Revenue growth accelerated to 55.5% in 2026Q1, supported by a robust 81.9% gross margin that reflects significant pricing power within the high-value biologics market.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 72.25B | 65.18B | 45.04B | 34.12B | 28.54B | 28.32B | 24.54B | 22.32B | 21.49B | 19.97B | 21.22B | 19.96B | 19.62B | 23.11B | 22.6B | 24.29B | 23.08B | 21.84B | 20.37B | 18.63B | 15.69B | 14.65B | 13.86B | 12.58B | 11.08B | 11.54B | 10.86B | 10B | 9.24B | 7.99B | 7B |
| Revenue Growth % | 47.44% | 44.7% | 32% | 19.56% | 0.79% | 15.4% | 9.95% | 3.84% | 7.61% | -5.88% | 6.33% | 1.75% | -15.13% | 2.25% | -6.93% | 5.25% | 5.68% | 7.19% | 9.33% | 18.75% | 7.14% | 5.68% | 10.14% | 13.59% | -4.03% | 6.26% | 8.59% | 8.29% | 15.64% | 14.14% | 3.47% |
| Cost of Goods Sold | 11.92B | 10.56B | 8.42B | 7.08B | 6.63B | 7.31B | 5.48B | 4.72B | 4.68B | 4.45B | 5.71B | 5.04B | 4.93B | 4.91B | 4.8B | 5.07B | 4.37B | 4.25B | 4.38B | 4.25B | 3.55B | 3.47B | 3.22B | 2.68B | 2.18B | 2.16B | 1.62B | 1.66B | 1.52B | 1.44B | 1.33B |
| COGS % of Revenue | - | 16.21% | 18.69% | 20.75% | 23.23% | 25.82% | 22.34% | 21.15% | 21.78% | 22.27% | 26.91% | 25.24% | 25.15% | 21.24% | 21.22% | 20.87% | 18.92% | 19.45% | 21.48% | 22.8% | 22.6% | 23.72% | 23.26% | 21.26% | 19.65% | 18.72% | 14.91% | 16.58% | 16.51% | 17.98% | 18.98% |
| Gross Profit | 60.33B | 54.62B | 36.62B | 27.04B | 21.91B | 21.01B | 19.06B | 17.6B | 16.81B | 15.53B | 15.51B | 14.92B | 14.68B | 18.2B | 17.81B | 19.22B | 18.71B | 17.59B | 16B | 14.38B | 12.14B | 11.17B | 10.63B | 9.91B | 8.9B | 9.38B | 9.24B | 8.34B | 7.71B | 6.55B | 5.67B |
| Gross Margin % | 83.51% | 83.79% | 81.31% | 79.25% | 76.77% | 74.18% | 77.66% | 78.85% | 78.22% | 77.73% | 73.09% | 74.76% | 74.85% | 78.76% | 78.78% | 79.13% | 81.08% | 80.55% | 78.52% | 77.2% | 77.4% | 76.28% | 76.74% | 78.74% | 80.35% | 81.28% | 85.09% | 83.42% | 83.49% | 82.02% | 81.02% |
| Gross Profit Growth % | - | 49.12% | 35.44% | 23.41% | 4.31% | 10.23% | 8.29% | 4.68% | 8.28% | 0.09% | 3.96% | 1.62% | -19.35% | 2.24% | -7.35% | 2.72% | 6.37% | 9.96% | 11.2% | 18.45% | 8.71% | 5.05% | 7.33% | 11.31% | -5.13% | 1.51% | 10.76% | 8.2% | 17.71% | 15.55% | 4.38% |
| Operating Expenses | 27.2B | 24.92B | 19.12B | 16.25B | 13.26B | 13.07B | 11.85B | 11.6B | 10.79B | 11.28B | 11.64B | 11.33B | 11.35B | 12.66B | 12.79B | 12.9B | 11.94B | 11.22B | 10.47B | 9.58B | 8.02B | 7.52B | 6.98B | 6.41B | 5.57B | 5.65B | 5.68B | 4.98B | 4.89B | 4.11B | 3.63B |
| OpEx % of Revenue | - | 38.23% | 42.45% | 47.63% | 46.45% | 46.16% | 48.27% | 51.97% | 50.18% | 56.46% | 54.85% | 56.76% | 57.88% | 54.76% | 56.59% | 53.12% | 51.73% | 51.38% | 51.38% | 51.42% | 51.11% | 51.36% | 50.33% | 50.91% | 50.31% | 48.97% | 52.32% | 49.79% | 52.91% | 51.49% | 51.8% |
| Selling, General & Admin | 11.67B | 11.09B | 8.13B | 6.94B | 6.07B | 6.14B | 5.87B | 6B | 5.73B | 6.18B | 6.33B | 6.53B | 6.62B | 7.13B | 7.51B | 7.88B | 7.05B | 6.89B | 6.63B | 6.1B | 4.89B | 4.5B | 4.28B | 4.06B | 3.42B | 3.42B | 3.23B | 2.76B | 2.66B | 2.23B | 1.89B |
