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Lemonade (LMND) Financials

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$40.98 +1.70 (+4.32%)
As of 01:54 PM Eastern
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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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q2 2026 Q3 2026
Period end date 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 9/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -42 -47 -57 -68 -30 -62 -44 -38 -22 -43 -44
Consolidated Net Income / (Loss)		 -42 -47 -57 -68 -30 -62 -44 -38 -22 -43 -44
Net Income / (Loss) Continuing Operations		 -42 -47 -57 -68 -30 -62 -44 -38 -22 -43 -44
Total Pre-Tax Income 		-40 -45 -55 -66 -38 -61 -43 -36 -21 -42 -43
Total Revenue		 116 119 122 137 149 151 164 195 228 294 336
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		 116 119 122 137 149 151 164 195 228 294 336
Trust Fees by Commissions		 18 21 17 24 30 27 30 32 33 20 17
Other Service Charges		 6.10 6.10 8.10 8.00 8.60 11 12 13 6.20 12 14
Net Realized & Unrealized Capital Gains on Investments		 7.10 7.60 8.10 8.90 9.40 9.50 9.40 9.70 9.20 9.70 10
Premiums Earned		 84 84 89 96 101 104 113 140 180 252 295
Total Non-Interest Expense		 155 164 177 202 187 213 207 231 249 336 379
Marketing Expense		 46 51 58 73 70 65 82 82 89 108 112
Property & Liability Insurance Claims		 65 66 71 78 63 85 78 90 95 154 187
Other Operating Expenses		 45 47 49 51 54 62 47 59 65 75 80
Income Tax Expense		 2.80 2.10 2.10 1.90 -7.80 1.00 1.30 1.20 1.10 1.60 0.50
Basic Earnings per Share		 ($0.60) ($0.67) ($0.81) ($0.95) ($0.42) ($0.86) ($0.60) ($0.51) ($0.27) ($0.56) ($0.56)
Weighted Average Basic Shares Outstanding		 69.66M 70.28M 70.72M 71.14M 71.02M 72.92M 73.43M 74.19M 73.94M 76.98M 77.54M
Diluted Earnings per Share		 ($0.60) ($0.67) ($0.81) ($0.95) ($0.42) ($0.86) ($0.60) ($0.51) ($0.27) ($0.56) ($0.56)
Weighted Average Diluted Shares Outstanding		 69.66M 70.28M 70.72M 71.14M 71.02M 72.92M 73.43M 74.19M 73.94M 76.98M 77.54M
Weighted Average Basic & Diluted Shares Outstanding		 70.22M 70.50M 71.03M 71.40M 72.82M 73.27M 73.89M 74.73M 76.38M 77.40M 77.92M

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q3 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 9/30/2026
Net Change in Cash & Equivalents		 44 33 14 65 -12 48 -66 66 -31 41 4.90
Net Cash From Operating Activities		 -6.30 -16 -30 -12 16 14 -47 5.50 4.50 21 7.30
Net Cash From Continuing Operating Activities		 -6.30 -16 -30 -12 17 14 -47 5.50 4.50 21 7.30
Net Income / (Loss) Continuing Operations		 -62 -42 -47 -57 -68 -30 -62 -44 -38 -22 -44
Consolidated Net Income / (Loss)		 -62 -42 -47 -57 -68 -30 -62 -44 -38 -22 -44
Provision For Loan Losses		 2.10 2.10 3.20 2.10 2.60 3.10 4.50 4.40 5.20 8.00 9.90
Depreciation Expense		 5.00 4.80 5.00 5.20 5.10 4.70 4.50 4.70 3.40 2.60 2.60
Amortization Expense		 -1.30 -1.30 -1.30 -1.50 -1.70 -1.60 -1.50 -1.50 -1.40 -1.40 -1.10
Non-Cash Adjustments to Reconcile Net Income		 19 14 15 15 17 17 10 15 15 19 23
Changes in Operating Assets and Liabilities, net		 30 6.40 -4.30 24 61 20 -2.60 26 20 15 16
Net Cash From Investing Activities		 44 41 31 61 -54 2.50 -40 30 -59 -19 -29
Net Cash From Continuing Investing Activities		 44 41 31 61 -54 2.50 -40 30 -59 -19 -29
Purchase of Property, Leasehold Improvements and Equipment		 -2.20 -2.40 -2.50 -1.50 -2.20 -3.20 -2.30 -2.10 -1.90 -3.10 -5.40
Purchase of Investment Securities		 -90 -35 -55 -113 -123 -74 -78 -108 -206 -113 -88
Sale and/or Maturity of Investments		 136 78 88 176 71 79 40 140 149 97 64
Net Cash From Financing Activities		 7.90 7.20 14 16 24 35 20 24 24 39 28
Net Cash From Continuing Financing Activities		 7.90 7.20 14 16 24 35 20 24 24 39 28
Issuance of Debt		 9.30 9.80 18 22 31 26 30 36 30 37 51
Repayment of Debt		 -1.60 -2.60 -4.10 -6.60 -7.30 -9.70 -12 -15 -15 -18 -26
Other Financing Activities, Net		 0.20 - 0.10 - 0.10 19 1.50 2.50 8.50 19 2.90
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 -1.10
Cash Interest Paid		 0.10 0.20 0.50 0.80 1.10 2.60 3.10 3.60 4.50 5.10 7.40
Cash Income Taxes Paid		 0.30 0.10 0.30 0.90 0.80 0.50 0.30 0.50 1.40 0.30 0.50

