0000059478-26-000063 | 11-K | XBRL Viewer

EBP, Master Trust [Line Items]

Master Trust

Net investment income for the Master Trust for the year ended December 31, 2025 is as follows:




Net realized and unrealized gains on investments	$	2,868,482,058
Interest income, net of expenses	23,413,775
Dividend income	48,279,187
Net investment income	$	2,940,175,020

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Tabular disclosure of master trust arrangement in which employee stock purchase, saving, or similar plan (employee benefit plan (EBP)) participates.

+ References + Details

Transactions with Related Parties	12 Months Ended
Dec. 31, 2025
EBP Plans
EBP, Related Party and Party-in-Interest Transactions [Line Items]
Transactions with Related Parties	Transactions with Related Parties The Plans invest in the common stock of the Company. During 2025, the 401(k) Plan received approximately $25,103,000 in cash dividends from the Company on the common stock of the Company owned by the 401(k) Plan. During 2025, the Puerto Rico Plan received approximately $1,719,000 in cash dividends from the Company on the common stock of the Company owned by the Puerto Rico Plan. Certain plan assets are in investments managed by The Northern Trust Company. These transactions qualify as party-in-interest transactions; however, they are exempt from the prohibited transaction rules under ERISA and applicable regulatory guidance.

Description of the Plans (Details) - EBP Plans	12 Months Ended
Description of the Plans (Details) - EBP Plans	Dec. 31, 2025 USD ($) h period
EBP, Description of Plan [Line Items]
Service period, hours	1,000
Service period	12 months
Number of consecutive periods \| period	2
Hours of service	500
Minimum compensation, percentage	1.00%
Maximum compensation percentage	50.00%
Matching percentage	100.00%
Percentage of compensation matched	6.00%
Vesting percentage	100.00%
Vesting hours	1
Minimum borrowing amount \| $	$ 1,000
Maximum borrowing amount, percentage of total account	90.00%
Maximum borrowing amount \| $	$ 50,000
Basis spread on variable rate	1.00%

Fair Value Measurements (Details) - EBP Plans - USD ($)	Dec. 31, 2025	Dec. 31, 2024
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	$ 15,166,862,101	$ 12,571,324,043
Plan's total interest in The Lilly Employee Savings Plan Master Trust	16,211,456,463	13,536,201,282
Registered investment companies
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	429,061,226	353,047,838
Self-directed brokerage accounts
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	432,429,718	347,947,988
Eli Lilly and Company common stock
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	4,444,670,141	3,586,035,728
Other common stock
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	473,635,764
Synthetic GICs, at contract value
EBP, Investment, Fair Value and NAV [Line Items]
Investments at contract value – Synthetic GICs	1,044,594,362	964,877,239
Level 1
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	5,779,796,849	4,287,031,554
Level 1 \| Registered investment companies
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	429,061,226	353,047,838
Level 1 \| Self-directed brokerage accounts
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	432,429,718	347,947,988
Level 1 \| Eli Lilly and Company common stock
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	4,444,670,141	3,586,035,728
Level 1 \| Other common stock
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	473,635,764
Level 2
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	0	0
Level 2 \| Registered investment companies
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	0	0
Level 2 \| Self-directed brokerage accounts
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	0	0
Level 2 \| Eli Lilly and Company common stock
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	0	0
Level 2 \| Other common stock
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	0
Level 3
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	0	0
Level 3 \| Registered investment companies
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	0	0
Level 3 \| Self-directed brokerage accounts
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	0	0
Level 3 \| Eli Lilly and Company common stock
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	0	0
Level 3 \| Other common stock
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	0
Fair Value, Inputs, Level 1, Level 2, and Level 3
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	5,779,796,849	4,287,031,554
Fair Value Measured at Net Asset Value Per Share \| Interest in common/collective trusts
EBP, Investment, Fair Value and NAV [Line Items]
Total Master Trust investments at fair value	$ 9,387,065,252	$ 8,284,292,489

Schedule H, Line 4i – Schedule of Assets (Held At End of Year) (Details)	12 Months Ended
	Dec. 31, 2025 USD ($)
EBP 002
EBP, Schedule of Asset Held for Investment [Line Items]
Entity tax identification number	35-0470950
Plan number	002
Loans to participants	$ 30,484,221
EBP 002 \| Minimum
EBP, Schedule of Asset Held for Investment [Line Items]
Interest rates	4.25%
EBP 002 \| Maximum
EBP, Schedule of Asset Held for Investment [Line Items]
Interest rates	10.00%
EBP 004
EBP, Schedule of Asset Held for Investment [Line Items]
Entity tax identification number	98-0167031
Plan number	004
Loans to participants	$ 2,655,742
EBP 004 \| Minimum
EBP, Schedule of Asset Held for Investment [Line Items]
Interest rates	4.25%
EBP 004 \| Maximum
EBP, Schedule of Asset Held for Investment [Line Items]
Interest rates	9.50%

Plan number of employee stock purchase, saving, or similar plan (employee benefit plan (EBP)), in three-digit numeric format.

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Employee Retirement Income Security Act of 1974
-Number 2520
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Statements of Net Assets Available for Benefits - USD ($)	Dec. 31, 2025	Dec. 31, 2024
EBP 002
Investments - Plan's interest in net assets of The Lilly Employee Savings Plan Master Trust: (Notes 3 and 4)
Synthetic GICs, at contract value		$ 919,487,968
Plan's total interest in The Lilly Employee Savings Plan Master Trust	$ 15,578,115,281	13,014,419,160
Receivables:
Employer contribution	15,323,084	13,424,806
Notes receivable from participants	30,484,221	28,765,989
Total Receivables	45,807,305	42,190,795
Net Assets Available for Benefits	15,623,922,586	13,056,609,955
EBP 002 \| Registered investment companies
Investments - Plan's interest in net assets of The Lilly Employee Savings Plan Master Trust: (Notes 3 and 4)
Total Master Trust investments at fair value	421,576,961	347,721,232
EBP 002 \| Self-directed brokerage accounts
Investments - Plan's interest in net assets of The Lilly Employee Savings Plan Master Trust: (Notes 3 and 4)
Total Master Trust investments at fair value	427,925,311	344,736,270
EBP 002 \| Eli Lilly and Company common stock
Investments - Plan's interest in net assets of The Lilly Employee Savings Plan Master Trust: (Notes 3 and 4)
Total Master Trust investments at fair value	4,174,962,263	3,353,674,076
EBP 002 \| Interest in common/collective trusts
Investments - Plan's interest in net assets of The Lilly Employee Savings Plan Master Trust: (Notes 3 and 4)
Total Master Trust investments at fair value	9,130,820,758	8,054,250,219
EBP 002 \| Synthetic GICs, at contract value
Investments - Plan's interest in net assets of The Lilly Employee Savings Plan Master Trust: (Notes 3 and 4)
Synthetic GICs, at contract value	981,469,423
EBP 002 \| Other common stock
Investments - Plan's interest in net assets of The Lilly Employee Savings Plan Master Trust: (Notes 3 and 4)
Synthetic GICs, at contract value	442,945,945
EBP 002 \| Accrued income and pending trades - Sales
Investments - Plan's interest in net assets of The Lilly Employee Savings Plan Master Trust: (Notes 3 and 4)
Accrued income and pending trades - Sales	2,231,465
Plan's total interest in The Lilly Employee Savings Plan Master Trust		1,351,922
EBP 002 \| Accrued expenses and pending trades - Purchases
Investments - Plan's interest in net assets of The Lilly Employee Savings Plan Master Trust: (Notes 3 and 4)
Accrued expenses and pending trades - Purchases	3,816,845
Plan's total interest in The Lilly Employee Savings Plan Master Trust		6,802,527
EBP 004
Investments - Plan's interest in net assets of The Lilly Employee Savings Plan Master Trust: (Notes 3 and 4)
Synthetic GICs, at contract value		45,389,271
Plan's total interest in The Lilly Employee Savings Plan Master Trust	631,692,369	516,179,792
Receivables:
Employer contribution	481,961	436,956
Notes receivable from participants	2,655,742	2,636,336
Total Receivables	3,137,703	3,073,292
Net Assets Available for Benefits	634,830,072	519,253,084
EBP 004 \| Registered investment companies
Investments - Plan's interest in net assets of The Lilly Employee Savings Plan Master Trust: (Notes 3 and 4)
Total Master Trust investments at fair value	7,484,265	5,326,606
EBP 004 \| Self-directed brokerage accounts
Investments - Plan's interest in net assets of The Lilly Employee Savings Plan Master Trust: (Notes 3 and 4)
Total Master Trust investments at fair value	4,504,407	3,211,718
EBP 004 \| Eli Lilly and Company common stock
Investments - Plan's interest in net assets of The Lilly Employee Savings Plan Master Trust: (Notes 3 and 4)
Total Master Trust investments at fair value	269,707,878	232,361,652
EBP 004 \| Interest in common/collective trusts
Investments - Plan's interest in net assets of The Lilly Employee Savings Plan Master Trust: (Notes 3 and 4)
Total Master Trust investments at fair value	256,244,494	230,042,270
EBP 004 \| Synthetic GICs, at contract value
Investments - Plan's interest in net assets of The Lilly Employee Savings Plan Master Trust: (Notes 3 and 4)
Synthetic GICs, at contract value	63,124,939
EBP 004 \| Other common stock
Investments - Plan's interest in net assets of The Lilly Employee Savings Plan Master Trust: (Notes 3 and 4)
Synthetic GICs, at contract value	30,689,819
EBP 004 \| Accrued income and pending trades - Sales
Investments - Plan's interest in net assets of The Lilly Employee Savings Plan Master Trust: (Notes 3 and 4)
Accrued income and pending trades - Sales	50,301
Plan's total interest in The Lilly Employee Savings Plan Master Trust		27,209
EBP 004 \| Accrued expenses and pending trades - Purchases
Investments - Plan's interest in net assets of The Lilly Employee Savings Plan Master Trust: (Notes 3 and 4)
Accrued expenses and pending trades - Purchases	$ 113,734
Plan's total interest in The Lilly Employee Savings Plan Master Trust		$ 178,934

