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., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Income
- The net income exhibits notable volatility over the analyzed periods, with fluctuations ranging from significant gains exceeding 5.5 billion US dollars to occasional losses, such as a marked negative figure in late 2023. Despite this variability, the recent quarters show a strong upward trend, particularly from early 2024 onwards, signaling improved profitability.
- Depreciation and Amortization
- Depreciation and amortization expenses have generally increased over time, with values rising from approximately 273 million to around 470 million US dollars by the end of the period. This consistent increase suggests ongoing investment in property, plant, and equipment or intangible assets.
- Deferred Income Taxes
- Changes in deferred income taxes show erratic behavior with significant negative values in multiple quarters, particularly in 2022 and 2024. These fluctuations may be influencing net income and cash flow variances.
- Stock-Based Compensation Expense
- Stock-based compensation expenses have trended upward, starting near 72 million and peaking beyond 215 million US dollars before stabilizing somewhat in recent periods. This rise reflects increased employee incentive costs.
- Net Investment Gains and Losses
- The net investment gains and losses fluctuate between gains and losses without a clear consistent trend. Some periods indicate substantial losses, while others show gains, suggesting variability in investment performance or valuation adjustments.
- Acquired In-Process Research and Development (IPR&D)
- The acquired IPR&D costs remain significant and highly variable, with peaks reaching over 2.9 billion US dollars in some quarters. This pattern indicates substantial investment in R&D acquisitions, contributing to future product development pipelines.
- Operating Cash Flows
- Net cash provided by operating activities generally remains positive with notable peaks exceeding 8.8 billion US dollars in the later periods. However, some quarters reflect declines or negative values, showing occasional operational challenges or working capital shifts.
- Investing Cash Flows
- Net cash used for investing activities consistently reflects significant outflows, largely related to purchases of property, equipment, and investments in R&D. The scale of investing outflows intensifies over time, especially from 2023, indicating aggressive capital expenditure and acquisition strategies.
- Purchases of Property and Equipment
- Purchases exhibit an increasing trend, rising from approximately 258 million to over 2 billion US dollars, highlighting sustained and growing capital investments.
- Financing Activities
- Financing cash flows are volatile, with periods of both cash inflows and outflows. Notably, there are significant proceeds from long-term debt issuances in the range of several billion US dollars in some quarters, balanced by repayments and common stock purchases. Dividends paid show a steady and increasing cash outflow, illustrating a consistent commitment to returning value to shareholders.
- Stock Repurchases
- Purchases of common stock are substantial and concentrated in specific periods, reaching up to 1.5 billion US dollars. This activity indicates active share buyback programs over the timeline analyzed.
- Cash and Cash Equivalents
- The net increase or decrease in cash and cash equivalents experiences significant fluctuations. While some quarters report sharp declines exceeding 1 billion US dollars, others show strong increases, including a major cash inflow surpassing 6.4 billion US dollars near the end of the dataset. This variability corresponds with the net effects of operational, investing, and financing activities combined with exchange rate impacts.
- Effect of Exchange Rate Changes
- Currency exchange effects on cash are inconsistent, featuring both positive and negative impacts across quarters. The sizable negative impacts in some periods underscore exposure to foreign exchange risk, which impacts overall cash flow positions.