Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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 (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).
An examination of the balance sheet reveals notable shifts in liabilities and stockholders’ equity over the observed period, spanning from March 2021 to December 2025. Overall, both total liabilities and total equity demonstrate an increasing trend, particularly accelerating in the later years of the period.
- Current Liabilities
- Current liabilities exhibited volatility throughout the period, peaking at US$27.293 billion in December 2023 before decreasing to US$21.998 billion in September 2023 and then rising again to US$35.228 billion in December 2025. A significant driver of this fluctuation appears to be sales rebates and discounts, which increased substantially from US$5.821 billion in March 2021 to US$17.382 billion in December 2025. Accounts payable also showed a consistent upward trend, increasing from US$1.640 billion to US$5.379 billion over the same period. Employee compensation also increased, but less dramatically, from US$0.650 billion to US$2.375 billion.
- Noncurrent Liabilities
- Noncurrent liabilities generally remained relatively stable between March 2021 and December 2022, fluctuating around US$26 billion. However, a marked increase is observed from March 2023 onwards, reaching US$50.713 billion by December 2025. This increase is largely attributable to a substantial rise in long-term debt, excluding current maturities, which grew from US$18.881 billion in March 2023 to US$40.868 billion in December 2025. Long-term income taxes payable also increased, but to a lesser extent.
- Total Liabilities
- Total liabilities mirrored the trends in its components, increasing from US$39.739 billion in March 2021 to US$85.941 billion in December 2025. The most significant increase occurred between September 2024 and December 2025, suggesting a period of increased borrowing or accrual of obligations.
- Stockholders’ Equity
- Total stockholders’ equity also demonstrated an upward trajectory, rising from US$7.099 billion in March 2021 to US$26.535 billion in December 2025. Retained earnings contributed significantly to this growth, increasing from US$9.181 billion to US$24.470 billion. Additional paid-in capital also increased, though at a slower rate. Accumulated other comprehensive loss decreased over the period, partially offsetting the increases in other equity components. Common stock remained relatively constant.
The observed increases in both liabilities and equity suggest a period of expansion and investment for the company. The substantial growth in sales rebates and discounts may indicate increased promotional activity or changes in revenue recognition policies. The significant rise in long-term debt warrants further investigation to assess the company’s debt servicing capacity and financial risk.