| SG&A % of Revenue | - | 17.02% | 18.05% | 20.34% | 21.26% | 21.69% | 23.92% | 26.9% | 26.68% | 30.94% | 29.83% | 32.73% | 33.75% | 30.83% | 33.24% | 32.45% | 30.57% | 31.56% | 32.53% | 32.71% | 31.16% | 30.71% | 30.92% | 32.23% | 30.91% | 29.61% | 29.72% | 27.57% | 28.78% | 27.96% | 27.04% |
| Research & Development | 14.11B | 13.34B | 10.99B | 9.31B | 7.19B | 6.93B | 5.98B | 5.59B | 5.05B | 5.1B | 5.31B | 4.8B | 4.73B | 5.53B | 5.28B | 5.02B | 4.88B | 4.33B | 3.84B | 3.49B | 3.13B | 3.03B | 2.69B | 2.35B | 2.15B | 2.24B | 2.02B | 1.78B | 1.74B | 1.37B | 1.19B |
| R&D % of Revenue | - | 20.46% | 24.4% | 27.29% | 25.19% | 24.47% | 24.35% | 25.07% | 23.5% | 25.51% | 25.02% | 24.03% | 24.13% | 23.93% | 23.35% | 20.67% | 21.17% | 19.81% | 18.85% | 18.71% | 19.94% | 20.66% | 19.42% | 18.68% | 19.4% | 19.36% | 18.58% | 17.83% | 18.83% | 17.15% | 17% |
| Other Operating Expenses | 2M | 487.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 435.8M | 439.7M | 490.4M | 509.8M | 543.5M |
| Operating Income | 33.14B | 29.7B | 17.5B | 10.79B | 8.65B | 7.93B | 7.21B | 6B | 6.03B | 4.25B | 3.87B | 3.59B | 3.33B | 5.55B | 5.02B | 6.32B | 6.77B | 6.37B | 5.53B | 4.8B | 4.13B | 3.65B | 3.66B | 3.5B | 3.33B | 3.73B | 3.56B | 3.36B | 2.82B | 2.44B | 2.04B |
| Operating Margin % | 45.87% | 45.56% | 38.86% | 31.61% | 30.32% | 28.01% | 29.38% | 26.88% | 28.04% | 21.28% | 18.24% | 18% | 16.97% | 24% | 22.19% | 26.01% | 29.35% | 29.17% | 27.13% | 25.78% | 26.29% | 24.91% | 26.4% | 27.83% | 30.04% | 32.31% | 32.77% | 33.63% | 30.58% | 30.53% | 29.21% |
| Operating Income Growth % | - | 69.67% | 62.24% | 24.66% | 9.08% | 10.02% | 20.19% | -0.44% | 41.79% | 9.78% | 7.77% | 7.91% | -40% | 10.62% | -20.62% | -6.71% | 6.31% | 15.23% | 15.1% | 16.42% | 13.07% | -0.28% | 4.48% | 5.23% | -10.78% | 4.78% | 5.83% | 19.09% | 15.83% | 19.28% | 3.15% |
| EBITDA | 34.75B | 31.26B | 19.27B | 12.31B | 10.18B | 9.48B | 8.53B | 7.23B | 7.63B | 5.82B | 5.37B | 5.02B | 4.71B | 6.99B | 6.48B | 7.69B | 8.1B | 7.67B | 6.65B | 5.85B | 4.93B | 4.38B | 4.26B | 4.05B | 3.82B | 4.18B | 4B | 3.8B | 3.31B | 2.95B | 2.59B |
| EBITDA Margin % | 48.09% | 47.96% | 42.78% | 36.09% | 35.65% | 33.48% | 34.78% | 32.4% | 35.52% | 29.12% | 25.29% | 25.15% | 24% | 30.26% | 28.66% | 31.67% | 35.1% | 35.12% | 32.65% | 31.4% | 31.4% | 29.87% | 30.71% | 32.19% | 34.49% | 36.25% | 36.78% | 38.02% | 35.89% | 36.91% | 36.98% |
| EBITDA Growth % | 57.92% | 62.23% | 56.47% | 21.02% | 7.33% | 11.08% | 18.01% | -5.28% | 31.25% | 8.37% | 6.93% | 6.63% | -32.69% | 7.97% | -15.78% | -5.05% | 5.64% | 15.3% | 13.67% | 18.74% | 12.62% | 2.79% | 5.08% | 6.01% | -8.7% | 4.74% | 5.05% | 14.74% | 12.44% | 13.93% | 2.06% |
| D&A (Non-Cash Add-back) | 1.61B | 1.56B | 1.77B | 1.53B | 1.52B | 1.55B | 1.32B | 1.23B | 1.61B | 1.57B | 1.5B | 1.43B | 1.38B | 1.45B | 1.46B | 1.37B | 1.33B | 1.3B | 1.12B | 1.05B | 801.8M | 726.4M | 597.5M | 548.5M | 493M | 454.9M | 435.8M | 439.7M | 490.4M | 509.8M | 543.5M |
