Balance Sheet: Assets
Quarterly Data
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.
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Eli Lilly & Co. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
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Eli Lilly & Co., consolidated balance sheet: assets (quarterly data)
US$ in millions
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).
Total assets exhibited a significant growth trajectory over the analyzed period, increasing from $46.8 billion in March 2021 to $142.3 billion by June 2026. The expansion remained relatively moderate until late 2023, after which a sharp acceleration in asset accumulation occurred, driven by both operational scaling and strategic investments.
- Working Capital and Liquidity Trends
- Current assets grew from $16.6 billion to $64.7 billion. A notable acceleration in accounts receivable is observed, rising from $5.6 billion in March 2021 to $20.1 billion by June 2026, suggesting a substantial increase in sales volume and credit extension. Inventories followed a similar upward path, expanding from $3.7 billion to $16.8 billion, reflecting an increase in production capacity and stock requirements to meet growing demand. Cash and cash equivalents remained volatile but showed a significant spike to $9.8 billion in September 2025 before stabilizing at $9.0 billion by mid-2026.
- Capital Expenditure and Fixed Assets
- Property and equipment, net of accumulated depreciation, demonstrated a consistent and linear upward trend, growing from $8.6 billion in March 2021 to $29.3 billion in June 2026. This steady increase indicates sustained capital investment in manufacturing facilities and infrastructure to support long-term operational growth.
- Strategic Intangibles and Goodwill
- While goodwill and other intangibles remained relatively stable for several years, a significant surge is observed in the final quarter of the data. Intangible assets jumped from $7.4 billion in March 2026 to $18.1 billion in June 2026, and goodwill increased from $6.1 billion to $8.8 billion in the same period. This pattern is indicative of a major acquisition or strategic business combination occurring in the second quarter of 2026.
- Deferred Tax Assets and Other Noncurrent Items
- Deferred tax assets showed a steady climb from $2.6 billion in March 2021 to $10.0 billion in June 2026, likely reflecting timing differences in tax recognition related to the company's expanded operations and investments. Other noncurrent assets also grew steadily, reaching $7.5 billion by the end of the period.
The overall balance sheet transition reveals a shift from a lean asset base to a highly capitalized structure. The simultaneous increase in inventories, receivables, and property and equipment suggests a comprehensive scaling of the business model, culminating in a significant inorganic growth event in mid-2026.