Lemonade, Inc. (LMND) financial statements: income statement, balance sheet and cash flow
Lemonade, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Lemonade, Inc. reported revenue of $737.9M (+40.2% year on year) and net income of ($165.5M) (+18.2% year on year).
Income statement
Lemonade, Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net earned premium
$536.3M
$370.6M
$315.2M
$172.4M
Ceding commission income
$122.7M
$91.1M
$69.8M
$64.1M
Net investment income
$37.8M
$34.0M
$24.7M
$8.4M
Commission and other income
$41.1M
$30.8M
$20.1M
$11.8M
Total revenue
$737.9M
$526.5M
$429.8M
$256.7M
Loss and loss adjustment expense, net
$347.0M
$277.0M
$280.4M
$167.3M
Other insurance expense
$93.7M
$76.8M
$59.2M
$44.0M
Sales and marketing
$224.4M
$166.3M
$101.9M
$138.3M
Technology development
$93.9M
$85.8M
$88.8M
$79.6M
General and administrative
$139.8M
$124.5M
$129.3M
$122.3M
Total expense
$898.8M
$730.4M
$659.6M
$551.5M
Loss before income taxes
($160.9M)
($203.9M)
($229.8M)
($294.8M)
Income tax expense (benefit)
$4.6M
($1.7M)
$7.1M
$3.0M
Net loss
($165.5M)
($202.2M)
($236.9M)
($297.8M)
Unrealized gain on investments in fixed maturities
$2.4M
$5.6M
$18.6M
($18.4M)
Foreign currency translation adjustment
$10.1M
($2.7M)
$0
($5.8M)
Comprehensive loss
($153.0M)
($199.3M)
($218.3M)
($322.0M)
Net loss per share attributable to common stockholders — basic (usd per share)
-$2.24
-$2.85
-$3.40
-$4.59
Net loss per share attributable to common stockholders — diluted (usd per share)
-$2.24
-$2.85
-$3.40
-$4.59
Weighted average common shares outstanding — basic (in shares)
73.9M
71.0M
69.7M
64.9M
Weighted average common shares outstanding — diluted (in shares)
73.9M
71.0M
69.7M
64.9M
Lemonade, Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Net earned premium
$252.0M
$212.6M
$140.0M
$112.5M
Ceding commission income
$20.4M
$23.6M
$32.2M
$30.4M
Net investment income
$9.7M
$9.8M
$9.7M
$9.4M
Commission and other income
$12.3M
$12.0M
$12.6M
$11.8M
Total revenue
$294.4M
$258.0M
$194.5M
$164.1M
Loss and loss adjustment expense, net
$154.0M
$133.3M
$89.6M
$77.5M
Other insurance expense
$26.7M
$24.1M
$24.1M
$21.4M
Sales and marketing
$77.7M
$66.1M
$57.4M
$59.6M
Technology development
$30.0M
$26.9M
$24.7M
$22.4M
General and administrative
$47.8M
$42.2M
$35.0M
$25.8M
Total expense
$336.2M
$292.6M
$230.8M
$206.7M
Loss before income taxes
($41.8M)
($34.6M)
($36.3M)
($42.6M)
Income tax expense
$1.6M
$1.2M
$1.2M
$1.3M
Net loss
($43.4M)
($35.8M)
($37.5M)
($43.9M)
Unrealized (loss) gain on investments in fixed maturities
($2.2M)
($4.4M)
$600.0K
$400.0K
Foreign currency translation adjustment
$1.2M
($1.3M)
$400.0K
$7.2M
Comprehensive loss
($44.4M)
($41.5M)
($36.5M)
($36.3M)
Net loss per share attributable to common stockholders—basic (usd per share)
-$0.56
-$0.47
-$0.51
-$0.60
Net loss per share attributable to common stockholders—diluted (usd per share)
-$0.56
-$0.47
-$0.51
-$0.60
Weighted average common shares outstanding—basic (in shares)
77.0M
76.3M
74.2M
73.4M
Weighted average common shares outstanding—diluted (in shares)
77.0M
76.3M
74.2M
73.4M
Balance sheet
Lemonade, Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Fixed maturities available-for-sale, at fair value (amortized cost: $706.0 million and $607.1 million as of December 31, 2025 and 2024, respectively)
$708.8M
$607.4M
$627.4M
—
Short-term investments (cost: $14.1 million and $27.5 million as of December 31, 2025 and 2024, respectively)
$14.1M
$27.5M
$45.8M
$99.8M
Total investments
$722.9M
$634.9M
$673.2M
$750.1M
Cash, cash equivalents and restricted cash
$396.8M
$385.7M
$271.5M
$286.5M
Premium receivable, net of allowance for credit losses of $4.1 million and $2.8 million as of December 31, 2025 and 2024, respectively
$402.3M
$301.2M
$222.0M
$179.6M
Reinsurance recoverable
$153.4M
$170.4M
$138.4M
$156.8M
Prepaid reinsurance premium
$147.9M
$253.6M
$196.3M
$164.5M
Deferred acquisition costs
$12.1M
$12.2M
$8.8M
$6.9M
Property and equipment, net
$15.8M
$16.1M
$17.4M
$19.6M
Intangible assets
$8.1M
$13.6M
$22.9M
$32.5M
Goodwill
$19.0M
$19.0M
$19.0M
$19.0M
Other assets
$47.4M
$42.4M
$63.8M
$75.2M
Total assets
$1.9B
$1.8B
$1.6B
$1.7B
Unpaid losses and loss adjustment expenses
$303.1M
$298.1M
$262.3M
$256.2M
Unearned premium
$577.0M
$455.0M
$353.7M
$288.0M
Trade payables
$500.0K
$4.5M
$600.0K
$1.1M
Funds held for reinsurance treaties
$169.5M
$219.6M
$128.8M
$136.0M
Deferred ceding commission
$38.2M
$65.6M
$41.4M
$39.7M
Ceded premium payable
$23.9M
$23.8M
$23.2M
$18.4M
Borrowings under financing agreement
$158.1M
$83.4M
$14.9M
—
Other liabilities and accrued expenses
$121.8M
$105.7M
$99.5M
$84.5M
Total liabilities
$1.4B
$1.3B
$924.4M
$823.9M
Common stock, $0.00001 par value, 200,000,000 shares authorized as of December 31, 2025 and 2024; 75,907,215 shares and 72,720,866 shares issued and outstanding as of December 31, 2025 and 2024, respectively
0
0
0
0
Additional paid-in capital
$2.0B
$1.9B
$1.8B
$1.8B
Accumulated deficit
($1.5B)
($1.3B)
($1.1B)
($859.7M)
Accumulated other comprehensive income (loss)
$6.4M
($6.1M)
($9.0M)
($27.6M)
Total stockholders' equity
$533.6M
$593.4M
$708.9M
$866.8M
Total liabilities and stockholders' equity
$1.9B
$1.8B
$1.6B
$1.7B
Lemonade, Inc. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Fixed maturities available-for-sale, at fair value (amortized cost: $772.4 million and $706.0 million as of June 30, 2026 and December 31, 2025, respectively)
$768.5M
$731.8M
$681.8M
$624.5M
Short-term investments (cost: $9.2 million and $14.1 million as of June 30, 2026 and December 31, 2025, respectively)
$9.2M
$19.5M
$23.5M
$21.3M
Total investments
$777.7M
$751.3M
$705.3M
$645.8M
Cash, cash equivalents and restricted cash
$380.3M
$386.5M
$355.5M
$386.0M
Premium receivable, net of allowance for credit losses of $5.0 million and $4.1 million as of June 30, 2026 and December 31, 2025, respectively
$490.4M
$449.1M
$395.3M
$346.7M
Reinsurance recoverable
$132.1M
$145.5M
$167.7M
$177.8M
Prepaid reinsurance premium
$125.3M
$123.9M
$203.4M
$281.6M
Deferred acquisition costs
$16.1M
$14.2M
$13.5M
$12.6M
Property and equipment, net
$18.9M
$16.7M
$15.3M
$16.0M
Intangible assets
$8.1M
$8.1M
$8.1M
$8.8M
Goodwill
$19.0M
$19.0M
$19.0M
$19.0M
Other assets
$44.0M
$43.6M
$35.7M
$40.3M
Total assets
$2.0B
$2.0B
$1.9B
$1.9B
Unpaid loss and loss adjustment expense
$307.5M
$308.8M
$312.1M
$309.8M
Unearned premium
$661.7M
$614.2M
$567.9M
$509.5M
Trade payables
$2.4M
$2.4M
$5.1M
$2.3M
Funds held for reinsurance treaties
$153.0M
$151.6M
$202.5M
$240.1M
Deferred ceding commission
$34.2M
$33.3M
$50.0M
$68.4M
Ceded premium payable
$20.6M
$21.1M
$19.0M
$29.7M
Borrowings under financing agreement
$206.4M
$179.6M
$139.0M
$123.5M
Other liabilities and accrued expenses
$126.6M
$128.9M
$107.0M
$124.2M
Total liabilities
$1.5B
$1.4B
$1.4B
$1.4B
Common stock, $0.00001 par value, 200,000,000 shares authorized; 77,326,718 and 75,907,215 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
0
0
0
0
Additional paid-in capital
$2.0B
$2.0B
$2.0B
$1.9B
Accumulated deficit
($1.5B)
($1.5B)
($1.4B)
($1.4B)
Accumulated other comprehensive (loss) income
($300.0K)
$700.0K
$5.2M
$4.2M
Total stockholders' equity
$499.5M
$518.0M
$516.2M
$527.1M
Total liabilities and stockholders' equity
$2.0B
$2.0B
$1.9B
$1.9B
Cash flow statement
Lemonade, Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net Loss
($165.5M)
($202.2M)
($236.9M)
($297.8M)
Depreciation and amortization
$15.2M
$20.0M
$20.0M
$12.2M
Stock-based compensation
$61.3M
$64.5M
$59.9M
$59.3M
Amortization of bond discount
($5.8M)
—
—
—
Provision for bad debt
$22.1M
$11.0M
$8.1M
$8.7M
Gain on early lease termination
($2.3M)
—
—
—
Asset impairment charge
$0
$300.0K
$3.7M
—
Premium receivable
($123.2M)
($90.2M)
($50.5M)
($43.8M)
Reinsurance recoverable
$17.0M
($32.0M)
$18.4M
($52.6M)
Prepaid reinsurance premium
$105.7M
($57.3M)
($31.8M)
($14.9M)
Deferred acquisition costs
$100.0K
($3.4M)
($1.9M)
($800.0K)
Other assets
($8.2M)
$21.2M
$8.9M
($7.0M)
Unpaid losses and loss adjustment expenses
$5.0M
$35.8M
$6.1M
$74.0M
Unearned premium
$122.0M
$101.3M
$65.7M
$65.1M
Trade payables
($4.0M)
$3.9M
($500.0K)
($700.0K)
Funds held for reinsurance treaties
($50.1M)
$90.8M
($7.2M)
$32.9M
Deferred ceding commission
($27.4M)
$24.2M
$1.7M
$3.2M
Ceded premium payable
$100.0K
$600.0K
$4.8M
($12.4M)
Other liabilities and accrued expenses
$21.5M
$6.2M
$15.0M
$4.9M
Net cash used in operating activities
($16.5M)
($11.4M)
($119.1M)
($163.0M)
Proceeds from short-term investments sold or matured
$41.6M
$77.5M
$143.5M
$224.5M
Proceeds from bonds sold or matured
$383.1M
$336.3M
$349.6M
$138.0M
Cost of short-term investments acquired
($27.7M)
($58.1M)
($71.5M)
($136.7M)
Cost of bonds acquired
($476.7M)
($305.7M)
($323.7M)
($133.4M)
Purchases of property and equipment
($9.4M)
($9.4M)
($9.2M)
($10.1M)
Net cash (used in) provided by investing activities
($89.1M)
$40.6M
$88.7M
$181.1M
Proceeds from borrowings under financing agreement
$133.0M
$96.1M
$19.1M
—
Payment on borrowings under financing agreement
($58.3M)
($27.7M)
($4.2M)
—
Proceeds from stock exercises
$31.9M
$19.3M
$500.0K
$3.6M
Net cash provided by financing activities
$106.6M
$87.7M
$15.4M
$3.6M
Effect of exchange rate changes on cash, cash equivalents and restricted cash
$10.1M
($2.7M)
$0
($5.8M)
Net increase (decrease) in cash, cash equivalents and restricted cash
$11.1M
$114.2M
($15.0M)
$15.9M
Cash, cash equivalents and restricted cash at beginning of year
$385.7M
$271.5M
$286.5M
$270.6M
Cash, cash equivalents and restricted cash at end of year
$396.8M
$385.7M
$271.5M
$286.5M
Cash paid for income taxes
$2.5M
$2.5M
$700.0K
$3.4M
Cash paid for interest expense on borrowings under financing agreement
$16.3M
$5.0M
$300.0K
—
Right-of-use assets derecognized due to lease modification
$3.1M
—
—
—
Lemonade, Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net loss
($79.2M)
($35.8M)
($143.8M)
($106.3M)
Depreciation and amortization
$5.1M
$2.7M
$12.6M
$9.2M
Stock-based compensation
$45.7M
$21.2M
$42.8M
$25.7M
Amortization of premium on bonds
($2.4M)
($1.3M)
($4.4M)
($3.0M)
Provision for bad debt
$12.2M
$5.9M
$14.1M
$8.9M
Premium receivable
($100.3M)
($52.7M)
($108.2M)
($54.4M)
Reinsurance recoverable
$21.3M
$7.9M
$2.7M
($7.4M)
Prepaid reinsurance premium
$22.6M
$24.0M
$50.2M
($28.0M)
Deferred acquisition costs
($4.0M)
($2.1M)
($1.3M)
($400.0K)
Other assets
$3.2M
$3.6M
$3.6M
$2.2M
Unpaid loss and loss adjustment expense
$4.4M
$5.7M
$14.0M
$11.7M
Unearned premium
$84.7M
$37.2M
$112.9M
$54.5M
Trade payables
$1.9M
$1.9M
$600.0K
($2.3M)
Funds held for reinsurance treaties
($16.5M)
($17.9M)
($17.1M)
$20.5M
Deferred ceding commission
($4.0M)
($4.9M)
($15.6M)
$2.8M
Ceded premium payable
($3.3M)
($2.8M)
($4.8M)
$5.9M
Other liabilities and accrued expenses
$4.6M
$6.8M
$6.8M
$18.7M
Net cash used in operating activities
($4.0M)
($600.0K)
($37.2M)
($41.7M)
Proceeds from short-term investments sold or matured
$21.8M
$5.5M
$28.0M
$15.0M
Proceeds from bonds sold or matured
$349.5M
$124.6M
$299.6M
$164.1M
Cost of short-term investments acquired
($16.5M)
($10.5M)
($23.7M)
($8.7M)
Cost of bonds acquired
($413.5M)
($150.7M)
($367.8M)
($176.8M)
Purchases of property and equipment
($8.1M)
($3.5M)
($6.3M)
($4.4M)
Net cash used in investing activities
($66.8M)
($34.6M)
($70.2M)
($10.8M)
Proceeds from borrowings under financing agreement
$89.9M
$40.4M
$96.3M
$66.1M
Payments on borrowings under financing agreement
($41.6M)
($18.9M)
($40.7M)
($26.0M)
Proceeds from stock exercises
$6.1M
$4.7M
$12.5M
$4.0M
Net cash provided by financing activities
$54.4M
$26.2M
$68.1M
$44.1M
Effect of exchange rate changes on cash, cash equivalents and restricted cash
($100.0K)
($1.3M)
$9.1M
$8.7M
Net (decrease) increase in cash, cash equivalents and restricted cash
($16.5M)
($10.3M)
($30.2M)
$300.0K
Cash, cash equivalents and restricted cash at beginning of period
$396.8M
$396.8M
$385.7M
$385.7M
Cash, cash equivalents and restricted cash at end of period
$380.3M
$386.5M
$355.5M
$386.0M
Cash paid for income taxes
$1.3M
$200.0K
$2.2M
$800.0K
Cash paid for interest expense on borrowings under financing agreement