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: 2026-09-30), 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 long-term transition toward a lower reliance on liabilities and a strengthened equity base. Total liabilities, which initially accounted for approximately 84.84% of the total balance sheet in March 2021, show a gradual downward trend, reaching 72.80% by September 2026. Conversely, total equity has expanded from 15.16% to 27.20% over the same period, indicating a strategic shift toward a more equity-funded financial position.
- Liability Composition and Trends
- Current liabilities demonstrate significant volatility, fluctuating between 25.01% and a peak of 42.64% in December 2023. A primary driver of this volatility is sales rebates and discounts, which consistently represent a substantial portion of the balance sheet, peaking at 19.90% in September 2023. Long-term debt, excluding current maturities, remains a cornerstone of the liability structure, generally oscillating between 28.62% and 38.59%, though it shows a slight contraction toward the end of the period.
- Noncurrent Liability Contraction
- A marked decline is observed in other noncurrent liabilities, which fell from 16.88% in March 2021 to 5.23% by September 2026. Long-term income taxes payable also trended downward, moving from 8.36% to 4.10%. These reductions have contributed to the overall decrease in the proportion of noncurrent liabilities relative to the total balance sheet.
- Equity Growth Drivers
- The increase in total equity is primarily driven by three factors: the significant reduction of accumulated other comprehensive loss, the growth of retained earnings, and the diminishing negative impact of the employee benefit trust. Accumulated other comprehensive loss improved from -13.65% in March 2021 to -1.78% by September 2026. Retained earnings increased from 19.60% to 25.64%, reflecting strong internal capital accumulation. Additionally, the employee benefit trust's negative impact on equity narrowed from -6.43% to -2.03%.
- Paid-in Capital and Stock Trends
- There is a steady decline in the proportion of common stock and additional paid-in capital. Additional paid-in capital decreased from 14.05% in March 2021 to 4.94% by September 2026. This suggests that as the total balance sheet grew, the relative weight of the initial capital contributions diminished compared to the growth in retained earnings and the recovery of other comprehensive income.
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