ELI LILLY & CoLLY

ELI LILLY & Co Debt Disclosure

10-KFiled Feb 12, 20262 min read
Borrowings
Debt at December 31 consisted of the following:
Stated Interest Rate20252024
Long-term notes:
Notes due 2025
2.750% - 7.125%
$— $778 
Notes due 2026
1.625% - 5.000%
1,632 1,529 
Notes due 2027
3.100% - 5.500%
2,516 2,516 
Notes due 2028
0.450% - 4.550%(1)
3,256 442 
Notes due 2029
0.420% - 4.500%
3,077 3,076 
Notes due 2030
2.125% - 4.750%
2,132 779 
Notes due 2031 - 2040
0.500% - 6.770%
11,582 6,166 
Notes due 2041 - 2050
0.970% - 4.650%
4,543 4,381 
Notes due 2051 - 2060
1.125% - 5.550%
8,280 5,961 
Notes due 2061 - 2070
1.375% - 5.650%
5,824 3,977 
Other long term debt and adjustments(339)(298)
Short-term commercial paper borrowings— 4,338 
Total debt42,503 33,644 
Less current portion(1,635)(5,117)
Long-term debt$40,868 $28,527 
(1) Included in the 2028 tranche is $750 million of floating-rate notes issued in August 2025, with interest reset and paid quarterly using the Secured Overnight Financing Rate (SOFR) plus .530 percent.
The weighted-average effective borrowing rate on short-term commercial paper borrowings was 4.61 percent at December 31, 2024.
At December 31, 2025, we had $10.1 billion of unused committed bank credit facilities, which consisted primarily of a $4.0 billion credit facility that expires in December 2029 and a $6.0 billion 364-day facility that expires in August 2026, both of which are available to support our commercial paper program.
Below are the details of our issuances of long-term debt for the periods presented, from which the cash proceeds were used for business development activities and general business purposes, including the repayment of commercial paper:
Date of IssuanceAmountMaturity
Stated Interest Rate
August 2025$6,750 2028-2065
4.000%-5.650%(1)
February 20256,500 2028-2065
4.550%-5.600%
August 20245,000 2027-2064
4.150%-5.200%
February 20246,500 2027-2064
4.500%-5.100%
February 20234,000 2026-2063
4.700%-5.000%
(1) Included in the 2028 tranche is $750 million of floating-rate notes, with interest reset and paid quarterly using SOFR plus .530 percent.
The following table summarizes information related to interest on borrowings, net of capitalized interest:
202520242023
Interest expense on borrowings$895 $781 $486 
Cash payments for interest on borrowings633 578 404 

Historical Timeline

Fiscal YearFiled
2025Feb 12, 2026Showing above
2024Feb 19, 2025
2023Feb 21, 2024
2022Feb 22, 2023
2021Feb 23, 2022
2020Feb 17, 2021
2019Feb 19, 2020
2018Feb 19, 2019
2017Feb 20, 2018
2016Feb 21, 2017
2015Feb 19, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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