Lemonade (LMND) Financial Statements & Analysis

Lemonade (LMND) Income Statement

Lemonade reported revenue of $737.90M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 40.2% from $526.50M a year earlier. Lemonade posted a net loss of $165.50M, compared with a net loss of $202.20M a year earlier. Gross margin was 40.3% and operating margin -21.8%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $274.00M, up 67.0% from the same quarter a year earlier.

Lemonade Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Lemonade, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	737.90	526.50	429.80	256.70	128.40	94.40	67.30	22.50	2.40
Cost of Revenue	440.70	353.80	339.60	228.30	105.50	74.00	55.40	19.40	0.00
Gross Profit	297.20	172.70	90.20	28.40	22.90	20.40	11.90	3.10	2.40
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	364.20	290.80	231.20	260.60	214.20	126.70	110.00	51.00	28.70
Operating Expenses	458.10	376.60	320.00	323.20	256.50	141.20	119.80	55.70	28.70
Operating Income	-160.90	-203.90	-229.80	-294.80	-233.60	-120.80	-107.90	-52.60	-26.30
Other Income/Expense
Interest Income	8.20	8.30	4.20	1.20	0.40	1.00	2.80	1.00	0.00
Interest Expense	0.00	-6.20	-0.40	0.00	0.00	0.00	0.00	0.00	0.00
Other Income/Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1.70
Income
Income Before Tax	-160.90	-203.90	-229.80	-294.80	-233.60	-120.80	-107.90	-52.60	-28.00
Income Tax Expense	4.60	-1.70	7.10	3.00	7.70	1.50	0.60	0.30	0.10
Net Income	-165.50	-202.20	-236.90	-297.80	-241.30	-122.30	-108.50	-52.90	-28.10
Net Income - Continuous Operations	-165.50	-202.20	-236.90	-297.80	-241.30	-122.30	-108.50	-52.90	-28.10
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	-121.50	-177.40	-202.70	-274.20	-229.90	-119.10	-107.30	-52.50	1.70
EBIT	-136.70	-197.40	-222.70	-286.40	-233.60	-	-	-	-
Depreciation & Amortization	15.20	20.00	20.00	12.20	3.70	1.70	0.60	0.10	28.00
Earnings Per Share
Basic EPS	-2.00	-3.00	-3.00	-5.00	-4.00	-2.00	-2.00	-1.00	-3.00
Diluted EPS	-2.00	-3.00	-3.00	-5.00	-4.00	-2.00	-2.00	-1.00	-3.00
Basic Shares Outstanding	73.94	71.02	69.66	64.92	61.22	55.32	43.61	43.61	10.89
Diluted Shares Outstanding	73.94	71.02	69.66	64.92	61.22	55.32	43.61	43.61	10.89

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Lemonade Financial Statements

What was Lemonade's revenue in fiscal 2025?

Lemonade reported revenue of $737.90M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 40.2% from $526.50M a year earlier.

Is Lemonade profitable?

No. Lemonade reported a net loss of $165.50M in fiscal 2025. In fiscal 2024 it lost $202.20M.

What is Lemonade's operating margin?

Lemonade's operating income was −$160.90M on revenue of $737.90M in fiscal 2025, an operating margin of -21.8%, compared with -38.7% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition