Eli Lilly and Company Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	20,640	10,590	5,240	6,245	5,582
Depreciation & Amortization	1,997	1,767	1,527	1,523	1,548
Stock-Based Compensation	626	646	629	371.1	342.8
Other Adjustments	1,023	373	-420	-1,013	179
Change in Receivables	-7,000	-2,155	-2,451	-299.6	-1,278
Changes in Inventories	-4,671	-2,507	-1,425	-599.7	-235.9
Changes in Accounts Payable	10,187	2,609	4,274	1,692	-1,014
Changes in Other Operating Activities	-5,989	-2,505	-3,134	-332.2	2,243
Operating Cash Flow	16,813	8,818	4,240	7,586	7,366
Operating Cash Flow Growth	90.67%	107.97%	-44.10%	2.98%	13.33%
Capital Expenditures	-7,841	-5,058	-3,448	-1,854	-1,310
Purchases of Intangible Assets	-3,008	-3,346	-3,944	-1,131	-668.6
Proceeds from Sale of Intangible Assets	218	601	1,604	95.8	216
Purchases of Investments	-645	-677	-731	-707.6	-1,013
Proceeds from Sale of Investments	964	374	508	463.6	847.4
Payments for Business Acquisitions	-661	-948	-1,044	-327.2	-747.4
Other Investing Activities	1	-248	-98	-302.2	-191.7
Investing Cash Flow	-10,972	-9,302	-7,153	-3,763	-2,868
Short-Term Debt Issued	-4,338	-1,852	4,691	1,498	-4
Net Short-Term Debt Issued (Repaid)	-4,338	-1,852	4,691	1,498	-4
Long-Term Debt Issued	13,167	11,417	3,959	-	2,411
Long-Term Debt Repaid	-778	-664	-	-1,560	-1,905
Net Long-Term Debt Issued (Repaid)	12,389	10,753	3,959	-1,560	505.4
Repurchase of Common Stock	-4,108	-2,500	-750	-1,500	-1,250
Net Common Stock Issued (Repurchased)	-4,108	-2,500	-750	-1,500	-1,250
Common Dividends Paid	-5,384	-4,680	-4,069	-3,536	-3,087
Other Financing Activities	-5,110	-2,343	4,356	1,189	-299.9
Financing Cash Flow	-2,213	1,230	3,496	-5,407	-4,131
Effect of Exchange Rate Changes on Cash and Cash Equivalents	372	-297	169	-167.6	-205.7
Net Cash Flow	4,000	449	752	-1,752	161.4
Free Cash Flow	8,972	3,760	792	5,731	6,056
Free Cash Flow Growth	138.62%	374.75%	-86.18%	-5.36%	18.48%
FCF Margin	13.77%	8.35%	2.32%	20.08%	21.39%
Free Cash Flow Per Share	9.98	4.16	0.88	6.34	6.64
Levered Free Cash Flow	22,374	13,797	11,684	6,611	7,314
Unlevered Free Cash Flow	14,781	5,079	2,956	6,968	6,995

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.