Snapshot

Income statement snapshot

ELI LILLY AND COMPANY's top line, gross profit, pretax income, and bottom-line conversion. Values in USD millions.

Revenue

+23.2%

$65.2B

Compound growth, FY2021 to FY2025

Gross profit

+26.7%

$54.1B

Compound growth, FY2021 to FY2025

Pretax Income

+43.0%

$25.7B

Compound growth, FY2021 to FY2025

Net income

+38.7%

$20.6B

Compound growth, FY2021 to FY2025

Headline results

Four lines, five fiscal years, straight from the filings.

Revenue$65,179

Gross profit$54,127

Pretax Income$25,731

Net income$20,640

Filing10-K

ELI LILLY AND COMPANY headline income statement
Metric	2025	2024	2023	2022	2021
Revenue	$65,179	$45,043	$34,124	$28,541	$28,318
Gross profit	$54,127	$36,625	$27,042	$21,912	$21,006
Pretax Income	$25,731	$12,680	$6,554	$6,806	$6,156
Net income	$20,640	$10,590	$5,240	$6,245	$5,582
Filing	10-K	10-K	10-K	10-K	10-K

Trend

The same four lines drawn across the window.

All values shown in USD millions unless noted otherwise.

Line items

Expanded line items

The full annual income statement layer for ELI LILLY AND COMPANY, from revenue down to share counts.

Statement basis

USD millions, except per-share and share-count rows.

Total revenue$65,179

Cost of revenue$11,052

Gross profit$54,127

Research & development$13,337

Selling, general & administrative$11,094

Pretax Income$25,731

Interest expenseN/A

Other non-operating income (expense)-$571

Income tax expense (benefit)$5,091

Net income$20,640

Basic EPS$23.00

Diluted EPS$22.95

Basic average shares897.3M

Diluted average shares899.3M

Filing10-K

ELI LILLY AND COMPANY expanded income statement
Line item	2025	2024	2023	2022	2021
Total revenue	$65,179	$45,043	$34,124	$28,541	$28,318
Cost of revenue	$11,052	$8,418	$7,082	$6,630	$7,313
Gross profit	$54,127	$36,625	$27,042	$21,912	$21,006
Research & development	$13,337	$10,991	$9,313	$7,191	$6,931
Selling, general & administrative	$11,094	$8,594	$7,404	$6,440	$6,432
Pretax Income	$25,731	$12,680	$6,554	$6,806	$6,156
Interest expense	N/A	N/A	$486	$332	$340
Other non-operating income (expense)	-$571	-$219	$97	-$14	$51
Income tax expense (benefit)	$5,091	$2,090	$1,314	$562	$574
Net income	$20,640	$10,590	$5,240	$6,245	$5,582
Basic EPS	$23.00	$11.76	$5.82	$6.93	$6.15
Diluted EPS	$22.95	$11.71	$5.80	$6.90	$6.12
Basic average shares	897.3M	900.6M	900.2M	901.7M	907.0M
Diluted average shares	899.3M	904.1M	903.3M	904.6M	911.7M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from the SEC EDGAR database for ELI LILLY AND COMPANY.

Margins

Profitability conversion

How much of ELI LILLY AND COMPANY's revenue survives through gross profit, pretax income, and net income.

Gross margin

+887 bps

83.0%

FY2025, versus FY2021

Pretax Margin

+1774 bps

39.5%

FY2025, versus FY2021

Net income margin

+1196 bps

31.7%

FY2025, versus FY2021

Observation window

years

FY2021 through FY2025

Margin table

Side-by-side read of gross, operating and net margin.

Gross margin83.0%

Pretax Margin39.5%

Net income margin31.7%

Filing10-K

Margin trend

The shape of profitability across the window.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

Year on year

Annual momentum

Every headline line of ELI LILLY AND COMPANY's statement measured against the immediately prior period.

Revenue YoY

FY2024

+44.7%

FY2025 versus FY2024

Gross profit YoY

FY2024

+47.8%

FY2025 versus FY2024

Pretax Income YoY

FY2024

+102.9%

FY2025 versus FY2024

Net income YoY

FY2024

+94.9%

FY2025 versus FY2024

Year-on-year table

Contractions are tinted so slowdowns are obvious.

