Lemonade (LMND) Cash Flow: Operating & Free Cash Flow

Lemonade Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Lemonade, Inc. (LMND) - 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
Operating Activities
Net Income	-165.50	-202.20	-236.90	-297.80	-241.30	-122.30	-108.50	-52.90	-28.10
Depreciation & Amortization	15.20	20.00	20.00	12.20	3.70	1.70	0.60	0.10	0.00
Deferred Income Tax	0.00	0.00	0.00	0.00	-4.20	-0.30	0.00	0.00	0.00
Stock Based Compensation	61.30	64.50	59.90	59.30	44.10	10.60	4.30	2.10	8.40
Change in Working Capital	58.50	101.10	28.70	47.90	46.90	4.20	25.10	9.70	0.60
Change in Accounts Receivable	-106.20	-122.20	-32.10	-96.40	-88.00	-62.90	-37.60	-28.90	-5.70
Change in Inventory	0.00	0.00	0.00	0.00	121.20	68.10	0.00	38.90	0.00
Change in Accounts Payable	-3.90	4.50	4.30	-13.10	5.30	0.70	-0.80	0.20	0.00
Change in Other Working Capital	-85.70	11.00	56.50	8.70	6.20	-1.70	63.50	-0.50	-0.60
Other Operating Activities	14.00	11.00	9.20	8.70	6.20	14.40	0.40	0.20	8.40
Net Cash from Operating Activities	-16.50	-11.40	-119.10	-163.00	-144.60	-91.70	-78.10	-40.80	-19.10
Investing Activities
Capital Expenditures	-9.40	-9.40	-9.20	-10.10	-9.40	-4.40	-3.30	-0.70	-0.30
Acquisitions	0.00	0.00	0.00	98.80	795.40	-54.50	0.00	0.00	0.00
Purchases of Investments	-504.40	-363.80	-395.20	-270.10	-842.80	-17.80	-72.70	-13.80	-28.00
Sales/Maturities of Investments	424.70	413.80	493.10	362.50	47.40	72.30	22.00	20.90	15.60
Other Investing Activities	0.00	0.00	0.00	0.00	-795.40	54.50	-0.60	7.10	-12.40
Net Cash from Investing Activities	-89.10	40.60	88.70	181.10	-804.80	50.10	-54.00	6.40	-12.70
Financing Activities
Debt Repayment	-58.30	-27.70	14.90	0.00	0.00	0.00	0.00	0.00	0.00
Common Stock Issued	31.90	19.30	0.00	0.00	640.30	339.30	0.00	119.90	0.80
Other Financing Activities	0.00	0.00	0.50	3.60	9.30	1.80	300.10	119.90	0.80
Net Cash from Financing Activities	106.60	87.70	15.40	3.60	649.60	341.10	300.10	119.90	0.80
Summary
Effect of Forex Changes on Cash	10.10	-2.70	0.00	-5.80	-1.00	1.60	-0.10	0.00	0.00
Net Change in Cash	11.10	114.20	-15.00	15.90	-299.80	301.10	167.90	85.50	-31.00
Cash at Beginning of Period	385.70	271.50	286.50	270.60	571.40	270.30	102.40	16.90	47.90
Cash at End of Period	396.80	385.70	271.50	286.50	270.60	571.40	270.30	102.40	16.90
Free Cash Flow	-25.90	-20.80	-128.30	-173.10	-154.00	-96.10	-81.40	-41.50	-19.40
Supplemental Disclosures
Interest Paid	16.30	5.00	0.30	-	-	-	-	-	-
Income Taxes Paid	2.50	2.50	0.70	3.40	3.20	-	-	-	-

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

Frequently Asked Questions About Lemonade Cash Flow

What is Lemonade's free cash flow?

Lemonade had negative free cash flow of $25.90M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −$16.50M minus $9.40M of capital expenditures.

How much does Lemonade spend on capital expenditures?

Lemonade spent $9.40M on capital expenditures in fiscal 2025, compared with $9.40M a year earlier.

Does Lemonade pay dividends or buy back shares?

Lemonade's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition