Eli Lilly and Company (LLY) financials
NYSE · Healthcare · Drug Manufacturers - General · 50,000 employees · CEO David A. Ricks
- Price
- $1,417.54 +3.19%
- Market cap
- $1.33T
- Enterprise value
- $1.38T
- Last report
- Q3 '26 filed 2026-10-29
- Next report
- 2027-02-03 EPS est. $11.07
Revenue (TTM)$86.5B+45.5% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)46.1%+1.7 pp vs a year agoOperating income $39.8B
Net income (TTM)$27.6B+49.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$19.7B+118.0% vs a year agoCapex $11B
Diluted EPS (TTM)$30.81+50.7% vs a year agoSum of the last 4 quarters
Net cash-$44.6B-36.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $1.33T EV $1.38T
- Revenue
- $86.5B Trailing 12 months
- Revenue growth
- +39% FY2026 consensus
- Profit margin
- 31.9% Net income / revenue, TTM
- P/E
- 45.9× Forward 40.3× (FY2026)
- P/S
- 15.4× Price / sales, TTM
- EV / EBITDA
- 30.8× TTM
- Free cash flow
- $19.7B Trailing 12 months
- Net income
- $27.6B Trailing 12 months
- Revenue estimate
- $90.4B FY2026 consensus
- Earnings
- 2027-02-03 Revenue est. $24.4B
- Dividend
- $6.69 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-29): revenue beat by 8.0%, EPS beat by 31.0%Revenue $24.4B vs $22.6B expected (+8.0%); EPS $7.48 vs $5.71 (+31.0%).
- Revenue growth slowing: 38.6% year on yearQ3 '26 revenue $24.4B, against an average of 49.9% over the four quarters before.
- Operating margin 46.1% (TTM), +1.7 pp on a year agoOperating income grew 50.9% while revenue grew 45.5%.
- 14.6% of pre-tax profit is eaten by non-operating lossesPre-tax income $34.8B vs operating income $39.8B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 12.7% of revenue (a year ago 11.9%)$11B invested in the last 4 quarters (+56.0% on a year earlier). Free cash flow $19.7B = 71.3% of net income.
- Returned $11.8B to shareholders = 60.1% of free cash flowBuybacks $5.84B (a year earlier $4.65B), dividends $5.98B, stock-based pay $698M (TTM).
- Diluted share count down 0.6% in a year893M diluted shares in Q3 '26, 899M a year earlier.
- Net debt $44.6BCash + short-term investments $4.89B, debt incl. leases $49.5B; a year ago net debt $32.6B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $24.4B | $17.6B | +38.6% |
| Gross margin | 83.9% | 82.9% | +1.0 pp |
| Operating income | $8.61B | $8.39B | +2.6% |
| Operating margin | 35.3% | 47.6% | -12.4 pp |
| Net income | $6.45B | $5.58B | +15.6% |
| Diluted EPS | $7.22 | $6.21 | +16.3% |
| Operating cash flow | $11.4B | $8.84B | +29.0% |
| Capex | $3.18B | $224M | +1,319.4% |
| Free cash flow | $8.22B | $8.61B | -4.6% |
| R&D | $4.25B | $3.47B | +22.5% |
| Stock-based compensation | $200M | $151M | +32.4% |
Reported vs consensus
2026-10-29| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $24.4B | $22.6B | +8.0% |
| EPS (as estimated) | $7.48 | $5.71 | +31.0% |
From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Cardiometabolic Health | $19.8B | +50.0% | 81.5% | – | – | |
| Oncology | $2.6B | +8.0% | 10.7% | – | – | |
| Neuroscience | $444M | +40.6% | 1.8% | – | – | |
| Immunology | $1.44B | +5.3% | 5.9% | – | – | |
| Other Product, Total | – | – | – | – | – |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $15.1B | +33.9% | 62.0% | $54.5B | +37.6% | |
| Non-US | $3.21B | +90.0% | 13.1% | $18.7B | +279.7% | |
| Europe | $4.46B | +27.5% | 18.3% | $15.3B | +40.4% | |
| CHINA | $947M | +69.0% | 3.9% | $3.05B | +60.3% | |
| JAPAN | $648M | +16.8% | 2.7% | $2.5B | +22.8% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $30.6B
- Capex
- -$11B
- Buybacks
- -$5.84B
- Dividends
