Analysis of Debt
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
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Total Debt (Carrying Amount)
Eli Lilly & Co., balance sheet: debt
US$ in millions
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$42,503 million in 2025. The rate of increase was modest between 2021 and 2023, but accelerated significantly in 2024 and 2025. The substantial growth in total debt in the latter part of the period is primarily driven by the increase in long-term debt. The overall trend suggests an increasing reliance on debt financing.
The observed pattern suggests a transition from a period of relatively stable debt levels to one of more aggressive debt accumulation, particularly in long-term financing. Further investigation would be required to understand the specific reasons driving these changes and to assess the associated financial risks.
Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Short-term commercial paper borrowings | |
| Long-term debt, including current portion | |
| Total debt (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted-average stated borrowing rate:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =