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Sunday 11 October 2026 Export all LLY data to Excel Powerpack

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.

1,179.27 9.67 +0.83%
Market cap
$1.10T
P/E
39.6×
Fwd P/E
33.1×
Dividend yield
0.57%
F-score
7/9
Altman Z
8.61
Beneish M
−1.91
Dividend safety
86/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Eli Lilly and Company (LLY) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

Market capitalisation was $1.05 trillion as of September 24, 2026. Revenue was $65.2 billion in FY2025, net income was $20.6 billion in FY2025, and diluted EPS was $22.95 in FY2025.

Revenue reached $23.0 billion in Q2 FY2026, while gross profit was $19.7 billion in Q2 FY2026. Operating income was $9.0 billion in Q2 FY2026, net income was $7.1 billion in Q2 FY2026, and diluted EPS was $7.94 in Q2 FY2026. Free cash flow was $7.8 billion in Q2 FY2026.

Growth

Revenue was $65.2 billion in FY2025, compared with $45.0 billion in FY2024, and revenue growth was 44.7% in FY2025 against FY2024. Revenue compound annual growth was 31.7% in FY2022–FY2025 and 21.6% in FY2020–FY2025.

Diluted EPS was $22.95 in FY2025, and diluted EPS growth was 96.0% in FY2025 against FY2024. Diluted EPS compound annual growth was 49.3% in FY2022–FY2025. Free cash flow was $9.0 billion in FY2025, and free cash flow growth was 138.6% in FY2025 against FY2024.

Revenue was $23.0 billion in Q2 FY2026, up 16.0% in Q2 FY2026 against Q1 FY2026 and 47.7% in Q2 FY2026 against Q2 FY2025. Diluted EPS was $7.94 in Q2 FY2026, down 3.87% in Q2 FY2026 against Q1 FY2026 and up 26.2% in Q2 FY2026 against Q2 FY2025.

Profitability

Gross margin was 83.0% in FY2025, an increase of 5.4 percentage points in FY2020–FY2025. Operating margin was 40.4% in FY2025, an increase of 15.7 percentage points in FY2020–FY2025. Pre-tax margin was 39.5% in FY2025, an increase of 10.0 percentage points in FY2020–FY2025.

Net margin was 31.7% in FY2025, an increase of 6.4 percentage points in FY2020–FY2025. Return on equity was 101.2% in FY2025, return on assets was 21.6% in FY2025, and return on invested capital was 27.3% in FY2025.

Gross margin was 85.8% in Q2 FY2026, while operating margin was 39.1% in Q2 FY2026. Industry-median comparisons are not reported.

Balance sheet

Total debt was $40.9 billion in FY2025, while net debt was $33.6 billion in FY2025. Cash and short-term investments were $7.3 billion in FY2025, and shareholders’ equity was $26.5 billion in FY2025. Working capital was $20.4 billion in FY2025.

Net debt was $46.0 billion in Q2 FY2026, compared with $34.1 billion in Q1 FY2026. The current ratio was 1.4× in Q2 FY2026, and debt to equity was 1.6× in Q2 FY2026. Book value per share was $29.57 in FY2025.

Cash flow & capital return

Operating cash flow was $16.8 billion in FY2025, compared with $8.8 billion in FY2024. Capital expenditure was $7.8 billion in FY2025, compared with $5.1 billion in FY2024. Free cash flow was $9.0 billion in FY2025, and free cash flow represented 43.5% of net income in FY2025.

Operating cash flow was $28.1 billion in TTM to Q2 FY2026, while free cash flow was $18.2 billion in TTM to Q2 FY2026. Dividends paid were $5.4 billion in FY2025, and net share repurchases were $4.1 billion in FY2025. Capital returned to shareholders was $9.5 billion in FY2025. Weighted average shares were 897.3 million shares in FY2025 and 892.4 million shares in Q2 FY2026.

Valuation

The P/E was 39.7× as of September 24, 2026, below the five-year median of 52.9× as of September 24, 2026, over the five fiscal years to FY2025. The P/S was 13.2× as of September 24, 2026, below the five-year median of 14.8× as of September 24, 2026, over the five fiscal years to FY2025, and above the ten-year median of 7.5× as of September 24, 2026, over the ten fiscal years to FY2025.

The P/B was 31.1× as of September 24, 2026, below the five-year median of 36.3× as of September 24, 2026, over the five fiscal years to FY2025, and above the ten-year median of 29.0× as of September 24, 2026, over the ten fiscal years to FY2025. EV/Sales was 13.8× as of September 24, 2026, below its five-year median and above its ten-year median. EV/Cash flow was 54.0× as of September 24, 2026, below its five-year median and above its ten-year median. Industry-median comparisons are not reported.

What changed since last quarter

Revenue was $23.0 billion in Q2 FY2026, compared with $19.8 billion in Q1 FY2026 and $15.6 billion in Q2 FY2025. Gross margin was 85.8% in Q2 FY2026, an increase of 3.8 percentage points in Q2 FY2026 against Q1 FY2026 and 1.5 percentage points in Q2 FY2026 against Q2 FY2025.

Operating margin was 39.1% in Q2 FY2026, a decrease of 5.9 percentage points in Q2 FY2026 against Q1 FY2026 and 5.1 percentage points in Q2 FY2026 against Q2 FY2025. Free cash flow was $7.8 billion in Q2 FY2026, increasing 158.0% in Q2 FY2026 against Q1 FY2026 and 458.1% in Q2 FY2026 against Q2 FY2025. Net debt increased by $11.9 billion in Q2 FY2026 against Q1 FY2026 and by $9.6 billion in Q2 FY2026 against Q2 FY2025. No management explanation for these changes is reported.

Open questions

  • What accounts for the increase in net debt during the latest quarter?
  • What factors drove the decline in operating margin from the prior quarter?
  • How is the company allocating capital between investment, dividends, and share repurchases?
  • What explains the difference between revenue growth and EPS growth in the latest quarter?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.