Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Eli Lilly & Co., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenue
- The revenue exhibits notable fluctuations with an overall upward trajectory from March 2020 through March 2025. Initial revenue values start around 5.86 billion USD in March 2020, peaking significantly in December 2024 at approximately 13.53 billion USD before slightly declining to 12.73 billion USD in March 2025. There are visible seasonal variations with higher revenues commonly recorded in the fourth quarter of each year.
- Cost of Sales
- Costs of sales follow a generally increasing pattern mirroring revenue growth, ranging from approximately 1.22 billion USD in June 2020 to about 2.40 billion USD in December 2024. The cost trends align with revenue spikes, indicating proportional expenses related to sales volume. Some quarters show a noticeable dip, such as in June and September 2022, suggesting variations in cost management or production efficiency.
- Gross Margin
- Gross margin values maintain a largely positive trend, growing from around 4.27 billion USD in June 2020 to over 11.12 billion USD in September 2024. This improvement indicates enhanced profitability at the gross level despite cost fluctuations. Seasonal impacts are also evident, with margins generally higher in fourth quarters, consistent with revenue patterns.
- Research and Development (R&D)
- R&D expenditures show a steady increase from approximately 1.39 billion USD in March 2020 to peaks exceeding 3.02 billion USD in December 2024. The rising trend indicates a continuous and expanding investment in innovation and product development, with occasional quarterly variations reflecting possible shifts in project cycles or strategic priorities.
- Marketing, Selling, and Administrative Expenses
- These expenses exhibit a gradual upward movement, increasing from about 1.45 billion USD in June 2020 to nearly 2.47 billion USD by March 2025. The growth corresponds with expanding revenue and business operations, with occasional quarter-to-quarter fluctuations possibly driven by campaign timing, administrative scaling, or efficiency initiatives.
- Acquired In-Process Research and Development (IPR&D)
- IPR&D expenses show considerable volatility and notable spikes during certain quarters, including a significant charge around September 2023 (approx. -2.98 billion USD) and recurring charges thereafter. These fluctuations may reflect acquisition activities, licensing deals, or asset impairments associated with in-process research initiatives.
- Asset Impairment, Restructuring, and Other Special Charges
- Special charges and impairments present irregular patterns with several negative values indicating charges and occasional positive adjustments. Notable charges appear in specific quarters, for example, significant impairments in September 2024 and December 2024. This variability suggests episodic restructuring efforts or asset revaluations impacting reported expenses.
- Operating Income
- Operating income trends are mixed but generally show an increase over the period, rising from approximately 1.20 billion USD in June 2020 to a high of 5.15 billion USD in December 2024. Some quarters reflect dips, such as September 2023 with around 450 million USD, possibly due to high one-time charges or operational challenges.
- Other, Net, Income (Expense)
- The other net income (expense) category illustrates considerable volatility, with both positive and negative fluctuations. Noteworthy are large negative values such as -635.9 million USD in September 2021 and positive spikes like 260 million USD in December 2022, reflecting variable non-operating items such as investment gains, losses, or one-time impacts.
- Income Before Income Taxes
- Income before taxes generally follows operating income trends, growing from around 1.64 billion USD in June 2020 to a peak approximating 5.04 billion USD in December 2024. The data highlight substantial variability, with some quarters experiencing marked decreases that may correspond with volatile other income/expense results or operational challenges.
- Income Taxes
- Income tax expenses fluctuate with income before taxes but show a consistently negative (expense) trend, increasing in magnitude over time from approximately 223 million USD in March 2020 to nearly 697 million USD in March 2025. The variation in tax expense corresponds with changing profitability levels and possibly alterations in tax strategies or rates.
- Net Income
- Net income displays significant variability yet trends upwards over the analyzed period. Starting at approximately 1.46 billion USD in March 2020, it experiences some quarters of decline or loss, including a negative 57 million USD in September 2023, followed by strong rebounds, peaking at about 4.41 billion USD in December 2024. This reflects overall financial growth tempered by periods of elevated costs or charges impacting bottom-line results.