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q2 2026 Q3 2026
Period end date 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 9/30/2026
Total Assets		 1,641 1,613 1,648 1,646 1,714 1,823 1,857 1,935 1,919 2,012 2,089
Cash and Due from Banks		 255 194 238 285 350 338 320 386 356 380 385
Time Deposits Placed and Other Short-Term Investments		 - 71 73 22 44 31 21 21 24 9.20 73
Trading Account Securities		 649 677 633 620 537 610 656 625 682 769 721
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		 20 19 17 17 16 16 16 16 15 19 22
Unearned Premiums Asset		 345 529 565 612 681 742 764 806 766 748 801
Deferred Acquisition Cost		 6.90 6.60 8.10 9.80 11 12 11 13 14 16 18
Goodwill		 19 19 19 19 19 19 19 19 19 19 19
Intangible Assets		 30 28 25 21 18 16 11 8.80 8.10 8.10 8.10
Other Assets		 318 70 68 41 37 39 39 40 36 44 42
Total Liabilities & Shareholders' Equity		 1,641 1,613 1,648 1,646 1,714 1,823 1,857 1,935 1,919 2,012 2,089
Total Liabilities		 819 842 921 970 1,079 1,230 1,311 1,408 1,403 1,512 1,618
Short-Term Debt		 - - 7.70 28 44 67 102 124 139 206 232
Claims and Claim Expense		 245 256 255 264 282 294 307 310 312 308 321
Unearned Premiums Liability		 319 335 392 398 427 496 502 539 587 682 783
Other Long-Term Liabilities		 256 251 266 280 325 373 400 435 365 316 282
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		 822 771 727 676 635 593 546 527 516 500 472
Total Preferred & Common Equity		 822 771 727 676 635 593 546 527 516 500 472
Total Common Equity		 822 771 727 676 635 593 546 527 516 500 472
Common Stock		 1,770 1,785 1,800 1,830 1,845 1,862 1,910 1,928 1,954 2,043 2,069
Retained Earnings		 -926 -993 -1,054 -1,144 -1,201 -1,269 -1,361 -1,405 -1,443 -1,544 -1,587
Accumulated Other Comprehensive Income / (Loss)		 -22 -21 -19 -9.20 -8.60 -0.10 -3.40 4.20 5.20 -0.30 -10

