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.

Eli Lilly & Co., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Revenue	17,600,800)	15,557,700)	12,728,500)	13,532,800)	11,439,100)	11,302,800)	8,768,000)	9,353,400)	9,498,600)	8,312,100)	6,960,000)	7,301,800)	6,941,600)	6,488,000)	7,810,000)	7,999,900)	6,772,800)	6,740,100)	6,805,600)	7,440,000)	5,740,600)	5,499,400)	5,859,800)
Cost of sales	(3,008,300)	(2,447,800)	(2,224,200)	(2,403,800)	(2,170,800)	(2,170,200)	(1,673,500)	(1,788,000)	(1,860,100)	(1,807,400)	(1,626,700)	(1,548,100)	(1,579,100)	(1,430,500)	(2,072,100)	(2,050,200)	(1,430,800)	(1,953,200)	(1,878,600)	(1,719,800)	(1,326,400)	(1,222,000)	(1,215,100)
Gross margin	14,592,500)	13,109,900)	10,504,300)	11,129,000)	9,268,300)	9,132,600)	7,094,500)	7,565,400)	7,638,500)	6,504,700)	5,333,300)	5,753,700)	5,362,500)	5,057,500)	5,737,900)	5,949,700)	5,342,000)	4,786,900)	4,927,000)	5,720,200)	4,414,200)	4,277,400)	4,644,700)
Research and development	(3,465,700)	(3,336,100)	(2,733,700)	(3,022,500)	(2,734,100)	(2,711,200)	(2,522,800)	(2,562,700)	(2,409,100)	(2,356,500)	(1,985,100)	(1,995,900)	(1,802,900)	(1,781,900)	(1,610,100)	(1,898,300)	(1,705,300)	(1,655,000)	(1,672,100)	(1,838,000)	(1,465,400)	(1,390,200)	(1,392,100)
Marketing, selling, and administrative	(2,740,700)	(2,753,000)	(2,468,800)	(2,424,500)	(2,099,800)	(2,117,300)	(1,952,200)	(1,924,600)	(1,803,900)	(1,925,400)	(1,749,200)	(1,643,200)	(1,614,200)	(1,625,100)	(1,557,900)	(1,592,000)	(1,577,900)	(1,685,700)	(1,576,000)	(1,553,900)	(1,569,100)	(1,448,600)	(1,549,600)
Acquired in-process research and development	(655,700)	(153,800)	(1,571,700)	(189,200)	(2,826,400)	(154,300)	(110,500)	(622,600)	(2,975,100)	(97,100)	(105,000)	(240,100)	(62,400)	(440,400)	(165,600)	(437,700)	(177,600)	(42,800)	(312,000)	(366,300)	—)	(241,800)	(52,300)
Asset impairment, restructuring, and other special charges	(364,900)	—)	(35,000)	(344,000)	(81,600)	(435,000)	—)	(67,700)	—)	—)	—)	(38,100)	(206,500)	—)	—)	(104,500)	—)	—)	(211,600)	30,100)	(101,400)	—)	(59,900)
Operating income	7,365,500)	6,867,000)	3,695,100)	5,148,800)	1,526,400)	3,714,800)	2,509,000)	2,387,800)	450,400)	2,125,700)	1,494,000)	1,836,400)	1,676,500)	1,210,100)	2,404,300)	1,917,200)	1,881,200)	1,403,400)	1,155,300)	1,992,100)	1,278,300)	1,196,800)	1,590,800)
Other, net, income (expense)	(133,100)	(90,600)	(239,000)	(110,100)	62,000)	(197,600)	27,100)	121,000)	(23,200)	(36,800)	35,700)	260,000)	(111,000)	(119,200)	(350,700)	(77,300)	(635,900)	190,500)	321,100)	477,000)	158,900)	446,900)	89,100)
Income before income taxes	7,232,400)	6,776,400)	3,456,100)	5,038,700)	1,588,400)	3,517,200)	2,536,100)	2,508,800)	427,200)	2,088,900)	1,529,700)	2,096,400)	1,565,500)	1,090,900)	2,053,600)	1,839,900)	1,245,300)	1,593,900)	1,476,400)	2,469,100)	1,437,200)	1,643,700)	1,679,900)
Income taxes	(1,649,900)	(1,115,900)	(696,800)	(628,900)	(618,100)	(550,200)	(293,200)	(319,100)	(484,600)	(325,700)	(184,800)	(158,700)	(113,800)	(138,400)	(150,700)	(113,800)	(135,200)	(203,700)	(121,100)	(352,300)	(228,800)	(231,700)	(223,400)
Net income (loss)	5,582,500)	5,660,500)	2,759,300)	4,409,800)	970,300)	2,967,000)	2,242,900)	2,189,700)	(57,400)	1,763,200)	1,344,900)	1,937,700)	1,451,700)	952,500)	1,902,900)	1,726,100)	1,110,100)	1,390,200)	1,355,300)	2,116,800)	1,208,400)	1,412,000)	1,456,500)

