Eli Lilly (LLY) Q2 FY2026 earnings: revenue $23.0 billion, up 47.7% on the year

Eli Lilly & Co. (LLY) reported revenue of $23.0 billion for Q2 FY2026, the quarter ended 30 June 2026, up 47.7% on the same quarter a year earlier. Net income was $7.1 billion, up 25.3% on the year, and diluted earnings per share $7.94. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.

Revenue

$23.0 billion

+47.7% on the year · +16.0% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

n/a

Q3 FY2024Q2 FY2026

Net income

$7.1 billion

+25.3% on the year · -4.1% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$7.94

+26.2% on the year · -3.9% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 2 lowered, 1 narrowed, 1 kept.

Revenue rose 48% to $23.0 billion: Q2 revenue was $22,974 million, up from $15,558 million. Volume rose 60%, partly offset by a 13% fall in realized prices. Six-month revenue was $42,773 million, up 51%.
Reported EPS rose 26% to $7.94: Non-GAAP EPS was $8.38, up 33% from $6.31. Reported and non-GAAP EPS both include $3.03 of acquired IPR&D charges, against $0.14 a year earlier. Six-month reported diluted EPS was $16.19.
Full-year revenue range raised: The 2026 revenue range rose to $85.0 billion to $87.0 billion from $82 billion to $85 billion. The non-GAAP EPS range is now $35.50 to $36.50, with the top end lowered.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	22,974	19,799	15,558	+16.0%	+47.7%
Cost of revenue	3,268	3,577	2,448	-8.6%	+33.5%
Gross profit	19,706	16,222	13,110	+21.5%	+50.3%
Gross margin	85.8%	81.9%	84.3%
Research and development	3,819	3,510	3,336	+8.8%	+14.5%
Selling, general and administrative	3,430	2,934	2,753	+16.9%	+24.6%
Interest expense	n/a	n/a	249
Pre-tax income	9,247	8,850	6,776	+4.5%	+36.5%
Income tax	2,152	1,454	1,116	+48.0%	+92.8%
Effective tax rate	23.3%	16.4%	16.5%
Net income	7,095	7,396	5,660	-4.1%	+25.3%
Net margin	30.9%	37.4%	36.4%
Diluted EPS	$7.94	$8.26	$6.29	-3.9%	+26.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	10,690	5,333	3,087	+100.5%	+246.3%
Capital expenditure	2,933	2,326	1,697	+26.1%	+72.8%
Free cash flow	7,757	3,007	1,390	+158.0%	+458.1%
Free cash flow margin	33.8%	15.2%	8.9%
Cash from investing	-15,396	-3,916	-1,835
Cash from financing	8,426	-3,470	-1,245
Depreciation and amortisation	534	509	478	+4.9%	+11.6%
Share-based compensation	201	161	185	+24.8%	+8.6%
Buybacks	1,601	2,356	692	-32.0%	+131.3%
Dividends paid	1,546	1,548	1,347	-0.1%	+14.8%
Dividend per share	$3.46	n/a	$3.00		+15.3%
Diluted shares, weighted	894m	896m	900m	-0.2%	-0.7%
Shares outstanding at period end	941m	942m	946m	-0.0%	-0.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	33,879	31,198	18,273	+8.6%	+85.4%
Non-controlling interest	n/a	n/a	76.2
Debt	54,908	43,370	39,904	+26.6%	+37.6%
Other liabilities	53,496	42,008	42,670	+27.3%	+25.4%
Total liabilities and equity	142,283	116,576	100,923	+22.1%	+41.0%
Fixed assets	29,286	26,540	20,530	+10.3%	+42.7%
Goodwill	8,849	6,130	5,770	+44.4%	+53.3%
Intangible assets	18,110	7,374	5,908	+145.6%	+206.5%
Investments	3,856	3,116	3,378	+23.7%	+14.2%
Cash and equivalents	8,950	5,282	3,376	+69.4%	+165.1%
Receivables	20,083	18,429	14,170	+9.0%	+41.7%
Inventory	16,793	14,529	11,014	+15.6%	+52.5%
Other assets	36,356	35,176	36,776	+3.4%	-1.1%
Total assets	142,283	116,576	100,923	+22.1%	+41.0%

Questions

What was Eli Lilly's revenue in Q2 FY2026?

