Cash Flow Statement
Quarterly Data

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.

Eli Lilly & Co., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021
Net income (loss)	7,396)	6,638)	5,583)	5,660)	2,759)	4,410)	970)	2,967)	2,243)	2,190)	(57)	1,763)	1,345)	1,938)	1,452)	953)	1,903)	1,726)	1,110)	1,390)	1,355)
Depreciation and amortization	509)	586)	470)	478)	463)	485)	467)	414)	401)	388)	411)	366)	362)	375)	363)	349)	436)	446)	382)	369)	350)
Change in deferred income taxes	(1,478)	(748)	501)	(1,069)	(392)	(967)	(430)	(1,008)	(279)	(506)	(844)	(431)	(559)	10)	(1,071)	(618)	(507)	(93)	(296)	(295)	(119)
Debt extinguishment loss	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	405)	—)	—)
Stock-based compensation expense	161)	136)	151)	185)	154)	142)	133)	211)	159)	120)	216)	162)	131)	93)	85)	92)	101)	75)	90)	92)	86)
Gains on sale of product rights	—)	(180)	—)	—)	—)	(123)	(101)	—)	—)	(25)	(1,854)	—)	—)	(62)	(95)	—)	—)	—)	—)	—)	—)
Acquired in-process research and development	584)	529)	656)	154)	1,572)	189)	2,826)	154)	111)	623)	2,975)	97)	105)	169)	19)	80)	153)	377)	174)	25)	299)
Other changes in operating assets and liabilities, net of acquisitions and divestitures	(1,664)	(3,674)	1,208)	(2,263)	(3,364)	(2,225)	(10)	(1,399)	(1,751)	(3,172)	793)	(840)	164)	(836)	939)	(72)	(46)	(475)	(667)	221)	(103)
Other operating activities, net	(175)	(62)	267)	(59)	474)	563)	(145)	126)	283)	71)	550)	(485)	183)	(107)	492)	38)	459)	100)	432)	(27)	(171)
Adjustments to reconcile net income (loss) to cash flows from operating activities	(2,063)	(3,413)	3,253)	(2,574)	(1,094)	(1,936)	2,742)	(1,501)	(1,077)	(2,502)	2,247)	(1,131)	386)	(358)	733)	(132)	596)	430)	521)	385)	342)
Net cash provided by operating activities	5,333)	3,225)	8,836)	3,087)	1,666)	2,474)	3,712)	1,466)	1,166)	(312)	2,190)	632)	1,731)	1,580)	2,185)	821)	2,499)	2,157)	1,631)	1,776)	1,697)
Purchases of property and equipment	(2,326)	(2,547)	(2,088)	(1,697)	(1,510)	(1,496)	(1,351)	(1,225)	(986)	(1,071)	(970)	(738)	(669)	(501)	(617)	(371)	(365)	(291)	(337)	(381)	(300)
Proceeds from sales of and distributions from noncurrent investments	—)	132)	556)	204)	72)	56)	68)	180)	71)	32)	88)	107)	282)	91)	83)	87)	81)	263)	75)	177)	285)
Purchases of noncurrent investments	(297)	(127)	(150)	(171)	(197)	(152)	(275)	(133)	(117)	(256)	(131)	(197)	(146)	(126)	(223)	(135)	(117)	(220)	(207)	(212)	(292)
Proceeds from sale of product rights	—)	218)	—)	—)	—)	70)	531)	—)	—)	—)	1,604)	—)	—)	30)	66)	—)	—)	—)	—)	—)	—)
Purchases of in-process research and development	(204)	(424)	(721)	(107)	(1,757)	(251)	(2,820)	(178)	(97)	(581)	(3,031)	(98)	(235)	(55)	(3)	(80)	(492)	(103)	(119)	(150)	(192)
Cash paid for acquisitions, net of cash acquired	(1,058)	(112)	(549)	—)	—)	—)	—)	(948)	—)	(1,044)	—)	—)	—)	(327)	—)	—)	—)	—)	—)	—)	(747)
Other investing activities, net	(31)	57)	(31)	(64)	39)	(147)	(158)	105)	(48)	(5)	(640)	468)	79)	28)	(229)	35)	(121)	(28)	(29)	83)	(37)
Net cash used for investing activities	(3,916)	(2,802)	(2,983)	(1,835)	(3,352)	(1,921)	(4,005)	(2,199)	(1,178)	(2,924)	(3,080)	(459)	(689)	(861)	(923)	(464)	(1,014)	(379)	(617)	(483)	(1,284)
Dividends paid	(1,548)	(1,346)	(1,345)	(1,347)	(1,346)	(1,168)	(1,171)	(1,172)	(1,169)	(1,018)	(1,016)	(1,018)	(1,017)	(884)	(882)	(884)	(886)	(773)	(770)	(768)	(775)
Net change in short-term borrowings	1,775)	—)	(4,092)	1,603)	(1,849)	3,042)	(3,089)	3,400)	(5,205)	4,594)	1,595)	—)	(1,498)	(243)	(376)	1,617)	500)	(3)	(198)	200)	(4)
Proceeds from issuance of long-term debt	—)	—)	6,706)	—)	6,461)	—)	4,965)	—)	6,453)	—)	—)	—)	3,959)	—)	—)	—)	—)	—)	2,411)	—)	—)
Repayments of long-term debt	(750)	—)	—)	(778)	—)	—)	—)	(664)	—)	—)	—)	—)	—)	—)	—)	(850)	(710)	—)	(1,905)	—)	—)
Purchases of common stock	(2,356)	(1,508)	(708)	(692)	(1,200)	(2,054)	(446)	—)	—)	—)	—)	—)	(750)	—)	—)	—)	(1,500)	(750)	—)	(500)	—)
Other financing activities, net	(591)	(25)	(30)	(30)	(686)	(46)	(47)	(8)	(390)	(32)	(7)	(16)	(281)	(14)	(5)	(8)	(282)	(1)	(1)	(15)	(280)
Net cash provided by (used for) financing activities	(3,470)	(2,879)	531)	(1,245)	1,380)	(225)	211)	1,556)	(311)	3,545)	572)	(1,033)	412)	(1,141)	(1,263)	(124)	(2,878)	(1,527)	(463)	(1,083)	(1,058)
Effect of exchange rate changes on cash and cash equivalents	67)	(67)	32)	276)	132)	(429)	227)	(60)	(36)	129)	5)	9)	25)	(128)	(4)	(69)	34)	(221)	17)	9)	(10)
Net increase (decrease) in cash and cash equivalents	(1,986)	(2,524)	6,416)	283)	(175)	(101)	145)	763)	(358)	438)	(314)	(851)	1,479)	(550)	(6)	164)	(1,359)	30)	568)	218)	(655)

The financial data indicates a period of significant expansion and operational scaling, characterized by a substantial long-term increase in net income and a corresponding escalation in capital expenditures. While quarterly volatility is present, the overall trajectory suggests a transition toward a higher baseline of profitability and investment.

Operating Performance and Cash Generation: Net income demonstrates a strong upward trend, rising from 1,355 million US$ in March 2021 to 7,396 million US$ by March 2026. This growth is mirrored in the net cash provided by operating activities, which, despite a notable contraction to -312 million US$ in December 2023, reached a peak of 8,836 million US$ in September 2025. The reconciliation of net income to operating cash flow reveals significant fluctuations in deferred income taxes and other operating assets and liabilities, suggesting complex timing differences in tax recognition and working capital management.
Investment Strategy and Capital Expenditures: A consistent and accelerating commitment to infrastructure and research is evident. Purchases of property and equipment increased nearly eightfold, moving from 300 million US$ in March 2021 to 2,326 million US$ in March 2026. Investment in in-process research and development (IPRD) remained a primary driver of cash outflows, with periodic spikes such as the 3,031 million US$ expenditure in September 2023. The net cash used for investing activities has trended upward, reflecting an aggressive strategy of capacity expansion and pipeline development.
Financing Activities and Capital Structure: The company utilizes a combination of long-term debt issuance and operational cash to fund its growth and shareholder returns. Large-scale debt issuances occurred periodically, notably 6,453 million US$ in March 2024 and 6,706 million US$ in June 2025. Shareholder distributions have remained a priority, with quarterly dividend payments steadily increasing from 775 million US$ in March 2021 to 1,548 million US$ in March 2026. Additionally, common stock repurchases became more frequent and larger in volume toward the end of the period, reaching 2,356 million US$ in March 2026.
Liquidity and Cash Position: The net change in cash and cash equivalents exhibits high variability due to the timing of large debt draws and major investment outlays. The significant cash inflow of 6,416 million US$ in September 2025 highlights a period of high liquidity, which was subsequently utilized for increased investments and financing outflows in the following quarters.

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Eli Lilly & Co. (NYSE:LLY)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data