| EBIT | 31.52B | 26.37B | 13.46B | 7.04B | 7.14B | 6.5B | 7.59B | 5.67B | 3.92B | 2.53B | 3.56B | 2.95B | 3.15B | 6.05B | 5.59B | 5.54B | 6.71B | 5.62B | -1.08B | 4.8B | 4.13B | 3.65B | 3.66B | 3.5B | 3.33B | 3.73B | 3.56B | 3.36B | 2.82B | 2.44B | 2.04B |
| Net Interest Income | -778.6M | -642M | -605.4M | -312.3M | -268.8M | -314.4M | -326.6M | -320.2M | -83.2M | -58.6M | -76.5M | -74.2M | -27.8M | -40.4M | -72.8M | -106.1M | -133.6M | -186.1M | -17.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 105M | 153.3M | 175.2M | 173.6M | 62.8M | 25.4M | 33M | 80.4M | 159.3M | 166.4M | 108.7M | 87M | 121M | 119.7M | 105M | 79.9M | 51.9M | 75.2M | 210.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 883.6M | 795.3M | 780.6M | 485.9M | 331.6M | 339.8M | 359.6M | 400.6M | 242.5M | 225M | 185.2M | 161.2M | 148.8M | 160.1M | 177.8M | 186M | 185.5M | 261.3M | 228.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -2.01B | -3.96B | -4.82B | -4.23B | -1.85B | -1.78B | 19.1M | -733.5M | -2.35B | -1.95B | -497.3M | -802.1M | -328.4M | 341.2M | 392.9M | -968.4M | -247M | -1.01B | -6.84B | -926.1M | -707.4M | -931.1M | -716.8M | -240.1M | 130M | -177.7M | 299M | -118.3M | -159.5M | 462.7M | 87M |
| Pretax Income | 31.12B | 25.73B | 12.68B | 6.55B | 6.81B | 6.16B | 7.23B | 5.27B | 3.68B | 2.3B | 3.37B | 2.79B | 3B | 5.89B | 5.41B | 5.35B | 6.53B | 5.36B | -1.31B | 3.88B | 3.42B | 2.72B | 2.94B | 3.26B | 3.46B | 3.55B | 3.86B | 3.25B | 2.67B | 2.9B | 2.13B |
| Pretax Margin % | 43.08% | 39.48% | 28.15% | 19.21% | 23.85% | 21.74% | 29.46% | 23.59% | 17.12% | 11.54% | 15.9% | 13.98% | 15.3% | 25.48% | 23.93% | 22.03% | 28.28% | 24.54% | -6.42% | 20.81% | 21.78% | 18.56% | 21.23% | 25.92% | 31.21% | 30.77% | 35.52% | 32.44% | 28.85% | 36.32% | 30.45% |
| Income Tax | 5.85B | 5.09B | 2.09B | 1.31B | 561.6M | 573.8M | 1.04B | 628M | 529.5M | 2.39B | 636.4M | 381.6M | 609.8M | 1.2B | 1.32B | 1B | 1.46B | 1.03B | 764.3M | 923.8M | 755.3M | 715.9M | 1.13B | 700.9M | 749.8M | 742.7M | 800.9M | 698.7M | 568.7M | 885.2M | 505.6M |
| Effective Tax Rate % | 18.79% | 19.79% | 16.49% | 20.05% | 8.25% | 9.32% | 14.33% | 11.93% | 14.39% | 103.75% | 18.86% | 13.68% | 20.32% | 20.45% | 24.4% | 18.73% | 22.31% | 19.21% | -58.45% | 23.83% | 22.1% | 26.34% | 38.47% | 21.49% | 21.68% | 20.91% | 20.76% | 21.53% | 21.34% | 30.51% | 23.72% |
| Net Income | 25.27B | 20.64B | 10.59B | 5.24B | 6.24B | 5.58B | 6.19B | 8.32B | 3.23B | -204.1M | 2.74B | 2.41B | 2.39B | 4.68B | 4.09B | 4.35B | 5.07B | 4.33B | -2.07B | 2.95B | 2.66B | 1.98B | 1.81B | 2.56B | 2.71B | 2.78B | 3.06B | 2.72B | 2.1B | -385.1M | 1.52B |
| Net Margin % | 34.98% | 31.66% | 23.51% | 15.36% | 21.88% | 19.71% | 25.24% | 37.27% | 15.04% | -1.02% | 12.9% | 12.07% | 12.19% | 20.27% | 18.09% | 17.9% | 21.97% | 19.82% | -10.17% | 15.85% | 16.97% | 13.52% | 13.06% | 20.35% | 24.45% | 24.08% | 28.15% | 27.2% | 22.71% | -4.82% | 21.77% |
| Net Income Growth % | 127.57% | 94.88% | 102.08% | -16.08% | 11.88% | -9.88% | -25.54% | 157.38% | 1683.54% | -107.46% | 13.67% | 0.75% | -48.97% | 14.58% | -5.96% | -14.24% | 17.11% | 308.93% | -170.16% | 10.9% | 34.51% | 9.36% | -29.32% | -5.43% | -2.59% | -9.09% | 12.38% | 29.7% | 644.77% | -125.28% | -33.5% |
