Stock Analysis on Net

Eli Lilly & Co. (NYSE:LLY)

$24.99

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)

Microsoft Excel
Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Short-term borrowings and current maturities of long-term debt
Accounts payable
Employee compensation
Sales rebates and discounts
Other current liabilities
Current liabilities
Long-term debt, excluding current maturities
Long-term income taxes payable
Other noncurrent liabilities
Noncurrent liabilities
Total liabilities
Common stock
Additional paid-in capital
Retained earnings
Employee benefit trust
Accumulated other comprehensive loss
Other equity
Total Eli Lilly and Company shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity

Based on: 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 composition of liabilities and stockholders’ equity for the assessed entity exhibits several notable trends over the period from March 31, 2021, to December 31, 2025. Overall, the balance between liabilities and equity fluctuates, with a general increase in equity’s proportion towards the end of the observed timeframe. A detailed examination of specific line items reveals more nuanced shifts in the company’s financial structure.

Short-Term Borrowings and Current Maturities of Long-Term Debt
This component demonstrates significant volatility. Initially low, it peaks in December 2023 at 10.79% of total liabilities and equity before decreasing to 6.50% by December 2024 and further to 4.49% by March 2025. This suggests active management of short-term debt obligations, potentially linked to specific financing needs or investment cycles.
Accounts Payable
Accounts payable remains relatively stable, generally fluctuating between 3.05% and 4.78% of total liabilities and equity. A slight upward trend is observed in the later periods, potentially indicating increased purchasing activity or extended payment terms with suppliers.
Employee Compensation
Employee compensation as a percentage of total liabilities and equity shows a cyclical pattern, peaking in September 2022 and December 2023 at 2.66%. A decrease is then observed in subsequent periods, reaching 2.11% by December 2025. This could be related to hiring cycles, bonus payouts, or changes in employee benefit programs.
Sales Rebates and Discounts
Sales rebates and discounts represent a substantial portion of liabilities, consistently ranging from 12.43% to 19.90%. A clear upward trend is visible from March 2021 to September 2023, followed by a decline towards the end of the period. This suggests potential shifts in sales strategies, promotional activities, or pricing pressures.
Current Liabilities
Current liabilities exhibit an overall increasing trend, rising from 25.01% in March 2021 to a peak of 42.64% in December 2023, before decreasing to 31.32% by December 2025. This increase is largely driven by fluctuations in sales rebates and discounts, and short-term borrowings.
Long-Term Debt
Long-term debt, excluding current maturities, remains a significant component, generally between 28.62% and 38.41%. A slight decrease is observed towards the end of the period, potentially indicating debt repayment or refinancing activities.
Noncurrent Liabilities
Noncurrent liabilities generally decrease over the period, from 59.83% in March 2021 to 45.09% in December 2025. This decline is primarily driven by reductions in other noncurrent liabilities and long-term income taxes payable.
Total Liabilities
Total liabilities initially represent a substantial portion of the capital structure, around 85%, but decrease to approximately 76% by December 2025. This indicates a shift towards greater reliance on equity financing.
Total Equity
Total equity demonstrates a consistent upward trend, increasing from 15.16% in March 2021 to 23.59% in December 2025. This growth is primarily attributable to increases in retained earnings and, to a lesser extent, common stock and additional paid-in capital. The impact of accumulated other comprehensive loss is consistently negative, but diminishes over time.
Employee Benefit Trust & Accumulated Other Comprehensive Loss
Both Employee Benefit Trust and Accumulated Other Comprehensive Loss are negative values, reducing total equity. The magnitude of these negative values decreases over time, contributing to the overall increase in total equity percentage.

In summary, the entity’s financial structure has evolved over the observed period, with a notable shift from reliance on liabilities to a stronger equity position. Fluctuations in short-term debt, sales rebates, and employee compensation contribute to the dynamic nature of the liability side of the balance sheet, while consistent growth in retained earnings drives the increase in equity.