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Lemonade (LMND) Financials

Lemonade logo
$49.88 -2.76 (-5.24%)
Closing price 08/17/2026 03:58 PM Eastern
Extended Trading
$49.70 -0.18 (-0.36%)
As of 04:01 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Lemonade

Annual Income Statements for Lemonade

This table shows Lemonade's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -53 -109 -122 -241 -298 -237 -202 -166
Consolidated Net Income / (Loss)		 -53 -109 -122 -241 -298 -237 -202 -166
Net Income / (Loss) Continuing Operations		 -53 -109 -122 -241 -298 -237 -202 -166
Total Pre-Tax Income 		-53 -108 -121 -234 -295 -230 -204 -161
Total Revenue		 23 67 94 128 257 430 527 738
Net Interest Income / (Expense)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Non-Interest Income		 23 67 94 128 257 430 527 738
Trust Fees by Commissions		 0.00 0.00 15 45 64 70 91 123
Other Service Charges		 0.00 0.10 0.30 4.60 12 20 31 41
Net Realized & Unrealized Capital Gains on Investments		 1.30 3.40 1.50 1.90 8.40 25 34 38
Premiums Earned		 21 64 77 77 172 315 371 536
Total Non-Interest Expense		 75 175 215 362 552 660 730 899
Marketing Expense		 46 98 100 193 218 191 252 318
Property & Liability Insurance Claims		 15 46 55 72 167 280 277 347
Other Operating Expenses		 14 31 61 97 166 189 201 234
Income Tax Expense		 0.30 0.60 1.50 7.70 3.00 7.10 -1.70 4.60
Basic Earnings per Share		 ($4.84) ($9.75) ($3.63) ($3.94) ($4.59) ($3.40) ($2.85) ($2.24)
Weighted Average Basic Shares Outstanding		 10.93M 11.12M 33.65M 61.22M 64.92M 69.66M 71.02M 73.94M
Diluted Earnings per Share		 ($4.84) ($9.75) ($3.63) ($3.94) ($4.59) ($3.40) ($2.85) ($2.24)
Weighted Average Diluted Shares Outstanding		 10.93M 11.12M 33.65M 61.22M 64.92M 69.66M 71.02M 73.94M
Weighted Average Basic & Diluted Shares Outstanding		 10.93M 11.12M 33.65M 61.69M 69.30M 70.22M 72.82M 76.38M

Quarterly Income Statements for Lemonade

This table shows Lemonade's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -62 -42 -47 -57 -68 -30 -62 -44 -38 -22 -43
Consolidated Net Income / (Loss)		 -62 -42 -47 -57 -68 -30 -62 -44 -38 -22 -43
Net Income / (Loss) Continuing Operations		 -62 -42 -47 -57 -68 -30 -62 -44 -38 -22 -43
Total Pre-Tax Income 		-60 -40 -45 -55 -66 -38 -61 -43 -36 -21 -42
Total Revenue		 115 116 119 122 137 149 151 164 195 228 294
Net Interest Income / (Expense)		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 115 116 119 122 137 149 151 164 195 228 294
Trust Fees by Commissions		 17 18 21 17 24 30 27 30 32 33 20
Other Service Charges		 4.20 6.10 6.10 8.10 8.00 8.60 11 12 13 6.20 12
Net Realized & Unrealized Capital Gains on Investments		 7.00 7.10 7.60 8.10 8.90 9.40 9.50 9.40 9.70 9.20 9.70
Premiums Earned		 87 84 84 89 96 101 104 113 140 180 252
Total Non-Interest Expense		 174 155 164 177 202 187 213 207 231 249 336
Marketing Expense		 46 46 51 58 73 70 65 82 82 89 108
Property & Liability Insurance Claims		 76 65 66 71 78 63 85 78 90 95 154
Other Operating Expenses		 52 45 47 49 51 54 62 47 59 65 75
Income Tax Expense		 1.90 2.80 2.10 2.10 1.90 -7.80 1.00 1.30 1.20 1.10 1.60
Basic Earnings per Share		 ($0.88) ($0.60) ($0.67) ($0.81) ($0.95) ($0.42) ($0.86) ($0.60) ($0.51) ($0.27) ($0.56)
Weighted Average Basic Shares Outstanding		 69.75M 69.66M 70.28M 70.72M 71.14M 71.02M 72.92M 73.43M 74.19M 73.94M 76.98M
Diluted Earnings per Share		 ($0.88) ($0.60) ($0.67) ($0.81) ($0.95) ($0.42) ($0.86) ($0.60) ($0.51) ($0.27) ($0.56)
Weighted Average Diluted Shares Outstanding		 69.75M 69.66M 70.28M 70.72M 71.14M 71.02M 72.92M 73.43M 74.19M 73.94M 76.98M
Weighted Average Basic & Diluted Shares Outstanding		 69.92M 70.22M 70.50M 71.03M 71.40M 72.82M 73.27M 73.89M 74.73M 76.38M 77.40M

Annual Cash Flow Statements for Lemonade

This table details how cash moves in and out of Lemonade's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 86 168 301 -301 16 -15 114 11
Net Cash From Operating Activities		 -41 -78 -92 -145 -163 -119 -11 -17
Net Cash From Continuing Operating Activities		 -41 -78 -92 -145 -163 -119 -11 -17
Net Income / (Loss) Continuing Operations		 -53 -109 -122 -241 -298 -237 -202 -166
Consolidated Net Income / (Loss)		 -53 -109 -122 -241 -298 -237 -202 -166
Provision For Loan Losses		 0.00 0.90 2.20 6.20 8.70 8.10 11 22
Depreciation Expense		 0.10 0.60 1.70 3.70 12 20 20 15
Amortization Expense		 0.00 -0.50 -0.40 -4.20 6.70 -2.60 -6.10 -5.80
Non-Cash Adjustments to Reconcile Net Income		 2.30 4.30 23 44 59 64 65 59
Changes in Operating Assets and Liabilities, net		 9.70 25 4.20 47 48 29 101 59
Net Cash From Investing Activities		 6.40 -54 50 -805 181 89 41 -89
Net Cash From Continuing Investing Activities		 6.40 -54 50 -805 181 89 41 -89
Purchase of Property, Leasehold Improvements and Equipment		 -0.70 -2.70 -4.40 -9.40 -10 -9.20 -9.40 -9.40
Purchase of Investment Securities		 -14 -73 -18 -843 -171 -395 -364 -504
Sale and/or Maturity of Investments		 21 22 72 47 363 493 414 425
Net Cash From Financing Activities		 120 300 341 650 3.60 15 88 107
Net Cash From Continuing Financing Activities		 120 300 341 650 3.60 15 88 107
Issuance of Debt		 - - - 0.00 0.00 19 96 133
Repayment of Debt		 0.00 - 1.30 0.00 0.00 -4.20 -28 -58
Other Financing Activities, Net		 0.10 0.70 1.80 9.30 3.60 0.50 19 32
Effect of Exchange Rate Changes		 0.00 -0.10 1.60 -1.00 -5.80 0.00 -2.70 10
Cash Interest Paid		 - - - 0.00 0.00 0.30 5.00 16
Cash Income Taxes Paid		 0.20 0.50 1.60 3.20 3.40 0.70 2.50 2.50

Quarterly Cash Flow Statements for Lemonade

This table details how cash moves in and out of Lemonade's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Change in Cash & Equivalents		 -61 44 33 14 65 -12 48 -66 66 -31 41
Net Cash From Operating Activities		 -50 -6.30 -16 -30 -12 16 14 -47 5.50 4.50 21
Net Cash From Continuing Operating Activities		 -50 -6.30 -16 -30 -12 17 14 -47 5.50 4.50 21
Net Income / (Loss) Continuing Operations		 -67 -62 -42 -47 -57 -68 -30 -62 -44 -38 -22
Consolidated Net Income / (Loss)		 -67 -62 -42 -47 -57 -68 -30 -62 -44 -38 -22
Provision For Loan Losses		 1.60 2.10 2.10 3.20 2.10 2.60 3.10 4.50 4.40 5.20 8.00
Depreciation Expense		 5.10 5.00 4.80 5.00 5.20 5.10 4.70 4.50 4.70 3.40 2.60
Amortization Expense		 -0.20 -1.30 -1.30 -1.30 -1.50 -1.70 -1.60 -1.50 -1.50 -1.40 -1.40
Non-Cash Adjustments to Reconcile Net Income		 15 19 14 15 15 17 17 10 15 15 19
Changes in Operating Assets and Liabilities, net		 -4.40 30 6.40 -4.30 24 61 20 -2.60 26 20 15
Net Cash From Investing Activities		 -11 44 41 31 61 -54 2.50 -40 30 -59 -19
Net Cash From Continuing Investing Activities		 -11 44 41 31 61 -54 2.50 -40 30 -59 -19
Purchase of Property, Leasehold Improvements and Equipment		 -1.90 -2.20 -2.40 -2.50 -1.50 -2.20 -3.20 -2.30 -2.10 -1.90 -3.10
Purchase of Investment Securities		 -145 -90 -35 -55 -113 -123 -74 -78 -108 -206 -113
Sale and/or Maturity of Investments		 136 136 78 88 176 71 79 40 140 149 97
Net Cash From Financing Activities		 0.20 7.90 7.20 14 16 24 35 20 24 24 39
Net Cash From Continuing Financing Activities		 0.20 7.90 7.20 14 16 24 35 20 24 24 39
Issuance of Debt		 - 9.30 9.80 18 22 31 26 30 36 30 37
Repayment of Debt		 - -1.60 -2.60 -4.10 -6.60 -7.30 -9.70 -12 -15 -15 -18
Other Financing Activities, Net		 0.20 0.20 - 0.10 - 0.10 19 1.50 2.50 8.50 19
Effect of Exchange Rate Changes		 - -1.00 1.70 -0.90 -0.70 2.30 -3.40 1.50 7.20 0.40 1.00
Cash Interest Paid		 - 0.10 0.20 0.50 0.80 1.10 2.60 3.10 3.60 4.50 5.10
Cash Income Taxes Paid		 0.10 0.30 0.10 0.30 0.90 0.80 0.50 0.30 0.50 1.40 0.30

Annual Balance Sheets for Lemonade

This table presents Lemonade's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 414 829 1,511 1,691 1,633 1,849 1,926
Cash and Due from Banks		 270 571 271 287 272 386 397
Time Deposits Placed and Other Short-Term Investments		 - - - 100 46 28 14
Trading Account Securities		 5.90 6.60 691 650 627 607 709
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 3.10 5.70 12 20 17 16 16
Unearned Premiums Asset		 75 226 366 501 557 725 704
Deferred Acquisition Cost		 1.80 3.50 6.20 6.90 8.80 12 12
Goodwill		 - - 0.00 19 19 19 19
Intangible Assets		 0.60 0.60 0.60 33 23 14 8.10
Other Assets		 57 15 164 75 64 42 47
Total Liabilities & Shareholders' Equity		 414 829 1,511 1,691 1,633 1,849 1,926
Total Liabilities		 117 288 522 824 924 1,256 1,392
Short-Term Debt		 - - - 0.00 15 83 158
Claims and Claim Expense		 28 46 98 256 262 298 303
Unearned Premiums Liability		 68 137 226 306 377 479 601
Other Long-Term Liabilities		 20 105 198 261 270 395 330
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 - 0.00
Total Equity & Noncontrolling Interests		 -183 541 988 867 709 593 534
Total Preferred & Common Equity		 -183 541 988 867 709 593 534
Total Common Equity		 -183 541 988 867 709 593 534
Common Stock		 16 860 1,554 1,754 1,815 1,898 1,992
Retained Earnings		 -198 -321 -562 -860 -1,097 -1,299 -1,464
Accumulated Other Comprehensive Income / (Loss)		 0.10 1.80 -3.40 -28 -9.00 -6.10 6.40

Quarterly Balance Sheets for Lemonade

This table presents Lemonade's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q2 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 6/30/2026
Total Assets		 1,713 1,641 1,613 1,648 1,646 1,714 1,823 1,857 1,935 1,919 2,012
Cash and Due from Banks		 225 255 194 238 285 350 338 320 386 356 380
Time Deposits Placed and Other Short-Term Investments		 - - 71 73 22 44 31 21 21 24 9.20
Trading Account Securities		 693 649 677 633 620 537 610 656 625 682 769
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 19 20 19 17 17 16 16 16 16 15 19
Unearned Premiums Asset		 369 345 529 565 612 681 742 764 806 766 748
Deferred Acquisition Cost		 7.60 6.90 6.60 8.10 9.80 11 12 11 13 14 16
Goodwill		 11 19 19 19 19 19 19 19 19 19 19
Intangible Assets		 36 30 28 25 21 18 16 11 8.80 8.10 8.10
Other Assets		 352 318 70 68 41 37 39 39 40 36 44
Total Liabilities & Shareholders' Equity		 1,713 1,641 1,613 1,648 1,646 1,714 1,823 1,857 1,935 1,919 2,012
Total Liabilities		 806 819 842 921 970 1,079 1,230 1,311 1,408 1,403 1,512
Short-Term Debt		 - - - 7.70 28 44 67 102 124 139 206
Claims and Claim Expense		 221 245 256 255 264 282 294 307 310 312 308
Unearned Premiums Liability		 319 319 335 392 398 427 496 502 539 587 682
Other Long-Term Liabilities		 267 256 251 266 280 325 373 400 435 365 316
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 907 822 771 727 676 635 593 546 527 516 500
Total Preferred & Common Equity		 907 822 771 727 676 635 593 546 527 516 500
Total Common Equity		 907 822 771 727 676 635 593 546 527 516 500
Common Stock		 1,738 1,770 1,785 1,800 1,830 1,845 1,862 1,910 1,928 1,954 2,043
Retained Earnings		 -796 -926 -993 -1,054 -1,144 -1,201 -1,269 -1,361 -1,405 -1,443 -1,544
Accumulated Other Comprehensive Income / (Loss)		 -35 -22 -21 -19 -9.20 -8.60 -0.10 -3.40 4.20 5.20 -0.30

Annual Metrics And Ratios for Lemonade

This table displays calculated financial ratios and metrics derived from Lemonade's official financial filings.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - -
Profitability Metrics		 - - - - - - - -
Valuation Ratios		 - - - - - - - -
Leverage & Solvency		 - - - - - - - -
Liquidity Ratios		 - - - - - - - -
Cash Flow Metrics		 - - - - - - - -
Efficiency Ratios		 - - - - - - - -
Capital & Investment Metrics		 - - - - - - - -
Earnings Adjustments		 - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($3.63) ($3.94) ($4.59) ($3.40) ($2.85) ($2.24)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 61.28M 61.22M 64.92M 69.66M 71.02M 73.94M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($3.63) ($3.94) ($4.59) ($3.40) ($2.85) ($2.24)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 61.28M 61.22M 64.92M 69.66M 71.02M 73.94M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 ($3.63) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 33.65M 61.69M 69.30M 70.22M 72.82M 76.38M
Debt Service Ratios		 - - - - - - - -
Payout Ratios		 - - - - - - - -

Quarterly Metrics And Ratios for Lemonade

This table displays calculated financial ratios and metrics derived from Lemonade's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - - 76,383,438.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 76,383,438.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.57
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 54.73% 30.66% 25.11% 16.63% 19.30% 28.83% 26.95% 34.51% 42.39% - 79.40%
EBITDA Growth		 33.53% 41.68% 30.13% 15.74% -11.63% 3.88% -40.72% 23.35% 45.03% - -6.09%
EBIT Growth		 33.11% 41.85% 30.14% 16.39% -10.40% 4.55% -35.84% 22.69% 44.83% - 1.88%
NOPAT Growth		 33.11% 41.85% 30.14% 16.39% -10.40% 4.55% -35.84% 22.69% 44.83% - 1.88%
Net Income Growth		 32.71% 33.44% 28.12% 14.88% -10.08% 29.25% -31.92% 23.25% 44.61% - 1.14%
EPS Growth		 35.77% 34.07% 29.47% 16.49% -7.95% 30.00% -28.36% 25.93% 46.32% - 6.67%
Operating Cash Flow Growth		 88.48% 43.71% 35.78% 76.74% 358.73% 185.71% -58.39% 147.01% -72.39% - 0.00%
Free Cash Flow Firm Growth		 65.52% 56.35% 87.37% 66.81% -78.43% -82.18% -83.24% -102.48% -171.82% - -6,306.06%
Invested Capital Growth		 -18.99% -16.50% -14.25% -11.92% -10.10% -6.49% -8.13% -4.20% -0.79% - 8.50%
Revenue Q/Q Growth		 9.46% 0.87% 3.12% 2.43% 11.97% 8.93% 1.61% 8.53% 18.53% - 0.00%
EBITDA Q/Q Growth		 8.36% 35.42% -14.96% -23.86% -21.40% 44.39% -68.30% 32.53% 12.94% - 0.00%
EBIT Q/Q Growth		 9.56% 33.56% -14.14% -21.90% -19.42% 42.55% -62.43% 30.62% 14.79% - 0.00%
NOPAT Q/Q Growth		 9.56% 33.56% -14.14% -21.90% -19.42% 42.55% -62.43% 30.62% 14.79% - 0.00%
Net Income Q/Q Growth		 8.48% 31.06% -11.56% -20.93% -18.36% 55.69% -108.00% 29.65% 14.58% - 0.00%
EPS Q/Q Growth		 9.28% 31.82% -11.67% -20.90% -17.28% 55.79% -104.76% 30.23% 15.00% - 0.00%
Operating Cash Flow Q/Q Growth		 87.48% -155.56% -85.09% 60.74% 239.32% -15.34% -442.03% 111.65% -18.18% - 0.00%
Free Cash Flow Firm Q/Q Growth		 308.13% -11.65% -25.87% -37.60% -47.23% -27.01% -30.28% -109.22% -1,431.06% - 0.00%
Invested Capital Q/Q Growth		 -4.72% -1.47% -2.64% -3.63% -2.75% 2.48% -4.34% 0.49% 0.71% - 0.00%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 -48.82% -31.26% -34.84% -42.13% -45.68% -23.32% -38.62% -24.01% -17.64% - -14.20%
EBIT Margin		 -52.05% -34.29% -37.95% -45.16% -48.17% -25.40% -40.61% -25.96% -18.66% - -14.20%
Profit (Net Income) Margin		 -53.71% -36.71% -39.71% -46.89% -49.56% -20.16% -41.27% -26.75% -19.28% - -14.74%
Tax Burden Percent		 103.19% 107.07% 104.65% 103.81% 102.89% 79.37% 101.63% 103.05% 103.31% - 103.83%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 -17.88% -12.97% -15.79% -20.54% -23.84% -13.37% -23.49% -16.42% -13.08% - 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 -531.64% -210.02% -126.46% -105.42% -81.47% -20.57% -53.32% -33.24% -24.80% - 0.00%
Return on Net Nonoperating Assets (RNNOA)		 -2.51% -1.99% -2.39% -3.29% -4.64% -1.55% -5.68% -4.79% -4.61% - 0.00%
Return on Equity (ROE)		 -20.38% -14.96% -18.18% -23.83% -28.48% -14.92% -29.17% -21.21% -17.69% - 0.00%
Cash Return on Invested Capital (CROIC)		 -1.05% -2.25% -3.95% -6.59% -10.01% -13.67% -14.31% -17.57% -18.16% - 0.00%
Operating Return on Assets (OROA)		 -12.48% -8.87% -10.47% -12.79% -13.69% -7.68% -12.95% -8.55% -6.57% - 0.00%
Return on Assets (ROA)		 -12.87% -9.49% -10.96% -13.28% -14.09% -6.10% -13.16% -8.81% -6.79% - 0.00%
Return on Common Equity (ROCE)		 -20.38% -14.96% -18.18% -23.83% -28.48% -14.92% -29.17% -21.21% -17.69% - 0.00%
Return on Equity Simple (ROE_SIMPLE)		 -35.52% 0.00% -32.29% -32.81% -36.19% 0.00% -39.84% -38.70% -33.67% - 0.00%
Net Operating Profit after Tax (NOPAT)		 -42 -28 -32 -39 -46 -26 -43 -30 -25 - -29
NOPAT Margin		 -36.44% -24.00% -26.57% -31.61% -33.72% -17.78% -28.43% -18.17% -13.06% - -9.94%
Net Nonoperating Expense Percent (NNEP)		 513.77% 197.05% 110.67% 84.87% 57.63% 7.20% 29.83% 16.82% 11.72% - 8.57%
SG&A Expenses to Revenue		 40.35% 39.48% 43.07% 47.54% 53.66% 46.71% 43.12% 49.97% 42.21% - 36.58%
Operating Expenses to Revenue		 152.05% 134.29% 137.95% 145.16% 148.17% 125.40% 140.61% 125.96% 118.66% - 114.20%
Earnings before Interest and Taxes (EBIT)		 -60 -40 -45 -55 -66 -38 -61 -43 -36 - -42
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -56 -36 -42 -51 -62 -35 -58 -39 -34 - -42
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.11 1.59 1.70 1.83 1.98 4.41 4.20 6.09 7.66 - 9.95
Price to Tangible Book Value (P/TBV)		 1.19 1.69 1.81 1.95 2.10 4.67 4.44 6.43 8.09 - 10.52
Price to Revenue (P/Rev)		 2.01 2.62 2.54 2.47 2.37 4.97 4.10 5.34 6.01 - 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.69 1.14 1.24 1.20 1.32 3.38 3.17 4.50 5.67 - 6.78
Enterprise Value to Revenue (EV/Rev)		 1.26 1.92 1.93 1.73 1.76 4.35 3.67 4.87 5.64 - 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 225.74
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.01 0.02 0.04 0.07 0.11 0.14 0.19 0.23 0.27 - 0.41
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Financial Leverage		 0.00 0.01 0.02 0.03 0.06 0.08 0.11 0.14 0.19 - 0.32
Leverage Ratio		 2.06 2.11 2.19 2.37 2.63 2.67 2.87 3.14 3.37 - 3.84
Compound Leverage Factor		 2.06 2.11 2.19 2.37 2.63 2.67 2.87 3.14 3.37 - 3.84
Debt to Total Capital		 1.05% 2.06% 4.02% 6.46% 10.21% 12.32% 15.74% 18.98% 21.21% - 29.24%
Short-Term Debt to Total Capital		 1.05% 2.06% 4.02% 6.46% 10.21% 12.32% 15.74% 18.98% 21.21% - 29.24%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 98.95% 97.94% 95.98% 93.54% 89.79% 87.68% 84.26% 81.02% 78.79% - 70.76%
Debt to EBITDA		 -0.03 -0.07 -0.15 -0.24 -0.35 -0.44 -0.49 -0.63 -0.83 - 0.00
Net Debt to EBITDA		 1.28 1.42 1.43 1.89 1.58 1.74 1.15 1.46 1.44 - 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Debt to NOPAT		 -0.04 -0.09 -0.19 -0.31 -0.47 -0.58 -0.66 -0.85 -1.11 - 0.00
Net Debt to NOPAT		 1.68 1.88 1.90 2.50 2.09 2.31 1.55 1.95 1.93 - 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 130 115 85 53 28 21 14 -1.32 -20 - -85
Operating Cash Flow to CapEx		 -286.36% -670.83% -1,192.00% -780.00% 740.91% 431.25% -2,052.17% 261.90% 236.84% - 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.24 0.26 0.28 0.28 0.28 0.30 0.32 0.33 0.35 - 0.00
Fixed Asset Turnover		 22.07 23.23 24.52 26.69 29.53 31.43 33.45 37.20 42.08 - 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 735 724 705 679 660 677 647 651 655 - 706
Invested Capital Turnover		 0.49 0.54 0.59 0.65 0.71 0.75 0.83 0.90 1.00 - 0.00
Increase / (Decrease) in Invested Capital		 -172 -143 -117 -92 -74 -47 -57 -29 -5.20 - 55
Enterprise Value (EV)		 506 825 873 813 870 2,289 2,050 2,926 3,715 - 4,786
Market Capitalization		 810 1,128 1,152 1,163 1,171 2,619 2,289 3,210 3,955 - 4,969
Book Value per Share		 $10.43 $10.14 $9.63 $9.01 $8.35 $8.31 $7.49 $7.19 $6.99 - $6.49
Tangible Book Value per Share		 $9.80 $9.54 $9.07 $8.48 $7.86 $7.85 $7.08 $6.81 $6.62 - $6.14
Total Capital		 735 724 705 679 660 677 647 651 655 - 706
Total Debt		 7.70 15 28 44 67 83 102 124 139 - 206
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt		 -304 -302 -279 -350 -302 -330 -238 -284 -240 - -183
Capital Expenditures (CapEx)		 2.20 2.40 2.50 1.50 2.20 3.20 2.30 2.10 1.90 - 0.00
Net Nonoperating Expense (NNE)		 20 15 16 19 22 3.54 19 14 12 - 14
Net Nonoperating Obligations (NNO)		 7.70 15 28 44 67 83 102 124 139 - 206
Total Depreciation and Amortization (D&A)		 3.70 3.50 3.70 3.70 3.40 3.10 3.00 3.20 2.00 - 0.00
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.88) ($0.60) ($0.67) ($0.81) ($0.95) ($0.42) ($0.86) ($0.60) ($0.51) ($0.27) ($0.56)
Adjusted Weighted Average Basic Shares Outstanding		 69.75M 69.66M 70.28M 70.72M 71.14M 71.02M 72.92M 73.43M 74.19M 73.94M 76.98M
Adjusted Diluted Earnings per Share		 ($0.88) ($0.60) ($0.67) ($0.81) ($0.95) ($0.42) ($0.86) ($0.60) ($0.51) ($0.27) ($0.56)
Adjusted Weighted Average Diluted Shares Outstanding		 69.75M 69.66M 70.28M 70.72M 71.14M 71.02M 72.92M 73.43M 74.19M 73.94M 76.98M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 69.92M 70.22M 70.50M 71.03M 71.40M 72.82M 73.27M 73.89M 74.73M 76.38M 77.40M
Normalized Net Operating Profit after Tax (NOPAT)		 -42 -28 -32 -39 -46 -26 -43 -30 -25 - -29
Normalized NOPAT Margin		 -36.44% -24.00% -26.57% -31.61% -33.72% -17.78% -28.43% -18.17% -13.06% - -9.94%
Pre Tax Income Margin		 -52.05% -34.29% -37.95% -45.16% -48.17% -25.40% -40.61% -25.96% -18.66% - -14.20%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%

