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 millions

3 months ended:	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	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
Revenue	22,974)	19,799)	19,292)	17,601)	15,558)	12,729)	13,533)	11,439)	11,303)	8,768)	9,353)	9,499)	8,312)	6,960)	7,302)	6,942)	6,488)	7,810)	8,000)	6,773)	6,740)	6,806)
Cost of sales	(3,268)	(3,577)	(3,372)	(3,008)	(2,448)	(2,224)	(2,404)	(2,171)	(2,170)	(1,674)	(1,788)	(1,860)	(1,807)	(1,627)	(1,548)	(1,579)	(1,431)	(2,072)	(2,050)	(1,431)	(1,953)	(1,879)
Gross margin	19,706)	16,222)	15,920)	14,593)	13,110)	10,504)	11,129)	9,268)	9,133)	7,095)	7,565)	7,639)	6,505)	5,333)	5,754)	5,363)	5,058)	5,738)	5,950)	5,342)	4,787)	4,927)
Research and development	(3,819)	(3,510)	(3,802)	(3,466)	(3,336)	(2,734)	(3,023)	(2,734)	(2,711)	(2,523)	(2,563)	(2,409)	(2,357)	(1,985)	(1,996)	(1,803)	(1,782)	(1,610)	(1,898)	(1,705)	(1,655)	(1,672)
Marketing, selling, and administrative	(3,430)	(2,934)	(3,132)	(2,741)	(2,753)	(2,469)	(2,424)	(2,100)	(2,117)	(1,952)	(1,925)	(1,804)	(1,925)	(1,749)	(1,643)	(1,614)	(1,625)	(1,558)	(1,592)	(1,578)	(1,686)	(1,576)
Acquired in-process research and development	(2,776)	(584)	(529)	(656)	(154)	(1,572)	(189)	(2,826)	(154)	(111)	(623)	(2,975)	(97)	(105)	(240)	(62)	(440)	(166)	(438)	(178)	(43)	(312)
Asset impairment, restructuring, and other special charges	(703)	(279)	(84)	(365)	—)	(35)	(344)	(82)	(435)	—)	(68)	—)	—)	—)	(38)	(207)	—)	—)	(105)	—)	—)	(212)
Operating income	8,978)	8,915)	8,374)	7,366)	6,867)	3,695)	5,149)	1,526)	3,715)	2,509)	2,388)	450)	2,126)	1,494)	1,836)	1,677)	1,210)	2,404)	1,917)	1,881)	1,403)	1,155)
Other, net, income (expense)	269)	(65)	(108)	(133)	(91)	(239)	(110)	62)	(198)	27)	121)	(23)	(37)	36)	260)	(111)	(119)	(351)	(77)	(636)	191)	321)
Income before income taxes	9,247)	8,850)	8,266)	7,232)	6,776)	3,456)	5,039)	1,588)	3,517)	2,536)	2,509)	427)	2,089)	1,530)	2,096)	1,566)	1,091)	2,054)	1,840)	1,245)	1,594)	1,476)
Income taxes	(2,152)	(1,454)	(1,628)	(1,650)	(1,116)	(697)	(629)	(618)	(550)	(293)	(319)	(485)	(326)	(185)	(159)	(114)	(138)	(151)	(114)	(135)	(204)	(121)
Net income (loss)	7,095)	7,396)	6,638)	5,583)	5,661)	2,759)	4,410)	970)	2,967)	2,243)	2,190)	(57)	1,763)	1,345)	1,938)	1,452)	953)	1,903)	1,726)	1,110)	1,390)	1,355)

The financial trajectory from March 2021 through June 2026 is characterized by an aggressive expansion in revenue and a corresponding surge in net profitability, particularly beginning in 2024. Revenue exhibits a steep upward trend, growing from 6,806 million US dollars in the first quarter of 2021 to 22,974 million US dollars by the second quarter of 2026. This growth accelerates significantly after March 2024, indicating a period of rapid market penetration or the successful launch of high-demand products.

Revenue and Gross Profitability: Revenue growth has outpaced the increase in the cost of sales, leading to substantial gross margin expansion. While costs of sales remained relatively stable between 2021 and 2023, they began to rise in 2024 and 2025 to support higher volumes, yet they represent a decreasing percentage of total revenue over time. This indicates strong pricing power and improved economies of scale.
Operational Expenditure Trends: Research and development (R&D) spending has scaled consistently with revenue, increasing from approximately 1.6 billion US dollars per quarter in 2021 to over 3.8 billion US dollars by June 2026. Marketing, selling, and administrative expenses have followed a similar upward trajectory, though at a more moderate pace, suggesting an efficient scaling of the commercial infrastructure relative to top-line growth.
Strategic Investment and Special Charges: Significant volatility is observed in acquired in-process research and development (IPR&D) and special charges. Massive expenditures are noted in September 2023 (2,975 million US dollars), September 2024 (2,826 million US dollars), and June 2026 (2,776 million US dollars). These periodic spikes indicate a strategy of aggressive external innovation and portfolio acquisition, which occasionally impacts short-term quarterly profitability.
Operating and Net Income Performance: Operating income shows a marked transition from a range of 1.1 billion to 2.4 billion US dollars (2021-2023) to a significantly higher plateau of 6.8 billion to 8.9 billion US dollars (2024-2026). The only quarterly net loss occurred in September 2023, directly coinciding with a peak in IPR&D spending. By mid-2025 and into 2026, net income stabilized at exceptionally high levels, frequently exceeding 7 billion US dollars per quarter.
Taxation and Net Earnings: Income tax expenses have risen in absolute terms, reflecting the increased taxable income. The tax burden intensified significantly in 2025 and 2026, mirroring the surge in pre-tax income. Despite this, the net income margin has expanded, demonstrating that the growth in operating efficiency and revenue is more than offsetting both the increased tax obligations and the heavy investment in R&D.

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Eli Lilly & Co. (NYSE:LLY)

Income StatementQuarterly Data

Income Statement
Quarterly Data