Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
Eli Lilly & Co., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
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).
The capital structure exhibits a gradual transition from a high-leverage position toward an increased reliance on equity, although total liabilities continue to represent the majority of the company's total liabilities and equity. Total liabilities peaked at approximately 86.06% in June 2021 and trended downward to 73.24% by March 2026, reflecting a strategic shift in financing and capital accumulation.
- Current Liability Dynamics
- Current liabilities show significant volatility, ranging from 25.01% to a peak of 42.64% in December 2023. A primary driver of this segment is sales rebates and discounts, which consistently remain a substantial obligation, typically fluctuating between 12% and 19%. Other current liabilities also exhibited a notable increase, peaking at 13.26% in June 2025 before normalizing. Short-term borrowings remain relatively low but experience periodic spikes, such as the rise to 10.79% in December 2023, suggesting tactical use of short-term debt for liquidity management.
- Noncurrent Liability Trends
- Noncurrent liabilities have undergone a steady contraction, falling from 59.83% in March 2021 to 42.64% by June 2026. This decline is largely attributed to a sharp reduction in other noncurrent liabilities, which dropped from 16.88% to approximately 5.16% over the observed period. In contrast, long-term debt excluding current maturities has remained a core financing pillar, fluctuating between 28.62% and 38.59%, indicating a consistent reliance on long-term borrowing to fund operations and growth.
- Shareholders' Equity Evolution
- Total equity has demonstrated an overall upward trajectory, rising from 15.16% in March 2021 to a peak of 26.76% in March 2026. This growth is underpinned by a substantial recovery in accumulated other comprehensive loss, which improved from -13.65% to -1.94%. Additionally, retained earnings showed a strong expansion in the latter part of the period, reaching 25.32% by March 2026, suggesting increased profit retention. Conversely, additional paid-in capital declined from 14.05% to 5.00%, indicating that equity growth is being driven more by internal earnings than by external capital contributions.
- Contra-Equity and Other Adjustments
- The negative impact of the employee benefit trust has steadily diminished, moving from -6.43% in March 2021 to -2.12% by June 2026. This reduction, combined with the narrowing of other comprehensive losses, has contributed significantly to the overall strengthening of the equity base.
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