Eli Lilly and (LLY) 10-K Summary — Year Ended Dec 31, 2025
Eli Lilly reported a significant increase in revenue for the latest fiscal year, driven by strong product demand. Net income also rose substantially, while operating cash flow remained robust.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Eli Lilly reported a significant increase in revenue for the latest fiscal year, driven by strong product demand. Net income also rose substantially, while operating cash flow remained robust.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$65.2B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$20.6B
Net income reported for the year.
Operating cash flow
$16.8B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $28.5B | +0.8% |
| Dec 31, 2023 | $34.1B | +19.6% |
| Dec 31, 2024 | $45B | +32.0% |
| Dec 31, 2025 | $65.2B | +44.7% |
Business overview
Eli Lilly is a pharmaceutical company that discovers, develops, and markets human medicines. The company focuses on areas such as diabetes, oncology, immunology, and neuroscience. Its business operations include manufacturing and selling both branded and generic pharmaceutical products globally.
Financial performance
Revenue grew substantially compared to the prior year, continuing a multi-year upward trend. Net income also increased significantly. Operating cash flow was reported at a level consistent with strong earnings generation.
Material risks
The filing identifies risks related to manufacturing capacity expansion, including potential obligations under contract manufacturing agreements if specified purchase volumes are not met. The company also faces risks from competition, regulatory changes, and reliance on key products. Additionally, cybersecurity threats and unresolved staff comments are noted as potential concerns.
Liquidity and capital
Capital expenditures increased significantly as the company invests in global manufacturing facilities to meet demand. The company expects meaningfully higher capital spending in the near term and has entered into agreements that could require substantial payments if minimum purchase commitments are not fulfilled.
What to watch
Investors should monitor the company's progress in expanding manufacturing capacity and any related contractual obligations or cost overruns.