Common-Size Income Statement
Quarterly Data
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Eli Lilly & Co. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Eli Lilly & Co., common-size consolidated income statement (quarterly data)
Based on: 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).
The financial trajectory demonstrates a marked expansion in operational efficiency and bottom-line profitability over the analyzed period. A consistent upward trend in margins is evident, driven by a systemic reduction in the cost of sales and the scaling of operating expenses relative to total revenue.
- Gross Margin Expansion
- A significant improvement in gross profitability is observed, with margins rising from 72.40% in March 2021 to 81.93% by March 2026. This growth is attributed to the steady decline in the cost of sales as a percentage of revenue, which decreased from 27.60% to 18.07% over the period.
- Operating Expense Efficiency
- Operating leverage has increased as both Research and Development (R&D) and Marketing, Selling, and Administrative (SG&A) expenses declined as a proportion of revenue. R&D expenditures shifted from approximately 24.5% to 17.7%, while SG&A expenses fell from 23.16% to 14.82%, suggesting that revenue growth has outpaced the growth of fixed and variable operating costs.
- Impact of Non-Recurring Charges
- Quarterly volatility in operating income is primarily linked to Acquired In-Process Research and Development (IPRD) and special charges. Significant outliers are noted in September 2023, where IPRD charges reached 31.32% of revenue, and September 2024, where they hit 24.71%. These events caused temporary contractions in operating income, which otherwise trended upward from 16.98% to 45.03%.
- Net Profitability and Tax Trends
- Net income as a percentage of revenue exhibits a strong long-term growth pattern, increasing from 19.91% in March 2021 to 37.36% by March 2026. This expansion occurred despite an increase in the tax burden relative to revenue, which rose from 1.78% in the initial period to 7.34% by the final quarter, reflecting higher taxable earnings.