Eli Lilly & Co., balance sheet: debt

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Short-term borrowings and current maturities of long-term debt	1,635)	5,117)	6,905)	1,501)	1,538)
Long-term debt, excluding current maturities	40,868)	28,527)	18,321)	14,738)	15,346)
Total debt (carrying amount)	42,503)	33,644)	25,225)	16,239)	16,885)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Total debt exhibited a clear increasing trend over the five-year period. While initially relatively stable, debt levels experienced significant growth in the later years of the observed timeframe.

Short-Term Borrowings and Current Maturities: This component of debt demonstrated volatility. It decreased slightly from 2021 to 2022, then increased substantially in 2023, before declining in 2024 and 2025. The 2023 peak suggests a potential reliance on short-term financing during that year, followed by a shift towards longer-term strategies or debt repayment in subsequent periods.
Long-Term Debt: Long-term debt consistently increased throughout the period. The growth rate accelerated from 2022 onwards, with particularly large increases observed between 2023 and 2024, and again between 2024 and 2025. This indicates a deliberate strategy of increasing long-term financing, potentially to fund expansion, acquisitions, or research and development initiatives.
Total Debt (Carrying Amount): Total debt increased from US$16,885 million in 2021 to US$42,503 million in 2025. The rate of increase was modest between 2021 and 2023, but accelerated significantly in 2024 and 2025. The substantial growth in total debt in the latter part of the period is primarily driven by the increase in long-term debt. The overall trend suggests an increasing reliance on debt financing.

The observed pattern suggests a transition from a period of relatively stable debt levels to one of more aggressive debt accumulation, particularly in long-term financing. Further investigation would be required to understand the specific reasons driving these changes and to assess the associated financial risks.

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	Dec 31, 2025
Selected Financial Data (US$ in millions)
Short-term commercial paper borrowings	—)
Long-term debt, including current portion	39,799)
Total debt (fair value)	39,799)
Financial Ratio
Debt, fair value to carrying amount ratio	0.94

Based on: 10-K (reporting date: 2025-12-31).

Weighted-average stated borrowing rate: 5.58%

Interest rate	Debt amount¹	Interest rate × Debt amount
5.00%	1,632)	82)
5.50%	2,516)	138)
4.55%	3,256)	148)
4.50%	3,077)	138)
4.75%	2,132)	101)
6.77%	11,582)	784)
4.65%	4,543)	211)
5.55%	8,280)	460)
5.65%	5,824)	329)
Total	42,842)	2,392)
5.58%

Based on: 10-K (reporting date: 2025-12-31).

¹ US$ in millions

² Weighted-average interest rate = 100 × 2,392 ÷ 42,842 = 5.58%

Eli Lilly & Co. (NYSE:LLY)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt