Eli Lilly and Company (LLY) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 39% to $24.397B, led by incretin demand and share gains; full-year revenue guidance increased to $91B–$92B.

• Revenue included ~$900M in benefits, mainly $410M of Jardiance milestones and favorable rebate and discount estimate adjustments; no further Jardiance milestones remain.

Financial highlights

• GAAP operating income rose 17% to $8.608B, net income rose 16% to $6.451B, and diluted EPS rose 16% to $7.22.

• Adjusted operating income rose 15% to $9.039B; adjusted net income rose 6% to $6.679B and adjusted diluted EPS rose 7% to $7.48.

• Nine-month revenue increased 46% to $67.17B; reported net income rose 50% to $20.94B and diluted EPS rose 51% to $23.42.

Outlook and guidance

• FY 2026 revenue guidance increased from $85B–$87B to $91B–$92B; non-GAAP performance margin guidance rose from 49.0%–50.5% to 52.0%–52.5%.

• Non-GAAP EPS guidance is $35–$36, versus prior guidance of $35.50–$36.50; the underlying midpoint rose $4.07, offset by $4.57 per share in Q3 acquired IPR&D charges.

• FY tax-rate guidance increased from 18%–19% to 19%–20%; guidance excludes acquired IPR&D incurred after September 30, 2026.