Free Trial

Lemonade (LMND) Financials

Lemonade logo
$54.88 +0.45 (+0.82%)
Closing price 05/8/2026 03:58 PM Eastern
Extended Trading
$54.90 +0.02 (+0.04%)
As of 05/8/2026 07:55 PM 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.
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 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 Income / (Loss) Attributable to Common Shareholders
-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
Net Income / (Loss) Continuing Operations
-67 -62 -42 -47 -57 -68 -30 -62 -44 -38 -22
Total Pre-Tax Income
-66 -60 -40 -45 -55 -66 -38 -61 -43 -36 -21
Total Revenue
105 115 116 119 122 137 149 151 164 195 228
Total Non-Interest Income
105 115 116 119 122 137 149 151 164 195 228
Trust Fees by Commissions
18 17 18 21 17 24 30 27 30 32 33
Other Service Charges
5.00 4.20 6.10 6.10 8.10 8.00 8.60 11 12 13 6.20
Net Realized & Unrealized Capital Gains on Investments
5.60 7.00 7.10 7.60 8.10 8.90 9.40 9.50 9.40 9.70 9.20
Premiums Earned
77 87 84 84 89 96 101 104 113 140 180
Total Non-Interest Expense
171 174 155 164 177 202 187 213 207 231 249
Marketing Expense
49 46 46 51 58 73 70 65 82 82 89
Property & Liability Insurance Claims
76 76 65 66 71 78 63 85 78 90 95
Other Operating Expenses
46 52 45 47 49 51 54 62 47 59 65
Income Tax Expense
1.30 1.90 2.80 2.10 2.10 1.90 -7.80 1.00 1.30 1.20 1.10
Basic Earnings per Share
($0.97) ($0.88) ($0.60) ($0.67) ($0.81) ($0.95) ($0.42) ($0.86) ($0.60) ($0.51) ($0.27)
Weighted Average Basic Shares Outstanding
69.53M 69.75M 69.66M 70.28M 70.72M 71.14M 71.02M 72.92M 73.43M 74.19M 73.94M
Diluted Earnings per Share
($0.97) ($0.88) ($0.60) ($0.67) ($0.81) ($0.95) ($0.42) ($0.86) ($0.60) ($0.51) ($0.27)
Weighted Average Diluted Shares Outstanding
69.53M 69.75M 69.66M 70.28M 70.72M 71.14M 71.02M 72.92M 73.43M 74.19M 73.94M
Weighted Average Basic & Diluted Shares Outstanding
69.69M 69.92M 70.22M 70.50M 71.03M 71.40M 72.82M 73.27M 73.89M 74.73M 76.38M

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

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 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
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
($0.97) ($0.88) ($0.60) ($0.67) ($0.81) ($0.95) ($0.42) ($0.86) ($0.60) ($0.51) ($0.27)
Adjusted Weighted Average Basic Shares Outstanding
69.53M 69.75M 69.66M 70.28M 70.72M 71.14M 71.02M 72.92M 73.43M 74.19M 73.94M
Adjusted Diluted Earnings per Share
($0.97) ($0.88) ($0.60) ($0.67) ($0.81) ($0.95) ($0.42) ($0.86) ($0.60) ($0.51) ($0.27)
Adjusted Weighted Average Diluted Shares Outstanding
69.53M 69.75M 69.66M 70.28M 70.72M 71.14M 71.02M 72.92M 73.43M 74.19M 73.94M
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
69.69M 69.92M 70.22M 70.50M 71.03M 71.40M 72.82M 73.27M 73.89M 74.73M 76.38M
Debt Service Ratios
- - - - - - - - - - -
Payout Ratios
- - - - - - - - - - -

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways for Lemonade, Inc. (LMND) based on the last four years of quarterly financials. Items are ordered with positive implications first, then neutral context, and finally potential negatives.

  • Top-line momentum in late 2025: Total Revenue rose to 228.1 million in Q4 2025, with Premiums Earned at 179.5 million, up from 194.5 million in Q3 2025.
  • Improved quarterly profitability in Q4 2025: Net income from continuing operations narrowed to -21.7 million (best quarterly result in 2025 to date).
  • Operating cash flow turned positive in Q4 2025: Net Cash From Continuing Operating Activities was 20.7 million.
  • Q4 2025 liquidity strengthened: Net Change in Cash & Equivalents was +41.3 million, supported by financing and investment activity.
  • Liquidity support from financing: Net Cash From Financing Activities in Q4 2025 was 38.5 million, aided by 36.7 million of new debt issuances.
  • Investing activity mix continues: Sale and/or Maturity of Investments contributed 97.1 million in Q4 2025, even though Net Cash From Continuing Investing Activities remained negative (-18.9 million).
  • Balance-sheet context: Total Liabilities around 1.40 billion and Total Equity around 516.2 million (Q3 2025), indicating a sizable liability load but a material equity base.
  • Revenue composition remains insurance-centric: Premiums Earned and Other Non-Interest Income components are the primary drivers within Total Non-Interest Income.
  • Asset base shows modest, periodic fluctuations: Total Assets hovered roughly between 1.85 and 1.92 billion across 2025 quarters.
  • Equity baseline fluctuates modestly: Total Common Equity ranged from about 516.2 million (Q3 2025) to 545.5 million (Q1 2025) in 2025, indicating a relatively stable, though still loss-affected, equity base.
  • Persistent losses: Net income (loss) remains negative across 2025 quarters (Q4 -21.7M; Q3 -37.5M; Q2 -43.9M; Q1 -62.4M).
  • High expense burden: Marketing Expense around 82–89 million and Property & Liability Insurance Claims around 70–95 million in 2025, contributing to a high expense base.
  • Cash burn in several quarters: Net Change in Cash & Equivalents negative in Q2 2025 (-66.0M) and Q3 2025 (-30.5M) before the Q4 liquidity rebound.
05/09/26 07:13 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.



Financial statements for NYSE:LMND last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners