Lemonade, Inc. (LMND) Financial Statements
Industry: Fire, Marine & Casualty Insurance
In fiscal 2025, Lemonade reported revenue of $737.9M, up 40.2% from $526.5M the year before. Net income was -$165.5M (a -22.4% net margin), or -$2.24 per diluted share. Gross margin was 53.0% and operating margin was 21.3%. Operating activities generated -$16.5M of cash, leaving -$25.9M of free cash flow. At fiscal year end, Lemonade held $1.93B in total assets against $1.39B in total liabilities, including $385.0M of cash and equivalents.
Open the full interactive Lemonade financials → Quarterly statements, key ratios, valuation history and price charts.
Lemonade Key Stats
| Share Price | $44.71 |
|---|---|
| Market Cap | $3.44B |
| Revenue YoY Growth | +40.2% |
| 52-Week Range | $43.91 – $96.57 |
| Shares Outstanding | 77.0 million (basic, 2026 Q2) |
Lemonade Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $94.4M | $128.4M | $256.7M | $429.8M | $526.5M | $737.9M |
| Cost of Goods Sold | $54.7M | $71.9M | $167.3M | $280.4M | $277.0M | $347.0M |
| Gross Profit | $39.7M | $56.5M | $89.4M | $149.4M | $249.5M | $390.9M |
| Operating Income | -$26.0M | -$67.9M | -$112.5M | -$68.7M | $39.2M | $157.2M |
| Pre-Tax Income | -$120.8M | -$233.6M | -$294.8M | -$229.8M | -$203.9M | -$160.9M |
| Income Tax | $1.5M | $7.7M | $3.0M | $7.1M | -$1.7M | $4.6M |
| Net Income | -$122.3M | -$241.3M | -$297.8M | -$236.9M | -$202.2M | -$165.5M |
| Diluted EPS | -$3.63 | -$3.94 | -$4.59 | -$3.40 | -$2.85 | -$2.24 |
Lemonade Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $194.5M | $228.1M | $258.0M | $294.4M |
| Net Income | -$37.5M | -$21.7M | -$35.8M | -$43.4M |
| Diluted EPS | -$0.51 | -$0.29 | -$0.47 | -$0.56 |
Lemonade Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $570.8M | $270.6M | $282.5M | $264.5M | $376.0M | $385.0M |
| Total Assets | $828.7M | $1.51B | $1.69B | $1.63B | $1.85B | $1.93B |
| Total Long-Term Debt | — | — | — | $14.9M | $83.4M | $158.1M |
| Total Liabilities | $287.7M | $522.3M | $823.9M | $924.4M | $1.26B | $1.39B |
| Shareholders' Equity | $541.0M | $988.2M | $866.8M | $708.9M | $593.4M | $533.6M |
Lemonade Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$91.7M | -$144.6M | -$163.0M | -$119.1M | -$11.4M | -$16.5M |
| Cash From Investing | $50.1M | -$804.8M | $181.1M | $88.7M | $40.6M | -$89.1M |
| Cash From Financing | $341.1M | $649.6M | $3.6M | $15.4M | $87.7M | $106.6M |
| Free Cash Flow | -$96.1M | -$154.0M | -$173.1M | -$128.3M | -$20.8M | -$25.9M |
Figures from Lemonade's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Lemonade financials page for every line item.
Lemonade Company Profile
| Ticker | LMND |
|---|---|
| Exchange | NYSE |
| Industry | Fire, Marine & Casualty Insurance |
| Headquarters | New York, New York |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001691421 |
Frequently Asked Questions
What was Lemonade's revenue in fiscal 2025?
Lemonade (LMND) reported revenue of $737.9M for fiscal 2025.
What is Lemonade's annual revenue history?
Lemonade's annual revenue by fiscal year: 2020: $94.4M; 2021: $128.4M; 2022: $256.7M; 2023: $429.8M; 2024: $526.5M; 2025: $737.9M.
What was Lemonade's net income in fiscal 2025?
Lemonade reported net income of -$165.5M for fiscal 2025.
What was Lemonade's earnings per share (EPS) in fiscal 2025?
Lemonade's diluted EPS was -$2.24 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Lemonade generate in fiscal 2025?
Lemonade generated -$25.9M of free cash flow in fiscal 2025.
What was Lemonade's revenue last quarter?
In its most recent reported quarter (2026 Q2), Lemonade reported revenue of $294.4M.
How much debt does Lemonade have?
Lemonade reported $158.1M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Lemonade are outstanding?
Lemonade reported a weighted average of 77.0 million basic shares outstanding in 2026 Q2.
What is Lemonade's market cap?
Based on its latest closing price, Lemonade (LMND) has a market capitalization of about $3.44B.
When does Lemonade's fiscal year end?
Lemonade's fiscal year end, as registered with the SEC, is December 31.
Where is Lemonade headquartered?
Lemonade lists its business address in New York, New York in its SEC filings.