Eli Lilly and Company (LLY) Cash Flow Statement
Where LLY’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $16.81B +90.7% vs 2024
- Capital expenditures
- $7.84B 12.0% of revenue
- Free cash flow
- $8.97B 13.8% margin
- Returned to shareholders
- $9.49B 106% of free cash flow
- Change in cash
- $4.00B cash at year-end $7.27B
Drawn to scale: where the cash came from and how it was used. Hover for values.
LLY operating cash flow, capex and free cash flow
LLY cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $4.85B2016 | $16.81B2025 | +14.8%/yr | |
| Capital expenditures | $1.09B2016 | $7.84B2025 | +24.5%/yr | |
| Free cash flow | $3.76B2016 | $8.97B2025 | +10.1%/yr | |
| Free cash flow margin | 17.7%2016 | 13.8%2025 | −3.9 pts | |
| Operating cash flow / net income | 1.772016 | 0.812025 | −0.96 | |
| Stock-based compensation | $255.3M2016 | $626.0M2025 | +10.5%/yr | |
| Dividends paid | $2.16B2016 | $5.38B2025 | +10.7%/yr | |
| Share buybacks (net) | $600.1M2016 | $4.11B2025 | +23.8%/yr | |
| Capex / revenue | 5.1%2016 | 12.0%2025 | +6.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LLY cash flow by activity
LLY net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LLY cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $20.64B | $10.59B | $5.24B | $6.24B | $5.58B | $6.19B | $8.32B | $3.23B | −$204.1M | $2.74B |
| Depreciation & amortization | $2.00B | $1.77B | $1.53B | $1.52B | $1.55B | $1.32B | $1.23B | $1.61B | $1.57B | $1.50B |
| Stock-based compensation | $626.0M | $645.6M | $628.5M | $371.1M | $342.8M | $308.1M | $312.4M | $279.5M | $281.3M | $255.3M |
| Change in working capital | −$8.09B | −$5.38B | −$3.06B | −$14.5M | −$1.02B | −$747.4M | −$1.69B | −$2.38B | $3.20B | −$484.1M |
| Other non-cash items | $1.64B | $1.20B | −$101.1M | −$1.04B | $811.2M | −$578.7M | −$3.34B | $2.78B | $766.2M | $845.6M |
| Cash from operating activities | $16.81B | $8.82B | $4.24B | $7.08B | $7.26B | $6.50B | $4.84B | $5.52B | $5.62B | $4.85B |
| Investing activities | ||||||||||
| Capital expenditures | −$7.84B | −$5.06B | −$7.39B | −$2.48B | −$1.87B | −$2.03B | −$1.35B | −$3.02B | −$2.16B | −$1.09B |
| Investments (net) | $319.0M | −$9.30B | −$7.15B | −$244.0M | −$166.0M | $516.7M | $456.2M | $5.11B | −$562.8M | −$1.95B |
| Acquisitions & other investing | −$3.45B | $5.06B | $7.39B | −$1.03B | −$828.3M | −$746.5M | −$7.19B | −$187.7M | −$1.06B | −$101.7M |
| Cash from investing activities | −$10.97B | −$9.30B | −$7.15B | −$3.76B | −$2.87B | −$2.26B | −$8.08B | $1.91B | −$3.78B | −$3.14B |
| Financing activities | ||||||||||
| Dividends paid | −$5.38B | −$4.68B | −$4.07B | −$3.54B | −$3.09B | −$2.69B | −$2.41B | −$2.31B | −$2.19B | −$2.16B |
| Share repurchases & issuance (net) | −$4.11B | −$2.50B | −$750.0M | −$1.50B | −$1.25B | −$500.0M | −$4.40B | −$4.15B | −$299.8M | −$600.1M |
| Net borrowing (repayment) | $8.05B | $8.90B | $8.65B | −$62.0M | $501.4M | $291.6M | $4.69B | −$729.3M | $3.00B | $2.50B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.66B | $0 | $0 |
| Other financing | −$772.0M | −$490.6M | −$335.0M | −$308.9M | −$295.9M | −$241.6M | −$200.1M | −$372.8M | −$364.4M | −$300.8M |
| Cash from financing activities | −$2.21B | $1.23B | $3.50B | −$5.41B | −$4.13B | −$3.14B | −$2.32B | −$5.90B | $142.6M | −$559.8M |
| Summary | ||||||||||
| Net change in cash | $4.00B | $449.8M | $751.6M | −$1.75B | $161.4M | $1.32B | −$5.66B | $1.46B | $1.95B | $915.7M |
| Cash at end of period | $7.27B | $3.27B | $2.82B | $2.07B | $3.82B | $3.66B | $2.34B | $8.00B | $6.54B | $4.58B |
| Free cash flow | $8.97B | $3.76B | −$3.15B | $4.60B | $5.39B | $4.47B | $3.48B | $2.51B | $3.45B | $3.76B |
| Free cash flow margin | 13.8% | 8.3% | −9.2% | 16.1% | 19.0% | 18.2% | 15.6% | 11.7% | 17.3% | 17.7% |
| Capex / revenue | 12.0% | 11.2% | 21.7% | 8.7% | 6.6% | 8.3% | 6.1% | 14.0% | 10.8% | 5.1% |
| Operating cash flow / net income | 0.81 | 0.83 | 0.81 | 1.13 | 1.30 | 1.05 | 0.58 | 1.71 | — | 1.77 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $7.09B | $7.40B | $6.64B | $5.58B | $5.66B | $2.76B | $4.41B | $970.3M | $2.97B | $2.24B | $2.19B | −$57.4M |
| Depreciation & amortization | $534.0M | $509.0M | $585.7M | $470.3M | $478.0M | $463.0M | $484.8M | $466.8M | $414.4M | $400.6M | $387.7M | $411.0M |
| Stock-based compensation | $201.0M | $161.0M | $136.1M | $151.1M | $185.1M | $153.7M | $141.9M | $133.2M | $211.1M | $159.4M | $120.2M | $215.6M |
| Change in working capital | −$670.0M | −$1.66B | −$3.67B | $1.21B | −$2.26B | −$3.36B | −$2.22B | −$9.8M | −$1.40B | −$1.75B | −$3.17B | $793.3M |
| Other non-cash items | $3.53B | −$1.07B | −$460.8M | $1.42B | −$973.8M | $1.65B | −$337.8M | $2.15B | −$727.2M | $114.3M | $162.8M | $827.0M |
| Cash from operating activities | $10.69B | $5.33B | $3.22B | $8.84B | $3.09B | $1.67B | $2.47B | $3.71B | $1.47B | $1.17B | −$311.9M | $2.19B |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.93B | −$2.33B | −$2.55B | −$223.9M | −$1.80B | −$3.27B | −$1.75B | −$4.17B | −$1.40B | −$986.3M | −$1.65B | −$4.00B |
| Investments (net) | −$307.0M | −$297.0M | $5.0M | −$2.98B | −$1.83B | −$3.35B | −$1.92B | −$4.00B | −$2.20B | −$1.18B | −$2.92B | −$3.08B |
| Acquisitions & other investing | −$12.16B | −$1.29B | −$260.5M | $223.9M | $1.80B | $3.27B | $1.75B | $4.17B | $1.40B | $986.3M | $1.65B | $4.00B |
| Cash from investing activities | −$15.40B | −$3.92B | −$2.80B | −$2.98B | −$1.83B | −$3.35B | −$1.92B | −$4.00B | −$2.20B | −$1.18B | −$2.92B | −$3.08B |
| Financing activities | ||||||||||||
| Dividends paid | −$1.55B | −$1.55B | −$1.35B | −$1.35B | −$1.35B | −$1.35B | −$1.17B | −$1.17B | −$1.17B | −$1.17B | −$1.02B | −$1.02B |
| Share repurchases & issuance (net) | −$1.60B | −$2.36B | −$1.51B | −$708.1M | −$692.2M | −$1.20B | −$2.05B | −$446.1M | $0 | $0 | $750.0M | −$750.0M |
| Net borrowing (repayment) | $11.58B | $1.02B | −$500,000 | $2.61B | $824.7M | $4.61B | $3.04B | $1.88B | — | — | — | $1.59B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$4.0M | −$591.0M | −$25.1M | −$30.2M | −$30.4M | −$686.3M | −$45.5M | −$47.3M | $2.73B | $857.9M | $3.81B | $743.2M |
| Cash from financing activities | $8.43B | −$3.47B | −$2.88B | $531.0M | −$1.24B | $1.38B | −$225.4M | $211.3M | $1.56B | −$311.3M | $3.54B | $572.0M |
| Summary | ||||||||||||
| Net change in cash | $3.67B | −$1.99B | −$2.52B | $6.42B | $282.6M | −$175.1M | −$100.6M | $145.4M | $763.4M | −$358.4M | $437.8M | −$313.7M |
| Cash at end of period | $8.95B | $5.28B | $7.27B | $9.79B | $3.38B | $3.09B | $3.27B | $3.37B | $3.22B | $2.46B | $2.82B | $2.38B |
| Free cash flow | $7.76B | $3.01B | $677.9M | $8.61B | $1.28B | −$1.60B | $726.6M | −$458.9M | $63.4M | $179.7M | −$1.96B | −$1.81B |
| Free cash flow margin | 33.8% | 15.2% | 3.5% | 48.9% | 8.2% | −12.6% | 5.4% | −4.0% | 0.6% | 2.0% | −21.0% | −19.1% |
| Capex / revenue | 12.8% | 11.7% | 13.2% | 1.3% | 11.6% | 25.7% | 12.9% | 36.5% | 12.4% | 11.2% | 17.7% | 42.1% |
| Operating cash flow / net income | 1.51 | 0.72 | 0.49 | 1.58 | 0.55 | 0.60 | 0.56 | 3.83 | 0.49 | 0.52 | −0.14 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
LLY cash generation
In fiscal 2025 (ended December 31, 2025), Eli Lilly generated $16.8 billion of cash from operations (up 90.7%) and spent $7.8 billion on capital expenditures, leaving free cash flow of $9.0 billion, 13.8% of revenue. It returned $9.5 billion to shareholders through dividends ($5.4 billion) and net share buybacks ($4.1 billion). Cash and equivalents rose by $4.0 billion over the year.
Related: LLY income statement, LLY balance sheet, LLY dividend history. See the LLY stock overview for the latest quote and news.
LLY cash flow FAQ
What is Eli Lilly's free cash flow?
Eli Lilly's free cash flow was $9.0 billion in fiscal 2025: $16.8 billion of operating cash flow minus $7.8 billion of capital expenditures It was $3.8 billion a year earlier..
How much cash does Eli Lilly generate from operations?
Eli Lilly generated $16.8 billion of cash from operating activities in fiscal 2025, 0.81 times its net income of $20.6 billion.
How much does Eli Lilly spend on capital expenditures?
Eli Lilly spent $7.8 billion on capital expenditures in fiscal 2025, 12.0% of revenue, compared with $5.1 billion the year before.
How much stock does Eli Lilly buy back?
Eli Lilly spent $4.1 billion on net share repurchases in fiscal 2025.
How much does Eli Lilly pay in dividends?
Eli Lilly paid $5.4 billion in dividends in fiscal 2025, 60.0% of free cash flow.