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How Eli Lilly (LLY) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 08/07/2026
Eli Lilly and Company, doing business as Lilly, is an American multinational pharmaceutical company headquartered in Indianapolis, Indiana, with offices in 18 countries. · Wikipedia
More about the company
Its products are sold in approximately 125 countries. The company was founded in 1876 by Eli Lilly, a pharmaceutical chemist and Union army veteran during the American Civil War for whom the company was later named. Market share (US pharma & biotech): ≈11% by TTM revenue.
Key growth driver: Mounjaro — the fastest-growing revenue line: $9,943, +91% y/y. · by the Q2 2026 report
How does Eli Lilly make money?
Eli Lilly brought in $23.0 billion of revenue in Q2 2026, up 48% year over year. The largest source was Incretins (GLP-1): $15.0 billion, or 65% of the total, followed by Rest of portfolio ($7.27B, 32%) and New launches ($737M, 3%). Net income for the quarter was $7.09 billion, up 25% year over year.
Revenue by source, Q2 2026
- Incretins (GLP-1)$15.0B · 65% · +75%
- Rest of portfolio$7.27B · 32%
- New launches$737M · 3% · +121%
Shares of $23.0B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is LLY’s next earnings date?
Thursday, October 29, 2026confirmed · before market open
Eli Lilly (LLY) is scheduled to report results for the quarter ending Sep 2026 on Oct 29, 2026. Consensus EPS forecast: $9.83 (4 analysts), vs $7.02 in the same quarter last year.
What time does LLY report? Usually before market open: the last 4 results releases reached the SEC at 7:05 am, 7:03 am, 7:05 am, 7:03 am ET.
Last report: Aug 7, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$22,974
+48%
volume +60%, price −13%
Gross profit
$19,706
+50%
margin 85.8% (+1.5 pp)
Operating income
$8,978
+31%
margin 39.1%
Net income
$7,095
+25%
EPS $7.94 · non-GAAP EPS $8.38
Verdict: record quarter — +48% on volume (+60%) with deliberate price cuts (−13%); incretins are already 65% of revenue; GAAP profit is held back by $3.5B of one-off M&A items
2026 guidance raised: $85–87B · EPS $35.50–36.50 · dividend $1.73/q (+15%) · retatrutide: BLA in Q1'27 · 7 M&A deals in the quarter
Source and notation
Source: Eli Lilly press release, 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Heads-up
- profit is growing slower than revenue: +25% vs +48% y/y in Q2 2026
Most likely because costs grew faster than revenue (income tax +93% y/y); acquired IPR&D $2,776M (vs $154 a year ago) — one-off charges from the Orna and Ajax deals; restructuring $703M — Kelonia and Centessa integration; without it operating margin would be ≈42%, not 39.1%. Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗LLY earnings history: past report dates
| Aug 5, 2026 Wed | 7:05 ambefore market open | Jun 30, 2026 | $23.0B+48% y/y | $7.94+26% y/y |
| Apr 30, 2026 Thu | 7:03 ambefore market open | Mar 31, 2026 | $19.8B+56% y/y | $8.26+170% y/y |
| Feb 4, 2026 Wed | 7:05 ambefore market open | Dec 31, 2025 | ≈$19.3B+43% y/y | ≈$7.39+51% y/y |
| Oct 30, 2025 Thu | 7:03 ambefore market open | Sep 30, 2025 | $17.6B+54% y/y | $6.21+480% y/y |
| Aug 7, 2025 Thu | 7:05 ambefore market open | Jun 30, 2025 | $15.6B+38% y/y | $6.29+92% y/y |
| May 1, 2025 Thu | 7:03 ambefore market open | Mar 31, 2025 | $12.7B+45% y/y | $3.06+23% y/y |
| Jan 14, 2025 Tue | 9:05 ambefore market open | Dec 31, 2024 | ≈$13.5B+45% y/y | ≈$4.88+102% y/y |
| Oct 30, 2024 Wed | 7:05 ambefore market open | Sep 30, 2024 | $11.4B+20% y/y | $1.07 |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Eli Lilly: 5-year financials
| 2025 | 65,179 | 20,640 | 5,384 |
| 2024 | 45,043 | 10,590 | 4,680 |
| 2023 | 34,124 | 5,240 | 4,069 |
| 2022 | 28,541 | 6,245 | 3,536 |
| 2021 | 28,318 | 5,582 | 3,087 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 20262025 10-K: a single class of stock — LLY common; the legal proceedings section shows no shareholder disclosure suits or SEC investigations. sec.gov ↗
- Dec 2025Dividend per share rose from $3.07 (2020) to $6.23 (2025); diluted share count fell 1.5% over 5 years. data.sec.gov ↗
- Apr 2008In the shareholder class action In re Eli Lilly Securities Litigation (Zyprexa, 2007), the court ruled in the company's favor in April 2008. sec.gov ↗
Scoring: 2.0, no deductions: single class of stock, share count −1.5% over 5 years, dividend raised every year, buybacks; the 2007 Zyprexa class action ended with a ruling in the company's favor (2008); the 2012 SEC penalty was under the FCPA, not a deduction
- Share classes
- Single class — LLY common stock on the NYSE (cover of 2025 10-K).
- Dilution
- Diluted share count 2020→2025 −1.5% (XBRL); SBC 1.0% of revenue — no deduction.
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- Dividend per share raised every year: $3.07 (2020) → $6.23 (2025); buybacks of $0.75–4.1B a year.
- Lawsuits & regulators
- The 2025 10-K shows no shareholder disclosure suits or SEC cases; the 2007 shareholder suit (Zyprexa) ended with a ruling in Lilly's favor in April 2008; the 2012 SEC matter ($29.4M) was under the FCPA and is not deducted under the methodology.
- Related parties
- The 2026 proxy discloses no material related-party transactions; Lilly Endowment is a large shareholder with no special rights (single class of stock).
How the score works · checked as of Sep 2026
Eli Lilly (LLY) earnings: FAQ
How does Eli Lilly make money?
Eli Lilly brought in $23.0 billion of revenue in Q2 2026, up 48% year over year. The largest source was Incretins (GLP-1): $15.0 billion, or 65% of the total, followed by Rest of portfolio ($7.27B, 32%) and New launches ($737M, 3%). Net income for the quarter was $7.09 billion, up 25% year over year.
When is LLY's next earnings date?
Eli Lilly (LLY) is scheduled to report on Oct 29, 2026, before market open.
What time does LLY report earnings?
Eli Lilly is scheduled to report before market open on Oct 29, 2026. Its last results releases were filed before market open, most recently at 7:05 am ET on Aug 5, 2026.
When did LLY last report earnings?
Eli Lilly reported Q2 2026 results on Aug 7, 2026.
What is the EPS estimate for LLY's next earnings?
The consensus EPS forecast is $9.83 (4 analysts), vs $7.02 in the same quarter last year.
Where can I find Eli Lilly's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to LLY's filings; this page breaks the latest report down in a Sankey chart.
What was LLY's net income in Q2 2026?
Eli Lilly reported net income of $7,095M for Q2 2026 (+25% year over year), under US GAAP.
Does Eli Lilly pay dividends?
Yes. In 2025, Eli Lilly paid $5,384M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing. How we make the breakdowns · Report an error
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