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:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Eli Lilly & Co., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 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 (loss)
- The net income figures show considerable volatility over the observed periods. The company experienced a strong net income around late 2020, peaking at over $2 billion in Dec 31, 2020, before dipping sharply in the middle of 2022 and again in Q3 2023 with a loss. The most recent data indicates a recovery with substantial net income reaching $4.4 billion as of Mar 31, 2025.
- Depreciation and amortization
- This expense category shows a general upward trend over the years, increasing from approximately $273 million in early 2020 to about $463 million by Mar 31, 2025. This suggests growing capital assets or amortizable intangibles over time.
- Change in deferred income taxes
- The changes in deferred income taxes fluctuated significantly, with large negative values especially in 2021 and the latter part of 2022 and 2024. This indicates substantial deferred tax liabilities or assets adjustments during these periods, affecting cash flows.
- Debt extinguishment loss
- A notable one-time loss on debt extinguishment occurred in Sep 30, 2021, reflected as a large expense of about $405 million. Thereafter, no further such losses were reported.
- Stock-based compensation expense
- Stock-based compensation expenses have steadily increased from approximately $72 million in early 2020 to a peak of around $215 million in Sep 2023, before moderating somewhat. This reflects increasing equity compensation costs, potentially to incentivize employees or executives.
- Net investment (gains) losses
- Investment gains and losses experienced notable swings. Gains were substantial in early 2020 and again around 2022 Q4, whereas losses appear in late 2021 and parts of 2023 and 2024, indicating variable investment performance or portfolio adjustments.
- Gains on sale of product rights
- There were no gains reported until Q4 2022, when sizable gains appeared, including a significant one-time gain of nearly $1.85 billion in Q3 2023. This points to strategic divestitures contributing meaningfully to income during this period.
- Acquired in-process research and development
- The amounts spent on acquired in-process research and development were generally variable but trended upward, with significant spikes in late 2023 and early 2025, indicating aggressive investment in developing intangible R&D assets through acquisitions.
- Other changes in operating assets and liabilities
- These figures were highly volatile, with frequent large inflows and outflows, including substantial negative cash impacts in late 2023 and early 2025. This suggests considerable working capital fluctuations and possibly timing impacts from acquisitions, divestitures, or operational adjustments.
- Other operating activities, net
- This category displayed variability with occasional large positive inflows, notably in early 2025, and some significant negative corrections in late 2022 and 2023. This implies irregular other operational cash activities affecting cash flow consistency.
- Adjustments to reconcile net income to cash flows from operations
- These adjustments were large and fluctuating, reflecting varying non-cash items, with spikes in positive adjustments early in 2020 and large negative adjustments in 2023 and 2024, revealing volatility in non-cash accruals and provisions impacting operating cash flow conversion.
- Net cash provided by operating activities
- Operating cash flows generally remained strong with peaks in early 2020 and again in late 2024 and early 2025, despite intermittent downturns such as in mid-2023. The company demonstrates overall robust cash generation from operations over the period.
- Purchases of property and equipment
- Capital expenditures steadily increased from around $258 million in early 2020 to over $1.5 billion by early 2025, indicating significant ongoing investment in physical assets or expansion initiatives.
- Proceeds from and purchases of short-term investments
- Short-term investment transactions fluctuate, with proceeds generally exceeding purchases in earlier years and notable purchases increasing in 2021 and 2022, indicating active portfolio management of short-term financial assets.
- Proceeds from sales and distributions from noncurrent investments
- These proceeds showed sporadic spikes, with significant inflows around Q1 2023 and mid-2024, suggesting occasional realizations of longer-term investment assets contributing to liquidity.
- Purchases of noncurrent investments
- Noncurrent investment acquisitions increased significantly over the period with peaks around 2023-2025, reflecting strategic allocations to longer-term assets or securities.
- Proceeds from sale of product rights
- Sales of product rights yielded no activity until late 2022 and 2023, when multiple substantial inflows occurred, highlighting a divestment strategy involving intellectual property or product-related assets.
- Cash paid for acquisitions, net of cash acquired
- Acquisition-related cash outflows show several large payments, particularly in late 2022 and 2023, totaling well over $1 billion on multiple occasions, indicating a strategy of growth through acquisitions with significant cash deployment.
- Purchases of in-process research and development
- Cash outflows for in-process R&D purchases varied but showed major spikes in late 2023 and early 2025, pointing towards aggressive investment in early-stage R&D assets.
- Other investing activities, net
- These activities oscillate between positive and negative values with substantial negative swings in late 2023, suggesting occasional large, non-recurring investing transactions.
- Net cash used for investing activities
- Investing cash outflows remain consistently large, often exceeding $1 billion quarterly, with peaks in late 2023 and early 2025. This illustrates continuous, significant capital deployment toward asset acquisition and investment.
- Dividends paid
- Dividends steadily increased from approximately $671 million in early 2020 to over $1.3 billion by early 2025, reflecting growing shareholder return commitments.
- Net change in short-term borrowings
- This measure is highly volatile with multiple reversals, including large borrowings and repayments, indicating dynamic short-term debt management to support operational or investment needs.
- Proceeds from issuance and repayments of long-term debt
- The company engaged in significant long-term debt issuance notably in 2020, 2021, 2023, and 2024, with repayments occurring more sporadically but at substantial amounts. This suggests active management of long-term capital structure, likely to finance acquisitions or investments.
- Purchases of common stock
- Common stock repurchases varied, with increased activity especially in late 2021 and 2023, reflecting efforts to return value to shareholders or manage share count on a sizeable scale.
- Other financing activities, net
- Other financing cash flows were generally negative, with occasional minor inflows, indicating ongoing outflows related to financing arrangements or fees.
- Net cash provided by (used for) financing activities
- Financing activities show large oscillations between cash inflows and outflows. Significant cash inflows from financing were seen in early 2020 and again in late 2023 and 2024, corresponding with debt issuances and possibly stock transactions, offset by large repayments and share repurchases in other periods.
- Effect of exchange rate changes on cash and cash equivalents
- The impact of foreign exchange rate changes on cash was variable, with some quarters showing significant positive or negative effects, contributing to overall cash flow volatility.
- Net increase (decrease) in cash and cash equivalents
- The net cash position fluctuates substantially from quarter to quarter. Noteworthy is the sharp decrease in cash in early 2022 and again in late 2023, contrasted with periods of strong cash accumulation, such as mid-2020 and early 2025, illustrating an overall variable liquidity profile influenced by operational and investing cash flow variances.