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Insurance - Property & casualty · Financial Services · Fiscal year ends Dec 31
Lemonade reported revenue of $738M in the fiscal year ended Dec 2025, up 40.2% from the year before. Operating income was −$161M, an operating margin of −21.8%, and net income was −$166M. Operating cash flow of −$17M less capital expenditure of $9M left free cash flow of −$26M.
Ranks among the 30 insurance - property & casualty companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 128 | 257 | 430 | 527 | 738 |
| Research & development | 51.8 | 79.6 | 88.8 | 85.8 | 93.9 |
| Selling, general & admin | 214 | 261 | 231 | 291 | 364 |
| Operating incomederived: pre-tax income + interest | −234 | −295 | −230 | −204 | −161 |
| Pre-tax income | −234 | −295 | −230 | −204 | −161 |
| Income tax | 7.7 | 3.0 | 7.1 | −1.7 | 4.6 |
| Net income | −241 | −298 | −237 | −202 | −166 |
| Diluted EPS | −3.94 | −4.59 | −3.40 | −2.85 | −2.24 |
| Diluted shares | 61.2 | 64.9 | 69.7 | 71.0 | 73.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 271 | 283 | 265 | 376 | 385 |
| Net PP&E | 11.7 | 19.6 | 17.4 | 16.1 | 15.8 |
| Goodwill | 0.0 | 19.0 | 19.0 | 19.0 | 19.0 |
| Total assets | 1,511 | 1,691 | 1,633 | 1,849 | 1,926 |
| Total liabilities | 522 | 824 | 924 | 1,256 | 1,392 |
| Shareholders' equity | 988 | 867 | 709 | 593 | 534 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −145 | −163 | −119 | −11.4 | −16.5 |
| Capital expenditure | 9.4 | 10.1 | 9.2 | 9.4 | 9.4 |
| Free cash flow | −154 | −173 | −128 | −20.8 | −25.9 |
| Depreciation & amortisation | 3.7 | 12.2 | 20.0 | 20.0 | 15.2 |
| Stock-based compensation | 44.1 | 59.3 | 59.9 | 64.5 | 61.3 |
| Acquisitions | 0.0 | −98.8 | 0.0 | 0.0 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 99.9% | 67.4% | 22.5% | 40.2% |
| Operating margin | −181.9% | −114.8% | −53.5% | −38.7% | −21.8% |
| Net margin | −187.9% | −116.0% | −55.1% | −38.4% | −22.4% |
| Return on equityBlank when equity is negative | −24.4% | −34.4% | −33.4% | −34.1% | −31.0% |
| Free cash flow margin | −119.9% | −67.4% | −29.9% | −4.0% | −3.5% |
| Cash conversion (CFO ÷ net income) | 0.60x | 0.55x | 0.50x | 0.06x | 0.10x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.