Eli Lilly and Company · 2026 Q2
ReportedAug 5, 2026
Period endedJun 30, 2026
Rule of 40+81
Consensus vs reported
EPS · ADJUSTED
BEAT +28%
$8.38
vs $6.55 expected
QoQ—
YoY—
Revenue
BEAT +11%
$22.97B
vs $20.69B expected
QoQ+16.0%
YoY+47.7%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
Reported this quarter
Revenue
$22.97B
QoQ +16.0%
YoY +47.7%
EPS
$7.94
QoQ -3.9%
YoY +26.2%
Free Cash Flow
$7.76B
QoQ +158.0%
YoY +458.1%
Gross Margin
85.8%
QoQ +3.8 pp
YoY +1.5 pp
FCF Margin
33.8%
QoQ +18.6 pp
YoY +24.8 pp
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- The analyst panel was modelling a charge, not the business. Consensus had fallen 25.7% in thirty days to $6.55; adjusted EPS came in at $8.38 , beating it by 27.9% — almost precisely reversing the cut.
- The $3.80 consensus range was about an accounting line. Adjusted EPS landed near the top of the $5.28–9.08 span while GAAP EPS was $7.94 , $0.44 below it. The business number and the accounting number differ by exactly the item the range was arguing about.
- Revenue growth is the durable half. +47.6% to $22.97B — the fifth straight quarter above 40%.
- The cash line is lumpy capital expenditure, not an unstable engine. Free-cash-flow margins of 1.2%, 8.9%, 38.3%, 3.5%, 15.2% across the tracked quarters describe capex landing in lumps.
- A Rule of 40 that swings 46 points across four quarters of the same business is measuring the capex calendar. 63.80 trailing against a per-quarter range of 46 to 92, which is why the preview quoted it both ways.
Coverage around this release
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2024 Q3 | — | $1.07 | — |
| 2024 Q4 | — | $4.88 | — |
| 2025 Q1 | — | $3.06 | — |
| 2025 Q2 | — | $6.29 | — |
| 2025 Q3 | — | $6.21 | — |
| 2025 Q4 | — | $7.39 | — |
| 2026 Q1 | — | $8.26 | — |
| 2026 Q2 | $6.55 | $8.38 | +28% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 59478.
JSON
Company facts (XBRL)
Every figure LLY has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for 2026 Q2, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings