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.
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Eli Lilly & Co. pages available for free this week:
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Analysis of Debt
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Eli Lilly & Co., consolidated cash flow statement (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).
The company demonstrates fluctuating cash flows over the observed period, spanning from March 2021 to December 2025. Operating activities generally provide a net cash inflow, though with significant variability. Investing activities consistently represent a net cash outflow, primarily driven by purchases of property, equipment, and in-process research and development. Financing activities exhibit a complex pattern, alternating between net cash inflows and outflows, heavily influenced by debt issuance and repayment, dividend payments, and share repurchases.
- Operating Activities
- Net cash provided by operating activities generally remained positive throughout the period, ranging from a low of US$632 million in June 2023 to a high of US$3,712 million in September 2024. A notable decrease occurred in the latter half of 2023, with a significant negative value in September 2023 (-US$57 million net income) and a subsequent recovery in December 2023. Adjustments to reconcile net income to cash flows from operating activities show considerable fluctuation, particularly in the changes in deferred income taxes and other operating assets and liabilities. Stock-based compensation expense consistently contributes to cash flow from operations, increasing over time.
- Investing Activities
- Investing activities consistently consumed cash. Purchases of property and equipment represent a substantial and increasing outflow, rising from US$-300 million in March 2021 to US$-2,547 million in December 2025. Significant investments were also made in in-process research and development, with a particularly large outflow of US$3,031 million in September 2023. Proceeds from sales of product rights and noncurrent investments partially offset these outflows, but were insufficient to result in net cash inflow from investing activities. Cash paid for acquisitions also contributed to the outflow, notably in December 2022 (-US$1,044 million) and June 2024 (-US$948 million).
- Financing Activities
- Financing activities demonstrate a more erratic pattern. Dividend payments consistently represent a significant cash outflow, remaining relatively stable around US$1 billion per quarter. Net change in short-term borrowings and proceeds from the issuance of long-term debt contribute to cash inflows in certain periods, while repayments of long-term debt and purchases of common stock represent outflows. A substantial net cash inflow was observed in March 2025 (US$3,545 million), largely driven by a significant increase in net change in short-term borrowings and proceeds from issuance of long-term debt. Share repurchases are evident in several quarters, particularly in March 2022 and March 2024.
- Overall Cash Flow & Key Observations
- The net increase or decrease in cash and cash equivalents varies considerably. The company experienced a significant net increase in cash in September 2025 (US$6,416 million), but also substantial decreases in other periods, such as March 2022 (-US$1,359 million). The effect of exchange rate changes on cash is relatively minor, though present. The large swings in net income, particularly the negative value in September 2023, directly impact operating cash flow. The consistent investment in research and development, coupled with property and equipment purchases, suggests a focus on long-term growth. The company actively manages its capital structure through debt and equity financing.