Financials Breakdown Chart

Key Financial Trends

Lemonade’s latest results show meaningful top-line growth, but the company is still not profitable and continues to burn cash on a quarterly basis. Revenue has expanded steadily over the last several years, yet expenses remain high enough that net losses persist. The good news is that operating cash flow has improved at times and the balance sheet still holds a substantial liquidity cushion.

  • Revenue continues to grow year over year. Q4 2025 revenue was $228.1 million, up from $194.5 million in Q3 2025 and $148.8 million in Q4 2024.
  • Premiums earned are rising strongly. Premiums earned increased to $179.5 million in Q4 2025 from $140.0 million in Q3 2025 and $101.2 million a year earlier, showing the core insurance business is still scaling.
  • Operating cash flow turned positive in Q4 2025. Lemonade generated $20.7 million in operating cash flow, a sharp improvement from $4.5 million in Q3 2025 and a loss of $47.2 million in Q1 2025.
  • The company ended Q3 2025 with a sizable cash and investment base. Cash and equivalents plus short-term investments and trading securities totaled well over $1.0 billion, giving Lemonade a meaningful liquidity buffer.
  • Net change in cash was positive in Q4 2025. Cash and equivalents increased by $41.3 million during the quarter, helped by financing inflows.
  • Marketing spend remains elevated but not wildly out of control. Marketing expense was $89.0 million in Q4 2025 versus $82.1 million in Q3 2025 and $69.5 million in Q4 2024.
  • Debt is being used as a funding tool. Lemonade issued $36.7 million of debt in Q4 2025 and repaid $17.6 million, indicating some reliance on borrowings to support operations and investments.
  • Shares outstanding are still relatively stable. Basic shares in Q4 2025 were 73.9 million, up only modestly from prior quarters, so dilution is not exploding quarter to quarter.
  • The company remains unprofitable. Q4 2025 net loss was $21.7 million, following a $37.5 million loss in Q3 2025 and a $43.9 million loss in Q2 2025.
  • Underwriting expenses remain heavy. In Q4 2025, property and liability insurance claims were $94.5 million and other operating expenses were $65.2 million, both large relative to revenue.

Bottom line: Lemonade is showing clear growth in premiums and revenue, and its operating cash generation improved in the latest quarter. But the business is still loss-making, and profitability remains the key hurdle investors should watch. For the stock to sustain a longer-term rerating, investors will likely want to see continued revenue growth paired with narrowing losses and more consistent positive operating cash flow.

08/18/26 04:02 AM ETAI Generated. May Contain Errors.

Lemonade Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Lemonade's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Lemonade's net income appears to be on an upward trend, with a most recent value of -$165.50 million in 2025, rising from -$52.90 million in 2018. The previous period was -$202.20 million in 2024. Check out Lemonade's forecast to explore projected trends and price targets.

Over the last 7 years, Lemonade's total revenue changed from $22.50 million in 2018 to $737.90 million in 2025, a change of 3,179.6%.

Lemonade's total liabilities were at $1.39 billion at the end of 2025, a 10.9% increase from 2024, and a 1,093.9% increase since 2019.

In the past 6 years, Lemonade's cash and equivalents has ranged from $270.30 million in 2019 to $571.40 million in 2020, and is currently $396.80 million as of their latest financial filing in 2025.


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Financial statements for NYSE:LMND last updated on 8/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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