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
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Aggregate Accruals
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Eli Lilly & Co., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
Revenue exhibits an accelerating growth trajectory over the analyzed period. After a phase of relative stability between 2021 and early 2023, revenues transitioned from approximately 6.8 billion USD per quarter to a projected 19.8 billion USD by March 2026. This represents a substantial expansion in top-line performance, with the most aggressive growth occurring from June 2024 onward.
- Gross Profitability and Margin Expansion
- Gross margin has expanded significantly, growing from 4.9 billion USD in March 2021 to 16.2 billion USD by March 2026. While cost of sales has increased in absolute terms, it has grown at a much slower rate than revenue. This divergence indicates strong economies of scale and improved pricing power, leading to a marked increase in the gross margin percentage over time.
- Operating Expenditure Trends
- Research and development (R&D) spending shows a consistent upward trend, rising from approximately 1.6 billion USD per quarter to 3.5 billion USD. Similarly, marketing, selling, and administrative expenses increased from 1.6 billion USD to 2.9 billion USD. Despite these absolute increases, these expenditures as a percentage of total revenue have declined, demonstrating significant operational leverage.
- Impact of Non-Recurring Charges
- Earnings volatility is primarily driven by acquired in-process research and development (IPRD) and asset impairment charges. Notable spikes in IPRD expenses occurred in September 2023 (2.975 billion USD) and June 2024 (2.826 billion USD), which created temporary depressions in operating income. These charges reflect a strategic pattern of inorganic growth through acquisitions.
- Operating and Net Income Performance
- Operating income has scaled from 1.15 billion USD in March 2021 to a projected 8.9 billion USD by March 2026. Net income follows a similar trajectory, ending the period at 7.4 billion USD. The growth in net income has outpaced revenue growth, suggesting a high degree of scalability in the business model and a transition toward significantly higher profit margins.
The overall financial profile is characterized by a shift from steady-state operations to a high-growth phase. The ability to maintain disciplined growth in operating expenses relative to the rapid surge in revenue has resulted in a substantial enhancement of the bottom line.