Lemonade (LMND) financial statements
Lemonade reported revenue of $738M in fiscal 2025, up 64.6% a year over 7 years.
Net income was -$166M and the operating margin -21.8%, against -233.8% in 2018.
Free cash flow was -$26M.
The diluted share count rose 576% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Lemonade's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $22M | $67M | $94M | $128M | $257M | $430M | $526M | $738M |
| Research and development | $5M | $10M | $19M | $52M | $80M | $89M | $86M | $94M |
| Selling, general and admin | $51M | $110M | $127M | $214M | $261M | $231M | $291M | $364M |
| Operating income | -$53M | -$108M | -$121M | -$234M | -$295M | -$230M | -$204M | -$161M |
| Pre-tax income | -$53M | -$108M | -$121M | -$234M | -$295M | -$230M | -$204M | -$161M |
| Income tax | $300,000 | $600,000 | $2M | $8M | $3M | $7M | -$2M | $5M |
| Net income | -$53M | -$108M | -$122M | -$241M | -$298M | -$237M | -$202M | -$166M |
| EPS (diluted) | -$4.84 | -$9.75 | -$3.63 | -$3.94 | -$4.59 | -$3.40 | -$2.85 | -$2.24 |
| Diluted shares | 11M | 11M | 34M | 61M | 65M | 70M | 71M | 74M |
| Operating margin | -233.8% | -160.3% | -128.0% | -181.9% | -114.8% | -53.5% | -38.7% | -21.8% |
| Net margin | -235.1% | -161.2% | -129.6% | -187.9% | -116.0% | -55.1% | -38.4% | -22.4% |
Balance sheet
Fiscal years, from Lemonade's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $102M | $325M | $571M | $381M | $382M | $310M | $404M | $399M |
| Receivables | — | $54M | $86M | $127M | $180M | $222M | $301M | $402M |
| Property, plant and equipment | — | $3M | $6M | $12M | $20M | $17M | $16M | $16M |
| Goodwill | — | — | — | $0 | $19M | $19M | $19M | $19M |
| Total assets | — | $414M | $829M | $1.5B | $1.7B | $1.6B | $1.8B | $1.9B |
| Long-term debt | — | — | — | — | $0 | $15M | $83M | $158M |
| Total liabilities | — | $117M | $288M | $522M | $824M | $924M | $1.3B | $1.4B |
| Shareholders' equity | -$79M | -$182M | $541M | $988M | $867M | $709M | $593M | $534M |
| Net debt | -$102M | -$270M | -$571M | -$271M | -$282M | -$250M | -$293M | -$227M |
Cash flow
Fiscal years, from Lemonade's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$41M | -$78M | -$92M | -$145M | -$163M | -$119M | -$11M | -$16M |
| Capital spending | $700,000 | $3M | $4M | $9M | $10M | $9M | $9M | $9M |
| Free cash flow | -$42M | -$81M | -$96M | -$154M | -$173M | -$128M | -$21M | -$26M |
| Stock-based compensation | $2M | $4M | $11M | $44M | $59M | $60M | $64M | $61M |
| Free cash flow margin | -184.4% | -120.1% | -101.8% | -119.9% | -67.4% | -29.9% | -4.0% | -3.5% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for LMND.
Open LMND in InvestinglyQuestions
What was Lemonade's revenue in 2025?
$738M in fiscal 2025, from its 10-K filing.
How much free cash flow does Lemonade generate?
-$26M in fiscal 2025 (operating cash flow minus capital spending).
From Lemonade's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.