Stock Analysis on Net
Stock Analysis on Net

Eli Lilly & Co. (NYSE:LLY)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Eli Lilly & Co., common-size consolidated balance sheet: liabilities and stockholders’ equity

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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 1.45 6.50 10.79 3.03 3.15
Accounts payable 4.78 4.10 4.06 3.90 3.42
Employee compensation 2.11 2.66 2.58 2.14 1.96
Sales rebates and discounts 15.45 14.66 18.26 17.75 14.03
Other current liabilities 7.52 8.13 6.95 7.80 8.28
Current liabilities 31.32% 36.05% 42.64% 34.63% 30.84%
Long-term debt, excluding current maturities 36.33 36.24 28.62 29.78 31.44
Long-term income taxes payable 5.22 5.16 6.01 7.50 8.03
Other noncurrent liabilities 3.53 4.42 5.75 6.32 10.93
Noncurrent liabilities 45.09% 45.82% 40.39% 43.60% 50.40%
Total liabilities 76.41% 81.87% 83.03% 78.23% 81.24%
Common stock, no par value 0.52 0.75 0.93 1.20 1.22
Additional paid-in capital 6.53 9.45 11.33 13.99 14.00
Retained earnings 21.76 17.21 16.11 20.29 18.36
Employee benefit trust -2.68 -3.83 -4.71 -6.09 -6.17
Accumulated other comprehensive loss -2.56 -5.49 -6.76 -7.77 -8.90
Other equity 0.02 -0.06 -0.07 -0.10 -0.11
Total Eli Lilly and Company shareholders’ equity 23.59% 18.03% 16.83% 21.52% 18.40%
Noncontrolling interests 0.00 0.10 0.14 0.25 0.36
Total equity 23.59% 18.13% 16.97% 21.77% 18.76%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The composition of liabilities and stockholders’ equity at the company exhibits several notable shifts between 2021 and 2025. Overall, a dynamic pattern emerges, with fluctuations in both the liability and equity structures. A significant trend is the decrease in total liabilities as a percentage of total liabilities and equity from 81.24% in 2021 to 76.41% in 2025, accompanied by a corresponding increase in total equity.

Current Liabilities
Current liabilities initially increased from 30.84% in 2021 to a peak of 42.64% in 2023, before declining to 31.32% in 2025. This fluctuation is largely driven by changes in sales rebates and discounts, which rose from 14.03% to 18.26% and then decreased to 15.45%. Short-term borrowings also experienced a substantial increase in 2023 (10.79%) before falling significantly to 1.45% in 2025. Accounts payable remained relatively stable, increasing gradually from 3.42% to 4.78% over the period.
Noncurrent Liabilities
Noncurrent liabilities decreased from 50.40% in 2021 to 40.39% in 2023, then increased to 45.09% in 2025. Long-term debt, excluding current maturities, demonstrates a similar pattern, fluctuating from 31.44% to 28.62% and then rising to 36.33%. Long-term income taxes payable consistently decreased from 8.03% to 5.22% during the period. Other noncurrent liabilities also showed a declining trend.
Stockholders’ Equity
Total stockholders’ equity increased from 18.76% in 2021 to 23.59% in 2025. Retained earnings contributed significantly to this increase, rising from 18.36% to 21.76%. However, common stock and additional paid-in capital both decreased over the period, from 1.22% and 14.00% respectively, to 0.52% and 6.53%. The employee benefit trust and accumulated other comprehensive loss both decreased in absolute percentage terms, becoming less negative over time. Noncontrolling interests decreased from 0.36% to 0.10%.

The shifts in the liability structure suggest potential changes in the company’s financing strategies and operational practices. The increase in equity, particularly through retained earnings, indicates profitability and effective capital management. The decreasing trends in certain equity components, such as common stock and additional paid-in capital, warrant further investigation to understand the underlying reasons. Overall, the company’s financial position appears to be strengthening, with a decreasing reliance on liabilities and a growing equity base.

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