

Q3 FY25 Beat +1.00

Q4 FY25 Beat +0.55

Q1 FY26 Beat +1.49

Q2 FY26 Beat +2.37

Q3 FY26 — Oct 29

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q3 FY25	6.02	7.02	Beat by 1.00
Q4 FY25	6.99	7.54	Beat by 0.55
Q1 FY26	7.06	8.55	Beat by 1.49
Q2 FY26	6.01	8.38	Beat by 2.37
Q3 FY26	5.38	—	Reports 29 October 2026

EPS $

	Mar	Jun	Sep	Dec	Year
’26	8.26	7.94	—	—	—
’25	3.06	6.29	6.21	7.39	22.95
’24	2.48	3.28	1.07	4.88	11.71
’23	1.49	1.95	(0.06)	2.42	5.80
’22	2.10	1.05	1.61	2.14	6.90
’21	1.49	1.53	1.22	1.90	6.12
’20	1.60	1.55	1.33	2.32	6.79

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	19,799	22,974	—	—	—
’25	12,729	15,558	17,601	19,291	65,179
’24	8,768	11,303	11,439	13,533	45,043
’23	6,960	8,312	9,499	9,353	34,124
’22	7,810	6,488	6,942	7,302	28,541
’21	6,806	6,740	6,773	8,000	28,318
’20	5,860	5,499	5,741	7,440	24,540

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	5,333	10,690	—	—	—
’25	1,666	3,087	8,835	3,225	16,813
’24	1,166	1,466	3,712	2,474	8,818
’23	1,731	632	2,190	(312)	4,240
’22	2,523	1,183	2,217	1,663	7,586
’21	1,697	1,776	1,631	2,262	7,366
’20	382	2,495	1,807	1,815	6,500

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	3,007	7,757	—	—	—
’25	156	1,390	6,748	678	8,972
’24	180	241	2,892	978	3,760
’23	1,062	(106)	2,824	(1,383)	792
’22	2,158	812	1,665	1,162	5,731
’21	1,397	1,394	1,295	1,970	6,056
’20	124	2,214	1,414	1,361	5,112

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	64.18	73.54	73.69	101.36	117.06	161.78	231.87	302.14	579.05	623.78		+28.7%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	85.40	89.09	119.84	137.00	173.90	283.91	375.25	629.97	972.53	1,111.99		+33.0%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	41,975	40,655	38,680	33,625	35,000	35,000	39,000	43,000	47,000	50,000		+2.0%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	0.51	0.49	0.56	0.66	0.70	0.81	0.73	0.79	0.96	1.30		+11.1%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	21,222	19,974	21,493	22,320	24,540	28,318	28,541	34,124	45,043	65,179		+13.3%	88,683	102,115	114,596	+20.7%
	Gross margin, %	73.09	77.73	78.22	78.85	77.66	74.18	76.77	79.25	81.31	83.04		+10.0 pt	Powerpack Eli Lilly and Company’s next three years, line by line Analysts expect revenue to grow 20.7% a year to 2028 — faster than the 13.3% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	3,374	2,305	3,680	5,266	7,230	6,156	6,806	6,554	12,680	25,731		+25.3%
	EBT margin, %	15.90	11.54	17.12	23.59	29.46	21.74	23.85	19.21	28.15	39.48		+23.6 pt
	Net income	2,738	(204)	3,232	8,318	6,194	5,582	6,245	5,240	10,590	20,640		+25.2%
	Depreciation	1,497	1,567	1,609	1,233	1,324	1,548	1,523	1,527	1,767	1,997		+3.3%
Per share, $
Per share, $	Revenue	20.05	18.99	20.91	23.97	27.04	31.22	31.65	37.91	50.01	72.64		+15.4%
	Earnings	2.58	(0.19)	3.13	8.89	6.79	6.12	6.90	5.80	11.71	22.95		+27.5%
	Cash flow	4.58	5.34	5.38	5.19	7.16	8.12	8.41	4.71	9.79	18.74		+16.9%
	Capex	(0.91)	(1.02)	(1.18)	(1.11)	(1.53)	(1.44)	(2.06)	(3.83)	(5.62)	(8.74)		+28.6%
	Free cash flow	3.67	4.31	4.20	4.08	5.63	6.68	6.36	0.88	4.18	10.00		+11.8%
	Book value	13.30	11.09	10.61	2.90	6.42	10.09	11.95	12.07	15.85	29.57		+9.3%
	Shares, m	1,058	1,052	1,028	931	908	907	902	900	901	897		(1.8%)
Valuation, ×
Valuation, ×	P/E	28.91	0.00	36.97	14.97	24.83	44.99	52.90	102.10	65.93	46.83		41.8
	P/S	3.72	4.46	5.53	5.48	6.24	8.85	11.53	15.62	15.44	14.79		9.2
	P/B	5.61	7.64	10.90	45.34	26.31	27.37	30.54	49.07	48.72	36.34		28.8
	EV/Sales	3.83	4.56	5.62	6.07	6.77	9.30	12.02	16.14	16.02	15.34		9.6
	EV/FCF	18.92	18.39	25.56	32.13	30.09	40.75	59.19	223.69	121.06	89.46		65.9
Cash, $m
Cash, $m	Operating cash flow	4,851	5,616	5,525	4,837	6,500	7,366	7,586	4,240	8,818	16,813		+14.8%
	Capex	(964)	(1,077)	(1,211)	(1,034)	(1,388)	(1,310)	(1,854)	(3,448)	(5,058)	(7,841)		+26.2%
	Free cash flow	3,887	4,539	4,314	3,803	5,112	6,056	5,731	792	3,760	8,972		+9.7%
Balance, $m
Balance, $m	Working capital	4,115	4,666	8,662	1,934	4,981	3,400	896	(1,566)	4,364	20,401		+19.5%
	Total debt	10,305	13,648	10,298	15,439	16,595	15,346	14,738	18,321	28,527	40,868		+16.5%
	Net debt	4,266	5,613	2,890	13,000	12,914	11,438	12,526	15,393	25,259	33,600		+25.8%
	Shareholders’ equity	14,081	11,668	10,909	2,699	5,825	9,155	10,775	10,864	14,272	26,535		+7.3%
Returns, %
Returns, %	ROA	7.36	(0.49)	7.27	20.00	14.42	11.70	12.71	9.23	14.84	21.59		+14.2 pt
	ROIC	11.11	7.25	16.01	19.80	20.20	19.29	19.12	15.37	20.39	27.34		+16.2 pt
	ROE	19.10	(1.59)	28.63	122.26	145.32	74.52	62.67	48.43	84.26	101.16		+82.1 pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Reportable Segment	65,179	100.00%
Gross margin		83.04%
Operating margin		40.35%
Pre-tax margin		39.48%

