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ELI Lilly (LLY) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · ELI Lilly (LLY) Q3 2026 earnings results →

Q3 2026 Revenue up 39% year over year to $24.4B · 26¢ of every $1 of revenue kept as net profit · operating margin 34.5%

ELI Lilly made $24.4B in Q3 2026 (+39% Y/Y): Net product revenue $22.7B, Other oncology $1.1B, Other immunology $579M. Operating margin 34.5%, net earnings $6.5B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$24.4B

Year over year+39%

Operating margin34.5%

Net earnings$6.5B

Operating cash flow$11.4B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $24.4B in Q3 2026, up 39% year over year and up 6% from the previous quarter. Mounjaro was the largest line at 44% of revenue. Mounjaro added $4.2B year over year (up 65%), 62% of the total change. Trulicity declined 14%.

Operating profit was $8.4B, a 34.5% margin (down 6.6 points year over year). Of the extra revenue versus Q3 2025, 17% reached operating profit, below the 41% margin then. Total costs grew 54% against revenue growth of 39%. The fastest-growing cost line was Other operating costs (+306%). Net earnings were $6.5B, up 16% year over year. The effective tax rate was 23.3%.

Operating cash flow was $11.4B (up 29% year over year), 177% of net earnings. Non-cash charges added back $0.55B of depreciation and amortization and $0.20B of share-based compensation. Working capital and other items added $4.2B. Capital expenditures of $3.2B left free cash flow of $8.2B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Oct 29, 2026	$24.4B	+39%	34.5%	$6.5B	$11.4B
Q2 2026	10-Q	Aug 5, 2026	$23.0B	+48%	40.2%	$7.1B	$10.7B
Q1 2026	10-Q	Apr 30, 2026	$19.8B	+56%	44.7%	$7.4B	$5.3B
Q4 2025	10-K	Feb 12, 2026	$19.3B	+43%	42.8%	$6.6B	$3.2B
Q3 2025	10-Q	Oct 30, 2025	$17.6B	+54%	41.1%	$5.6B	$8.8B
Q2 2025	10-Q	Aug 7, 2025	$15.6B	+38%	43.6%	$5.7B	$3.1B
Q1 2025	10-Q	May 1, 2025	$12.7B	+45%	27.2%	$2.8B	$1.7B

Charts

Latest (Q3 2026): Y/Y +39%, Q/Q +6%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $6.5B, Operating cash flow $11.4B.

-1.4% since FY2020: buybacks shrank the count.

Cash $3.3B, short-term investments $155M, long-term debt $29.5B at 2024-12-31.

Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.

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