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Eli Lilly & Co. (NYSE:LLY)

Common-Size Balance Sheet: Assets
Quarterly Data

Eli Lilly & Co., common-size consolidated balance sheet: assets (quarterly data)

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Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 6.29 4.53 6.46 8.52 3.35 3.46 4.15 4.46 4.49 3.85 4.40 4.11 4.92 6.67 4.18 5.51 5.57 5.24 7.82 7.86 6.74 6.41
Accounts receivable 14.11 15.81 15.79 14.01 14.04 13.47 13.98 13.62 15.34 12.33 14.20 14.10 13.71 14.16 13.93 14.15 13.52 13.48 13.67 12.27 12.19 11.94
Other receivables 2.38 2.36 2.13 2.91 3.01 2.20 2.88 2.32 2.85 3.33 3.51 3.79 3.02 2.81 3.36 3.39 2.78 3.16 2.98 2.30 2.25 2.28
Inventories 11.80 12.46 12.22 10.60 10.91 10.42 9.64 9.87 9.02 9.54 9.02 8.46 8.75 8.55 8.71 8.07 8.29 8.30 7.96 8.11 8.00 7.82
Prepaid expenses 10.80 11.69 12.73 17.62 17.86 16.39 10.60 10.91 9.93 9.93 8.66 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other current assets 0.06 0.18 0.13 0.34 0.24 0.22 0.34 0.38 0.39 0.41 0.40 9.26 8.51 6.96 6.26 6.04 6.21 5.98 5.37 6.41 7.00 7.01
Current assets 45.45% 47.04% 49.46% 54.01% 49.40% 46.16% 41.59% 41.55% 42.02% 39.39% 40.19% 39.73% 38.92% 39.15% 36.44% 37.17% 36.37% 36.16% 37.81% 36.96% 36.18% 35.45%
Investments 2.71 2.67 2.49 2.44 3.18 3.61 4.09 4.23 4.00 4.83 4.77 4.65 5.01 5.17 5.86 5.42 5.50 5.81 6.58 6.95 7.27 6.90
Goodwill 6.22 5.26 5.24 5.13 5.72 6.46 7.33 7.63 8.03 7.72 7.72 7.05 7.44 7.66 8.23 8.20 8.27 8.30 7.97 8.06 8.12 8.28
Other intangibles, net 12.73 6.33 5.80 5.61 5.85 6.73 7.83 8.65 9.23 10.58 10.79 11.71 12.59 13.33 14.56 15.01 15.93 15.95 15.76 16.37 16.70 17.27
Deferred tax assets 7.05 9.74 8.85 7.80 9.34 9.59 10.16 9.78 9.26 8.81 8.56 7.90 6.94 6.41 5.64 5.02 5.04 5.25 5.10 5.45 5.59 5.66
Property and equipment, net of accumulated depreciation 20.58 22.77 21.94 19.42 20.34 20.67 21.73 21.39 20.63 21.31 20.18 20.48 20.57 19.84 20.50 19.62 19.40 19.40 18.41 18.51 18.52 18.43
Other noncurrent assets 5.26 6.20 6.22 5.60 6.17 6.80 7.27 6.77 6.82 7.36 7.80 8.48 8.52 8.44 8.76 9.56 9.50 9.13 8.37 7.70 7.61 8.02
Noncurrent assets 54.55% 52.96% 50.54% 45.99% 50.60% 53.84% 58.41% 58.45% 57.98% 60.61% 59.81% 60.27% 61.08% 60.85% 63.56% 62.83% 63.63% 63.84% 62.19% 63.04% 63.82% 64.55%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

An analysis of the asset composition reveals a strategic shift in the balance sheet structure, characterized by a gradual increase in the proportion of current assets relative to noncurrent assets. Current assets rose from 35.45% in March 2021 to a peak of 54.01% in September 2025, before settling at 45.45% by June 2026. Conversely, noncurrent assets decreased from 64.55% to 54.55% over the same period, indicating a transition toward a more liquid asset profile.

Current Asset Trends
Inventories exhibit a consistent upward trajectory, increasing from 7.82% in March 2021 to 11.80% by June 2026, suggesting expanded production capacity or higher stock requirements to meet demand. Accounts receivable remained relatively stable, fluctuating between 11.94% and 15.81%, reflecting consistent revenue collection patterns. A significant reclassification is observed starting in December 2023, where "Other current assets" plummeted from 9.26% in September 2023 to 0.06% by June 2026, while "Prepaid expenses" emerged and peaked at 17.86% in June 2025, suggesting a change in how short-term operational costs are categorized.
Noncurrent Asset Trends
Other intangible assets show a general decline from 17.27% in March 2021 to a low of 5.61% in September 2025, followed by a sharp increase to 12.73% by June 2026, which may indicate the amortization of old assets paired with new acquisitions. Property and equipment remained the most stable noncurrent component, generally oscillating between 18% and 23%, peaking at 22.77% in March 2026. Investments as a percentage of total assets declined steadily from 6.90% to 2.71%, indicating a reduction in long-term financial holdings in favor of operational assets.
Liquidity and Tax Assets
Cash and cash equivalents demonstrated volatility, ranging from a low of 3.35% in June 2025 to a peak of 8.52% in September 2025. Deferred tax assets showed a general upward trend for much of the period, rising from 5.66% to a peak of 10.16% in December 2024, before moderately declining to 7.05% by June 2026.

The overall evolution of the balance sheet indicates a move away from long-term intangible and investment holdings toward a higher concentration of working capital, specifically in inventories and prepaid expenses. This shift suggests a pivot toward scaling operational throughput and managing increased short-term obligations.

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