| Net Income (Continuing) | 25.27B | 20.64B | 10.59B | 5.24B | 6.24B | 5.58B | 6.19B | 4.64B | 3.15B | -86.4M | 2.74B | 2.41B | 2.39B | 4.68B | 4.09B | 4.35B | 5.07B | 4.33B | -2.07B | 2.95B | 2.66B | 2B | 1.81B | 2.56B | 2.71B | 2.81B | 3.06B | 2.55B | 2.1B | 2.02B | 1.63B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.68B | 81.4M | -117.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 174.3M | 8.8M | -2.4B | -102.2M |
| Minority Interest | 0 | 0 | 79.5M | 91.8M | 125.6M | 175.6M | 183.6M | 92.2M | 1.08B | 75.7M | 72.8M | 19M | 14.9M | 9.3M | 8.7M | -6.1M | -7.5M | 1.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 160M | 0 |
| EPS (Diluted) | 28.21 | 22.95 | 11.71 | 5.80 | 6.57 | 5.85 | 6.47 | 8.69 | 3.13 | -0.19 | 2.49 | 2.18 | 2.15 | 4.19 | 3.57 | 3.90 | 4.58 | 3.94 | -1.89 | 2.71 | 2.45 | 1.81 | 1.66 | 2.37 | 2.50 | 2.55 | 2.79 | 2.46 | 1.87 | -0.34 | 1.36 |
| EPS Growth % | 129.05% | 95.99% | 101.9% | -11.72% | 12.31% | -9.58% | -25.55% | 177.64% | 1747.37% | -107.63% | 14.22% | 1.4% | -48.69% | 17.37% | -8.46% | -14.85% | 16.24% | 308.47% | -169.74% | 10.61% | 35.36% | 9.04% | -29.96% | -5.2% | -1.96% | -8.6% | 13.41% | 31.55% | 650% | -125% | -32.67% |
| EPS (Basic) | - | 23.00 | 11.76 | 5.83 | 6.57 | 5.85 | 6.47 | 8.69 | 3.14 | -0.19 | 2.49 | 2.18 | 2.15 | 4.19 | 3.57 | 3.90 | 4.58 | 3.94 | -1.89 | 2.71 | 2.45 | 1.82 | 1.67 | 2.38 | 2.51 | 2.58 | 2.83 | 2.50 | 1.91 | -0.35 | 1.39 |
| Diluted Shares Outstanding | 895.9M | 898M | 904.06M | 903.28M | 950.18M | 953.65M | 956.59M | 957.53M | 1.03B | 1.05B | 1.1B | 1.11B | 1.11B | 1.12B | 1.15B | 1.11B | 1.11B | 1.1B | 1.09B | 1.09B | 1.09B | 1.09B | 1.09B | 1.08B | 1.08B | 1.09B | 1.1B | 1.11B | 1.12B | 1.13B | 1.12B |
| Basic Shares Outstanding | 894.5M | 898M | 900.61M | 899.38M | 950.18M | 953.65M | 956.59M | 957.53M | 1.03B | 1.05B | 1.1B | 1.11B | 1.11B | 1.12B | 1.15B | 1.11B | 1.11B | 1.1B | 1.09B | 1.09B | 1.09B | 1.09B | 1.08B | 1.08B | 1.08B | 1.08B | 1.08B | 1.09B | 1.1B | 1.1B | 1.09B |
| Dividend Payout Ratio | - | 26.09% | 44.2% | 77.65% | 56.62% | 55.3% | 43.38% | 28.97% | 71.53% | - | 78.85% | 88.33% | 87.9% | 45.27% | 53.5% | 50.14% | 42.71% | 49.72% | - | 62.77% | 65.21% | 83.6% | 85.07% | 56.35% | 49.33% | 43.42% | 36.82% | 36.77% | 41.84% | - | 49.44% |
Supply chain capacity constraints
As reported in recent financial statements, Eli Lilly achieved a 55.5% year-over-year revenue growth in 2026Q1, signaling a rapid transition toward a high-growth metabolic powerhouse driven by the successful commercialization of its proprietary dual-agonist peptide platform and sustained demand for its core diabetes and obesity portfolio.
The acceleration in top-line growth suggests that the company is successfully capturing significant market share in the incretin space, effectively outpacing traditional pharmaceutical growth cycles. Investors should monitor whether this trajectory remains sustainable as the company scales its manufacturing capacity to meet the substantial unmet demand for its metabolic therapies.