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q2 2026 Q3 2026
Period end date 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 9/30/2026
DEI Shares Outstanding		 - - - - - - - - - 76,383,438.00 77,396,615.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 76,383,438.00 77,396,615.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -0.57 -0.56
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 30.66% 25.11% 16.63% 19.30% 28.83% 26.95% 34.51% 42.39% - 79.40% 72.80%
EBITDA Growth		 41.68% 30.13% 15.74% -11.63% 3.88% -40.72% 23.35% 45.03% - -6.09% -21.57%
EBIT Growth		 41.85% 30.14% 16.39% -10.40% 4.55% -35.84% 22.69% 44.83% - 1.88% -19.01%
NOPAT Growth		 41.85% 30.14% 16.39% -10.40% 4.55% -35.84% 22.69% 44.83% - 1.88% -19.01%
Net Income Growth		 33.44% 28.12% 14.88% -10.08% 29.25% -31.92% 23.25% 44.61% - 1.14% -16.53%
EPS Growth		 34.07% 29.47% 16.49% -7.95% 30.00% -28.36% 25.93% 46.32% - 6.67% -9.80%
Operating Cash Flow Growth		 43.71% 35.78% 76.74% 358.73% 185.71% -58.39% 147.01% -72.39% - 0.00% 62.22%
Free Cash Flow Firm Growth		 56.35% 87.37% 66.81% -78.43% -82.18% -83.24% -102.48% -171.82% - -6,306.06% -288.12%
Invested Capital Growth		 -16.50% -14.25% -11.92% -10.10% -6.49% -8.13% -4.20% -0.79% - 8.50% 7.36%
Revenue Q/Q Growth		 0.87% 3.12% 2.43% 11.97% 8.93% 1.61% 8.53% 18.53% - 0.00% 14.16%
EBITDA Q/Q Growth		 35.42% -14.96% -23.86% -21.40% 44.39% -68.30% 32.53% 12.94% - 0.00% 0.24%
EBIT Q/Q Growth		 33.56% -14.14% -21.90% -19.42% 42.55% -62.43% 30.62% 14.79% - 0.00% -3.35%
NOPAT Q/Q Growth		 33.56% -14.14% -21.90% -19.42% 42.55% -62.43% 30.62% 14.79% - 0.00% -3.35%
Net Income Q/Q Growth		 31.06% -11.56% -20.93% -18.36% 55.69% -108.00% 29.65% 14.58% - 0.00% -0.69%
EPS Q/Q Growth		 31.82% -11.67% -20.90% -17.28% 55.79% -104.76% 30.23% 15.00% - 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 -155.56% -85.09% 60.74% 239.32% -15.34% -442.03% 111.65% -18.18% - 0.00% 0.00%
Free Cash Flow Firm Q/Q Growth		 -11.65% -25.87% -37.60% -47.23% -27.01% -30.28% -109.22% -1,431.06% - 0.00% 7.24%
Invested Capital Q/Q Growth		 -1.47% -2.64% -3.63% -2.75% 2.48% -4.34% 0.49% 0.71% - 0.00% -0.35%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 -31.26% -34.84% -42.13% -45.68% -23.32% -38.62% -24.01% -17.64% - -14.20% -12.41%
EBIT Margin		 -34.29% -37.95% -45.16% -48.17% -25.40% -40.61% -25.96% -18.66% - -14.20% -12.85%
Profit (Net Income) Margin		 -36.71% -39.71% -46.89% -49.56% -20.16% -41.27% -26.75% -19.28% - -14.74% -13.00%
Tax Burden Percent		 107.07% 104.65% 103.81% 102.89% 79.37% 101.63% 103.05% 103.31% - 103.83% 101.16%
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)		 -12.97% -15.79% -20.54% -23.84% -13.37% -23.49% -16.42% -13.08% - 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 -210.02% -126.46% -105.42% -81.47% -20.57% -53.32% -33.24% -24.80% - 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 -1.99% -2.39% -3.29% -4.64% -1.55% -5.68% -4.79% -4.61% - 0.00% 0.00%
Return on Equity (ROE)		 -14.96% -18.18% -23.83% -28.48% -14.92% -29.17% -21.21% -17.69% - 0.00% 0.00%
Cash Return on Invested Capital (CROIC)		 -2.25% -3.95% -6.59% -10.01% -13.67% -14.31% -17.57% -18.16% - 0.00% 0.00%
Operating Return on Assets (OROA)		 -8.87% -10.47% -12.79% -13.69% -7.68% -12.95% -8.55% -6.57% - 0.00% 0.00%
Return on Assets (ROA)		 -9.49% -10.96% -13.28% -14.09% -6.10% -13.16% -8.81% -6.79% - 0.00% 0.00%
Return on Common Equity (ROCE)		 -14.96% -18.18% -23.83% -28.48% -14.92% -29.17% -21.21% -17.69% - 0.00% 0.00%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -32.29% -32.81% -36.19% 0.00% -39.84% -38.70% -33.67% - 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -28 -32 -39 -46 -26 -43 -30 -25 - -29 -30
NOPAT Margin		 -24.00% -26.57% -31.61% -33.72% -17.78% -28.43% -18.17% -13.06% - -9.94% -9.00%
Net Nonoperating Expense Percent (NNEP)		 197.05% 110.67% 84.87% 57.63% 7.20% 29.83% 16.82% 11.72% - 8.57% 7.26%
SG&A Expenses to Revenue		 39.48% 43.07% 47.54% 53.66% 46.71% 43.12% 49.97% 42.21% - 36.58% 33.29%
Operating Expenses to Revenue		 134.29% 137.95% 145.16% 148.17% 125.40% 140.61% 125.96% 118.66% - 114.20% 112.85%
Earnings before Interest and Taxes (EBIT)		 -40 -45 -55 -66 -38 -61 -43 -36 - -42 -43
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -36 -42 -51 -62 -35 -58 -39 -34 - -42 -42
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.59 1.70 1.83 1.98 4.41 4.20 6.09 7.66 - 9.95 7.41
