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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Eli Lilly & Co. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
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Eli Lilly & Co., consolidated income statement (quarterly data)
US$ in millions
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 financial performance presented demonstrates significant fluctuations and overall growth over the observed period. Revenue exhibited a generally increasing trend, with notable acceleration beginning in the latter half of 2023 and continuing into 2025. Cost of sales also increased, but at a rate that did not consistently outpace revenue growth, resulting in expanding gross margins.
Operating income experienced volatility, particularly in the earlier periods, but ultimately showed substantial improvement, driven by revenue increases and managed operating expenses. Net income mirrored this trend, with a significant increase in profitability observed from 2023 onwards, although a notable dip occurred in the third quarter of 2023.
- Revenue Growth
- Revenue initially fluctuated between approximately US$6.7 billion and US$8.0 billion from 2021 through 2022. A clear upward trend emerged in 2023, accelerating through 2024 and into 2025, reaching US$19.292 billion by September 2025. This suggests successful product launches, market penetration, or increased demand for existing products.
- Gross Margin Analysis
- Gross margin generally improved over the period, increasing from approximately US$4.7 billion to US$5.9 billion in 2021-2022. While some quarterly variations existed, the trend continued upward, reaching US$15.920 billion by September 2025. This indicates improved efficiency in production or a shift towards higher-margin products.
- Research and Development (R&D) Expenditure
- R&D expenses remained consistently high throughout the period, ranging from approximately US$1.6 billion to US$2.8 billion per quarter. The increasing trend in R&D spending, particularly in 2024 and 2025, suggests a continued commitment to innovation and the development of new products. A significant spike in acquired in-process R&D was observed in the third quarter of 2023 and the first quarter of 2025.
- Operating Expense Management
- Marketing, selling, and administrative expenses also increased over time, but generally at a slower rate than revenue growth. This suggests effective cost control in these areas. Asset impairment, restructuring, and other special charges were present in several quarters, but their impact appeared to diminish over time.
- Net Income Volatility and Growth
- Net income experienced significant volatility, particularly in the earlier periods. A substantial decline was observed in the third quarter of 2023, resulting in a net loss. However, net income rebounded strongly in subsequent quarters, demonstrating significant growth and reaching US$6.638 billion by September 2025. This suggests the impact of the third quarter 2023 loss was temporary and the company has since achieved substantial profitability.
- Tax Rate
- The effective tax rate fluctuated considerably. It was negative in some quarters, indicating the benefit of tax credits or adjustments. The tax rate increased significantly in the later periods, impacting net income.
Overall, the financial performance indicates a company experiencing substantial revenue growth and improving profitability, driven by effective cost management and a strong commitment to research and development. The volatility in net income, particularly the loss in the third quarter of 2023, warrants further investigation, but the subsequent recovery and strong performance suggest a positive trajectory.