Eli Lilly and Company

Name: Eli Lilly and Company financial statements and ratios
Creator: Annalist

LLY · NYSE · Health care, pharmaceuticals · United States · US GAAP · Fiscal year ends December

Latest report: Q2 FY2026, the quarter ended 30 June 2026, released 5 August 2026. Snapshot FY2026Q2_ddc45f69.

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Overview

Revenue, quarter

+47.7% year on year

Pre-tax income, quarter

+36.4% year on year

Net income, quarter

+25.3% year on year

Diluted EPS, quarter

+26.2% year on year

Pre-tax margin, last 4 quarters

+10.5pp year on year

Return on equity, last 4 quarters

+15.7pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest quarter, with their history over earlier quarters.

Revenue for the quarter ended 30 June 2026 was US$23.0 billion, 47.7% higher than in the same quarter a year earlier.
Weakenedin Q2 FY2026 · stated since Q2 FY2024
Rule: Revenue against a year earlier · Sources 10-Q 2026-06
History of this finding, 9 records
1. Q2 FY2026 WeakenedRevenue for the quarter ended 30 June 2026 was US$23.0 billion, 47.7% higher than in the same quarter a year earlier.Recorded from FY2026Q2_08553944 · data update
2. Q1 FY2026 StrengthenedRevenue for the quarter ended 31 March 2026 was US$19.8 billion, 55.5% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q4 FY2025 WeakenedRevenue for the quarter ended 31 December 2025 was US$19.3 billion, 42.6% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q3 FY2025 StrengthenedRevenue for the quarter ended 30 September 2025 was US$17.6 billion, 53.9% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q2 FY2025 WeakenedRevenue for the quarter ended 30 June 2025 was US$15.6 billion, 37.6% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q1 FY2025 ConfirmedRevenue for the quarter ended 31 March 2025 was US$12.7 billion, 45.2% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q4 FY2024 StrengthenedRevenue for the quarter ended 31 December 2024 was US$13.5 billion, 44.7% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q3 FY2024 WeakenedRevenue for the quarter ended 30 September 2024 was US$11.4 billion, 20.4% higher than in the same quarter a year earlier.Reconstructed · data update
9. Q2 FY2024 NewRevenue for the quarter ended 30 June 2024 was US$11.3 billion, 36.0% higher than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$7.1 billion, 25.3% higher than in the same quarter a year earlier.
Weakenedin Q2 FY2026 · stated since Q4 FY2024
Rule: Net income against a year earlier · Sources 10-Q 2026-06
History of this finding, 11 records
1. Q2 FY2026 WeakenedNet income attributable to the company was US$7.1 billion, 25.3% higher than in the same quarter a year earlier.Recorded from FY2026Q2_08553944 · data update
2. Q1 FY2026 StrengthenedNet income attributable to the company was US$7.4 billion, 168.1% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q4 FY2025 WeakenedNet income attributable to the company was US$6.6 billion, 50.5% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q3 FY2025 StrengthenedNet income attributable to the company was US$5.6 billion, 475.3% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q2 FY2025 StrengthenedNet income attributable to the company was US$5.7 billion, 90.8% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q1 FY2025 WeakenedNet income attributable to the company was US$2.8 billion, 23.0% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q4 FY2024 NewNet income attributable to the company was US$4.4 billion, 101.4% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q4 FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
9. Q3 FY2024 NewNet income attributable to the company was US$970 million, against a net loss of US$57 million in the same quarter a year earlier.Reconstructed · data update
10. Q3 FY2024 RetiredThe finding changed to a profit after a loss a year earlier.Reconstructed · data update
11. Q2 FY2024 NewNet income attributable to the company was US$3.0 billion, 68.3% higher than in the same quarter a year earlier.Reconstructed · initial
Return on equity over the last 4 quarters was 102.4%, against 86.7% a year earlier.
Weakenedin Q2 FY2026 · stated since Q3 FY2024
Rule: Return on equity against a year earlier · Sources 10-Q 2025-06, 10-Q 2026-06, 10-Q 2025-09 and 3 more
History of this finding, 10 records
1. Q2 FY2026 WeakenedReturn on equity over the last 4 quarters was 102.4%, against 86.7% a year earlier.Recorded from FY2026Q2_08553944 · data update
2. Q1 FY2026 StrengthenedReturn on equity over the last 4 quarters was 107.6%, against 77.7% a year earlier.Reconstructed · data update
3. Q4 FY2025 WeakenedReturn on equity over the last 4 quarters was 101.2%, against 84.6% a year earlier.Reconstructed · data update
4. Q3 FY2025 StrengthenedReturn on equity over the last 4 quarters was 96.8%, against 65.7% a year earlier.Reconstructed · data update
5. Q2 FY2025 ConfirmedReturn on equity over the last 4 quarters was 86.7%, against 59.6% a year earlier.Reconstructed · data update
6. Q1 FY2025 WeakenedReturn on equity over the last 4 quarters was 77.7%, against 51.1% a year earlier.Reconstructed · data update
7. Q4 FY2024 StrengthenedReturn on equity over the last 4 quarters was 84.6%, against 48.9% a year earlier.Reconstructed · data update
8. Q3 FY2024 NewReturn on equity over the last 4 quarters was 65.7%, against 46.9% a year earlier.Reconstructed · data update
9. Q3 FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
10. Q2 FY2024 NewReturn on equity over the last 4 quarters was 59.6%, against 66.3% a year earlier.Reconstructed · initial
Net debt was US$46.0 billion at 30 June 2026.
Strengthenedin Q2 FY2026 · stated since Q2 FY2024
Rule: Net debt or net cash · Sources 10-Q 2026-06
History of this finding, 9 records
1. Q2 FY2026 StrengthenedNet debt was US$46.0 billion at 30 June 2026.Recorded from FY2026Q2_08553944 · data update
2. Q1 FY2026 StrengthenedNet debt was US$38.1 billion at 31 March 2026.Reconstructed · data update
3. Q4 FY2025 StrengthenedNet debt was US$35.2 billion at 31 December 2025.Reconstructed · data update
4. Q3 FY2025 WeakenedNet debt was US$32.6 billion at 30 September 2025.Reconstructed · data update
5. Q2 FY2025 ConfirmedNet debt was US$36.4 billion at 30 June 2025.Reconstructed · data update
6. Q1 FY2025 ConfirmedNet debt was US$35.3 billion at 31 March 2025.Reconstructed · data update
7. Q4 FY2024 StrengthenedNet debt was US$34.6 billion at 31 December 2024.Reconstructed · data update
8. Q3 FY2024 StrengthenedNet debt was US$27.6 billion at 30 September 2024.Reconstructed · data update
9. Q2 FY2024 NewNet debt was US$25.5 billion at 30 June 2024.Reconstructed · initial

Records before Q2 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json. Correction of 19 October 2026: Annalist counted the commercial paper of Eli Lilly twice. It was captured as short-term borrowings and is also part of the current debt that the company reports, so total debt was overstated by US$1.50 billion at 31 December 2022, US$6.19 billion at 31 December 2023 and US$4.34 billion at 31 December 2024. Records 5, 21 and 23 cite figures that the correction changed. Record 64 states the corrected finding: lease-adjusted debt of 2.2 times adjusted EBITDA for fiscal 2024, in the intermediate band. Correction of 20 October 2026: The quarters of Eli Lilly now come from one set of filings each: operating cash flow, investing cash flow and research and development of several quarters of 2020 and 2021 had mixed figures of different filings. Dividends per share of 11 quarters derived from the figures of 2 filings are no longer published. Records 69 and 70 state the corrected findings. Records 3, 5, 6, 7, 14, 16, 17, 19, 20, 31, 36, 41, 43, 48, 57, 63, 66 and 68 cite figures that the correction changed. Correction of 22 October 2026: Changes against a year earlier compared 2 figures of different bases where a stock split, a spin-off or a restatement came between the 2 periods. 7 growth values of Eli Lilly changed, each by less than 0.1 percentage points. Record 17 cites figures of 2 bases, which give the same rounded change as one basis.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents26 documents, latest Form 10-Q, period ended 30 June 2026List

DownloadsExcel workbook · JSON

SnapshotFY2026Q2_ddc45f69

Corporate Events

No corporate event found in the filings since 2020.

Earnings, Returns and Balance Sheet

Revenue

By quarter, US dollars

Income Before Income Taxes

By quarter, US dollars

Net Income Attributable to the Company

By quarter, US dollars

Margins

Last 4 quarters at each quarter end, per cent

Returns

Last 4 quarters, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by quarter, US dollars

Net Debt

Total debt less cash and short-term investments, at quarter end, US dollars

Diluted Earnings per Share

By quarter, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

Q2 FY2026

Form 10-Q, period ended 30 June 2026, filed 5 August 2026. Changes are against the previous report, and each figure shows its period.

4changes0thresholds crossed

Changes in This Report 4

WeakenedRevenue Against a Year Earlier10-Q 2026-06
Revenue for the quarter ended 30 June 2026 was US$23.0 billion, 47.7% higher than in the same quarter a year earlier.
Earlier record, Q1 FY2026
Revenue for the quarter ended 31 March 2026 was US$19.8 billion, 55.5% higher than in the same quarter a year earlier.
WeakenedNet Income Against a Year Earlier10-Q 2026-06
Net income attributable to the company was US$7.1 billion, 25.3% higher than in the same quarter a year earlier.
Earlier record, Q1 FY2026
Net income attributable to the company was US$7.4 billion, 168.1% higher than in the same quarter a year earlier.
WeakenedReturn on Equity Against a Year Earlier10-Q 2026-06
Return on equity over the last 4 quarters was 102.4%, against 86.7% a year earlier.
Earlier record, Q1 FY2026
Return on equity over the last 4 quarters was 107.6%, against 77.7% a year earlier.
StrengthenedNet Debt or Net Cash10-Q 2026-06
Net debt was US$46.0 billion at 30 June 2026.
Earlier record, Q1 FY2026
Net debt was US$38.1 billion at 31 March 2026.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.

Credit MetricsDebt to EBITDA 1.67x, FFO to debt 48.3% · Q3 FY2025

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 1.7 times adjusted EBITDA over the 4 quarters ended 30 September 2025, and funds from operations equalled 48.3% of that debt. Both ratios are within the modest band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2024 and lease liabilities of Q4 FY2024.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the modest band is number 2 of 6, and a higher number means more debt against earnings.
Confirmedin Q3 FY2025 · first stated
Rule: Debt against the S&P benchmark bands · Sources 10-K 2024-12, 10-Q 2025-09, 10-K 2025-12 and 5 more
History of this finding, 8 records
1. Q3 FY2025 ConfirmedLease-adjusted debt was 1.7 times adjusted EBITDA over the 4 quarters ended 30 September 2025, and funds from operations equalled 48.3% of that debt. Both ratios are within the modest band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2024 and lease liabilities of Q4 FY2024.Recorded from FY2026Q2_910e108b · correction
2. Q3 FY2025 NewLease-adjusted debt was 1.7 times adjusted EBITDA over the 4 quarters ended 30 September 2025, and funds from operations equalled 48.3% of that debt. Both ratios are within the modest band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2024 and lease liabilities of Q4 FY2024.Recorded from FY2026Q2_5a31a16a · methodology
3. Q2 FY2026 RetiredThe finding changed to the modest band.Recorded from FY2026Q2_5a31a16a · methodology
4. FY2024 ConfirmedLease-adjusted debt was 2.2 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 25.6% of that debt. Debt to EBITDA is within the intermediate band of the S&P standard volatility table and FFO to debt within the significant band.Recorded from FY2026Q2_5a31a16a · methodology
5. FY2024 ConfirmedLease-adjusted debt was 2.2 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 25.6% of that debt. Debt to EBITDA is within the intermediate band of the S&P standard volatility table and FFO to debt within the significant band.Recorded from FY2026Q2_5a31a16a · correction
6. FY2024 NewLease-adjusted debt was 2.4 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 22.7% of that debt. Debt to EBITDA is within the intermediate band of the S&P standard volatility table and FFO to debt within the significant band.Reconstructed · data update
7. Q4 FY2024 RetiredThe finding changed to the intermediate band.Reconstructed · data update
8. FY2023 NewLease-adjusted debt was 3.5 times adjusted EBITDA for fiscal 2023, and funds from operations equalled 10.3% of that debt. Debt to EBITDA is within the significant band of the S&P standard volatility table and FFO to debt within the highly leveraged band.Reconstructed · initial

