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ELI Lilly cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$8.2B in Q3 2026 · $19.7B over twelve months

Operating cash flow$11.4B
Capital spending−$3.2B
Free cash flow+$8.2B
Cash / net income1.8×
Cash conversion cycle349 days

Analysis

In Q3 2026, ELI Lilly generated $11.4B of operating cash flow and spent $3.2B on capital projects, leaving free cash flow of $8.2B. That is $1.5B more than in Q3 2025 ($6.7B).

Over the twelve months to Sep 30, 2026, operating cash flow was $30.6B; the largest uses were other investing ($19.4B), capital spending ($11.0B), dividends ($6.0B); besides operations, cash came from net borrowing (+) / repaid (−) ($7.3B); the cash balance fell by $4.9B.

Operating cash flow was $11.4B against net income of $6.5B — 1.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$545M, other operating capital +$435M, stock-based pay +$200M.

Its cash conversion cycle was 349 days (receivables 80 + inventory 409 − payables 139).

Free cash flow

ELI Lilly: free cash flow by quarterELI Lilly: free cash flow by quarter$978MQ4 2024$156MQ1 2025$1.4BQ2 2025$6.7BQ3 2025$678MQ4 2025$3.0BQ1 2026$7.8BQ2 2026$8.2BQ3 2026
Operating cash flow less capital spending.
ELI Lilly: operating cash flow against capital spendingELI Lilly: operating cash flow against capital spendingOperating cash flowCapital spending$2.5B$1.5BQ4 2024$1.7B$1.5BQ1 2025$3.1B$1.7BQ2 2025$8.8B$2.1BQ3 2025$3.2B$2.5BQ4 2025$5.3B$2.3BQ1 2026$10.7B$2.9BQ2 2026$11.4B$3.2BQ3 2026
Latest (Q3 2026): Operating cash flow $11.4B, Capital spending $3.2B.

Capital allocation, year by year

ELI Lilly: where the cash came from (up) and went (down), by fiscal yearELI Lilly: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $7.4BFY2021: Net borrowing $501MFY2021: Capital spending −$1.3BFY2021: Acquisitions −$747MFY2021: Buybacks −$1.2BFY2021: Dividends −$3.1B$7.9BFY2021FY2022: Operating cash flow $7.6BFY2022: Net borrowing −$62.0MFY2022: Capital spending −$1.9BFY2022: Acquisitions −$327MFY2022: Buybacks −$1.5BFY2022: Dividends −$3.5B$7.6BFY2022FY2023: Operating cash flow $4.2BFY2023: Net borrowing $8.7BFY2023: Capital spending −$3.4BFY2023: Buybacks −$750MFY2023: Dividends −$4.1B$12.9BFY2023FY2024: Operating cash flow $8.8BFY2024: Net borrowing $8.9BFY2024: Capital spending −$5.1BFY2024: Buybacks −$2.5BFY2024: Dividends −$4.7B$17.7BFY2024FY2025: Operating cash flow $16.8BFY2025: Net borrowing $8.1BFY2025: Capital spending −$7.8BFY2025: Buybacks −$4.1BFY2025: Dividends −$5.4B$24.9BFY2025
Over these 5 years operating cash flow totalled $44.8B; the largest uses were dividends ($20.8B) and capital spending ($19.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.0B
Debt$49.5B
Net debt$44.5B
Due within a year$781M

ELI Lilly funds itself: free cash flow was $19.7B over the last twelve months, and $5.0B of cash and investments stands against $49.5B of debt ($781M due within a year, 6.4× covered by cash).

ELI Lilly: debt maturities by year (FY2024)ELI Lilly: debt maturities by year (FY2024)$781MYear 1$1.5BYear 2$2.5BYear 3$442MYear 4$3.1BYear 5
Principal due in each year as disclosed in the annual report, against $5.0B of cash and investments now.

Where the cash came from and went

ELI Lilly: sources (+) and uses (−) of cash, Q3 2026ELI Lilly: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$11.4BNet borrowing (+) / repaid (−)−$5.3BOther investing−$5.1BCash drawn (+) / kept (−)$4.1BCapital spending−$3.2BDividends−$1.5BBuybacks−$377MExchange rates$56.0MOther financing−$17.0M
ELI Lilly: sources (+) and uses (−) of cash, TTM to Q3 2026ELI Lilly: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$30.6BOther investing−$19.4BCapital spending−$11.0BNet borrowing (+) / repaid (−)$7.3BDividends−$6.0BBuybacks−$5.8BCash drawn (+) / kept (−)$4.9BOther financing−$638MExchange rates$4.0M

From profit to cash

ELI Lilly: net income to operating cash flow, Q3 2026ELI Lilly: net income to operating cash flow, Q3 2026Net income$6.5BDepreciation & amortization$545MStock-based pay$200MOther operating capital$435MOperating cash flow$11.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202680409139349
Q2 202676436155357
Q1 202682356131307
Q4 202581354132303
Q3 202579355128306
Q2 202577378140315
Q1 202581342135288
Q4 202472288117243

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$11.4B−$3.2B−$377M−$1.5B−$5.3B$4.1B$8.2B
Q2 2026$10.7B−$2.9B−$1.6B−$1.5B$11.6B−$3.7B$7.8B
Q1 2026$5.3B−$2.3B−$2.4B−$1.5B$1.0B$2.0B$3.0B
Q4 2025$3.2B−$2.5B−$1.5B−$1.3B—$2.5B$678M
Q3 2025$8.8B−$2.1B−$708M−$1.3B$2.6B−$6.4B$6.7B
Q2 2025$3.1B−$1.7B−$692M−$1.3B$825M−$283M$1.4B
Q1 2025$1.7B−$1.5B−$1.2B−$1.3B$4.6B$175M$156M
Q4 2024$2.5B−$1.5B−$2.1B−$1.2B$3.0B$101M$978M

ELI Lilly: income statement and cash flow

ELI Lilly, Q3 2026: revenue $24.4B (+39% year over year), operating margin 34.5%. The chart follows the revenue to costs, profit and cash.

ELI Lilly: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.