Description of the Plans	12 Months Ended
Description of the Plans	Dec. 31, 2025
EBP Plans
EBP, Description of Plan [Line Items]
Description of the Plans	Description of the Plans The accompanying financial statements comprise the employee savings plans of Eli Lilly and Company (the Company) and certain of the Company’s United States (U.S.) and Puerto Rico affiliates that participate in The Lilly Employee Savings Plan Master Trust (the Master Trust). General The Lilly Employee 401(k) Plan (the 401(k) Plan) was established for the benefit of eligible employees of Eli Lilly and Company and participating subsidiaries and affiliated companies. The Savings Plan for Lilly Affiliate Employees in Puerto Rico (the Puerto Rico Plan) was established for the benefit of resident eligible employees of, and certain employees within, the Commonwealth of Puerto Rico. The accompanying financial statements include the net assets and related activity of the 401(k) Plan and the Puerto Rico Plan. The following description of the 401(k) Plan and the Puerto Rico Plan (collectively, the Plans) provides only general information. Participants should refer to the applicable plan documents and the Plans’ summary plan descriptions for more complete information. The Northern Trust Company and Banco Popular de Puerto Rico are the trustees of the 401(k) Plan and the Puerto Rico Plan, respectively. Alight Solutions, LLC is the recordkeeper of the Plans. The Company is the plan sponsor for the 401(k) Plan, and Lilly del Caribe, Inc. is the plan sponsor for the Puerto Rico Plan. The Employee Benefits Committee of the Company is the plan administrator for the Plans. Full-time employees become eligible for participation in the Plans on the first day of employment. Seasonal, part-time, or other special-status employees must generally complete 1,000 hours of service within a 12-consecutive-month period to be eligible. Additionally, for the Lilly Employee 401(k) plan, seasonal, part-time, or other special status employees who do not meet the above service criteria become eligible for participation in the 401(k) Plan upon completing two 12-consecutive-month periods with at least 500 hours of service in each 12-month period as a long-term part-time employee. The Plans allow for participant contributions from 1% to 50% of base compensation up to applicable regulatory limits. Participants have the option of enrolling in a program to increase their contribution rates automatically each year. Matching contributions by the Company are currently 100% of participant pre-tax and or Roth contributions up to the 6% participant contribution level, subject to applicable regulatory limits. Contributions Participants may designate that their contributions be invested in any of the investment options offered by the Plans. In addition, participants generally can buy and sell investments offered by the Plans, including the Eli Lilly and Company common stock fund (the Company Stock Fund), and transfer money from any of the investment options into and out of any of the other investment options. Company matching contributions are allocated based on a participant’s investment elections for their own contributions. The Company Stock Fund invests in the Company’s common stock. The total return of the Company Stock Fund will reflect dividend payments to shareholders, as well as capital appreciation or depreciation. Except with respect to certain small dividend amounts, participants also are allowed to take payment of the Company Stock Fund dividends in cash in lieu of having them reinvested in their participant accounts. The Company Stock Fund holds a small percentage of assets in cash equivalents for liquidity purposes. Therefore, the Company Stock Fund may not reflect the exact performance of the underlying security over any given time period. Vesting All participants are vested immediately in their own contributions. All active participants vest in 100% of the Company's matching contributions after completing one hour of creditable service. Participant Loans Participants may borrow from their accounts a minimum of $1,000 and a maximum of the least of (1) one-half of the amount of the participant’s vested account, (2) 90% of the portion of the participant’s account balance attributable to the participant’s pretax contributions and rollover account, and (3) $50,000 (all of which are reduced by any unpaid loan balance). The loans are collateralized by the participant’s vested account and bear interest at prime plus 1%. Should the participant terminate as an employee, the balance of the outstanding loan becomes due and payable. Payment of Benefits Participants may elect to receive distributions upon termination in the form of one or more lump-sum payments or various installment annuities. Participants may also be eligible to take voluntary, in-service withdrawals, including hardship withdrawals, non-hardship withdrawals, and age 59½ withdrawals. Mandatory distributions are made in accordance with the Plans' provisions. Termination The Plans are subject to and are intended to comply with the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended, and applicable Internal Revenue Service (IRS) and Commonwealth of Puerto Rico Department of Treasury requirements. The Company has the right to terminate the Plans subject to the provisions of ERISA and the Plans, as established in the applicable plan documents. In the event the Plans are terminated, each participant’s account shall be nonforfeitable with respect to both the employee’s and the Company’s contributions, and the net assets are to be set aside for payment of withdrawals by participants. Administrative Expenses The Plans' administrative expenses are paid for either by the Plans' participants or by the Plans' sponsors. Administrative expenses that are paid directly by the Plans' sponsors are excluded from these financial statements. Participants are assessed separate fees for certain transactions, including, but not limited to, loans, maintaining a self-directed brokerage account, and/or processing of a qualified domestic relations order, as applicable.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

EBP, Investment, Fair Value and NAV [Line Items]

EBP, Investment, Fair Value and NAV

The following table sets forth the net assets of the Master Trust and the Master Trust's assets carried at fair value as of December 31, 2025, by level, within the fair value hierarchy:


	Master Trust
	Balance		Level 1		Level 2		Level 3
Investments at fair value:
Registered investment companies	$	429,061,226	$	429,061,226	$	—	$	—
Self-directed brokerage accounts	432,429,718		432,429,718		—		—
Eli Lilly and Company common stock	4,444,670,141		4,444,670,141		—		—
Other common stock	473,635,764		473,635,764		—		—
Total	5,779,796,849		$	5,779,796,849	$	—	$	—
Interest in common/collective trusts, measured at NAV	9,387,065,252
Total Master Trust investments at fair value	15,166,862,101
Investments at contract value – Synthetic GICs	1,044,594,362
Total Master Trust investments	$	16,211,456,463

The following table sets forth the net assets of the Master Trust and the Master Trust's assets carried at fair value as of December 31, 2024, by level, within the fair value hierarchy:


	Master Trust
	Balance		Level 1		Level 2		Level 3
Investments at fair value:
Registered investment companies	$	353,047,838	$	353,047,838	$	—	$	—
Self-directed brokerage accounts	347,947,988		347,947,988		—		—
Eli Lilly and Company common stock	3,586,035,728		3,586,035,728		—		—
Total	4,287,031,554		$	4,287,031,554	$	—	$	—
Interest in common/collective trusts, measured at NAV	8,284,292,489
Total Master Trust investments at fair value	12,571,324,043
Investments at contract value – Synthetic GICs	964,877,239
Total Master Trust investments	$	13,536,201,282

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Tabular disclosure of fair value of investment held by employee stock purchase, saving, or similar plan (employee benefit plan (EBP)), including, but not limited to, fair value measured at net asset value per share as practical expedient (NAV).

Significant Accounting Policies (Policies) - EBP Plans	12 Months Ended
Significant Accounting Policies (Policies) - EBP Plans	Dec. 31, 2025
EBP, Accounting Policy [Line Items]
Investment Valuation and Income Recognition	Investment Valuation and Income Recognition Investments held by the Master Trust are stated at fair value, except for fully benefit-responsive synthetic guaranteed investment contracts (synthetic GICs), as noted below. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). See Note 4 for further discussion of fair value measurements. The Master Trust invests in fully benefit-responsive synthetic GICs, which are stated at contract value. Contract value represents contributions made under each contract, plus earnings, less participant withdrawals and administrative expenses. Contract value is the relevant measure for fully benefit-responsive investment contracts because this is the amount received by participants if they were to initiate permitted transactions under the terms of the Plans.
Notes Receivable from Participants	Notes Receivable from Participants Notes receivable from participants represent participant loans that are recorded at their unpaid principal balances plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. No allowance for credit losses has been recorded as of December 31, 2025 and 2024. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be a distribution, the participant loan balance is reduced, and a benefit payment is recorded.
Use of Estimates	Use of Estimates and Basis of Accounting The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes and supplemental schedules. Actual results could differ from these estimates.
Basis of Accounting	The accompanying financial statements have been prepared on the accrual basis of accounting.

Disclosure of accounting policy for use of estimate in preparation of financial statement of employee stock purchase, saving, or similar plan (employee benefit plan (EBP)).

+ References + Details

Reconciliation of the Financial Statements to Form 5500 - Reconciliation of Net Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
EBP 002
EBP, Reconciliation of Financial Statement to Form 5500 [Line Items]
Net Increase	$ 2,567,312,631
Distributions accrued on Form 5500 at December 31, 2025	(2,749,738)
Distributions accrued on Form 5500 at December 31, 2024		$ 18,363,524
Net increase in net assets available for benefits, as reported on Form 5500	2,582,926,417
EBP 004
EBP, Reconciliation of Financial Statement to Form 5500 [Line Items]
Net Increase	115,576,988
Distributions accrued on Form 5500 at December 31, 2025	(8,706)
Distributions accrued on Form 5500 at December 31, 2024		$ 61,058
Net increase in net assets available for benefits, as reported on Form 5500	$ 115,629,340

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

EBP, Investment, Fair Value and NAV [Line Items]

Fair Value Measurements

Accounting Standards Codification (ASC) 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). ASC 820 includes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1 - Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets.

Level 2 - Inputs to the valuation methodology include:

•Quoted prices for similar assets and liabilities in active markets

•Quoted prices for identical or similar assets or liabilities in markets that are not active

•Inputs other than quoted prices that are for the assets or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals)

•Inputs that are derived principally from or corroborated by observable market data by correlation or other means

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The level in the fair value hierarchy within which the fair value measurement is classified is determined based upon the lowest level of input that is significant to the fair value measurement in its entirety.

The following is a description of the valuation techniques and inputs used for assets measured at fair value:

•Registered investment companies (mutual funds) ‑ Valued at the net asset value (NAV) of shares held by the Master Trust at year end, as quoted in the active market, and classified within Level 1 of the valuation hierarchy

•Self-directed brokerage accounts (represents mutual funds and exchange-traded funds) - Valued at the NAV of shares held by the Master Trust at year end, as quoted in the active market, and classified within Level 1 of the valuation hierarchy

•Eli Lilly and Company common stock and other common stock ‑ Valued at the closing price reported on the applicable stock exchange (e.g., NYSE or NASDAQ) and is classified within Level 1 of the valuation hierarchy

•Interest in common/collective trusts - Represents interests in pooled investment vehicles designed primarily for collective investment of employee benefit trusts. The fair value of the investments in this category has been estimated using the NAV per unit as a practical expedient provided by the fund managers. Redemption restrictions range from 1 to 30 days, and there were no unfunded commitments in this investment category.

The valuation methodologies described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plans believe their valuation methods are appropriate and consistent with those of other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the methodologies used at December 31, 2025 and 2024.

The following table sets forth the net assets of the Master Trust and the Master Trust's assets carried at fair value as of December 31, 2025, by level, within the fair value hierarchy:


	Master Trust
	Balance		Level 1		Level 2		Level 3
Investments at fair value:
Registered investment companies	$	429,061,226	$	429,061,226	$	—	$	—
Self-directed brokerage accounts	432,429,718		432,429,718		—		—
Eli Lilly and Company common stock	4,444,670,141		4,444,670,141		—		—
Other common stock	473,635,764		473,635,764		—		—
Total	5,779,796,849		$	5,779,796,849	$	—	$	—
Interest in common/collective trusts, measured at NAV	9,387,065,252
Total Master Trust investments at fair value	15,166,862,101
Investments at contract value – Synthetic GICs	1,044,594,362
Total Master Trust investments	$	16,211,456,463

The following table sets forth the net assets of the Master Trust and the Master Trust's assets carried at fair value as of December 31, 2024, by level, within the fair value hierarchy:


	Master Trust
	Balance		Level 1		Level 2		Level 3
Investments at fair value:
Registered investment companies	$	353,047,838	$	353,047,838	$	—	$	—
Self-directed brokerage accounts	347,947,988		347,947,988		—		—
Eli Lilly and Company common stock	3,586,035,728		3,586,035,728		—		—
Total	4,287,031,554		$	4,287,031,554	$	—	$	—
Interest in common/collective trusts, measured at NAV	8,284,292,489
Total Master Trust investments at fair value	12,571,324,043
Investments at contract value – Synthetic GICs	964,877,239
Total Master Trust investments	$	13,536,201,282

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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The entire disclosure for fair value of investment held by employee stock purchase, saving, or similar plan (employee benefit plan (EBP)), including, but not limited to, fair value measured at net asset value per share as practical expedient (NAV).

Master Trust

12 Months Ended

Dec. 31, 2025

EBP, Master Trust [Line Items]

Master Trust

The Plans provide that both participant contributions and company matching contributions be held in a trust by an independent trustee for the benefit of participating employees. As of December 31, 2025 and 2024, The Northern Trust Company maintained the accounting of the aggregate value of assets associated with each plan participating in the Master Trust. The Plans have specific interests in certain investments of the Master Trust based on account balances of the participants and their investment options. The Master Trust assets are allocated among the participating plans by assigning to each plan those transactions (primarily contributions, benefit payments, and plan-specific expenses) that can be specifically identified for such plan or participants in such plan and by allocating among all plans, in proportion to the fair value of the assets attributable to each participating plan, the income (loss), including net appreciation/depreciation in fair value of investments, and expenses resulting from the collective investment of the assets of the Master Trust.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded as earned. Dividends are recorded on the ex-dividend date.

Net investment income for the Master Trust for the year ended December 31, 2025 is as follows:




Net realized and unrealized gains on investments	$	2,868,482,058
Interest income, net of expenses	23,413,775
Dividend income	48,279,187
Net investment income	$	2,940,175,020

The interests in the net assets of the Master Trust of the 401(k) Plan and the Puerto Rico Plan are presented in the accompanying financial statements.

The Plans (through the Master Trust) hold synthetic GICs with third-party financial service institutions. The synthetic GICs are wrap contracts paired with an underlying investment portfolio of common/collective trust funds that invest in average-quality, short/intermediate-term, fixed-income securities. A synthetic GIC credits the holder’s account with a stated crediting rate for a specified period of time. Investment gains and losses are amortized over the expected duration through the calculation of the crediting rate applicable to the Plans on a prospective basis. Synthetic GICs provide for a variable crediting rate, which typically resets at least quarterly, and the issuers of the wrap contract provide a guarantee that future adjustments to the crediting rate cannot result in a crediting rate less than zero.

The crediting rate is primarily based on the current yield-to-maturity of the covered investments, plus or minus amortization of the difference between the market value and contract value of the covered investments over the expected duration at the time of computation. The crediting rate is impacted by the

change in the annual effective yield-to-maturity of the underlying securities but is also affected by the differential between the contract value and the market value of the covered investments.

Generally, contract value withdrawals will be made pro rata based on the percentage of investments covered by each issuer. The terms of the wrap contracts generally provide for full contract value withdrawal only upon termination of the contract or total liquidation of the covered investments. Contract termination occurs whenever the contract value or market value of the covered investments reaches zero or upon certain events of default. If the contract terminates due to issuer default (other than a default occurring because of a decline in its rating), the issuer will generally be required to pay to the Plans the excess, if any, of contract value over market value on the date of termination. If the contract terminates when the market value equals zero, the issuer will pay the excess of contract value over market value to the Plans to the extent necessary for the Plans to satisfy outstanding contract value withdrawal requests. Contract termination also may occur by either party upon election and notice. However, such election by a contract issuer typically allows for a gradual asset risk wind-down generally over the portfolio’s duration and would maintain contract value on the Plans.

Certain events, including (1) certain amendments to the Plans' documents (including complete or partial plan termination or merger with another plan), (2) changes to the Plans’ prohibition on competing investment options or deletion of equity wash provisions, (3) bankruptcy of the Plans' sponsors or other Plans' sponsor events that cause a significant withdrawal from the Plans, and (4) the failure of the Master Trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA, limit the ability of the Plans to transact contract value withdrawals from the wrap contracts. The plan administrator believes that the occurrence of any such event which would limit the Plans’ ability to transact contract value withdrawals is not probable of occurring.

The synthetic GICs generally impose conditions on both the Plans and the issuer. If an event of default, as defined, occurs and is not cured, and the Plans are unable to negotiate continuing coverage or obtain a replacement investment contract, the Plans may experience losses if the value of the Plans’ assets no longer covered by the contract is below contract value. The combination of the default of an issuer and an inability to obtain replacement coverage could render the Plans unable to achieve their objective of maintaining a stable contract value. The plan administrator does not believe the occurrence of any such event has occurred or is probable of occurring.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

The entire disclosure for master trust arrangement in which employee stock purchase, saving, or similar plan (employee benefit plan (EBP)) participates.

Statements of Changes in Net Assets Available for Benefits	12 Months Ended
	Dec. 31, 2025 USD ($)
EBP 002
Contributions:
Participants	$ 437,415,383
Employer	193,894,825
Total Contributions	631,310,208
Interest in The Lilly Employee Savings Plan Master Trust investment income, net of administrative fees (Note 3)	2,813,087,765
Interest income on notes receivable from participants	2,355,175
Total Additions	3,446,753,148
Deductions:
Participant withdrawals	931,487,596
Administrative expenses	1,948,411
Total Deductions	933,436,007
Net Increase Prior to Transfers	2,513,317,141
Transfers from Other Plans	53,995,490
Net Increase	2,567,312,631
Net assets available for benefits at beginning of year	13,056,609,955
Net assets available for benefits at end of year	15,623,922,586
EBP 004
Contributions:
Participants	10,497,809
Employer	5,753,497
Total Contributions	16,251,306
Interest in The Lilly Employee Savings Plan Master Trust investment income, net of administrative fees (Note 3)	127,087,255
Interest income on notes receivable from participants	205,179
Total Additions	143,543,740
Deductions:
Participant withdrawals	27,712,898
Administrative expenses	253,854
Total Deductions	27,966,752
Net Increase Prior to Transfers	115,576,988
Transfers from Other Plans	0
Net Increase	115,576,988
Net assets available for benefits at beginning of year	519,253,084
Net assets available for benefits at end of year	$ 634,830,072

Master Trust (Details) - EBP Plans - EBP, Nonconsolidated, Master Trust	12 Months Ended
	Dec. 31, 2025 USD ($)
EBP, Master Trust [Line Items]
Net realized and unrealized gains on investments	$ 2,868,482,058
Interest income, net of expenses	23,413,775
Dividend income	48,279,187
Net investment income	$ 2,940,175,020

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2025
EBP Plans
EBP, Accounting Policy [Line Items]
Significant Accounting Policies	Significant Accounting Policies Investment Valuation and Income Recognition Investments held by the Master Trust are stated at fair value, except for fully benefit-responsive synthetic guaranteed investment contracts (synthetic GICs), as noted below. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). See Note 4 for further discussion of fair value measurements. The Master Trust invests in fully benefit-responsive synthetic GICs, which are stated at contract value. Contract value represents contributions made under each contract, plus earnings, less participant withdrawals and administrative expenses. Contract value is the relevant measure for fully benefit-responsive investment contracts because this is the amount received by participants if they were to initiate permitted transactions under the terms of the Plans. Notes Receivable from Participants Notes receivable from participants represent participant loans that are recorded at their unpaid principal balances plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. No allowance for credit losses has been recorded as of December 31, 2025 and 2024. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be a distribution, the participant loan balance is reduced, and a benefit payment is recorded. Use of Estimates and Basis of Accounting The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes and supplemental schedules. Actual results could differ from these estimates. The accompanying financial statements have been prepared on the accrual basis of accounting.

Reconciliation of the Financial Statements to Form 5500 - Reconciliation of Net Assets Available for Benefit (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
EBP 002
EBP, Reconciliation of Financial Statement to Form 5500 [Line Items]
Net assets available for benefits at year end, as reported in the accompanying financial statements	$ 15,623,922,586	$ 13,056,609,955
Distributions accrued on Form 5500 at year end	(2,749,738)	(18,363,524)
Net assets available for benefits per Form 5500	15,621,172,848	13,038,246,431
EBP 004
EBP, Reconciliation of Financial Statement to Form 5500 [Line Items]
Net assets available for benefits at year end, as reported in the accompanying financial statements	634,830,072	519,253,084
Distributions accrued on Form 5500 at year end	(8,706)	(61,058)
Net assets available for benefits per Form 5500	$ 634,821,366	$ 519,192,026

Amount of asset less liability available to pay benefit of participant in employee stock purchase, saving, or similar plan (employee benefit plan (EBP)), including, but not limited to, aggregation of participants' individual account balances.

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