- -$5.98B
- Acquisitions
- -$10.8B
- Net debt issued
- $7.32B
- Stock-based compensation
- $698M
- Free cash flow
- $19.7B
- Returned to shareholders / FCF
- 60.1%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 45.9× | 63.0× | 46.6× – 100.0× |
| EV / EBITDA | 30.8× | 42.0× | 31.6× – 63.8× |
| EV / Sales | 15.9× | 14.0× | 9.8× – 16.1× |
| Price / FCF | 67.8× | 104.2× 4 of 5 years | 48.9× – 184.9× |
| Price / Book | 31.4× | 39.2× | 29.3× – 49.0× |
| FCF yield | 1.5% | 0.8% | -0.6% – 2.0% |
| Return on invested capital | 30.5% | 23.9% | 19.8% – 30.2% |
| Return on equity | 83.6% | 64.4% | 48.6% – 77.8% |
Analysts
Consensus target $1,433.72 (+1.1%)
range $940.00 – $1,650.00 · rating Buy
Strong buy0
Buy34
Hold9
Sell3
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $90.4B | +38.7% | $35.15 | +53.2% | 40.3× | 12 |
| FY2027 | $105B | +16.4% | $49.36 | +40.4% | 28.7× | 15 |
| FY2028 | $118B | +11.8% | $56.62 | +14.7% | 25.0× | 9 |
| FY2029 | $128B | +8.7% | $64.50 | +13.9% | 22.0× | 3 |
| FY2030 | $138B | +8.2% | $71.19 | +10.4% | 19.9× | 3 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 197 figures Eli Lilly and Company tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $5.79B | $4.26B | +35.9% | $5.38B | $3.23B | +66.6% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $22.1B | $16.1B | +37.1% | $17.8B | $11B | +61.4% |
| Accounts Receivable, Allowance for Credit Loss, Current | $21.7M2025-09-30 | $15.7M | +38.2% | $14.9M2024-12-31 | $14.8M | +0.7% |
| Accrued Income Taxes, Noncurrent | $6.07B | $6.29B | -3.6% | $5.88B | $4.06B | +44.7% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $13.4B | $12.4B | +7.8% | $12.6B | $11.8B | +6.5% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$2.63B | -$3.21B | +18.0% | -$2.88B | -$4.32B | +33.4% |
| Additional Paid in Capital, Common Stock | $7.31B | $7.23B | +1.1% | $7.35B | $7.44B | -1.3% |
| Advertising Expense | – | – | – | $2.9B | $1.4B | +107.1% |
| Amortization of Intangible Assets | – | – | – | $488M | $553M | -11.8% |
| Assets | $148B | $115B | +28.8% | $112B | $78.7B | +42.9% |
| Assets, Current | $65.3B | $62.1B | +5.1% | $55.6B | $32.7B | +69.9% |
| Cash and Cash Equivalents, at Carrying Value | $4.89B | $9.79B | -50.1% | $7.27B | $3.27B | +122.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $4.89B | $9.79B | -50.1% | $7.27B | $3.27B | +122.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$4.07B | $6.42B | -163.4% | $4B | $449M | +790.9% |
| Commercial Paper | $02025-12-31 | $4.34B | -100.0% | $0 | $4.34B | -100.0% |
| Common Stock, Dividends, Per Share, Declared | $0.00 | $0.00 | – | $6.23 | $5.40 | +15.4% |
| Common Stock, Shares Authorized | 3.2B2025-12-31 | 3.2B | 0.0% | 3.2B | 3.2B | 0.0% |
| Common Stock, Shares Held in Employee Trust | $3.01B | $3.01B | 0.0% | $3.01B | $3.01B | 0.0% |
| Common Stock, Shares Held in Employee Trust, Shares | 50M2025-12-31 | 50M | 0.0% | 50M | 50M | 0.0% |
| Common Stock, Shares, Issued | 945M2025-12-31 | 948M | -0.3% | 945M | 948M | -0.3% |
| Common Stock, Value, Issued | $588M | $591M | -0.6% | $590M | $592M | -0.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $6.58B | $6.09B | +8.0% | $22.1B | $10.6B | +108.4% |
| Cost of Goods and Services Sold | $3.93B | $3.01B | +30.8% | $11.1B | $8.42B | +31.3% |
| Current Federal Tax Expense (Benefit) | – | – | – | $4.64B | $3.34B | +38.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $2.16B | $1.43B | +51.0% |
| Current Income Tax Expense (Benefit) | – | – | – | $6.8B | $4.77B | +42.4% |
