For the year ending 2025-12-31, LLY had $4,000M increase in cash & cash equivalents over the period.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 20,640 | 10,590 | 5,240.4 | 6,244.8 |
| Depreciation and amortization | 1,997 | 1,766.6 | 1,527.3 | 1,522.5 |
| Debt extinguishment loss (note 11) | - | - | 0 | 0 |
| Change in deferred income taxes | 1,707 | 2,683.1 | 2,341 | 2,185.2 |
| Stock-based compensation expense | 626 | 645.6 | 628.5 | 371.1 |
| Investment (gains) losses, net | - | -49.8 | -23.5 | -420 |
| Gains on sale of product rights | 180 | 223.8 | 1,878.9 | - |
| Acquired in-process research and development and development milestones (note 3) | - | - | - | 420.9 |
| Acquired in-process research and development | 2,910 | 3,280.4 | 3,799.8 | - |
| Other operating activities, net | 620 | 777.4 | 295.5 | 304.8 |
| Receivables(increase) decrease | 7,000 | 2,155.2 | 2,451 | 299.6 |
| Inventories(increase) decrease | 4,671 | 2,507.4 | 1,425 | 599.7 |
| Other assets(increase) decrease | - | - | 3,453.4 | 793.5 |
| Income taxes payableincrease (decrease) | - | - | - | 346.6 |
| Prepaid expenses and other assets(increase) decrease | 6,609 | 3,331.2 | - | - |
| Accounts payable and other liabilitiesincrease (decrease) | 10,187 | 2,608.8 | 4,274.4 | 1,331.7 |
| Net cash provided by operating activities | 16,813 | 8,817.9 | 4,240.1 | 7,084.4 |
| Purchases of property and equipment | 7,841 | 5,057.8 | 3,447.6 | 1,854.3 |
| Proceeds from sales and maturities of short-term investments | - | 148.9 | 192.2 | 121.4 |
| Purchases of short-term investments | - | 98.5 | 98.2 | 107.4 |
| Proceeds from sales of and distributions from noncurrent investments | 964 | 373.6 | 508.1 | 342.2 |
| Purchases of noncurrent investments | 645 | 677.3 | 730.8 | 600.2 |
| Proceeds from sale of product rights | 218 | 601.3 | 1,604.3 | - |
| Purchases of in-process research and development | 3,008 | 3,345.8 | 3,944.5 | 629.7 |
| Cash paid for acquisitions, net of cash acquired (note 3) | - | - | - | 327.2 |
| Cash paid for acquisitions, net of cash acquired | 661 | 947.7 | 1,044.3 | - |
| Other investing activities, net | -1 | 298.2 | 191.9 | 206.4 |
| Net cash used for investing activities | -10,972 | -9,301.5 | -7,152.7 | -3,261.6 |
| Dividends paid | 5,384 | 4,680.4 | 4,069.3 | 3,535.8 |
| Net change in short-term borrowings | -4,338 | -1,851.8 | 4,691.4 | 1,498 |
| Proceeds from issuance of long-term debt | 13,167 | 11,417.1 | 3,958.5 | 0 |
| Repayments of long-term debt | 778 | 664.2 | 0 | 1,560 |
| Purchases of common stock | 4,108 | 2,500 | 750 | 1,500 |
| Other financing activities, net | -772 | -490.6 | -335 | -308.9 |
| Net cash provided by (used for) financing activities | -2,213 | 1,230.1 | 3,495.6 | -5,406.7 |
| Effect of exchange rate changes on cash and cash equivalents | 372 | -296.7 | 168.6 | -167.6 |
| Net increase in cash and cash equivalents | 4,000 | 449.8 | 751.6 | -1,751.5 |
| Cash and cash equivalents at beginning of period | 3,268 | 2,818.6 | 2,067 | 3,818.5 |
| Cash and cash equivalents at end of period | 7,268 | 3,268.4 | 2,818.6 | 2,067 |
ELI LILLY & Co (LLY)
ELI LILLY & Co (LLY)