Revenue: Revenue exhibited a generally upward trend from early 2020 through late 2025, with notable seasonal fluctuations. After initial volatility in 2020, revenue steadily increased with significant jumps observed in mid to late 2023 and continuing through 2024 and into 2025. The highest values were recorded in the final quarters, indicating strong growth momentum.
Cost of Sales: The cost of sales increased consistently over the period, mirroring the revenue growth. Despite fluctuations, the trend indicates rising expenses linked to sales operations. The cost spikes in the latter quarters of 2024 and 2025 suggest increasing production or procurement costs parallel to the revenue increase.
Gross Margin: Gross margin showed improvement over time, rising in line with revenue although not proportionally. While early 2020 showed lower margins, the gross margin expanded through 2021 and 2022, experiencing sizable gains in 2023 and 2024. The margin reached peak levels by the end of 2025, reflecting efficient cost management relative to sales growth.
Research and Development (R&D): Expenditure on R&D demonstrated a gradual increase throughout the period, with periodic accelerations, especially during 2023-2025. This sustained and increasing investment underscores a strategic emphasis on innovation and product development. However, some quarters showed sharper rises indicating intensified project activity or expanded initiatives.
Marketing, Selling, and Administrative Expenses: These operating expenses trended upward steadily, reflecting growing scale and possibly expanded commercial activities. Incremental increases were consistent with revenue growth, though the rate of expense growth occasionally outpaced revenue, particularly in late 2024 and early 2025, which may signal increased strategic investments in market presence or administration.
Acquired In-Process Research and Development: This category showed considerable volatility, with large one-time charges and recovery periods scattered throughout the timeline. Significant spikes occurred sporadically, pointing to episodic investments or write-offs related to acquisitions or collaborative R&D projects. Notably, substantial charges in 2023 and 2024 indicate heightened acquisition activity contributing to the innovation pipeline.
Asset Impairment, Restructuring, and Other Special Charges: Special charges fluctuated with irregular occurrence and magnitude. They included impairments and restructuring costs appearing as isolated surges in certain quarters, without a clear recurring pattern. These events suggest occasional operational realignments or write-downs, impacting profitability in select periods.
Operating Income: Operating income followed an upward trajectory overall, despite notable quarter-to-quarter variability. After a dip in late 2022 and early 2023, operating income rebounded sharply in mid to late 2023 and achieved record highs in 2024 and 2025. This indicates substantial improvements in operating efficiency combined with strong revenue gains.
Other, Net, Income (Expense): Other income or expense exhibited significant fluctuations, including some substantial gains and losses across quarters. The irregular pattern denotes influence from non-operating factors such as investments, financing activities, or one-time events, contributing to volatility in overall profitability.
Income Before Income Taxes: Pre-tax income mirrored operating income trends but with wider variability due to the aforementioned other income/expense items. Despite periodic declines, there was an upward trend from 2022 onward, culminating in peak pre-tax profitability by the end of 2025, revealing strong underlying business performance.
Income Taxes: Income tax expenses increased commensurately with pre-tax income but showed some irregular timing in relation to profitability spikes. The tax burden intensified notably in later periods, consistent with higher taxable income, which reflects the company’s improved earnings capacity.
Net Income: Net income displayed growth over the period with notable volatility. Some quarters showed sharp decreases or losses, particularly around 2023, while other periods, notably late 2024 through 2025, showed significant earnings increases. The overall pattern suggests robust profitability with episodic challenges, possibly linked to special charges or fluctuations in other income/expenses.

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Eli Lilly & Co. (NYSE:LLY)

Income Statement Quarterly Data

Income Statement
Quarterly Data