Price to Tangible Book Value (P/TBV)		 1.69 1.81 1.95 2.10 4.67 4.44 6.43 8.09 - 10.52 7.86
Price to Revenue (P/Rev)		 2.62 2.54 2.47 2.37 4.97 4.10 5.34 6.01 - 0.00 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)		 1.14 1.24 1.20 1.32 3.38 3.17 4.50 5.67 - 6.78 4.65
Enterprise Value to Revenue (EV/Rev)		 1.92 1.93 1.73 1.76 4.35 3.67 4.87 5.64 - 0.00 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 - 225.74 136.14
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		 0.02 0.04 0.07 0.11 0.14 0.19 0.23 0.27 - 0.41 0.49
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		 0.01 0.02 0.03 0.06 0.08 0.11 0.14 0.19 - 0.32 0.38
Leverage Ratio		 2.11 2.19 2.37 2.63 2.67 2.87 3.14 3.37 - 3.84 4.06
Compound Leverage Factor		 2.11 2.19 2.37 2.63 2.67 2.87 3.14 3.37 - 3.84 4.06
Debt to Total Capital		 2.06% 4.02% 6.46% 10.21% 12.32% 15.74% 18.98% 21.21% - 29.24% 32.93%
Short-Term Debt to Total Capital		 2.06% 4.02% 6.46% 10.21% 12.32% 15.74% 18.98% 21.21% - 29.24% 32.93%
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		 97.94% 95.98% 93.54% 89.79% 87.68% 84.26% 81.02% 78.79% - 70.76% 67.07%
Debt to EBITDA		 -0.07 -0.15 -0.24 -0.35 -0.44 -0.49 -0.63 -0.83 - 0.00 0.00
Net Debt to EBITDA		 1.42 1.43 1.89 1.58 1.74 1.15 1.46 1.44 - 0.00 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		 -0.09 -0.19 -0.31 -0.47 -0.58 -0.66 -0.85 -1.11 - 0.00 0.00
Net Debt to NOPAT		 1.88 1.90 2.50 2.09 2.31 1.55 1.95 1.93 - 0.00 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)		 115 85 53 28 21 14 -1.32 -20 - -85 -78
Operating Cash Flow to CapEx		 -670.83% -1,192.00% -780.00% 740.91% 431.25% -2,052.17% 261.90% 236.84% - 0.00% 135.19%
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		 0.26 0.28 0.28 0.28 0.30 0.32 0.33 0.35 - 0.00 0.00
Fixed Asset Turnover		 23.23 24.52 26.69 29.53 31.43 33.45 37.20 42.08 - 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 724 705 679 660 677 647 651 655 - 706 703
Invested Capital Turnover		 0.54 0.59 0.65 0.71 0.75 0.83 0.90 1.00 - 0.00 0.00
Increase / (Decrease) in Invested Capital		 -143 -117 -92 -74 -47 -57 -29 -5.20 - 55 48
Enterprise Value (EV)		 825 873 813 870 2,289 2,050 2,926 3,715 - 4,786 3,267
Market Capitalization		 1,128 1,152 1,163 1,171 2,619 2,289 3,210 3,955 - 4,969 3,494
Book Value per Share		 $10.14 $9.63 $9.01 $8.35 $8.31 $7.49 $7.19 $6.99 - $6.49 $6.10
Tangible Book Value per Share		 $9.54 $9.07 $8.48 $7.86 $7.85 $7.08 $6.81 $6.62 - $6.14 $5.75
Total Capital		 724 705 679 660 677 647 651 655 - 706 703
Total Debt		 15 28 44 67 83 102 124 139 - 206 232
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		 -302 -279 -350 -302 -330 -238 -284 -240 - -183 -226
Capital Expenditures (CapEx)		 2.40 2.50 1.50 2.20 3.20 2.30 2.10 1.90 - 0.00 5.40
Net Nonoperating Expense (NNE)		 15 16 19 22 3.54 19 14 12 - 14 13
Net Nonoperating Obligations (NNO)		 15 28 44 67 83 102 124 139 - 206 232
Total Depreciation and Amortization (D&A)		 3.50 3.70 3.70 3.40 3.10 3.00 3.20 2.00 - 0.00 1.50
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.60) ($0.67) ($0.81) ($0.95) ($0.42) ($0.86) ($0.60) ($0.51) ($0.27) ($0.56) ($0.56)
Adjusted Weighted Average Basic Shares Outstanding		 69.66M 70.28M 70.72M 71.14M 71.02M 72.92M 73.43M 74.19M 73.94M 76.98M 77.54M
Adjusted Diluted Earnings per Share		 ($0.60) ($0.67) ($0.81) ($0.95) ($0.42) ($0.86) ($0.60) ($0.51) ($0.27) ($0.56) ($0.56)
Adjusted Weighted Average Diluted Shares Outstanding		 69.66M 70.28M 70.72M 71.14M 71.02M 72.92M 73.43M 74.19M 73.94M 76.98M 77.54M
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		 70.22M 70.50M 71.03M 71.40M 72.82M 73.27M 73.89M 74.73M 76.38M 77.40M 77.92M
Normalized Net Operating Profit after Tax (NOPAT)		 -28 -32 -39 -46 -26 -43 -30 -25 - -29 -30
Normalized NOPAT Margin		 -24.00% -26.57% -31.61% -33.72% -17.78% -28.43% -18.17% -13.06% - -9.94% -9.00%
Pre Tax Income Margin		 -34.29% -37.95% -45.16% -48.17% -25.40% -40.61% -25.96% -18.66% - -14.20% -12.85%
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 financial statements show strong top-line growth, but profitability remains elusive. The company’s reported revenue increased from $74.0 million in Q3 2022 to $294.4 million in Q2 2026, driven primarily by growth in premiums earned. However, expenses have also risen rapidly, and Lemonade continues to report substantial net losses.