Revenue by segment since 2010

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
LLY Eli Lilly and Company	$1.29T	47.5×	36.7×	+47.67% (above 0%: growing)	+26.23% (above 0%: growing)	+458.06% (above 0%: growing)	85.78%	39.08%
JNJ Johnson & Johnson	$662.5B	31.7×	38.6×	+5.86% (above 0%: growing)	−0.87% (below 0%: shrinking)	+154.78% (above 0%: growing)	68.12%	0.01%	Compare
ABBV AbbVie Inc.	$513.9B	83.3×	36.5×	+10.16% (above 0%: growing)	+290.38% (above 0%: growing)	−36.24% (below 0%: shrinking)	74.74%	37.86%	Compare
MRK Merck & Co., Inc.	$361.0B	120×	106×	+5.07% (above 0%: growing)	n/m	+77.03% (above 0%: growing)	73.54%	(2.61%)	Compare
NVS Novartis AG	$294.9B	24.1×	21.8×	+0.78% (above 0%: growing)	−17.39% (below 0%: shrinking)	−15.53% (below 0%: shrinking)	75.19%	31.77%	Compare
AZN AstraZeneca PLC	$270.5B	27.6×	22.4×	+6.41% (above 0%: growing)	+1.90% (above 0%: growing)	−107.45% (below 0%: shrinking)	83.60%	20.57%	Compare
AMGN Amgen Inc.	$249.1B	28.7×	27.9×	+9.53% (above 0%: growing)	+65.41% (above 0%: growing)	+82.57% (above 0%: growing)	72.04%	34.95%	Compare
GILD Gilead Sciences, Inc.	$205.4B	— (loss-making)	— (loss-making)	+10.18% (above 0%: growing)	n/m	+376.81% (above 0%: growing)	79.76%	(133.21%)	Compare
PFE Pfizer Inc.	$170.7B	40.1×	18.6×	+2.60% (above 0%: growing)	n/m	+125.17% (above 0%: growing)	72.78%	20.38%	Compare
Median of peers	$282.7B	31.7×	27.9×	+6.14%	+1.90%	+79.80%	74.14%	20.48%

All 21 Drug Manufacturers General stocks →

Business profile

Updated 29 October 2026

Eli Lilly discovers, develops, manufactures and markets medicines for people. Founded in 1875 and headquartered in Indianapolis, it is led by Chair, President and Chief Executive Officer David Ricks. Lilly operates as one business segment: human pharmaceutical products.

Its cardiometabolic medicines include Mounjaro for type 2 diabetes and Zepbound for obesity or overweight with a weight-related condition. Zepbound is also used to treat moderate to severe obstructive sleep apnea in adults with obesity. Lilly sells insulin products and collaborates with Boehringer Ingelheim on Jardiance, which has diabetes, heart failure and chronic kidney disease indications.

Read the full business profile →

Analyst rating changes each firm’s latest, last six months

Firm	Date	Action	Rating	Target
Bank of America (BofA)	Oct 20, 2026	Target raised	Buy	1,341.00 → 1,397.00
Goldman Sachs	Oct 20, 2026	Target raised	Buy	1,371.00 → 1,413.00
BofA	Oct 20, 2026	Target raised	—	1,341.00 → 1,397.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 83.46%

Held by the ten largest 47.82%

Holder	Shares	Stake	Change
LILLY ENDOWMENT INC	90.38m	9.60%	−1.52m
Vanguard	82.81m	8.80%	+180.78k
BlackRock	67.54m	7.17%	+1.16m
PNC	51.32m	5.45%	−6.19k
Capital Group	42.97m	4.56%	−3.85m
State Street	36.22m	3.85%	+605.75k
Fidelity (FMR)	28.46m	3.02%	+2.12m
Geode Capital Management	20.31m	2.16%	+118.99k
Morgan Stanley	16.23m	1.72%	+788.94k
T. Rowe Price	13.96m	1.48%	−1.06m

13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 20 March 2026

Chief executive’s pay

Year	Total pay	Actually paid	$100 invested
2025	36.70m	75.19m	670.56
2024	29.24m	80.58m	478.17
2023	26.57m	120.87m	358.72
2022	21.40m	64.09m	222.94
2021	21.51m	75.71m	166.08

Ownership

Directors and executive officers, together less than 1%

Lilly Endowment Inc. (the Endowment) 9.80%

The Vanguard Group 8.60%

BlackRock, Inc. 6.80%

The PNC Financial Services Group, Inc. 5.40%

Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement