Borrowings (Tables)

12 Months Ended

Dec. 31, 2025

Debt at December 31 consisted of the following:


	Stated Interest Rate	2025		2024
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 debt		42,503		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.

Summary of Long-term Notes

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 Issuance	Amount		Maturity	Stated Interest Rate
August 2025	$	6,750	2028-2065	4.000%-5.650%(1)
February 2025	6,500		2028-2065	4.550%-5.600%
August 2024	5,000		2027-2064	4.150%-5.200%
February 2024	6,500		2027-2064	4.500%-5.100%
February 2023	4,000		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.

Schedule of Additional Borrowings Disclosures

The following table summarizes information related to interest on borrowings, net of capitalized interest:


	2025		2024		2023
Interest expense on borrowings	$	895	$	781	$	486
Cash payments for interest on borrowings	633		578		404

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

ELI LILLY & Co 10-K