Based on reported figures, Eli Lilly maintained a robust 81.9% gross margin in 2026Q1, reflecting the company's significant pricing power and the high-value nature of its patent-protected biologics portfolio compared to the broader pharmaceutical peer group which often struggles with lower-margin legacy products.
The consistency of these high gross margins suggests that the company's therapeutic focus on high-barrier-to-entry biologics provides a durable buffer against commodity cost volatility. This margin profile appears to be a direct result of the company's strategic shift toward specialized metabolic treatments, which command premium pricing in the current healthcare environment.
According to recent SEC filings, Eli Lilly's operating income reached $8.8 billion in 2026Q1, demonstrating significant operating leverage as the company scales its revenue base faster than its underlying SG&A and R&D expenditures, which have remained disciplined despite the aggressive global launch of new metabolic products.
The ability to maintain an operating margin of 44.7% while simultaneously investing heavily in R&D and manufacturing capacity suggests a highly efficient operational model. This trend warrants further investigation into whether the company can continue to optimize its cost structure as it moves past the initial, high-cost phases of its current product launches.
While the company exhibits strong growth, historical data indicates that supply constraints and potential U.S. federal price negotiations under the Inflation Reduction Act may pose risks to the long-term realization of the metabolic portfolio's full revenue potential, as noted in recent industry-wide regulatory and operational disclosures.
The reliance on specialized manufacturing for its incretin platform creates a single point of failure that could lead to market share erosion if competitors resolve their own supply issues more quickly. Furthermore, the concentration of revenue in the U.S. market suggests that any legislative changes to drug pricing could disproportionately impact the company's bottom line compared to more geographically diversified peers.
Quick answers to the most common questions about buying LLY stock.
For fiscal year 2025, Eli Lilly and Company (LLY) reported total revenue of $65.18B. This represents a 831.4% increase compared to $7.00B in 1996.
Eli Lilly and Company (LLY) is profitable, generating $20.64B in net income for the fiscal year ending 2025 with a net profit margin of 31.7%.
Eli Lilly and Company (LLY) reported an operating income of $29.70B, resulting in an operating profit margin of 45.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Eli Lilly and Company (LLY) generated $54.62B in gross profit for the year, representing a gross profit margin of 83.8%. This demonstrates the company's core pricing power and production efficiency.