AI Takeaway
Eli Lilly delivered exceptional FY2025 results with revenue surging 44.7% to $65.2B and net income nearly doubling to $20.6B, driven by explosive demand for its GLP-1 medicines Mounjaro and Zepbound.
Revenue
$65.18B
++44.70% YoY
EPS (Basic)
$23.00
++95.58% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Total revenue grew 44.7% year-over-year from $45.0B to $65.2B in FY2025, reflecting extraordinary demand for Lilly's incretin-based therapies for diabetes and obesity, which have rapidly become blockbuster franchises.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Net income surged 94.9% to $20.6B, with diluted EPS rising 96.0% to $22.95, demonstrating significant operating leverage as revenue growth substantially outpaced cost growth.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Operating cash flow increased 90.7% to $16.8B from $8.8B in the prior year, reflecting the company's highly profitable product mix and strong cash conversion, supporting continued investment in manufacturing and R&D.
Source: Source: 10-K Cash Flow Statement (XBRL Financial Data)
2 more insights available
Upgrade to unlockThe extraordinary demand for GLP-1 medicines has strained Lilly's manufacturing capacity, potentially limiting revenue upside and creating supply shortages. Lilly has committed billions in capital expenditures (investing cash outflow of $11.0B in FY2025) to expand capacity, but execution risk remains high. Delays or cost overruns in manufacturing scale-up could impair future revenue growth.
Source: Source: 10-K Balance Sheet & Cash Flow Statement (XBRL Financial Data)
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $7.54 versus the $6.74 analyst consensus — a +11.9% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $65.18B | $45.04B | +44.70% |
Cost of Revenue | $11.05B | $8.42B | +31.29% |
Net Income | $20.64B | $10.59B | +94.90% |
EPS (Basic) | $23.00 | $11.76 | +95.58% |
EPS (Diluted) | $22.95 | $11.71 | +95.99% |
SG&A Expense | $11.09B | $8.59B | +29.09% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $112.48B | $78.72B | +42.89% |
Current Assets | $55.63B | $32.74B | +69.91% |
Current Liabilities | $35.23B | $28.38B | +24.15% |
Stockholders' Equity | $26.54B | $14.27B | +85.92% |
Cash & Equivalents | $7.27B | $3.27B | +122.40% |
Long-Term Debt | $40.87B | $28.53B | +43.26% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $16.81B | $8.82B | +90.67% |
Investing Cash Flow | $-10.97B | $-9.3B | -17.95% |
Financing Cash Flow | $-2.21B | $1.23B | -279.92% |
Dividends Paid | $5.38B | $4.68B | +15.04% |
Share Buybacks | $4.11B | $2.5B | +64.32% |
D&A | $2B | $1.77B | +13.02% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Net Margin | 31.7% | — | — |
ROE | 77.8% | — | — |
ROA | 18.4% | — | — |
Current Ratio | $1.579 | — | — |
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Eli Lilly's revenue grew 44.7% in FY2025, rising from $45.0B to $65.2B, driven primarily by surging demand for its GLP-1 medicines Mounjaro and Zepbound. This represents one of the largest single-year revenue increases in the company's history.
The key takeaways from Lilly's FY2025 10-K are: net income nearly doubled to $20.6B (+94.9%), diluted EPS reached $22.95 (+96.0%), and operating cash flow surged to $16.8B (+90.7%). The company also returned $9.5B to shareholders through dividends and buybacks while investing heavily in manufacturing capacity expansion.
Based on the financial data, key risks for Lilly include manufacturing capacity constraints (investing cash outflows of $11.0B in FY2025), high revenue concentration in GLP-1 drugs, drug pricing policy risk from government negotiations, and elevated long-term debt of $40.9B taken on to fund expansion. A slowdown in GLP-1 demand or adverse pricing policy changes could materially impact earnings.
Yes, Eli Lilly is highly profitable with a net margin of 31.7% in FY2025, meaning it earned approximately $0.32 in net income for every dollar of revenue. Net income totaled $20.6B on revenue of $65.2B, nearly doubling from the prior year's $10.6B.
Lilly's financial health is strong but leveraged: it holds $7.3B in cash, generates $16.8B in operating cash flow, and has a current ratio of 1.58, indicating solid liquidity. However, long-term debt rose 43.3% to $40.9B, reflecting significant borrowing to fund manufacturing scale-up, which investors should monitor alongside future revenue trends.