Filing Flows › ELI Lilly (LLY) › Q2 2026 › vs Q2 2025
ELI Lilly (LLY) Q2 2026 vs Q2 2025 (year over year)
ELI Lilly's revenue rose $7.4B (+48%) from $15.6B in Q2 2025 to $23.0B in Q2 2026. The biggest changes: Net product revenue +$6.6B (+45%); Other immunology +$153M (+38%); Other cardiometabolic health +$51.0M (+5%). Operating margin 40.2% against 43.6% (-3.3 pts).
ELI Lilly, Q2 2026: revenue $23.0B (+48% year over year), operating margin 40.2%, net earnings $7.1B, operating cash flow $10.7B. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 40.2% | 43.6% | -3.3 pts |
| Net margin | 30.9% | 36.4% | -5.5 pts |
| Free cash flow margin | 33.8% | 8.9% | +24.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Mounjaro | $9.9B | $5.2B | $4.7B | +91% |
| Oncology | $2.6B | $2.4B | $156M | +6% |
| Collaboration and Other Revenue | $1.6B | $832M | $739M | +89% |
| Verzenio | $1.5B | $1.5B | −$15.0M | -1% |
| Immunology | $1.4B | $1.3B | $161M | +13% |
| Jardiance | $1.2B | $690M | $542M | +79% |
| Trulicity | $1.2B | $1.1B | $127M | +12% |
| Other oncology | $1.1B | $924M | $172M | +19% |
| Taltz | $856M | $848M | $8.0M | +0.9% |
| Net product revenue | $21.4B | $14.7B | $6.6B | +45% |
| Other cardiometabolic health | $1.0B | $980M | $51.0M | +5% |
| Other immunology | $561M | $408M | $153M | +38% |
| Revenue | $23.0B | $15.6B | $7.4B | +48% |
| Operating profit | $9.2B | $6.8B | $2.5B | +36% |
| Costs & expenses | $13.7B | $8.8B | $4.9B | +56% |
| Pre-tax earnings | $9.2B | $6.8B | $2.5B | +36% |
| Cost of revenue | $3.3B | $2.4B | $820M | +33% |
| Research & development | $3.8B | $3.3B | $483M | +14% |
| SG&A | $3.4B | $2.8B | $677M | +25% |
| Other operating costs | $3.2B | $244M | $3.0B | 13× |
| Net earnings | $7.1B | $5.7B | $1.4B | +25% |
| Income tax | $2.2B | $1.1B | $1.0B | +93% |
| Depreciation & amortization | $534M | $478M | $56.0M | +12% |
| Share-based compensation | $201M | $185M | $16.0M | +9% |
| Working capital & other | $2.9B | −$3.2B | $6.1B | — |
| Operating cash flow | $10.7B | $3.1B | $7.6B | +246% |
| Free cash flow (OCF − capex) | $7.8B | $1.4B | $6.4B | +458% |
| Capital expenditures | $2.9B | $1.7B | $1.2B | +73% |
Questions
How much did ELI Lilly's revenue grow year over year in Q2 2026?
ELI Lilly's revenue rose $7.4B (+48%) from $15.6B in Q2 2025 to $23.0B in Q2 2026.
What drove ELI Lilly's revenue change in Q2 2026?
Net product revenue +$6.6B (+45%); Other immunology +$153M (+38%); Other cardiometabolic health +$51.0M (+5%).