Position in the S&P Standard Volatility Table, Fiscal 2024

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 2.2 years of adjusted EBITDA; a year of funds from operations equals 25.6% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.5x to 2x	2.16x2x to 3x	3x to 4x	4x to 5x	5x and above
FFO to debt	60% and above	45% to 60%	30% to 45%	25.6%20% to 30%	12% to 20%	below 12%

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities						est.
Adjusted EBITDAOperating profit before depreciation, amortisation, goodwill impairment, pay in shares and lease costs: the earnings that credit analysts set against lease-adjusted debt.EBIT + depreciation and amortisation + goodwill impairment + share-based compensation + operating lease cost					n/a	n/a
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - lease interest - cash taxes					n/a	n/a
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	intermediate	modest	intermediate	intermediate	n/a	n/a
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	intermediate	intermediate	aggressive	significant	n/a	n/a
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA					n/a	n/a
Operating cash flow to debtOperating cash flow, with lease costs added back, as a share of lease-adjusted debt. A higher share means the debt could be repaid sooner from operating cash.Lease-adjusted operating cash flow / lease-adjusted debt					n/a	n/a
Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments)					n/a	n/a
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest + lease interest) / (cash interest + lease interest)					n/a	n/a
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / (interest expense + lease interest)					n/a	n/a
EBITA interest coverOperating profit before the amortisation of acquired intangible assets and goodwill impairment, divided by interest expense.(EBIT + amortisation of intangible assets + goodwill impairment) / interest expense						n/a
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt						est.

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Total debt	$16.9bn	$16.2bn	$25.2bn	$33.6bn	$42.5bn	$54.9bn
Operating lease liabilities	$686m	$728m	$1.1bn	$1.1bn	$1.4bn	$1.4bn
Lease-adjusted debt	$17.6bn	$17.0bn	$26.3bn	$34.8bn	$43.9bn	$56.3bn
EBIT	$6.5bn	$7.1bn	$7.0bn	$13.5bn	n/a	n/a
Depreciation and amortisation	$1.5bn	$1.5bn	$1.5bn	$1.8bn	n/a	n/a
Goodwill impairment	$0	$0	$0	$0	n/a	n/a
Share-based compensation	$343m	$371m	$629m	$646m	n/a	n/a
Operating lease cost	$159m	$149m	$171m	$210m	n/a	n/a
Adjusted EBITDA	$8.5bn	$9.2bn	$9.4bn	$16.1bn	n/a	n/a
Cash interest	−$338m	−$324m	−$404m	−$578m	n/a	n/a
Lease interest	−$20.2m	−$25.5m	−$40.4m	−$51.8m	n/a	n/a
Cash taxes	−$1.6bn	−$2.7bn	−$5.6bn	−$6.6bn	n/a	n/a
Funds from operations	$6.6bn	$6.2bn	$3.4bn	$8.9bn	n/a	n/a

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
Operating lease cost is reported in the annual report only. Over the last 4 quarters, the lease figures that the quarters do not report are estimated from the latest fiscal year, and every value computed with such an estimate is marked.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.

