Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Eli Lilly & Co., common-size consolidated balance sheet: liabilities and stockholders’ equity (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 capital structure demonstrates a gradual transition toward a more equity-weighted balance sheet over the observed period. Total liabilities, which peaked at 86.06% in June 2021, exhibit a general downward trajectory, ending at 73.24% by March 2026. Conversely, total equity has trended upward from a low of 13.94% in June 2021 to 26.76% by March 2026, indicating a reduction in overall financial leverage and an increase in the proportion of assets financed by shareholders.
- Current Liabilities and Operational Obligations
- Current liabilities show significant volatility, fluctuating between 25.01% and 42.64%. A notable peak occurred in December 2023. Sales rebates and discounts represent a substantial portion of these obligations, consistently remaining one of the largest current liability items, with values peaking at 19.90% in September 2023. Other current liabilities exhibited a sharp increase between March 2025 and September 2025, reaching a maximum of 13.26% before receding.
- Noncurrent Liabilities and Long-Term Debt
- Long-term debt, excluding current maturities, remains a primary component of the liability structure, generally fluctuating between 28% and 38% of total liabilities and equity. While long-term debt levels remained relatively stable, other noncurrent liabilities showed a consistent and marked decline, falling from 16.88% in March 2021 to 3.50% by March 2026. Long-term income taxes payable also trended downward over the period, decreasing from a high of 8.48% in March 2022 to 4.54% by March 2026.
- Shareholders' Equity Composition
- The growth in total equity is primarily driven by a substantial increase in retained earnings, which rose from 16.11% in December 2023 to 25.32% by March 2026. This growth is complemented by a significant reduction in negative equity components. Accumulated other comprehensive loss improved from -13.65% in March 2021 to -2.43% in March 2026, and the employee benefit trust deficit narrowed from -6.43% to -2.58% over the same timeframe. These improvements in comprehensive income and benefit trust valuations have contributed meaningfully to the strengthening of the equity base.
- Capital Contribution Trends
- Additional paid-in capital has experienced a steady decline as a percentage of the total balance sheet, moving from 14.05% in March 2021 to 5.94% in March 2026. This suggests that the relative weight of original capital contributions has diminished as the company relies more on internally generated earnings to fund its asset base.