Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Eli Lilly & Co., consolidated cash flow statement
US$ in thousands
Based on: 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), 10-K (reporting date: 2020-12-31).
- Net Income
- Net income demonstrated significant fluctuations over the period. After a decline from 6.19 billion USD in 2020 to 5.24 billion USD in 2023, it experienced a substantial increase to 10.59 billion USD in 2024, nearly doubling the prior year’s figure.
- Depreciation and Amortization
- Depreciation and amortization expenses steadily increased from 1.32 billion USD in 2020 to 1.77 billion USD in 2024, reflecting ongoing investments in long-lived assets or intangible assets.
- Change in Deferred Income Taxes
- There was a consistent increase in deferred tax liabilities over the years, with the change becoming more negative each year, reaching -2.68 billion USD in 2024. This suggests increased deferred tax expenses impacting the company’s financial position.
- Stock-Based Compensation Expense
- This expense rose consistently, especially sharply between 2022 and 2023, from 371 million USD to 629 million USD, followed by a modest increase to 646 million USD in 2024, indicating expanded equity-based remuneration.
- Net Investment Gains and Losses
- The company experienced variable investment results: a gain of 1.44 billion USD in 2020, sharply decreasing gains and moving to a 420 million USD loss in 2022, then recovering slightly to minor gains in subsequent years.
- Gains on Sale of Product Rights
- Reported gains were inconsistent, with losses recorded from 2021 to 2024 except a peak loss in 2023 of -1.88 billion USD, suggesting a significant divestiture or write-down event in that year.
- Acquired In-Process Research and Development
- There was a marked rise in acquisition-related R&D costs from 420 million USD in 2022 to a peak of 3.80 billion USD in 2023 followed by a slight reduction to 3.28 billion USD in 2024, highlighting increased investment in research acquisitions.
- Operating Activities - Working Capital Changes
- Receivables and inventories showed consistent increases (negative changes), indicating investment in working capital. Accounts payable and other liabilities presented positive increases, notably peaking in 2023, which partially offset working capital use.
- Net Cash Provided by Operating Activities
- Operating cash flow grew from 6.50 billion USD in 2020 to a peak of 7.26 billion USD in 2021, followed by a decline to 4.24 billion USD in 2023, then rebounding to 8.82 billion USD in 2024. This reflects volatility but overall strong operating cash generation.
- Investing Activities
- Cash used for investing activities increased significantly over time, from -2.26 billion USD in 2020 to -9.30 billion USD in 2024, driven largely by increased purchases of property, equipment, and in-process research and development, offset partially by proceeds from asset sales and investments.
- Financing Activities
- Financing cash flows were negative through 2022 but turned positive in 2023 and remained positive in 2024. This shift was due to substantial proceeds from long-term debt issuance and reduction in short-term borrowings in 2024, alongside increased dividend payments and share repurchases. The company increased leverage to support operations and investments during the latter years.
- Cash and Cash Equivalents
- Cash balances at year-end were volatile, declining significantly in 2022 to 2.07 billion USD but recovering steadily to 3.27 billion USD in 2024, reflecting active cash management amid investment and financing activities.
- Summary of Financial Trends
- Overall, the data indicates increased investment in research and development acquisitions and capital expenditures, funded by a combination of improved operating cash flow and increased debt issuance. Profitability experienced fluctuations but surged notably in the final year. Working capital management and tax-related changes had meaningful impacts on cash flows. The company increased shareholder returns via dividends and buybacks while managing liquidity and leveraging financing sources dynamically.