Lemonade, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $737.9M | $526.5M | $429.8M | $256.7M | $128.4M |
| Research and development | $93.9M | $85.8M | $88.8M | $79.6M | $51.8M |
| Pretax income | -$160.9M | -$203.9M | -$229.8M | -$294.8M | -$233.6M |
| Income tax expense | $4.6M | -$1.7M | $7.1M | $3.0M | $7.7M |
| Net income | -$165.5M | -$202.2M | -$236.9M | -$297.8M | -$241.3M |
| Balance Sheet | |||||
| Cash and equivalents | $385.0M | $376.0M | $264.5M | $282.5M | $270.6M |
| Total assets | $1.9B | $1.8B | $1.6B | $1.7B | $1.5B |
| Total liabilities | $1.4B | $1.3B | $924.4M | $823.9M | $522.3M |
| Stockholders' equity | $533.6M | $593.4M | $708.9M | $866.8M | $988.2M |
| Cash Flow Statement | |||||
| Cash from operations | -$16.5M | -$11.4M | -$119.1M | -$163.0M | -$144.6M |
| Depreciation and amortization | $15.2M | $20.0M | $20.0M | $12.2M | $3.7M |
| Stock-based compensation | $61.3M | $64.5M | $59.9M | $59.3M | $44.1M |
| Capital expenditure | $9.4M | $9.4M | $9.2M | $10.1M | $9.4M |
| Free cash flow | -$25.9M | -$20.8M | -$128.3M | -$173.1M | -$154.0M |
| Impairments | $0 | $300,000 | $3.7M | $0 | $0 |
Shares outstanding 76.8M · Free float 62.4%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.