Stock Analysis on Net
Stock Analysis on Net

Eli Lilly & Co. (NYSE:LLY)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Eli Lilly & Co., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Short-term borrowings and current maturities of long-term debt
Accounts payable
Employee compensation
Sales rebates and discounts
Other current liabilities
Current liabilities
Long-term debt, excluding current maturities
Long-term income taxes payable
Other noncurrent liabilities
Noncurrent liabilities
Total liabilities
Common stock, no par value
Additional paid-in capital
Retained earnings
Employee benefit trust
Accumulated other comprehensive loss
Other equity
Total Eli Lilly and Company shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The company’s liabilities and stockholders’ equity demonstrate significant changes over the five-year period. Total liabilities increased substantially, while stockholders’ equity also grew, albeit at a slower rate initially. A notable trend is the increasing reliance on debt financing, particularly in the later years of the period.

Current Liabilities
Current liabilities exhibited a consistent upward trend, increasing from US$15,053 million in 2021 to US$35,228 million in 2025. The most significant drivers of this increase were substantial growth in sales rebates and discounts, accounts payable, and other current liabilities. Employee compensation also contributed to the rise, though to a lesser extent. This suggests a potential increase in sales volume coupled with evolving payment terms with suppliers and accruals.
Noncurrent Liabilities
Noncurrent liabilities also increased over the period, rising from US$24,599 million in 2021 to US$50,713 million in 2025. Long-term debt, excluding current maturities, was the primary contributor to this growth, nearly doubling over the five years. Long-term income taxes payable also increased, though at a more moderate pace. The increase in long-term debt suggests a strategic decision to finance growth through borrowing.
Total Liabilities
As a result of the increases in both current and noncurrent liabilities, total liabilities more than doubled, growing from US$39,651 million in 2021 to US$85,941 million in 2025. This represents a significant increase in the company’s financial obligations.
Stockholders’ Equity
Total stockholders’ equity also increased, moving from US$9,155 million in 2021 to US$26,535 million in 2025. Retained earnings were the primary driver of this growth, increasing significantly, particularly between 2023 and 2025. Common stock remained relatively stable, while additional paid-in capital experienced modest growth. Accumulated other comprehensive loss decreased, contributing positively to the overall equity increase. The growth in retained earnings indicates profitability and reinvestment of earnings.
Debt to Equity
While not explicitly calculated, the trend suggests a rising debt-to-equity ratio. The substantial increase in total liabilities coupled with a more moderate increase in total equity indicates a greater reliance on debt financing relative to equity financing. This shift in capital structure could potentially increase financial risk.
Overall Trend
The company experienced substantial growth in both liabilities and equity. However, the growth in liabilities significantly outpaced the growth in equity, indicating an increasing reliance on debt to fund operations and expansion. The increases in accounts payable, sales rebates, and long-term debt are particularly noteworthy and warrant further investigation into the underlying business drivers and potential financial implications.