Eli Lilly (LLY) reported revenue of $23.0 billion for Q2 FY2026, the quarter ended 30 June 2026, up 47.7% on the same quarter a year earlier.

How much did Eli Lilly earn in Q2 FY2026?

Net income for Q2 FY2026 was $7.1 billion, up 25.3% on the year, and diluted earnings per share $7.94.

When did Eli Lilly report Q2 FY2026 results?

Eli Lilly filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 5 August 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	8,000	7,810	6,488	6,942	7,302	6,960	8,312	9,499	9,353	8,768	11,303	11,439	13,533	12,728	15,558	17,601	19,292	19,799	22,974	24,397
Cost of revenue	2,050	2,072	1,430	1,579	1,548	1,627	1,807	1,860	1,788	1,674	2,170	2,171	2,404	2,224	2,448	3,008	3,372	3,577	3,268	3,933
Gross profit	5,950	5,738	5,058	5,362	5,754	5,333	6,505	7,638	7,565	7,094	9,133	9,268	11,129	10,504	13,110	14,592	15,920	16,222	19,706	20,464
Gross margin	74%	73%	78%	77%	79%	77%	78%	80%	81%	81%	81%	81%	82%	83%	84%	83%	83%	82%	86%	84%
R&D	1,959	1,610	1,782	1,803	1,996	1,985	2,356	2,409	2,563	2,523	2,711	2,734	3,022	2,734	3,336	3,466	3,802	3,510	3,819	4,247
SG&A	1,592	1,558	1,625	1,614	1,643	1,749	1,925	1,804	1,925	1,952	2,117	2,100	2,424	2,469	2,753	2,741	3,132	2,934	3,430	3,125
Interest expense	81.5	84.9	81.2	81.5	84.0	103	120	125	138	180	184	193	225	244	249	180	223	n/a	n/a	n/a
Pre-tax income	1,840	2,054	1,091	1,566	2,096	1,530	2,089	427	2,509	2,536	3,517	1,588	5,039	3,456	6,776	7,232	8,266	8,850	9,247	8,406
Tax rate	6%	7%	13%	7%	8%	12%	16%	113%	13%	12%	16%	39%	12%	20%	16%	23%	20%	16%	23%	23%
Net income	1,726	1,903	952	1,452	1,938	1,345	1,763	-57.4	2,190	2,243	2,967	970	4,410	2,759	5,660	5,582	6,638	7,396	7,095	6,451
Net margin	22%	24%	15%	21%	27%	19%	21%	-1%	23%	26%	26%	8%	33%	22%	36%	32%	34%	37%	31%	26%
Diluted EPS	$1.88	$2.10	$1.05	$1.61	$2.14	$1.49	$1.95	-$0.06	$2.42	$2.48	$3.28	$1.07	$4.88	$3.06	$6.29	$6.21	$7.39	$8.26	$7.94	$7.22
Operating cash flow	2,156	2,523	821	2,185	1,580	1,731	632	2,190	-312	1,166	1,466	3,712	2,474	1,666	3,087	8,836	3,225	5,333	10,690	11,397
Capital expenditure	291	365	371	617	501	668	738	970	1,071	986	1,225	1,351	1,496	1,510	1,697	2,088	2,547	2,326	2,933	3,178
Free cash flow	1,865	2,158	450	1,568	1,079	1,062	-106	1,219	-1,382	180	241	2,361	978	156	1,390	6,748	678	3,007	7,757	8,219
Buybacks	750	1,500	0.0	0.0	0.0	750	0.0	0.0	0.0	0.0	0.0	446	2,054	1,200	692	708	1,508	2,356	1,601	377
Dividends paid	773	886	884	882	884	1,017	1,018	1,016	1,018	1,169	1,172	1,170	1,168	1,346	1,347	1,345	1,346	1,548	1,546	1,541
Shares outstanding	952m	950m	950m	950m	950m	949m	949m	949m	950m	950m	950m	949m	948m	948m	946m	945m	943m	942m	941m	941m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 5 August 2026: the filing.