Eli Lilly and Company

NYSE-LLY

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	5,582.5	5,660.5	2,759.3	4,409.8	970.3	2,967
Net Income
Depreciation & Amortization	470	478.5	462.8	484.8	466.8	414.4
Depreciation and Amortization
Stock Based Compensation	151.1	185.1	153.7	141.9	133.2	211.1
Stock-Based Compensation Expense
Other Adjustments	1,121.8	-1,028.7	1,329.2	-951.5	2,142.5	-695.3
Gain Related to Disposition of Elanco
Gain on Sale of Antibiotic Business in China
Debt Extinguishment Gain
Change in Deferred Income Taxes
Net Investment Gains
Gains on Sale of Product Rights
Acquired in-Process Research and Development
Net Proceeds from Terminations of Interest Rate Swaps
Changes in Trade Receivables	—	—	—	-2,155.2	-1,077.6	—
Change in Receivables
Changes in Inventories	—	—	—	-2,507.4	-1,253.7	—
Change in Inventories
Changes in Accounts Payable	—	—	—	2,608.8	1,304.4	—
Change in Accounts Payable and Other Liabilities
Changes in Income Taxes Payable	—	—	—	—	—	—
Change in Income Taxes Payable
Changes in Other Operating Activities	1,510.5	-2,208.5	-3,039.4	442.6	-1,778.4	-1,431
Other Changes in Operating Assets and Liabilities, Net of Acquisitions
Other Operating Activities, Net
Change in Prepaid Expenses and Other Assets
Other Operating Activities, Net
Cash from Operating Activities	8,835.9	3,086.9	1,665.6	2,473.8	3,711.9	1,466.2
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-2,087.7	-1,697.1	-1,509.5	-1,496	-1,350.7	-1,224.8
Net Purchases of Property and Equipment
Purchases of Property and Equipment
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—
Proceeds from Disposals of Property and Equipment
Purchases of Intangible Assets	-720.5	-106.8	-1,757	-251.2	-2,820.1	-178
Purchases of in-Process Research and Development
Proceeds from Sale of Intangible Assets	—	—	—	601.3	300.7	—
Proceeds from Sale of Product Rights
Purchases of Investments	-150.1	-171.2	-196.7	-250.7	-324.3	-133
Purchases of Short-Term Investments
Purchases of Noncurrent Investments
Proceeds from Sale of Investments	556.1	204.3	71.6	204.5	142.4	179.6
Proceeds from Sales and Maturities of Short-Term Investments
Proceeds from Sales of and Distributions from Noncurrent Investments
Payments for Business Acquisitions	-549.4	—	—	—	—	-947.7
Cash Paid for Acquisitions, Net of Cash Acquired
Proceeds from Business Divestments	—	—	—	—	—	—
Cash Received for Sale of Antibiotic Business in China
Other Investing Activities	-31	-64.1	39.3	-728.4	373.2	105.2
Cash Distributed to Elanco Upon Disposition
Other Investing Activities, Net
Cash from Investing Activities	-2,982.6	-1,834.9	-3,352.3	-1,920.5	-4,004.7	-2,198.7
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	-4,091.7	1,602.8	-1,848.7	3,042.3	-3,089.4	3,400.1
Net Change in Short-Term Borrowings
Net Issuance / (Repayments) of Short-Term Debt	-4,091.7	1,602.8	-1,848.7	3,042.3	-3,089.4	3,400.1
Issuance of Long-Term Debt	6,706.2	3,230.5	6,461	2,482.3	4,964.6	3,226.3
Proceeds from Issuance of Long-Term Debt
Repayments of Long-Term Debt	—	-778.1	—	—	—	-664.2
Repayments of Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	6,706.2	2,452.4	6,461	2,482.3	4,964.6	2,562.1
Issuance of Common Shares	—	—	—	—	—	—
Net Proceeds from Elanco Initial Public Offering
Repurchases of Common Shares	-708.1	-692.2	-1,200	-2,053.9	-446.1	—
Purchases of Common Stock
Net Issuance / (Repurchases) of Common Shares	-708.1	-692.2	-1,200	-2,053.9	-446.1	—
Common Share Dividends Paid	-1,345.2	-1,347	-1,346.3	-1,168.3	-1,170.5	-1,172.4
Dividends Paid
Other Financing Activities	-4,121.9	1,572.4	-2,535	2,996.8	-3,136.7	3,392.1
Other Financing Activities, Net
Net Change in Short-Term Borrowings
Net Proceeds from Elanco Initial Public Offering
Cash from Financing Activities	531	-1,244.9	1,379.7	-225.4	211.3	1,555.5
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	6,748.2	1,389.8	156.1	977.8	2,361.2	241.4
NOPAT	5,685.1	5,736.2	2,950.1	4,506.2	932.4	3,133.7
Levered Free Cash Flow	8,089.8	6,288.6	3,285.5	9,467.2	233.9	6,687.8
Unlevered Free Cash Flow	5,577.9	2,309.1	-1,136	4,039	-1,679.2	892.3
Net Change in Cash	6,384.3	7.1	-307	327.9	-81.5	823