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 thousands

3 months ended:	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net income (loss)	5,660,500)	2,759,300)	4,409,800)	970,300)	2,967,000)	2,242,900)	2,189,700)	(57,400)	1,763,200)	1,344,900)	1,937,700)	1,451,700)	952,500)	1,902,900)	1,726,100)	1,110,100)	1,390,200)	1,355,300)	2,116,800)	1,208,400)	1,412,000)	1,456,500)
Depreciation and amortization	478,500)	462,800)	484,800)	466,800)	414,400)	400,600)	387,700)	411,000)	366,300)	362,300)	375,000)	362,900)	348,900)	435,700)	445,700)	382,300)	369,300)	350,300)	367,500)	358,400)	324,400)	273,600)
Change in deferred income taxes	(1,068,700)	(391,600)	(966,700)	(429,800)	(1,007,600)	(279,000)	(506,200)	(844,300)	(431,100)	(559,400)	10,400)	(1,070,600)	(618,400)	(506,600)	(92,500)	(296,000)	(294,700)	(119,100)	(200,700)	159,700)	(104,700)	11,200)
Debt extinguishment loss	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	405,200)	—)	—)	—)	—)	—)	—)
Stock-based compensation expense	185,100)	153,700)	141,900)	133,200)	211,100)	159,400)	120,200)	215,600)	161,500)	131,200)	92,900)	85,100)	92,100)	101,000)	75,300)	90,100)	91,900)	85,500)	87,800)	71,700)	76,800)	71,800)
Net investment (gains) losses	(113,800)	149,100)	20,000)	(112,400)	158,000)	(15,800)	(121,000)	64,500)	65,800)	14,200)	(256,400)	130,800)	119,500)	426,100)	93,100)	247,000)	(215,900)	(302,200)	(529,000)	(144,500)	(578,300)	(186,700)
Gains on sale of product rights	—)	—)	(123,100)	(100,700)	—)	—)	(25,000)	(1,853,900)	—)	—)	(62,000)	(94,500)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Acquired in-process research and development	153,800)	1,571,700)	189,200)	2,826,400)	154,300)	110,500)	622,600)	2,975,100)	97,100)	105,000)	168,900)	19,000)	80,000)	153,000)	376,600)	174,000)	25,000)	299,300)	366,300)	—)	241,800)	52,300)
Other changes in operating assets and liabilities, net of acquisitions	(2,262,900)	(3,364,200)	(2,224,900)	(9,800)	(1,399,100)	(1,751,200)	(3,172,200)	793,300)	(840,200)	164,100)	(836,000)	939,100)	(72,100)	(45,500)	(474,500)	(666,500)	221,200)	(102,800)	(515,200)	249,400)	926,500)	(1,408,100)
Other operating activities, net	54,400)	324,800)	542,800)	(32,100)	(31,900)	298,600)	192,300)	485,600)	(550,700)	168,300)	149,200)	361,300)	(81,800)	32,600)	6,700)	185,100)	188,500)	131,100)	121,700)	(96,500)	196,900)	111,800)
Adjustments to reconcile net income (loss) to cash flows from operating activities	(2,573,600)	(1,093,700)	(1,936,000)	2,741,600)	(1,500,800)	(1,076,900)	(2,501,600)	2,246,900)	(1,131,300)	385,700)	(358,000)	733,100)	(131,800)	596,300)	430,400)	521,200)	385,300)	342,100)	(301,600)	598,200)	1,083,400)	(1,074,100)
Net cash provided by operating activities	3,086,900)	1,665,600)	2,473,800)	3,711,900)	1,466,200)	1,166,000)	(311,900)	2,189,500)	631,900)	1,730,600)	1,579,700)	2,184,800)	820,700)	2,499,200)	2,156,500)	1,631,300)	1,775,500)	1,697,400)	1,815,200)	1,806,600)	2,495,400)	382,400)
Purchases of property and equipment	(1,697,100)	(1,509,500)	(1,496,000)	(1,350,700)	(1,224,800)	(986,300)	(1,070,600)	(970,300)	(738,200)	(668,500)	(500,700)	(617,200)	(371,000)	(365,400)	(291,400)	(336,800)	(381,300)	(300,300)	(454,700)	(393,100)	(281,800)	(258,300)
Proceeds from sales and maturities of short-term investments	—)	—)	41,600)	31,900)	34,000)	41,400)	37,000)	45,600)	48,100)	61,500)	38,300)	25,500)	30,900)	26,700)	800)	25,300)	17,300)	4,000)	10,900)	7,600)	74,400)	36,800)
Purchases of short-term investments	—)	—)	(29,900)	(19,800)	(24,400)	(24,400)	(19,000)	(19,400)	(36,800)	(23,000)	(42,400)	(32,100)	(18,300)	(14,600)	(55,600)	(1,300)	(7,200)	(19,400)	—)	(11,400)	—)	—)
Proceeds from sales of and distributions from noncurrent investments	204,300)	71,600)	55,600)	67,900)	179,600)	70,500)	31,900)	87,800)	106,500)	281,900)	90,600)	83,100)	87,100)	81,400)	262,800)	75,300)	177,100)	284,800)	183,000)	162,100)	357,500)	54,500)
Purchases of noncurrent investments	(171,200)	(196,700)	(152,200)	(275,000)	(133,000)	(117,100)	(256,000)	(131,400)	(197,400)	(146,000)	(126,100)	(222,700)	(134,700)	(116,700)	(219,800)	(207,000)	(211,600)	(291,500)	(135,000)	(68,900)	(71,800)	(83,000)
Proceeds from sale of product rights	—)	—)	70,400)	530,900)	—)	—)	—)	1,604,300)	—)	—)	30,000)	65,800)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Cash paid for acquisitions, net of cash acquired	—)	—)	—)	—)	(947,700)	—)	(1,044,300)	—)	—)	—)	(327,200)	—)	—)	—)	—)	—)	—)	(747,400)	—)	—)	—)	(849,300)
Purchases of in-process research and development	(106,800)	(1,757,000)	(251,200)	(2,820,100)	(178,000)	(96,500)	(580,500)	(3,030,900)	(98,100)	(235,000)	(54,900)	(3,000)	(80,000)	(491,800)	(102,800)	(118,800)	(150,000)	(191,800)	(364,800)	(22,000)	(241,400)	(13,000)
Other investing activities, net	(64,100)	39,300)	(158,800)	(169,800)	95,600)	(65,200)	(22,800)	(666,200)	456,800)	40,300)	31,900)	(222,800)	22,100)	(133,400)	27,000)	(53,200)	72,400)	(21,900)	86,500)	12,200)	(47,300)	51,400)
Net cash used for investing activities	(1,834,900)	(3,352,300)	(1,920,500)	(4,004,700)	(2,198,700)	(1,177,600)	(2,924,300)	(3,080,500)	(459,100)	(688,800)	(860,500)	(923,400)	(463,900)	(1,013,800)	(379,000)	(616,500)	(483,300)	(1,283,500)	(674,100)	(313,500)	(210,400)	(1,060,900)
Dividends paid	(1,347,000)	(1,346,300)	(1,168,300)	(1,170,500)	(1,172,400)	(1,169,200)	(1,018,100)	(1,016,200)	(1,017,800)	(1,017,200)	(884,400)	(882,200)	(883,700)	(885,500)	(773,300)	(770,400)	(768,300)	(774,800)	(670,000)	(671,600)	(674,200)	(671,300)
Net change in short-term borrowings	1,602,800)	(1,848,700)	3,042,300)	(3,089,400)	3,400,100)	(5,204,800)	4,594,400)	1,595,000)	—)	(1,498,000)	(243,300)	(375,900)	1,617,500)	499,700)	(2,500)	(197,800)	200,000)	(3,700)	(579,900)	(678,900)	(1,984,100)	1,748,700)
Proceeds from issuance of long-term debt	—)	6,461,000)	—)	4,964,600)	—)	6,452,500)	—)	—)	—)	3,958,500)	—)	—)	—)	—)	—)	2,410,800)	—)	—)	—)	1,073,700)	988,600)	—)
Repayments of long-term debt	(778,100)	—)	—)	—)	(664,200)	—)	—)	—)	—)	—)	—)	—)	(849,900)	(710,100)	(100)	(1,905,300)	—)	—)	(200)	—)	—)	(276,300)
Purchases of common stock	(692,200)	(1,200,000)	(2,053,900)	(446,100)	—)	—)	—)	—)	—)	(750,000)	—)	—)	—)	(1,500,000)	(750,000)	—)	(500,000)	—)	—)	—)	—)	(500,000)
Other financing activities, net	(30,400)	(686,300)	(45,500)	(47,300)	(8,000)	(389,800)	(31,600)	(6,800)	(15,600)	(281,000)	(13,700)	(5,200)	(7,600)	(282,400)	(600)	(500)	(14,900)	(279,900)	(41,400)	(2,300)	(3,500)	(194,400)
Net cash provided by (used for) financing activities	(1,244,900)	1,379,700)	(225,400)	211,300)	1,555,500)	(311,300)	3,544,700)	572,000)	(1,033,400)	412,300)	(1,141,400)	(1,263,300)	(123,700)	(2,878,300)	(1,526,500)	(463,200)	(1,083,200)	(1,058,400)	(1,291,500)	(279,100)	(1,673,200)	106,700)
