Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Eli Lilly & Co., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	7,268)	3,268)	2,819)	2,067)	3,819)
Accounts receivable, net of allowances	17,760)	11,006)	9,091)	6,896)	6,673)
Other receivables	2,395)	2,270)	2,246)	1,663)	1,454)
Inventories	13,744)	7,589)	5,773)	4,310)	3,886)
Prepaid expenses	14,315)	8,341)	5,541)	2,947)	—)
Other current assets	147)	266)	259)	152)	2,621)
Current assets	55,629)	32,740)	25,727)	18,035)	18,452)
Investments	2,802)	3,216)	3,052)	2,902)	3,213)
Goodwill	5,898)	5,770)	4,940)	4,073)	3,892)
Other intangibles, net	6,521)	6,166)	6,907)	7,207)	7,692)
Deferred tax assets	9,959)	8,001)	5,477)	2,793)	2,489)
Property and equipment, net	24,675)	17,102)	12,914)	10,144)	8,985)
Other noncurrent assets	6,992)	5,720)	4,990)	4,337)	4,083)
Noncurrent assets	56,847)	45,975)	38,279)	31,455)	30,354)
Total assets	112,476)	78,715)	64,006)	49,490)	48,806)

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).

Total assets experienced substantial growth over the five-year period, increasing from US$48.806 billion in 2021 to US$112.476 billion in 2025. This growth was primarily driven by significant increases in both current and noncurrent assets. A detailed examination of the asset composition reveals notable trends within specific categories.

Liquidity & Current Assets: Current assets demonstrated a strong upward trajectory, nearly tripling from US$18.452 billion in 2021 to US$55.629 billion in 2025. This increase was fueled by substantial growth in accounts receivable, inventories, and prepaid expenses. Cash and cash equivalents fluctuated, decreasing initially before rising significantly in 2025. Accounts receivable exhibited consistent growth throughout the period, indicating potentially increasing sales on credit or extended payment terms. Inventories experienced the most dramatic increase, suggesting a build-up of finished goods or raw materials, potentially in anticipation of future demand or due to supply chain factors. Prepaid expenses showed no value for 2021, but increased substantially in subsequent years, indicating a growing investment in future services or goods. Other current assets decreased significantly in 2022 and remained relatively low throughout the rest of the period.
Long-Term Investments & Intangibles: Investments remained relatively stable, with a slight decrease observed in 2025. Goodwill increased consistently, though the rate of increase slowed in later years. Other intangibles, net, experienced a gradual decline, though remained a significant asset component. Deferred tax assets showed a marked increase, particularly between 2022 and 2025, potentially reflecting changes in tax regulations or the utilization of tax loss carryforwards.
Fixed Assets: Property and equipment, net, exhibited consistent and substantial growth, more than doubling from US$8.985 billion in 2021 to US$24.675 billion in 2025. This suggests significant investment in productive capacity. Other noncurrent assets also increased steadily, contributing to the overall growth in noncurrent assets. The combined growth of property and equipment and other noncurrent assets was a major contributor to the overall increase in total assets.

Noncurrent assets increased from US$30.354 billion in 2021 to US$56.847 billion in 2025, demonstrating a consistent upward trend. The growth in noncurrent assets, coupled with the substantial increase in current assets, resulted in the overall significant expansion of the company’s asset base over the analyzed period.

Eli Lilly & Co. (NYSE:LLY)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items