Eli Lilly (LLY) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Eli Lilly published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Eli Lilly reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Q3 2026 revenue included approximately $900 million of benefits, primarily $410 million of Jardiance sales-based milestones from Boehringer Ingelheim (Lilly says no further milestones remain) and favorable adjustments to rebate and discount estimates.
• Lilly's non-GAAP EPS does not exclude acquired IPR&D. Both the reported and non-GAAP figures include $4.57 a share of acquired IPR&D charges, against $0.71 in Q3 2025.

Source: Lilly Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Eli Lilly splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Eli Lilly's Cardiometabolic Health revenue was $19.8 billion in Q3 2026, up 50% from $13.2 billion in Q3 2025, 81% of total revenue.
• Eli Lilly's Oncology revenue was $2.6 billion in Q3 2026, up 8% from $2.4 billion in Q3 2025, 11% of total revenue.
• Eli Lilly's Immunology revenue was $1.4 billion in Q3 2026, up 5% from $1.4 billion in Q3 2025, 6% of total revenue.
• Eli Lilly's Neuroscience revenue was $444 million in Q3 2026, up 41% from $316 million in Q3 2025, 2% of total revenue.
• Eli Lilly's Other revenue was $154 million in Q3 2026, down 54% from $337 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Eli Lilly said:

“Increased the midpoint of our 2026 full-year revenue guidance by $5.5 billion to be in the range of $91.0 to $92.0 billion and raised underlying non-GAAP EPS guidance for the full year by $4.07 at the midpoint, which was more than offset by $4.57 of acquired IPR&D charges from Q3 business development activity, resulting in an updated range of $35.00 to $36.00.”

“The first three quarters of 2026 also benefited from sales-based milestones and adjustments to estimates for rebates and discounts.”

“Guidance does not include acquired in-process research and development (IPR&D) incurred after September 30, 2026.”

Source: Lilly Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the LLY forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Revenue and reported diluted EPS, each as first reported in that quarter's release. The Q3 2025 release printed revenue to one decimal ($17,600.8 million); later releases round it to $17,601 million.

We do not hold a confirmed date for Eli Lilly's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

Tirzepatide is most of Eli Lilly's revenue. Mounjaro brought in $10,723 million and Zepbound $5,352 million of the $24,397 million total in Q3 2026, and Lilly's Cardiometabolic Health products together brought in $19,764 million. Oncology was $2,600 million, led by Verzenio at $1,511 million, Immunology $1,435 million and Neuroscience $444 million. (Lilly Form 10-Q, Q3 2026, Oct 29, 2026)

Lilly said revenue rose 39% on a 53% increase in volume, partly offset by a 15% decrease in realized prices. In the U.S., revenue rose 34% to $15.1 billion as volume rose 41% and realized prices fell 7%, the price decline driven primarily by Zepbound. Outside the U.S., revenue rose 47% to $9.3 billion on a 76% increase in volume, while prices fell 29%, driven primarily by the inclusion of Mounjaro on China's National Reimbursement Drug List. (Lilly Q3 2026 release, Oct 29, 2026)

Lilly says the quarter included approximately $900 million of benefits, primarily $410 million of Jardiance sales-based milestones from its collaboration with Boehringer Ingelheim, with no further milestones remaining, and favorable adjustments to rebate and discount estimates. Changes in estimates for U.S. returns, rebates and discounts on products shipped in earlier periods were 2 percent of U.S. revenue, against less than 1 percent a year earlier. (Lilly Q3 2026 release, Oct 29, 2026; Lilly Form 10-Q, Q3 2026, Oct 29, 2026)

By geography, U.S. revenue was $15,136 million, Europe $4,459 million, China $947 million, Japan $648 million and the rest of the world $3,206 million. In the U.S. most Lilly products go through wholesalers, and its 10-K names three distributors, McKesson, Cencora and Cardinal Health, that each accounted for a significant percentage of consolidated revenue in 2025. (Lilly Form 10-Q, Q3 2026, Oct 29, 2026; Lilly Form 10-K, 2025, Feb 12, 2026)

Eli Lilly's reported EPS rose 16% to $7.22 in Q3 2026 and non-GAAP EPS rose 7% to $7.48. The non-GAAP figure adds back amortization of intangible assets ($0.11 a share) and asset impairment, restructuring and other special charges ($0.18), and removes net gains on equity securities ($0.04). Lilly does not exclude acquired IPR&D: both figures carry $4.57 a share of it, against $0.71 a year earlier. (Lilly Q3 2026 release, Oct 29, 2026)

Acquired IPR&D charges were $4.2 billion in the quarter, against $656 million in Q3 2025, primarily from the acquisitions of AtaiBeckley and Curevo. Because those charges are not tax-deductible, the reported effective tax rate rose to 23.3% from 22.8%, and the non-GAAP rate to 24.0% from 17.7%. (Lilly Q3 2026 release, Oct 29, 2026)

Gross margin was 83.9% of revenue, up 1.0 percentage points on product mix and lower production costs. Research and development rose 23% to $4.2 billion, 17% of revenue. Diluted weighted-average shares were 893,439 thousand, against 898,804 thousand a year earlier. (Lilly Q3 2026 release, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Eli Lilly gives full-year guidance in its release: GAAP revenue plus non-GAAP performance margin, tax rate and EPS. After Q3 2026 it raised 2026 revenue guidance to $91 to $92 billion from $85 to $87 billion and performance margin to 52.0% to 52.5% from 49.0% to 50.5%, and lowered EPS guidance to $35.00 to $36.00 from $35.50 to $36.50. (Lilly Q3 2026 release, Oct 29, 2026)

The EPS cut is an IPR&D effect: Lilly raised underlying EPS guidance by $4.07 at the midpoint and absorbed $4.57 of Q3 acquired IPR&D charges. The guidance assumes about 894 million shares and excludes any acquired IPR&D incurred after September 30, 2026, so a further acquisition charge would lower it again. (Lilly Q3 2026 release, Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover Eli Lilly, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Eli Lilly's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning LLY is on is LLY a buy or a sell?, what analysts expect next is on the LLY forecast, and what the company does is on the Eli Lilly (LLY) stock page.

Every number on this page can be traced to a document Eli Lilly published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.