Debt Maturities at 31 December 2024

Principal due by fiscal year, US dollars

FY2025	FY2026	FY2027	FY2028	FY2029	After FY2029	Total
$781m	$1.5bn	$2.5bn	$442m	$3.1bn	n/a	n/a

The report gives no amount for After FY2029, so the schedule has no total.

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings
Maturity concentrationThe largest amount of debt due in a single year of the next 5, as a share of the debt in the schedule. A high share means the repayments are concentrated in 1 year.Largest single year of debt maturing within 5 years / total debt in the maturity schedule					n/a	n/a

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −1.1% · Q2 FY2026

Accruals and the cash backing of reported earnings.

Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 1.1% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Confirmedin Q2 FY2026 · first stated
Rule: Cash backing of earnings · Sources 10-Q 2025-06, 10-Q 2026-06, 10-Q 2025-09 and 2 more
History of this finding, 12 records
1. Q2 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 1.1% of average total assets.Recorded from FY2026Q2_910e108b · correction
2. Q2 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 1.1% of average total assets.Recorded from FY2026Q2_5a31a16a · methodology
3. Q2 FY2026 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 1.1% of average total assets.Recorded from FY2026Q2_08553944 · data update
4. Q2 FY2026 RetiredThe finding changed to earnings backed by cash.Recorded from FY2026Q2_08553944 · data update
5. Q1 FY2026 StrengthenedNet income attributable to the company over the last 4 quarters exceeded operating cash flow by an amount equal to 4.7% of average total assets.Reconstructed · data update
6. Q4 FY2025 StrengthenedNet income attributable to the company over the last 4 quarters exceeded operating cash flow by an amount equal to 4.0% of average total assets.Reconstructed · data update
7. Q3 FY2025 WeakenedNet income attributable to the company over the last 4 quarters exceeded operating cash flow by an amount equal to 2.5% of average total assets.Reconstructed · data update
8. Q2 FY2025 StrengthenedNet income attributable to the company over the last 4 quarters exceeded operating cash flow by an amount equal to 3.3% of average total assets.Reconstructed · data update
9. Q1 FY2025 ConfirmedNet income attributable to the company over the last 4 quarters exceeded operating cash flow by an amount equal to 2.3% of average total assets.Reconstructed · data update
10. Q4 FY2024 WeakenedNet income attributable to the company over the last 4 quarters exceeded operating cash flow by an amount equal to 2.5% of average total assets.Reconstructed · data update
11. Q3 FY2024 WeakenedNet income attributable to the company over the last 4 quarters exceeded operating cash flow by an amount equal to 3.5% of average total assets.Reconstructed · data update
12. Q2 FY2024 NewNet income attributable to the company over the last 4 quarters exceeded operating cash flow by an amount equal to 4.5% of average total assets.Reconstructed · initial

Net Income and Operating Cash Flow

Last 4 quarters at each quarter end, US dollars

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue						n/a

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 3.81, Beneish −1.86 · Piotroski 7 of 9 · Last 4 quarters 3.81 at Q4 FY2025 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 3.81, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Newin FY2025 · first stated
Rule: Altman Z'' zone · Sources 10-Q 2026-06, 10-K 2025-12
History of this finding, 4 records
1. FY2025 NewThe Altman Z'' score for fiscal 2025 was 3.81, above the safe threshold of 2.60.Reconstructed · data update
2. Q4 FY2025 RetiredThe finding changed to the safe zone.Reconstructed · data update
3. FY2024 ConfirmedThe Altman Z'' score for fiscal 2024 was 2.31, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · data update
4. FY2023 NewThe Altman Z'' score for fiscal 2023 was 1.32, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2025 was minus 1.86, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Weakenedin FY2025 · stated since FY2023
Rule: Beneish M-score against its threshold · Sources 10-K 2025-12, 10-Q 2026-06
History of this finding, 3 records
1. FY2025 WeakenedThe Beneish M-score for fiscal 2025 was minus 1.86, below the model threshold of minus 1.78.Reconstructed · data update
2. FY2024 ConfirmedThe Beneish M-score for fiscal 2024 was minus 2.18, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2023 NewThe Beneish M-score for fiscal 2023 was minus 2.20, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 7 of 9. The 2 signals not met were operating cash flow above net income and long-term debt to assets lower than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Confirmedin FY2025 · stated since FY2024
Rule: Piotroski F-score · Sources 10-K 2024-12, 10-K 2025-12, 10-Q 2026-06
History of this finding, 4 records
1. FY2025 ConfirmedThe Piotroski F-score for fiscal 2025 was 7 of 9. The 2 signals not met were operating cash flow above net income and long-term debt to assets lower than a year earlier.Reconstructed · data update
2. FY2024 NewThe Piotroski F-score for fiscal 2024 was 7 of 9. The 2 signals not met were operating cash flow above net income and long-term debt to assets lower than a year earlier.Reconstructed · data update
3. Q4 FY2024 RetiredThe finding changed to a high score.Reconstructed · data update
4. FY2023 NewThe Piotroski F-score for fiscal 2023 was 5 of 9. The 4 signals not met were return on assets higher than a year earlier, operating cash flow above net income, long-term debt to assets lower than a year earlier and current ratio higher than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	grey zone	grey zone	grey zone	grey zone	safe zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	below threshold	below threshold	below threshold
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

3.81Safe zone, above 2.60

The score of 3.81 is in the safe zone of the model, above 2.60. The largest part is operating profit, at 1.59.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.181	6.560	1.190
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.218	3.260	0.709
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.237	6.720	1.591
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.309	1.050	0.324
Score			3.814

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2025

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−1.86Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 1.86 is below the model threshold of minus 1.78. Of the 8 measures, sales growth raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	1.115	0.920	1.026
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	0.979	0.528	0.517
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.780	0.404	0.315
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.447	0.892	1.291
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	1.152	0.115	0.133
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	0.892	−0.172	−0.153
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	0.034	4.679	0.159
Leverage indexDebt against total assets, against a year earlier.	0.936	−0.327	−0.306
Score			−1.859

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2025

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 1.60 means a probability of a misstatement 1.60 times the average rate in the Dechow sample: 0.59% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.086	0.790	0.068
Change in receivables / average total assetsThe growth of receivables against average assets.	0.071	2.518	0.178
Change in inventories / average total assetsThe growth of stock against average assets.	0.064	1.191	0.077
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.716	1.979	1.417
Change in cash salesThe growth of sales collected in cash.	0.355	0.171	0.061
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.068	−0.932	−0.063
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	1.000	1.029	1.029
Predicted value			−5.126
Probability of a misstatement			0.59%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2025

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

7 of the 9 tests are met, in the high group of 7 to 9.

