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Stocks · Financials · Fire, Marine & Casualty Insurance

Lemonade, Inc.

LMND Clue Score41
United States Fiscal year ends December CIK 0001691421
$45.15 -2.82% Close, 12 Oct 2026
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Price $45.15 −29.59% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 2 Jul 2020. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2018Revenue22.5Net income−52.9Fiscal year 2019Revenue67.3 +199.1%Net income−108.5EPS, diluted−9.75Fiscal year 2020Revenue94.4 +40.3%Net income−122.3EPS, diluted−3.63Fiscal year 2021Revenue128.4 +36.0%Net income−241.3EPS, diluted−3.94Fiscal year 2022Revenue256.7 +99.9%Net income−297.8EPS, diluted−4.59Fiscal year 2023Revenue429.8 +67.4%Net income−236.9EPS, diluted−3.40Fiscal year 2024Revenue526.5 +22.5%Net income−202.2EPS, diluted−2.85Fiscal year 2025Revenue737.9 +40.2%Net income−165.5EPS, diluted−2.24
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 22.5 67.3 94.4 128.4 256.7 429.8 526.5 737.9
Growth +199.1% +40.3% +36.0% +99.9% +67.4% +22.5% +40.2%
Net income −52.9 −108.5 −122.3 −241.3 −297.8 −236.9 −202.2 −165.5
Growth
EPS, diluted n/a −9.75 −3.63 −3.94 −4.59 −3.40 −2.85 −2.24

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2018Net margin−235.1%Free cash flow margin−184.4%Fiscal year 2019Net margin−161.2%Free cash flow margin−120.1%Fiscal year 2020Net margin−129.6%Free cash flow margin−101.8%Fiscal year 2021Net margin−187.9%Free cash flow margin−119.9%Fiscal year 2022Net margin−116.0%Free cash flow margin−67.4%Fiscal year 2023Net margin−55.1%Free cash flow margin−29.9%Fiscal year 2024Net margin−38.4%Free cash flow margin−4.0%Fiscal year 2025Net margin−22.4%Free cash flow margin−3.5%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin −235.1% −161.2% −129.6% −187.9% −116.0% −55.1% −38.4% −22.4%
Free cash flow margin −184.4% −120.1% −101.8% −119.9% −67.4% −29.9% −4.0% −3.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2018Operating cash flow−40.8Capital expenditure−0.7Free cash flow−41.5Fiscal year 2019Operating cash flow−78.1Capital expenditure−2.7Free cash flow−80.8Fiscal year 2020Operating cash flow−91.7Capital expenditure−4.4Free cash flow−96.1Fiscal year 2021Operating cash flow−144.6Capital expenditure−9.4Free cash flow−154.0Fiscal year 2022Operating cash flow−163.0Capital expenditure−10.1Free cash flow−173.1Fiscal year 2023Operating cash flow−119.1Capital expenditure−9.2Free cash flow−128.3Fiscal year 2024Operating cash flow−11.4Capital expenditure−9.4Free cash flow−20.8Fiscal year 2025Operating cash flow−16.5Capital expenditure−9.4Free cash flow−25.9
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −40.8 −78.1 −91.7 −144.6 −163.0 −119.1 −11.4 −16.5
Capital expenditure −0.7 −2.7 −4.4 −9.4 −10.1 −9.2 −9.4 −9.4
Free cash flow −41.5 −80.8 −96.1 −154.0 −173.1 −128.3 −20.8 −25.9
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2018Cash102.4Shareholders’ equity−79.1Fiscal year 2019Cash270.0Shareholders’ equity−182.5Fiscal year 2020Cash570.8Shareholders’ equity541.0Fiscal year 2021Cash270.6Shareholders’ equity988.2Fiscal year 2022Cash282.5Shareholders’ equity866.8Fiscal year 2023Cash264.5Shareholders’ equity708.9Fiscal year 2024Cash376.0Shareholders’ equity593.4Fiscal year 2025Cash385.0Shareholders’ equity533.6
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 102.4 270.0 570.8 270.6 282.5 264.5 376.0 385.0
Shareholders’ equity −79.1 −182.5 541.0 988.2 866.8 708.9 593.4 533.6

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
−233.8% −160.3% −128.0% −181.9% −114.8% −53.5% −38.7% −21.8%
−235.1% −161.2% −129.6% −187.9% −116.0% −55.1% −38.4% −22.4%
−184.4% −120.1% −101.8% −119.9% −67.4% −29.9% −4.0% −3.5%
Spending
20.9% 14.6% 20.6% 40.3% 31.0% 20.7% 16.3% 12.7%
41.3% 31.9% 49.0% 56.5% 47.6% 30.1% 23.6% 18.9%
3.1% 4.0% 4.7% 7.3% 3.9% 2.1% 1.8% 1.3%
Returns
n/a n/a −22.6% −24.4% −34.4% −33.4% −34.1% −31.0%
n/a −26.2% −14.8% −16.0% −17.6% −14.5% −10.9% −8.6%
Balance and payout
n/a 28.1% 34.7% 34.6% 48.7% 56.6% 67.9% 72.3%