Filing Flows › ELI Lilly (LLY) › Q2 2025
ELI Lilly (LLY) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
ELI Lilly (LLY) reported revenue of $15.6B for the second quarter 2025 (Q2 2025), +38% from a year earlier and +22% from the quarter before. Operating margin was 43.6%, net earnings $5.7B (36.4% of revenue).
ELI Lilly, Q2 2025: revenue $15.6B (+38% year over year), operating margin 43.6%, net earnings $5.7B, operating cash flow $3.1B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $15.6B | +22% | +38% |
| Operating profit | $6.8B | +96% | +93% |
| Net earnings | $5.7B | +105% | +91% |
| Operating cash flow | $3.1B | +85% | +111% |
| Free cash flow | $1.4B | +791% | +476% |
What changed
Revenue was $15.6B in Q2 2025, up 38% year over year and up 22% from the previous quarter. Mounjaro was the largest line at 33% of revenue. Zepbound added $2.1B year over year (up 172%), 50% of the total change. Other cardiometabolic health declined 16%.
Operating profit was $6.8B, a 43.6% margin (up 12.4 points year over year). Of the extra revenue versus a year earlier, 77% reached operating profit, above the 31% margin then. Total costs grew 13% against revenue growth of 38%. The fastest-growing cost line was SG&A (+30%). Net earnings were $5.7B, up 91% year over year. The effective tax rate was 16.5%.
Operating cash flow was $3.1B (up 111% year over year), 55% of net earnings. Non-cash charges added back $0.48B of depreciation and amortization and $0.18B of share-based compensation. Working capital and other items used $3.2B. Capital expenditures of $1.7B left free cash flow of $1.4B.
Questions
What was ELI Lilly's revenue in the second quarter 2025?
ELI Lilly (LLY) reported revenue of $15.6B for the second quarter 2025 (Q2 2025), +38% from a year earlier and +22% from the quarter before.
Was ELI Lilly profitable in the second quarter 2025?
Operating profit was $6.8B (43.6% of revenue) and net earnings $5.7B.
Source: ELI Lilly 10-Q on SEC EDGAR.