LLYHIGH SIGNALFINANCIAL10-K

Eli Lilly delivered exceptional financial performance with nearly all key metrics showing substantial growth, including 95% net income growth and 122% cash increase.

This represents a breakout year for LLY with remarkable operational leverage demonstrated by 91% operating cash flow growth outpacing revenue expansion. The company is aggressively returning capital to shareholders with 64% higher buybacks while simultaneously investing in growth through 81% inventory increases, suggesting strong demand visibility and confident management.

Comparing 2026-02-12 vs 2025-02-19View on EDGAR →
FINANCIAL ANALYSIS

LLY's financial statements reveal explosive growth across virtually every metric, with net income nearly doubling to $20.6B and cash more than doubling to $7.3B. The company expanded inventory by 81% and accounts receivable by 61%, indicating robust demand and sales growth, while maintaining strong capital allocation discipline through increased share buybacks despite higher debt levels. This comprehensive financial strength across operations, balance sheet, and cash generation signals a company experiencing significant business momentum and market success.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+122.4%
$3.3B→$7.3B

Cash position surged 122.4% — strong cash generation or capital raise providing significant financial cushion.

Net Income
P&L
+94.9%
$10.6B→$20.6B

Net income grew 94.9% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+90.7%
$8.8B→$16.8B

Operating cash flow surged 90.7% — exceptional cash generation, highest quality earnings signal.

Stockholders Equity
Balance Sheet
+87%
$14.2B→$26.5B

Equity base grew 87% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Inventory
Balance Sheet
+81.1%
$7.6B→$13.7B

Inventory surged 81.1% — growing significantly faster than typical sales pace; potential demand softening or supply chain overcorrection.

Current Assets
Balance Sheet
+69.9%
$32.7B→$55.6B

Current assets grew 69.9% — improving short-term liquidity or inventory/receivables build.

Share Buybacks
Cash Flow
+64.3%
$2.5B→$4.1B

Share repurchases increased 64.3% — management returning capital, signals confidence in intrinsic value.

Accounts Receivable
Balance Sheet
+61.4%
$11.0B→$17.8B

Receivables surged 61.4% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Total Debt
Balance Sheet
+54.3%
$19.1B→$29.5B

Debt increased 54.3% — substantial leverage increase; assess whether deployed for growth or covering losses.

Interest Expense
P&L
+46.5%
$331.6M→$485.9M

Interest expense surged 46.5% — significant debt increase or rising rates materially impacting earnings.

LANGUAGE CHANGES
NEW — 2026-02-12
PRIOR — 2025-02-19
ADDED
Management's Discussion and Analysis of Results of Operations and Financial Condition 43 Item 7A.
Inluriyo For the treatment of adults with ER-positive HER2-negative, ESR1-mutated advanced or metastatic breast cancer whose disease progressed after at least one line of endocrine therapy.
Jaypirca For the treatment of adult patients with relapsed or refractory chronic lymphocytic leukemia or small lymphocytic lymphoma (CLL/SLL) who have previously been treated with a covalent BTK inhibitor; and for the treatment of adult patients with relapsed or refractory mantle cell lymphoma (MCL) after at least two lines of systemic therapy, including a BTK inhibitor.
The products we market and their distribution vary from country to country depending on the market and applicable regulations.
As applicable, we educate healthcare providers about our products in various ways, including via promotion in online and other channels, distributing information and samples of certain products to physicians, and exhibiting at medical meetings.
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REMOVED
Management's Discussion and Analysis of Results of Operations and Financial Condition 41 Item 7A.
Jaypirca For the treatment of adult patients with relapsed or refractory mantle cell lymphoma (MCL) after at least two lines of systemic therapy, including a BTK inhibitor; and for the treatment of adult patients with chronic lymphocytic leukemia or small lymphocytic lymphoma who have received at least two prior lines of therapy, including a BTK inhibitor and a BCL-2 inhibitor.
We educate healthcare providers about our products in various ways, including promoting in online channels, distributing literature and samples of certain products to physicians, and exhibiting at medical meetings.
Our account managers service wholesalers, pharmacy benefit managers, managed care organizations, group purchasing organizations, government and long-term care institutions, hospitals, and certain retail pharmacies.
We enter into arrangements with these organizations to provide discounts or rebates on our products.
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