Revenue growth+44.7%

Gross profit growth+47.8%

Pretax Income Growth+102.9%

Net income growth+94.9%

Filing10-K

ELI LILLY AND COMPANY year-on-year change
Metric	2025	2024	2023	2022	2021
Revenue growth	+44.7%	+32.0%	+19.6%	+0.8%	N/A
Gross profit growth	+47.8%	+35.4%	+23.4%	+4.3%	N/A
Pretax Income Growth	+102.9%	+93.5%	-3.7%	+10.6%	N/A
Net income growth	+94.9%	+102.1%	-16.1%	+11.9%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum

Whether the business is accelerating or rolling over.

Year-on-year change compares each annual period against the immediately prior year inside the selected window.

Compound growth

Through-cycle growth

Compounded annual growth from FY2021 to FY2025, which filters out one-year noise.

Revenue CAGR

4yr

+23.2%

FY2021 to FY2025

Gross profit CAGR

4yr

+26.7%

FY2021 to FY2025

Pretax Income CAGR

4yr

+43.0%

FY2021 to FY2025

Net income CAGR

4yr

+38.7%

FY2021 to FY2025

Compound rates use the first and last reported year in the window, so a gap in either endpoint suppresses the figure.

Snapshot

Income statement snapshot

ELI LILLY AND COMPANY's top line, gross profit, pretax income, and bottom-line conversion. Values in USD millions.

Revenue

+23.2%

$65.2B

Compound growth, FY2021 to FY2025

Gross profit

+26.7%

$54.1B

Compound growth, FY2021 to FY2025

Pretax Income

+43.0%

$25.7B

Compound growth, FY2021 to FY2025

Net income

+38.7%

$20.6B

Compound growth, FY2021 to FY2025

Headline results

Four lines, five fiscal years, straight from the filings.

Revenue$65,179

Gross profit$54,127

Pretax Income$25,731

Net income$20,640

Filing10-K

ELI LILLY AND COMPANY headline income statement
Metric	2025	2024	2023	2022	2021
Revenue	$65,179	$45,043	$34,124	$28,541	$28,318
Gross profit	$54,127	$36,625	$27,042	$21,912	$21,006
Pretax Income	$25,731	$12,680	$6,554	$6,806	$6,156
Net income	$20,640	$10,590	$5,240	$6,245	$5,582
Filing	10-K	10-K	10-K	10-K	10-K

Trend

The same four lines drawn across the window.

All values shown in USD millions unless noted otherwise.

Line items

Expanded line items

The full annual income statement layer for ELI LILLY AND COMPANY, from revenue down to share counts.

Statement basis

USD millions, except per-share and share-count rows.

Total revenue$65,179

Cost of revenue$11,052

Gross profit$54,127

Research & development$13,337

Selling, general & administrative$11,094

Pretax Income$25,731

Interest expenseN/A

Other non-operating income (expense)-$571

Income tax expense (benefit)$5,091

Net income$20,640

Basic EPS$23.00

Diluted EPS$22.95

Basic average shares897.3M

Diluted average shares899.3M

Filing10-K

ELI LILLY AND COMPANY expanded income statement
Line item	2025	2024	2023	2022	2021
Total revenue	$65,179	$45,043	$34,124	$28,541	$28,318
Cost of revenue	$11,052	$8,418	$7,082	$6,630	$7,313
Gross profit	$54,127	$36,625	$27,042	$21,912	$21,006
Research & development	$13,337	$10,991	$9,313	$7,191	$6,931
Selling, general & administrative	$11,094	$8,594	$7,404	$6,440	$6,432
Pretax Income	$25,731	$12,680	$6,554	$6,806	$6,156
Interest expense	N/A	N/A	$486	$332	$340
Other non-operating income (expense)	-$571	-$219	$97	-$14	$51
Income tax expense (benefit)	$5,091	$2,090	$1,314	$562	$574
Net income	$20,640	$10,590	$5,240	$6,245	$5,582
Basic EPS	$23.00	$11.76	$5.82	$6.93	$6.15
Diluted EPS	$22.95	$11.71	$5.80	$6.90	$6.12
Basic average shares	897.3M	900.6M	900.2M	901.7M	907.0M
Diluted average shares	899.3M	904.1M	903.3M	904.6M	911.7M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from the SEC EDGAR database for ELI LILLY AND COMPANY.

Margins

Profitability conversion

How much of ELI LILLY AND COMPANY's revenue survives through gross profit, pretax income, and net income.

