Lemonade Inc Financials

LMND

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Lemonade Inc (LMND) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

3/9

Lemonade Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.06x

For every $1 of reported earnings, Lemonade Inc generates $0.06 in operating cash flow (-$11.4M OCF vs -$202.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

$526.5M

YoY+22.5%

5Y CAGR+50.9%

Lemonade Inc generated $526.5M in revenue in fiscal year 2024. This represents an increase of 22.5% from the prior year.

EBITDA

N/A

Free Cash Flow

-$20.8M

YoY+83.8%

Lemonade Inc generated -$20.8M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 83.8% from the prior year.

Net Income

-$202.2M

YoY+14.6%

Lemonade Inc reported -$202.2M in net income in fiscal year 2024. This represents an increase of 14.6% from the prior year.

EPS (Diluted)

$-2.85

YoY+16.2%

Lemonade Inc earned $-2.85 per diluted share (EPS) in fiscal year 2024. This represents an increase of 16.2% from the prior year.

Cash & Debt

$376.0M

YoY+42.2%

5Y CAGR+6.8%

Lemonade Inc held $376.0M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

73M

YoY+3.6%

Lemonade Inc had 73M shares outstanding in fiscal year 2024. This represents an increase of 3.6% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-38.4%

YoY+16.7pp

5Y CAGR+122.8pp

Lemonade Inc's net profit margin was -38.4% in fiscal year 2024, showing the share of revenue converted to profit. This is up 16.7 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$85.8M

YoY-3.4%

5Y CAGR+54.3%

Lemonade Inc invested $85.8M in research and development in fiscal year 2024. This represents a decrease of 3.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$9.4M

YoY+2.2%

5Y CAGR+28.3%

Lemonade Inc invested $9.4M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 2.2% from the prior year.

LMND Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$526.5M+22.5%	$429.8M+67.4%	$256.7M+99.9%	$128.4M+36.0%	$94.4M+40.3%	$67.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$85.8M-3.4%	$88.8M+11.6%	$79.6M+53.7%	$51.8M+167.0%	$19.4M+98.0%	$9.8M
SG&A Expenses	$124.5M-3.7%	$129.3M+5.7%	$122.3M+68.5%	$72.6M+56.8%	$46.3M+115.3%	$21.5M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	-$1.7M-123.9%	$7.1M+136.7%	$3.0M-61.0%	$7.7M+413.3%	$1.5M+150.0%	$600K
Net Income	-$202.2M+14.6%	-$236.9M+20.4%	-$297.8M-23.4%	-$241.3M-97.3%	-$122.3M-12.7%	-$108.5M
EPS (Diluted)	$-2.85+16.2%	$-3.40+25.9%	$-4.59-16.5%	$-3.94-8.5%	$-3.63	$-9.75

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$194.5M+18.5%	$164.1M+8.5%	$151.2M+1.6%	$148.8M+22.0%	$122.0M+2.4%	$119.1M+3.1%	$115.5M+0.9%	$114.5M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$24.7M+10.3%	$22.4M+1.8%	$22.0M+0.9%	$21.8M+2.8%	$21.2M+1.4%	$20.9M-0.9%	$21.1M-3.2%	$21.8M
SG&A Expenses	$35.0M+35.7%	$25.8M-28.1%	$35.9M+7.2%	$33.5M+12.4%	$29.8M0.0%	$29.8M+2.8%	$29.0M-21.4%	$36.9M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$1.2M-7.7%	$1.3M+30.0%	$1.0M+112.8%	-$7.8M-471.4%	$2.1M0.0%	$2.1M-25.0%	$2.8M+47.4%	$1.9M
Net Income	-$37.5M+14.6%	-$43.9M+29.6%	-$62.4M-108.0%	-$30.0M+47.6%	-$57.2M-20.9%	-$47.3M-11.6%	-$42.4M+31.1%	-$61.5M
EPS (Diluted)	$-0.51+15.0%	$-0.60+30.2%	$-0.86-104.8%	$-0.42+48.1%	$-0.81-20.9%	$-0.67-11.7%	$-0.60+31.8%	$-0.88

LMND Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$1.8B+13.2%	$1.6B-3.4%	$1.7B+11.9%	$1.5B+82.3%	$828.7M+100.0%	$414.3M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$376.0M+42.2%	$264.5M-6.4%	$282.5M+4.4%	$270.6M-52.6%	$570.8M+111.4%	$270.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$19.0M0.0%	$19.0M0.0%	$19.0M	$0	N/A	N/A
Total Liabilities	$1.3B+35.8%	$924.4M+12.2%	$823.9M+57.7%	$522.3M+81.5%	$287.7M-51.8%	$596.8M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$593.4M-16.3%	$708.9M-18.2%	$866.8M-12.3%	$988.2M+82.7%	$541.0M+396.4%	-$182.5M
Retained Earnings	-$1.3B-18.4%	-$1.1B-27.6%	-$859.7M-53.0%	-$561.9M-75.3%	-$320.6M-61.7%	-$198.3M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$1.9B-0.8%	$1.9B+4.2%	$1.9B+0.4%	$1.8B+7.9%	$1.7B+4.1%	$1.6B+0.8%	$1.6B-0.9%	$1.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$345.9M-8.4%	$377.5M+22.1%	$309.2M-17.8%	$376.0M+9.6%	$343.2M+23.1%	$278.7M+5.4%	$264.5M+14.2%	$231.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$19.0M0.0%	$19.0M0.0%	$19.0M0.0%	$19.0M0.0%	$19.0M0.0%	$19.0M0.0%	$19.0M0.0%	$19.0M
Total Liabilities	$1.4B-0.3%	$1.4B+7.4%	$1.3B+4.4%	$1.3B+16.4%	$1.1B+11.2%	$970.0M+4.9%	$924.4M+0.4%	$920.7M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$516.2M-2.1%	$527.1M-3.4%	$545.5M-8.1%	$593.4M-6.6%	$635.2M-6.1%	$676.4M-4.6%	$708.9M-2.5%	$726.9M
Retained Earnings	-$1.4B-2.7%	-$1.4B-3.2%	-$1.4B-4.8%	-$1.3B-8.1%	-$1.2B-5.0%	-$1.1B-4.3%	-$1.1B-4.0%	-$1.1B

LMND Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$11.4M+90.4%	-$119.1M+26.9%	-$163.0M-12.7%	-$144.6M-57.7%	-$91.7M-17.4%	-$78.1M
Capital Expenditures	$9.4M+2.2%	$9.2M-8.9%	$10.1M+7.4%	$9.4M+113.6%	$4.4M+63.0%	$2.7M
Free Cash Flow	-$20.8M+83.8%	-$128.3M+25.9%	-$173.1M-12.4%	-$154.0M-60.2%	-$96.1M-18.9%	-$80.8M
Investing Cash Flow	$40.6M-54.2%	$88.7M-51.0%	$181.1M+122.5%	-$804.8M-1706.4%	$50.1M+192.8%	-$54.0M
Financing Cash Flow	$87.7M+469.5%	$15.4M+327.8%	$3.6M-99.4%	$649.6M+90.4%	$341.1M+13.7%	$300.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$4.5M-18.2%	$5.5M+111.7%	-$47.2M-442.0%	$13.8M+217.9%	-$11.7M+60.7%	-$29.8M-85.1%	-$16.1M-155.6%	-$6.3M
Capital Expenditures	$1.9M-9.5%	$2.1M-8.7%	$2.3M-28.1%	$3.2M+113.3%	$1.5M-40.0%	$2.5M+4.2%	$2.4M+9.1%	$2.2M
Free Cash Flow	$2.6M-23.5%	$3.4M+106.9%	-$49.5M-567.0%	$10.6M+180.3%	-$13.2M+59.1%	-$32.3M-74.6%	-$18.5M-117.6%	-$8.5M
Investing Cash Flow	-$59.4M-301.4%	$29.5M+173.2%	-$40.3M-1712.0%	$2.5M-95.9%	$61.3M+98.4%	$30.9M-23.9%	$40.6M-7.1%	$43.7M
Financing Cash Flow	$24.0M-0.4%	$24.1M+20.5%	$20.0M-42.9%	$35.0M+124.4%	$15.6M+15.6%	$13.5M+87.5%	$7.2M-8.9%	$7.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