Effect of exchange rate changes on cash and cash equivalents	275,500)	131,900)	(428,500)	226,900)	(59,600)	(35,500)	129,300)	5,300)	9,200)	24,800)	(128,200)	(3,600)	(69,400)	33,600)	(220,700)	16,600)	8,600)	(10,200)	212,200)	16,200)	54,300)	(66,700)
Net increase (decrease) in cash and cash equivalents	282,600)	(175,100)	(100,600)	145,400)	763,400)	(358,400)	437,800)	(313,700)	(851,400)	1,478,900)	(550,400)	(5,500)	163,700)	(1,359,300)	30,300)	568,200)	217,600)	(654,700)	61,800)	1,230,200)	666,100)	(638,500)

Net Income (Loss): The net income exhibits considerable volatility over the periods, with significant fluctuations including a notable loss in September 2023 (-$57.4 million). Despite this, some quarters show strong recoveries, such as December 2024 ($4.41 billion) and June 2025 ($5.66 billion), indicating periods of substantial profitability mixed with instability.
Depreciation and Amortization: Depreciation and amortization display a gradual upward trend over the timeline, increasing from approximately $274 million in Q1 2020 to around $479 million by Q2 2025. This suggests ongoing investments in fixed assets or acquisitions leading to higher amortization charges.
Change in Deferred Income Taxes: This item shows considerable variability with both positive and negative values, often large in magnitude. Negative changes dominate later periods, particularly from Q1 2022 onwards, indicating increasing deferred tax liabilities or reductions in deferred tax assets, which may impact future tax expenses.
Debt Extinguishment Loss: This appears only in Q3 2021 ($405 million), implying a one-time significant cost related to debt restructuring or repurchase, which might have influenced financial results for that period.
Stock-based Compensation Expense: Stock-based compensation has generally increased, starting at $71.8 million in Q1 2020 and peaking at $215.6 million in Q3 2023. This reflects growing employee compensation costs through equity awards, possibly linked to incentive programs or stock price appreciation.
Net Investment (Gains) Losses: Investment gains and losses are highly variable, switching between positive and negative values frequently. Some large gains (e.g., Q1 2020: -$186.7 million) and losses (e.g., Q3 2020: $247 million) indicate an active investment portfolio with fluctuating performance impacting overall earnings consistency.
Gains on Sale of Product Rights: Reported gains are irregular and mostly absent until a large gain in Q4 2023 ($-1.85 billion, indicating a loss or reversal) and smaller amounts in subsequent periods, suggesting nonrecurring transactions related to product rights sales that materially affect earnings in certain quarters.
Acquired In-process Research and Development: This expense is intermittent but spikes significantly at Q3 2023 ($2.98 billion) and Q1 2025 ($1.57 billion), highlighting substantial acquisition-related R&D expenses during these periods, which may reflect strategic investments in product pipelines.
Other Changes in Operating Assets and Liabilities: Extensive fluctuations characterize this category with large negative swings especially noticeable in late 2023 and through 2024 periods, implying substantial working capital variances or other operational adjustments that influence cash flow unpredictably.