| Debt Securities, Available-for-sale | $356M2025-09-30 | $685M | -48.0% | $669M2024-12-31 | $657M | +1.8% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $3.3M2025-09-30 | $7.2M | -54.2% | $1.6M2024-12-31 | $3.4M | -52.9% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $11.1M2025-09-30 | $29.2M | -62.0% | $43.2M2024-12-31 | $37.9M | +14.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $160M2025-09-30 | $293M | -45.4% | $255M2024-12-31 | $247M | +3.2% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $63.8M2025-09-30 | $101M | -36.7% | $93.3M2024-12-31 | $98.4M | -5.2% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $119M2025-09-30 | $185M | -35.5% | $226M2024-12-31 | $228M | -1.1% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $12.7M2025-09-30 | $106M | -88.0% | $95.2M2024-12-31 | $84.1M | +13.2% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $177M2025-09-30 | $368M | -51.8% | $491M2024-12-31 | $452M | +8.7% |
| Debt, Current | $2.52B | $1.63B | +54.1% | $1.64B | $5.12B | -68.0% |
| Debt, Long-term and Short-term, Combined Amount | $42.5B2025-12-31 | $33.6B | +26.3% | $42.5B | $33.6B | +26.3% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$1.15B | -$2.21B | +48.0% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$558M | -$473M | -18.0% |
| Deferred Income Tax Assets, Net | $11B | $8.96B | +22.2% | $9.96B | $8B | +24.5% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$1.71B | -$2.68B | +36.4% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $1.72B2025-12-31 | $1.78B | -3.4% | $1.72B | $1.78B | -3.4% |
| Deferred Tax Assets, Gross | $15.6B2025-12-31 | $12.4B | +25.6% | $15.6B | $12.4B | +25.6% |
| Deferred Tax Assets, in Process Research and Development | $4.52B2025-12-31 | $4.6B | -1.8% | $4.52B | $4.6B | -1.8% |
| Deferred Tax Assets, Inventory | $711M2025-12-31 | $0 | – | $711M | $0 | – |
| Deferred Tax Assets, Net | $9.84B2025-12-31 | $7.93B | +24.1% | $9.84B | $7.93B | +24.1% |
| Deferred Tax Assets, Net of Valuation Allowance | $14.4B2025-12-31 | $11.5B | +25.5% | $14.4B | $11.5B | +25.5% |
| Deferred Tax Assets, Operating Loss Carryforwards | $911M2025-12-31 | $587M | +55.2% | $911M | $587M | +55.2% |
| Deferred Tax Assets, Other | $1B2025-12-31 | $599M | +67.6% | $1B | $599M | +67.6% |
| Deferred Tax Assets, Tax Credit Carryforwards | $649M2025-12-31 | $577M | +12.5% | $649M | $577M | +12.5% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $556M2025-12-31 | $565M | -1.6% | $556M | $565M | -1.6% |
| Deferred Tax Assets, Valuation Allowance | $1.22B2025-12-31 | $964M | +26.9% | $1.22B | $964M | +26.9% |
| Deferred Tax Liabilities, Goodwill and Intangible Assets | $1.26B2025-12-31 | $1.18B | +7.0% | $1.26B | $1.18B | +7.0% |
| Deferred Tax Liabilities, Gross | $4.54B2025-12-31 | $3.53B | +28.7% | $4.54B | $3.53B | +28.7% |
| Deferred Tax Liabilities, Other | $381M2025-12-31 | $414M | -8.0% | $381M | $414M | -8.0% |
| Deferred Tax Liabilities, Prepaid Expenses | $707M2025-12-31 | $611M | +15.7% | $707M | $611M | +15.7% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $907M2025-12-31 | $558M | +62.5% | $907M | $558M | +62.5% |
| Deferred Tax Liabilities, Undistributed Foreign Earnings | $1.29B2025-12-31 | $773M | +67.0% | $1.29B | $773M | +67.0% |
| Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | – | – | – | $898M | -$930M | +196.6% |
| Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $2.36B2025-12-31 | $2.3B | +2.7% | $2.36B | $2.3B | +2.7% |
| Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | $1.06B2025-12-31 | $1.06B | +0.3% | $1.06B | $1.06B | +0.3% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01