Signal	FY2025	FY2024
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Met	Met
Operating cash flow above net income	Not met	Not met
Long-term debt to assets lower than a year earlier	Not met	Not met
Current ratio higher than a year earlier	Met	Met
No common equity issued	Met	Met
Margin higher than a year earlier	Met	Met
Asset turnover higher than a year earlier	Met	Met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
Form 10-Q, period ended 30 June 2026	5 Aug 2026	10-Q:0000059478-26-000081
Form 10-Q, period ended 31 March 2026	30 Apr 2026	10-Q:0000059478-26-000045
Form 10-K, period ended 31 December 2025	12 Feb 2026	10-K:0000059478-26-000013
Form 10-Q, period ended 30 September 2025	30 Oct 2025	10-Q:0000059478-25-000254
Form 10-Q, period ended 30 June 2025	7 Aug 2025	10-Q:0000059478-25-000204
Form 10-Q, period ended 31 March 2025	1 May 2025	10-Q:0000059478-25-000132
Form 10-K, period ended 31 December 2024	19 Feb 2025	10-K:0000059478-25-000067
Form 10-Q, period ended 30 September 2024	30 Oct 2024	10-Q:0000059478-24-000245
Form 10-Q, period ended 30 June 2024	8 Aug 2024	10-Q:0000059478-24-000187
Form 10-Q, period ended 31 March 2024	30 Apr 2024	10-Q:0000059478-24-000118
Form 10-K, period ended 31 December 2023	21 Feb 2024	10-K:0000059478-24-000065
Form 10-Q, period ended 30 September 2023	2 Nov 2023	10-Q:0000059478-23-000284
Form 10-Q, period ended 30 June 2023	8 Aug 2023	10-Q:0000059478-23-000221
Form 10-Q, period ended 31 March 2023	27 Apr 2023	10-Q:0000059478-23-000162
Form 10-K, period ended 31 December 2022	22 Feb 2023	10-K:0000059478-23-000082
Form 10-Q, period ended 30 September 2022	1 Nov 2022	10-Q:0000059478-22-000250
Form 10-Q, period ended 30 June 2022	4 Aug 2022	10-Q:0000059478-22-000196
Form 10-Q, period ended 31 March 2022	29 Apr 2022	10-Q:0000059478-22-000133
Form 10-K, period ended 31 December 2021	23 Feb 2022	10-K:0000059478-22-000068
Form 10-Q, period ended 30 September 2021	27 Oct 2021	10-Q:0000059478-21-000216
Form 10-Q, period ended 30 June 2021	3 Aug 2021	10-Q:0000059478-21-000171
Form 10-Q, period ended 31 March 2021	30 Apr 2021	10-Q:0000059478-21-000122
Form 10-K, period ended 31 December 2020	17 Feb 2021	10-K:0000059478-21-000083
Form 10-Q, period ended 30 September 2020	28 Oct 2020	10-Q:0000059478-20-000155
Form 10-Q, period ended 30 June 2020	31 Jul 2020	10-Q:0000059478-20-000131
Form 10-Q, period ended 31 March 2020	1 May 2020	10-Q:0000059478-20-000104

Checks

216191 of 216 checks passed, 25 warnings

Fiscal calendar68 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.

Quarters and fiscal year75 of 93 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level; a difference that a later report explains is a warning, which does not stop publication.

Research and development expense, FY2020: $6,086m against $5,976m

Revenue, FY2023: $34,124m against $34,124m

Cost of revenue, FY2023: $7,082m against $7,082m

Research and development expense, FY2023: $9,313m against $9,313m

Selling, general and administrative expense, FY2023: $7,403m against $7,404m

Interest expense, FY2023: $486m against $486m

Withheld values2 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Proceeds from issuance of long-term debt, Q4 FY2024: withheld, negative where the item cannot be negative

Proceeds from issuance of long-term debt, Q4 FY2025: withheld, negative where the item cannot be negative

Filer identity1 passedThe documents are those of the company of this page. Checked at error level.

Balance sheet identity26 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Lease liabilities5 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.

Debt maturities0 of 5 passedThe debt maturity schedule adds up to the long-term debt. Checked at warning level.

31 Dec 2020: $3,070m against $16,595m

31 Dec 2021: $3,819m against $16,885m

31 Dec 2022: $2,996m against $14,741m

31 Dec 2023: $4,318m against $19,036m

31 Dec 2024: $8,344m against $29,306m

Quarters and 9 months10 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.

Earnings per share6 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	1,266
Proven by a check	34.2%, 433 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	16.3%, 206 values
Values withheld	2
Restated figures tracked	105
Changes compared on one basis	11
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Eli Lilly and Company, snapshot eli-lilly/FY2026Q2_ddc45f69 (as of FY2026 Q2); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026Q2_ddc45f69 · dataset SHA-256 ddc45f69408cf5f8b257be6173ee046792c9683c4b859d4dc2894e86069c76a4 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json