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Financials · LMND

Lemonade Inc. (LMND) financials

For the twelve months ended Sep 30, 2026, Lemonade Inc. reported $1.12B of revenue and -$144.60M of net income.

Revenue, TTM
$1.12B
Revenue growth, YoY
+69.5%
Net income, TTM
-$144.60M
Net margin
-13.0%
Free cash flow, TTM
$7.40M
EPS, diluted, TTM
-$1.86
Cash
$369.20M
P/S
2.74
Market cap
$3.06B
Annual revenue$737.90M
FY2018FY2025
Annual net income-$165.50M
FY2018FY2025
Annual free cash flow-$25.90M
FY2018FY2025

LMND revenue and earnings growth

LMND revenueQ3 2026$336.10M

Quarter YoY
+72.8%
QoQ
+14.2%
FY YoY
+40.2%
5Y CAGR
+50.9%

LMND revenue was $336.10M in fiscal Q3 2026 (ended Sep 30, 2026), up 72.8% from a year earlier and up 14.2% from the prior quarter. For the full fiscal 2025 it was $737.90M, up 40.2% from fiscal 2024. Compound annual growth was +50.9% over 5 years. It rose in each of the last 7 fiscal years. Fiscal 2025 is the highest of the 8 fiscal years on file.

LMND net incomeQ3 2026-$43.70M

LMND net income was -$43.70M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$37.50M a year earlier. For the full fiscal 2025 it was -$165.50M, compared with -$202.20M in fiscal 2024.

LMND EPSQ3 2026-$0.56

LMND diluted EPS was -$0.56 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$0.51 a year earlier. For the full fiscal 2025 it was -$2.24, compared with -$2.85 in fiscal 2024.

LMND free cash flowQ3 2026$1.90M

Quarter YoY
-26.9%

LMND free cash flow was $1.90M in fiscal Q3 2026 (ended Sep 30, 2026), down 26.9% from a year earlier. For the full fiscal 2025 it was -$25.90M, compared with -$20.80M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
Revenue$737.90M$526.50M$429.80M$256.70M$128.40M$94.40M$67.30M$22.50M
Research and development$93.90M$85.80M$88.80M$79.60M$51.80M$19.40M$9.80M$4.70M
Selling, general and admin$139.80M$124.50M$129.30M$122.30M$72.60M$46.30M$21.50M$9.30M
Pre-tax income-$160.90M-$203.90M-$229.80M-$294.80M-$233.60M-$120.80M-$107.90M-$52.60M
Income tax$4.60M-$1.70M$7.10M$3.00M$7.70M$1.50M$600.0K$300.0K
Net income-$165.50M-$202.20M-$236.90M-$297.80M-$241.30M-$122.30M-$108.50M-$52.90M
EPS, basic-$2.24-$2.85-$3.40-$4.59-$3.94-$3.63-$9.75-$4.84
EPS, diluted-$2.24-$2.85-$3.40-$4.59-$3.94-$3.63-$9.75-$4.84
Diluted shares73.9M71.0M69.7M64.9M61.2M33.7M11.1M10.9M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
Cash and equivalents$385.00M$385.70M$271.50M$286.50M$270.60M$571.40M$270.30M$102.40M
Short-term investments$14.10M$27.50M$45.80M$99.80M$110.40M$0$54.70M-
Goodwill$19.00M$19.00M$19.00M$19.00M$0---
Total assets$1.93B$1.85B$1.63B$1.69B$1.51B$828.70M$414.30M-
Total liabilities$1.39B$1.26B$924.40M$823.90M$522.30M$287.70M$116.60M-
Shareholders' equity$533.60M$593.40M$708.90M$866.80M$988.20M$541.00M-$182.50M-$79.10M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
Operating cash flow-$16.50M-$11.40M-$119.10M-$163.00M-$144.60M-$91.70M-$78.10M-$40.80M
Capital expenditures$9.40M$9.40M$9.20M$10.10M$9.40M$4.40M$2.70M$700.0K
Free cash flow-$25.90M-$20.80M-$128.30M-$173.10M-$154.00M-$96.10M-$80.80M-$41.50M
Investing cash flow-$89.10M$40.60M$88.70M$181.10M-$804.80M$50.10M-$54.00M$6.40M
Financing cash flow$106.60M$87.70M$15.40M$3.60M$649.60M$341.10M$300.10M$119.90M
Stock-based compensation$61.30M$64.50M$59.90M$59.30M$44.10M$10.60M$4.30M$2.10M
Depreciation and amortization$15.20M$20.00M$20.00M$12.20M$3.70M$1.70M--

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
Revenue growth, YoY40.2%22.5%67.4%99.9%36.0%40.3%199.1%-
Net margin-22.4%-38.4%-55.1%-116.0%-187.9%-129.6%-161.2%-235.1%
Free cash flow margin-3.5%-4.0%-29.9%-67.4%-119.9%-101.8%-120.1%-184.4%
Return on equity-31.0%-34.1%-33.4%-34.4%-24.4%-22.6%--
Return on assets-8.6%-10.9%-14.5%-17.6%-16.0%-14.8%-26.2%-

Source: XBRL data Lemonade Inc. files with the SEC, latest filing dated Nov 5, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

LMND peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
LMND$1.12B+69.5%-$144.60M-13.0%$3.06B
CB$61.85B+5.7%$11.23B18.2%$139.46B
PGR$91.73B+7.7%$11.62B12.7%$131.96B
TRV$48.92B+1.1%$8.33B17.0%$80.99B
ALL$70.23B+5.1%$11.61B16.5%$63.05B
AIG$27.73B+1.2%$3.29B11.9%$40.31B
HIG$29.87B+9.2%$4.61B15.4%$35.83B
ACGL$18.78B-3.9%$4.38B23.3%$34.92B
CINF$13.28B+9.9%$2.66B20.1%$28.47B

LMND FAQ

8 questions
  • What is LMND revenue?
    Lemonade Inc. (LMND) reported $1.12B of revenue for the twelve months ended Sep 30, 2026. That is up 69.5% from the year before. Revenue for fiscal 2025 was $737.90M.
  • Is LMND profitable?
    No. Lemonade Inc. reported a net loss of $144.60M for the twelve months ended Sep 30, 2026.
  • How much cash and debt does LMND have?
    Lemonade Inc. reported $369.20M in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is LMND revenue growing?
    Lemonade Inc.'s revenue changed +40.2% in fiscal 2025, to $737.90M. Its compound annual growth rate was +50.9% over 5 years.
  • What is LMND free cash flow?
    Lemonade Inc. generated $7.40M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $24.00M less capital expenditures.
  • What is LMND earnings per share?
    Diluted earnings per share were -$1.86 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did LMND last report financial results?
    The latest statements here come from Lemonade Inc.'s 10-Q filed on Nov 5, 2026, covering the period ended Sep 30, 2026.
  • Where does this LMND financial data come from?
    Quantisnow builds these statements from the structured XBRL data Lemonade Inc. files with the SEC. It is provided for information only and is not investment advice.