Earnings quality
Compare earnings and operating cash flow for earnings quality.
Eli Lilly and Company
Ticker LLY · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-02-12 · Period end 2025-12-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
equity ratio is 23.6%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio23.6%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
ELI LILLY AND COMPANY is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | $45.0B | $65.2B |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit | — | — |
| Income tax | $2.1B | $5.1B |
| Net income | $10.6B | $20.6B |
| Basic EPS | 11.76 | 23.00 |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash & equivalents | $3.3B | $7.3B |
| Current assets | $32.7B | $55.6B |
| Non-current assets* | $46.0B | $56.8B |
| Total assets | $78.7B | $112.5B |
| Current liabilities | $28.4B | $35.2B |
| Non-current liabilities* | — | — |
| Total liabilities | — | — |
| Stockholders’ equity | $14.3B | $26.5B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Operating cash flow | $8.8B | $16.8B |
| Investing cash flow | -$9.3B | -$11.0B |
| Financing cash flow | $1.2B | -$2.2B |
| Cash at end of period | $3.3B | $7.3B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $28.3B | $28.5B | $34.1B | $45.0B | $65.2B | |
| Net income | $5.6B | $6.2B | $5.2B | $10.6B | $20.6B | |
| Total assets | $48.8B | $49.5B | $64.0B | $78.7B | $112.5B | |
| Cash & equivalents | $3.8B | $2.1B | $2.8B | $3.3B | $7.3B | |
| Stockholders’ equity | $9.0B | $10.6B | $10.8B | $14.3B | $26.5B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Mixed
The numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
On the income statement, revenue moved from $45.0B to $65.2B (▲ +44.7%). Operating profit went from — to — (—).
Operating cash flow was $16.8B (prior $8.8B), with cash on the balance sheet at $7.3B versus $3.3B.
Liquidity & leverage
Cash moved from $3.3B to $7.3B; current liabilities $35.2B.
Capital buffer
Stockholders’ equity moved from $14.3B to $26.5B.
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Source: SEC EDGAR 0000059478-26-000013
(ELI LILLY AND COMPANY), period end 2025-12-31.