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.
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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
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.
06/18/26 04:13 PM ETAI Generated. May Contain Errors.