Other Operating Activities, Net: This category also fluctuates, with some quarters showing notable positive contributions (e.g., Q1 2025: $542.8 million) and others showing negative impacts, consistent with the variable nature of noncore operations affecting net operating cash flow.
Adjustments to Reconcile Net Income to Cash Flows from Operating Activities: These adjustments oscillate widely, with both significant positive and negative values, indicating considerable noncash components and timing differences affecting the quality and reliability of net income as a cash flow proxy.
Net Cash Provided by Operating Activities: Operating cash flow shows notable strength with peaks such as Q2 2020 ($2.5 billion), Q1 2024 ($4.41 billion), and Q4 2025 ($3.09 billion) despite intermittent weaker quarters. This suggests resilient core operations despite income variability.
Purchases of Property and Equipment: Capital expenditures generally trend upward, rising from about $258 million in Q1 2020 to $1.7 billion in Q2 2025, reflecting significant ongoing investment in fixed assets and capacity expansion.
Short-term and Noncurrent Investments: Cash flows related to investments show regular activity with purchases and sales occurring almost every quarter. The scale of purchases of noncurrent investments tends to be substantial but generally stable, indicating ongoing portfolio management and allocation to long-term assets.
Cash Paid for Acquisitions, Net of Cash Acquired: Large, sporadic cash outflows for acquisitions appear mainly in 2020 and from late 2022 through 2024, with amounts up to $1.04 billion in Q3 2023, illustrating a strategic acquisition phase that impacts overall cash and asset base.
Purchases of In-process Research and Development: There are substantial and growing outflows related to in-process R&D, particularly from late 2022 onwards, peaking at nearly $3 billion in Q3 2023, mirroring the spike in acquired in-process R&D expenses and underscoring a focus on innovation through acquisition.
Other Investing Activities, Net: These show mixed results with both positive and negative amounts scattered throughout the periods, indicating miscellaneous investing cash flows with no clear trend.
Net Cash Used for Investing Activities: Overall investing cash flows are predominantly negative and sizable, reaching outflows beyond $4 billion in multiple quarters, which is consistent with heavy investment spending and acquisition activities over the time frame.
Dividends Paid: Dividends show a steady upward trend, increasing from roughly $671 million per quarter in 2020 to about $1.35 billion in mid-2025. This consistent growth reflects a stable and increasing commitment to shareholder returns.
Net Change in Short-term Borrowings: This metric is highly volatile with large positive and negative swings, including substantial inflows exceeding $4.5 billion and outflows nearing $5.2 billion, indicating active short-term debt management and liquidity adjustments.
Proceeds from Issuance of Long-term Debt: Long-term debt issuances occur sporadically but in large increments, exceeding $6 billion in some quarters of 2024 and 2025, suggesting financing activities to support investments, acquisitions, or other cash needs.
Repayments of Long-term Debt: Debt repayments are irregular and sometimes substantial, with amounts over $1.9 billion in certain quarters, indicating active debt restructuring or obligations being met over the period.
Purchases of Common Stock: Shares repurchased vary widely, including large buyback programs exceeding $1.5 billion in certain quarters, reflecting ongoing capital return strategies through share repurchases with periods of intensified activity.
Other Financing Activities, Net: This category generally represents smaller inflows and outflows compared to other financing activities, with no definitive trend but occasional large negative swings, suggestive of miscellaneous financing cash flows.
Net Cash Provided by (Used for) Financing Activities: Financing cash flows fluctuate extensively between net inflows and outflows, with some quarters experiencing large outflows (e.g., multiple quarters in 2020-2021) and others significant inflows (e.g., Q4 2023), reflecting dynamic capital structure and liquidity management efforts.
Effect of Exchange Rate Changes on Cash and Cash Equivalents: Exchange rate effects on cash fluctuate considerably with both positive and negative impacts, occasionally large in magnitude. This highlights the company's exposure to foreign currency volatility affecting reported cash balances.
Net Increase (Decrease) in Cash and Cash Equivalents: The overall cash position oscillates between substantial decreases and increases throughout the timeline. Large decreases such as in Q1 2022 (-$1.36 billion) and large increases like Q1 2023 ($1.48 billion) reflect the interplay of operating, investing, and financing activities alongside currency impacts.

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Eli Lilly & Co. (NYSE:LLY)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data