The company discovers, develops, manufactures, and markets human pharmaceutical products, operating in a single business segment. Its product lines are organized across therapeutic areas including cardiometabolic health, oncology, immunology, and neuroscience, with individual products addressing conditions such as diabetes, obesity, various cancers, autoimmune and inflammatory diseases, and Alzheimer's disease. Customers include wholesalers, pharmacy benefit managers, insurers, managed care organizations, hospitals, government and long-term care institutions, and retail pharmacies, with products also promoted directly to healthcare providers and, in certain markets, to consumers.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 65,179 | 45,043 | 34,124 | 4 |
| · Net product revenue | 60,958 | 40,748 | 28,814 | |
| · Collaboration and Other Revenue | 4,221 | 4,295 | 5,310 | |
| Cost of revenue | 11,052 | 8,418 | 7,082 | 1 |
| Selling, general and administrative | 11,094 | 8,594 | 7,404 | 2 |
| Depreciation, depletion and amortization | 1,997 | 1,767 | 1,527 | |
| Interest expense | — | — | 486 | |
| Other income (expense), net | (571) | (219) | 97 | |
| Income before income taxes | 25,731 | 12,680 | 6,554 | 1 |
| Income tax provision | 5,091 | 2,090 | 1,314 | 2 |
| — of which current | 6,798 | 4,773 | 3,655 | 1 |
| Net income attributable to common | 20,640 | 10,590 | 5,240 | 2 |
| Diluted earnings per share | $22.95 | $11.71 | $5.80 | 1 |
| Weighted-average diluted shares | 899 | 904 | 903 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 20,640 | 10,590 | 5,240 | |
| Depreciation, depletion and amortization | 1,997 | 1,767 | 1,527 | |
| Share-based compensation | 626 | 646 | 629 | |
| Deferred income taxes | (1,707) | (2,683) | (2,341) | |
| Change in inventories | 4,671 | 2,507 | 1,425 | |
| Change in payables | 10,187 | 2,609 | 4,274 | |
| Net cash provided by operating activities | 16,813 | 8,818 | 4,240 | 3 |
| Net cash used in investing activities | (10,972) | (9,302) | (7,153) | |
| Dividends paid | 5,384 | 4,680 | 4,069 | |
| Repurchases of common stock | 4,108 | 2,500 | 750 | |
| Debt issued | 13,167 | 11,417 | 3,959 | |
| Debt repaid | 778 | 664 | 0 | |
| Net cash used in financing activities | (2,213) | 1,230 | 3,496 | |
| Cash and equivalents at end of period | 7,268 | 3,268 | 2,819 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 7,268 | 3,268 | 1 |
| Short-term investments | — | 155 | |
| Receivables, net | 17,760 | 11,006 | 1 |
| Inventories | 13,744 | 7,589 | 1 |
| Total current assets | 55,629 | 32,740 | |
| Property, plant and equipment, net | 24,675 | 17,102 | |
| Goodwill | 5,898 | 5,770 | 1 |
| Intangible assets, net | 6,521 | 6,166 | |
| Total assets | 112,476 | 78,715 | 1 |
| Accounts payable | 5,379 | 3,229 | |
| Current debt | 1,635 | 5,117 | 1 |
| Total current liabilities | 35,228 | 28,376 | |
| Long-term debt | 40,868 | 28,527 | 1 |
| Stockholders' equity | 26,535 | 14,272 | |
| Noncontrolling interests | — | 80 | |
| Total equity | — | 14,272 |
| Revenue by segment · as filed · $ millions | FY2025 | Share |
|---|---|---|
| One reportable segment | 65,179 | 100.0% |
| Total revenues, as filed | 65,179 | 100.0% |
Single reportable segment: no segment breakdown filed.
| Revenue by product or service · as filed · $ millions | FY2025 | Share |
|---|---|---|
| Net product revenue | 60,958 | 93.5% |
| Collaboration and Other Revenue | 4,221 | 6.5% |
| Total revenues, as filed | 65,179 | 100.0% |
Product lines sum to the filed total. 1 filed line(s) not shown: Jardiance.
| Revenue by geography · as filed · $ millions | FY2025 | Share |
|---|---|---|
| United States | 43,481 | 66.7% |
| Europe | 11,558 | 17.7% |
| Rest of world | 6,057 | 9.3% |
| Japan | 2,132 | 3.3% |
| China | 1,951 | 3.0% |
| Total revenues, as filed | 65,179 | 100.0% |
Geographic lines sum to the filed total.
Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total assets · BS | 112,476 | 78,715 | +33,761 | +42.9% | — |
| Total current assets · BS | 55,629 | 32,740 | +22,889 | +69.9% | ◐ outsized |
| · Net product revenue · IS | 60,958 | 40,748 | +20,210 | +49.6% | — |
| Total revenues · IS | 65,179 | 45,043 | +20,136 | +44.7% | — |
| Income before income taxes · IS | 25,731 | 12,680 | +13,051 | +102.9% | ◐ outsized |
| Long-term debt · BS | 40,868 | 28,527 | +12,341 | +43.3% | — |
| Stockholders' equity · BS | 26,535 | 14,272 | +12,263 | +85.9% | ◐ outsized |
| Net income attributable to common · IS | 20,640 | 10,590 | +10,050 | +94.9% | ◐ outsized |
| Net income incl. noncontrolling interests · CF | 20,640 | 10,590 | +10,050 | +94.9% | ◐ outsized |
| Net cash provided by operating activities · CF | 16,813 | 8,818 | +7,995 | +90.7% | ◐ outsized |
| Change in payables · CF | 10,187 | 2,609 | +7,578 | +290.5% | ◐ outsized |
| Property, plant and equipment, net · BS | 24,675 | 17,102 | +7,573 | +44.3% | — |
| Total current liabilities · BS | 35,228 | 28,376 | +6,852 | +24.1% | — |
| Receivables, net · BS | 17,760 | 11,006 | +6,754 | +61.4% | ◐ outsized |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 101.2% sector median 13.2% | strong |
| Share count, year-end (year-end shares − prior year-end) ÷ prior year-end | -0.3% sector median -0.3% | flat |
| Debt to equity (current debt + long-term debt) ÷ year-end equity | 1.60 sector median 0.64 | leveraged |
| FCF consistency operating cash flow − capital expenditure, per year | n/a | insufficient data |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 39.5% sector median 15.1% | volatile |
| Quarterly · as filed in 10-Q/10-K · $ millions | MAR 25 | JUN 25 | SEP 25 | MAR 26 | JUN 26 |
|---|---|---|---|---|---|
| Total revenues | 12,729 | 15,558 | 17,601 | 19,799 | 22,974 |
| Cost of revenue | 2,225 | 2,448 | 3,008 | 3,577 | 3,268 |
| Selling, general and administrative | 2,468 | 2,753 | 2,741 | 2,934 | 3,430 |
| Depreciation, depletion and amortization | 463 | — | — | 509 | — |
| Interest expense | 244 | 249 | 180 | — | — |
| Other income (expense), net | (239) | (90) | (133) | (65) | 269 |
| Income before income taxes | 3,456 | 6,777 | 7,232 | 8,850 | 9,247 |
| Income tax provision | 697 | 1,116 | 1,650 | 1,454 | 2,152 |
| Net income attributable to common | 2,759 | 5,661 | 5,582 | 7,396 | 7,095 |
| Diluted earnings per share | $3.06 | $6.29 | $6.21 | $8.26 | $7.94 |
| Weighted-average diluted shares | 901 | 900 | 899 | 896 | 894 |
| Net cash provided by operating activities | 1,666 | — | — | 5,333 | — |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Net cash provided by operating activities | 1,666 | 5,333 | +3,667 | +220.1% |
| Total revenues | 19,799 | 22,974 | +3,175 | +16.0% |
| Income tax provision | 1,454 | 2,152 | +698 | +48.0% |
| Selling, general and administrative | 2,934 | 3,430 | +496 | +16.9% |
| Income before income taxes | 8,850 | 9,247 | +397 | +4.5% |
| Other income (expense), net | (65) | 269 | +334 | +513.8% |
| Cost of revenue | 3,577 | 3,268 | −309 | -8.6% |
| Net income attributable to common | 7,396 | 7,095 | −301 | -4.1% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $807,887M | 10-K cover · as of 2025-06-30 |
| Insider Form 4s, 90d | 19 filings · 0 buys / 3 sells | net selling · −$15,958,170 |
| · Jonsson Patrik | SELL $7,638,150 | Form 4 filed 2026-08-18 · open market |
| · Hakim Anat | SELL $5,950,000 | Form 4 filed 2026-08-10 · open market |
| · Zakrowski Donald A | SELL $2,370,020 | Form 4 filed 2026-08-11 · open market |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| Institutional % | — | needs 13F aggregation — not read yet, never estimated |
Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Lilly (Eli)'s Form 10-K for FY2025 (accession 0000059478-26-000013), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. LLY is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.