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. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2005
- Price to Book Value (P/BV) since 2005
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Eli Lilly & Co., consolidated balance sheet: liabilities and stockholders’ equity (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).
The balance sheet exhibits a substantial expansion in both total liabilities and total equity over the analyzed period from March 2021 to March 2026. Total liabilities and equity grew from $46.8 billion to $116.6 billion, reflecting significant capital growth and an increase in the company's overall financial scale.
- Analysis of Liabilities
- Total liabilities followed a persistent upward trajectory, rising from $39.7 billion in March 2021 to $85.4 billion by March 2026. This growth is primarily driven by increases in both current and noncurrent obligations.
- Current liabilities increased more than threefold, moving from $11.7 billion to $36.6 billion. A significant contributor to this trend was the growth in sales rebates and discounts, which rose from $5.8 billion to $17.5 billion, alongside a substantial increase in other current liabilities, which peaked at $14.7 billion in September 2025.
- Noncurrent liabilities grew from $28.0 billion to $48.7 billion. The primary driver was long-term debt, excluding current maturities, which increased from $16.2 billion in March 2021 to $39.4 billion by March 2026. A notable acceleration in debt accumulation occurred between March 2023 and March 2024, where long-term debt rose from $18.9 billion to $24.6 billion.
- Equity and Capital Structure
- Total equity demonstrated aggressive growth, increasing from $7.1 billion in March 2021 to $31.2 billion by March 2026. This growth indicates a strong accumulation of internal capital.
- Retained earnings were the primary engine of equity growth, climbing from $9.2 billion in March 2021 to $29.5 billion in March 2026. This upward trend suggests strong profitability and a strategic decision to reinvest earnings into the company rather than distributing them entirely as dividends.
- Accumulated other comprehensive loss showed a general trend of improvement, narrowing from a deficit of $6.4 billion in March 2021 to $2.8 billion by March 2026, which further contributed to the strengthening of the equity base.
- Solvency and Leverage Trends
- While total liabilities increased significantly, the rate of equity growth surpassed the rate of liability growth toward the end of the period. In March 2021, the ratio of total liabilities to total equity was approximately 5.6 to 1. By March 2026, this ratio improved to approximately 2.7 to 1.
- The reduction in the liability-to-equity ratio suggests a strengthening of the company's solvency position and a decreased reliance on external leverage relative to its own capital base, despite the absolute increase in long-term debt.