  • Revenue growth has been significant. Total revenue rose from $74.0 million in Q3 2022 to $294.4 million in Q2 2026. The latest figure was also up from $228.1 million in Q4 2025.
  • Premiums earned are expanding rapidly. Premiums increased from $50.6 million in Q3 2022 to $252.0 million in Q2 2026, making insurance premiums the company’s primary source of revenue growth.
  • Operating cash flow has improved from deeply negative levels. Lemonade generated $20.7 million of operating cash flow in Q4 2025, compared with negative operating cash flow of $54.7 million in Q3 2022 and negative $47.2 million in Q1 2025.
  • Losses have narrowed compared with prior years. The net loss declined from $91.4 million in Q3 2022 to $43.4 million in Q2 2026. The company’s loss reached $21.7 million in Q4 2025 before widening in the latest reported quarter.
  • The company retains substantial liquid resources. Cash and due from banks totaled $380.3 million at June 30, 2026, while trading account securities totaled $768.5 million. Together, these assets provide Lemonade with significant financial flexibility.
  • Total assets continue to grow. Assets increased from $1.71 billion in Q3 2022 to $2.01 billion in Q2 2026, supported by higher investment securities and insurance-related assets.
  • Investment income provides a recurring but potentially volatile contribution. Net realized and unrealized capital gains were $9.7 million in Q2 2026, broadly consistent with recent quarters. These gains support revenue but may fluctuate with financial-market conditions.
  • Lemonade remains unprofitable. The company reported a $43.4 million net loss and a diluted loss of $0.56 per share in Q2 2026. Total non-interest expenses of $336.2 million exceeded revenue of $294.4 million.
  • Expense growth continues to outpace profitability. From Q3 2022 to Q2 2026, revenue increased nearly fourfold, but marketing expense rose from $57.2 million to $107.7 million and insurance claims increased from $53.3 million to $154.0 million. Claims and marketing alone represented roughly 89% of Q2 2026 revenue.
  • Equity has declined while liabilities have increased. Total equity fell from $906.8 million in Q3 2022 to $499.5 million in Q2 2026, while total liabilities rose from $806.1 million to $1.51 billion. Short-term debt also increased to $206.4 million from $139.0 million in Q3 2025.

Overall, Lemonade is demonstrating impressive growth in premiums and revenue, and its operating cash flow had begun to improve through Q4 2025. Still, the Q2 2026 results show that growth has not yet translated into sustainable profitability. Investors should monitor whether claims and marketing costs grow more slowly than premiums, whether operating cash flow remains positive, and whether the company can stabilize its declining equity base without relying more heavily on debt or additional capital.

11/11/26 01:54 PM 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 a downward trend, with a most recent value of -$165.50 million in 2025, falling from -$52.90 million in 2018. The previous period was -$202.20 million in 2024. See where experts think Lemonade is headed by visiting Lemonade's forecast page.

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%.

In the past 14 quarters, Lemonade's cash and equivalents has ranged from $193.80 million in Q2 2023 to $386 million in Q2 2025, and is currently $385.20 million as of their latest financial filing in Q3 2026.


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Financial statements for NYSE:LMND last updated on 11/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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