Filing Flows › ELI Lilly (LLY) › Q4 2025
ELI Lilly (LLY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 12, 2026
ELI Lilly (LLY) reported revenue of $19.3B for the fourth quarter 2025 (Q4 2025), +43% from a year earlier and +10% from the quarter before. Operating margin was 42.8%, net earnings $6.6B (34.4% of revenue).
ELI Lilly, Q4 2025: revenue $19.3B (+43% year over year), operating margin 42.8%, net earnings $6.6B, operating cash flow $3.2B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $19.3B | +10% | +43% |
| Operating profit | $8.3B | +14% | +64% |
| Net earnings | $6.6B | +19% | +51% |
| Operating cash flow | $3.2B | -63% | +30% |
| Free cash flow | $678M | -90% | -31% |
What changed
Revenue was $19.3B in Q4 2025, up 43% year over year and up 10% from the previous quarter. Net product revenue was the largest line at 95% of revenue.
Operating profit was $8.3B, a 42.8% margin (up 5.6 points year over year). Of the extra revenue versus a year earlier, 56% reached operating profit, above the 37% margin then. Total costs grew 30% against revenue growth of 43%. The fastest-growing cost line was Cost of revenue (+40%). Net earnings were $6.6B, up 51% year over year. The effective tax rate was 19.7%.
Operating cash flow was $3.2B (up 30% year over year), 49% of net earnings. Non-cash charges added back $0.59B of depreciation and amortization and $0.14B of share-based compensation. Working capital and other items used $4.1B. Capital expenditures of $2.5B left free cash flow of $0.68B.
Questions
What was ELI Lilly's revenue in the fourth quarter 2025?
ELI Lilly (LLY) reported revenue of $19.3B for the fourth quarter 2025 (Q4 2025), +43% from a year earlier and +10% from the quarter before.
Was ELI Lilly profitable in the fourth quarter 2025?
Operating profit was $8.3B (42.8% of revenue) and net earnings $6.6B.
Source: ELI Lilly 10-K on SEC EDGAR.