LMND Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-38.4%+16.7pp	-55.1%+60.9pp	-116.0%+71.9pp	-187.9%-58.4pp	-129.6%+31.7pp	-161.2%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-10.9%+3.6pp	-14.5%+3.1pp	-17.6%-1.6pp	-16.0%-1.2pp	-14.8%+11.4pp	-26.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.12+0.8	1.30+0.4	0.95+0.4	0.530.0	0.53+3.8	-3.27
FCF Margin	-4.0%+25.9pp	-29.8%+37.6pp	-67.4%+52.5pp	-119.9%-18.1pp	-101.8%+18.3pp	-120.1%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-19.3%+7.5pp	-26.8%+14.5pp	-41.3%-21.1pp	-20.2%+26.7pp	-46.9%-7.2pp	-39.7%-3.0pp	-36.7%+17.0pp	-53.7%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-1.9%+0.3pp	-2.3%+1.1pp	-3.4%-1.7pp	-1.6%+1.7pp	-3.3%-0.5pp	-2.9%-0.3pp	-2.6%+1.1pp	-3.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.72+0.0	2.67+0.3	2.40+0.3	2.12+0.4	1.70+0.3	1.43+0.1	1.30+0.0	1.27
FCF Margin	1.3%-0.7pp	2.1%+34.8pp	-32.7%-39.9pp	7.1%+17.9pp	-10.8%+16.3pp	-27.1%-11.1pp	-16.0%-8.6pp	-7.4%

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Frequently Asked Questions

What is Lemonade Inc's annual revenue?

Lemonade Inc (LMND) reported $526.5M in total revenue for fiscal year 2024. This represents a 22.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Lemonade Inc's revenue growing?

Lemonade Inc (LMND) revenue grew by 22.5% year-over-year, from $429.8M to $526.5M in fiscal year 2024.

Is Lemonade Inc profitable?

No, Lemonade Inc (LMND) reported a net income of -$202.2M in fiscal year 2024, with a net profit margin of -38.4%.

What is Lemonade Inc's earnings per share (EPS)?

Lemonade Inc (LMND) reported diluted earnings per share of $-2.85 for fiscal year 2024. This represents a 16.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Lemonade Inc's net profit margin?

Lemonade Inc (LMND) had a net profit margin of -38.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Lemonade Inc's free cash flow?

Lemonade Inc (LMND) generated -$20.8M in free cash flow during fiscal year 2024. This represents a 83.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Lemonade Inc's operating cash flow?

Lemonade Inc (LMND) generated -$11.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Lemonade Inc's total assets?

Lemonade Inc (LMND) had $1.8B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Lemonade Inc's capital expenditures?

Lemonade Inc (LMND) invested $9.4M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Lemonade Inc spend on research and development?

Lemonade Inc (LMND) invested $85.8M in research and development during fiscal year 2024.

How many shares does Lemonade Inc have outstanding?

Lemonade Inc (LMND) had 73M shares outstanding as of fiscal year 2024.

What is Lemonade Inc's debt-to-equity ratio?

Lemonade Inc (LMND) had a debt-to-equity ratio of 2.12 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Lemonade Inc's return on assets (ROA)?

Lemonade Inc (LMND) had a return on assets of -10.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Lemonade Inc's cash runway?

Based on fiscal year 2024 data, Lemonade Inc (LMND) had $376.0M in cash against an annual operating cash burn of $11.4M. This gives an estimated cash runway of approximately 396 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Lemonade Inc's Piotroski F-Score?

Lemonade Inc (LMND) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Lemonade Inc's earnings high quality?

Lemonade Inc (LMND) has an earnings quality ratio of 0.06x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.