Gross margin

+887 bps

83.0%

FY2025, versus FY2021

Pretax Margin

+1774 bps

39.5%

FY2025, versus FY2021

Net income margin

+1196 bps

31.7%

FY2025, versus FY2021

Observation window

years

FY2021 through FY2025

Margin table

Side-by-side read of gross, operating and net margin.

Gross margin83.0%

Pretax Margin39.5%

Net income margin31.7%

Filing10-K

Margin trend

The shape of profitability across the window.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

Year on year

Annual momentum

Every headline line of ELI LILLY AND COMPANY's statement measured against the immediately prior period.

Revenue YoY

FY2024

+44.7%

FY2025 versus FY2024

Gross profit YoY

FY2024

+47.8%

FY2025 versus FY2024

Pretax Income YoY

FY2024

+102.9%

FY2025 versus FY2024

Net income YoY

FY2024

+94.9%

FY2025 versus FY2024

Year-on-year table

Contractions are tinted so slowdowns are obvious.

Revenue growth+44.7%

Gross profit growth+47.8%

Pretax Income Growth+102.9%

Net income growth+94.9%

Filing10-K

ELI LILLY AND COMPANY year-on-year change
Metric	2025	2024	2023	2022	2021
Revenue growth	+44.7%	+32.0%	+19.6%	+0.8%	N/A
Gross profit growth	+47.8%	+35.4%	+23.4%	+4.3%	N/A
Pretax Income Growth	+102.9%	+93.5%	-3.7%	+10.6%	N/A
Net income growth	+94.9%	+102.1%	-16.1%	+11.9%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum

Whether the business is accelerating or rolling over.

Year-on-year change compares each annual period against the immediately prior year inside the selected window.

Compound growth

Through-cycle growth

Compounded annual growth from FY2021 to FY2025, which filters out one-year noise.

Revenue CAGR

4yr

+23.2%

FY2021 to FY2025

Gross profit CAGR

4yr

+26.7%

FY2021 to FY2025

Pretax Income CAGR

4yr

+43.0%

FY2021 to FY2025

Net income CAGR

4yr

+38.7%

FY2021 to FY2025

Compound rates use the first and last reported year in the window, so a gap in either endpoint suppresses the figure.

Commentary

Commentary on ELI LILLY AND COMPANY performance

A written read of the filing-backed figures above. The statement itself remains the source of truth.

Snapshot Jul 21, 2026

This explanation uses an earlier data snapshot or evidence version. Compare its generation date with the current filing figures.

Over the five-year period, Eli Lilly’s revenue and profitability metrics have shown a generally strong upward trend, with notable accelerations particularly in the last two years. Revenue increased modestly from 2021 ($28,318 million) to 2022 ($28,541 million) but then surged by approximately 20% in 2023 to reach $34,124 million. This growth accelerated further in 2024 to $45,043 million (an increase of nearly 32% year-over-year) and reached an impressive $65,179 million in 2025—representing almost a 45% increase from the preceding year. A similar pattern is evident in gross profit, which climbed steadily from $21,005 million in 2021 to $54,127 million in 2025. These figures indicate that the company not only increased its top-line sales but also managed to preserve healthy margins as its revenue expanded. Operating income, treated here as pretax income, followed a slightly more volatile path. After growing from $6,155 million in 2021 to $6,806 million in 2022, it dipped modestly in 2023 to $6,554 million before experiencing strong rebounds—jumping to $12,680 million in 2024 (a 93% increase) and doubling to $25,731 million in 2025. Net income shows a similar volatile yet upward trend, declining from $6,244 million in 2022 to $5,240 million in 2023 before recovering sharply to $10,590 million in 2024 and advancing to $20,640 million in 2025. These significant year-over-year swings, particularly the pronounced growth after 2023, suggest that operational changes or favorable market conditions may have driven enhanced performance. Overall, the company’s robust revenue expansion coupled with improved profitability metrics point to a solid financial health and sustainable operating performance within the competitive pharmaceutical industry.

This analysis is for informational purposes only and does not constitute financial advice or a recommendation for any investment decision. Please consult a qualified financial professional for personalised guidance.

ELI LILLY & Co

LLY Income Statement

ELI LILLY & Co

LLY Income Statement

Income statement snapshot

Expanded line items

Profitability conversion

Annual momentum

Through-cycle growth

Income statement snapshot

Expanded line items

Profitability conversion

Annual momentum

Through-cycle growth

Commentary on ELI LILLY AND COMPANY performance

Commentary on ELI LILLY AND COMPANY performance