Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Lemonade, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
22.5
67.3
94.4
128
257
430
527
738
Research and development
4.7
9.8
19.4
51.8
79.6
88.8
85.8
93.9
Selling and marketing
41.7
88.5
80.4
142
138
102
166
224
General and administrative
9.3
21.5
46.3
72.6
122
129
125
140
Pre-tax income
-52.6
-108
-121
-234
-295
-230
-204
-161
Income tax
0.3
0.6
1.5
7.7
3
7.1
-1.7
4.6
Net income
-52.9
-109
-122
-241
-298
-237
-202
-166
EPS, basic
-4.84
-9.75
-3.63
-3.94
-4.59
-3.40
-2.85
-2.24
EPS, diluted
-4.84
-9.75
-3.63
-3.94
-4.59
-3.40
-2.85
-2.24
Shares, basic (weighted)
10.9
11.1
33.7
61.2
64.9
69.7
71
73.9
Shares, diluted (weighted)
10.9
11.1
33.7
61.2
64.9
69.7
71
73.9
Balance sheet
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
102
270
571
271
283
265
376
385
Short-term investments
54.7
0
110
99.8
45.8
27.5
14.1
Property, plant and equipment
3.1
5.7
11.7
19.6
17.4
16.1
15.8
Lease right-of-use assets
21.9
26.4
17.4
15.2
19.8
Goodwill
0
19
19
19
19
Intangible assets
0.6
32.5
22.9
13.6
8.1
Total assets
414
829
1,511
1,691
1,633
1,849
1,926
Total liabilities
117
288
522
824
924
1,256
1,392
Paid-in capital
15.7
860
1,554
1,754
1,815
1,898
1,992
Retained earnings
-198
-321
-562
-860
-1,097
-1,299
-1,464
Other comprehensive income
0.1
1.8
-3.4
-27.6
-9
-6.1
6.4
Shareholders' equity
-79.1
-183
541
988
867
709
593
534
Total equity
-79.1
-183
541
988
867
709
593
534
Total liabilities and equity
414
829
1,511
1,691
1,633
1,849
1,926
Shares outstanding
11.3
56.8
61.7
69.3
70.2
72.7
75.9
Cash flow statement
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-52.9
-109
-122
-241
-298
-237
-202
-166
Depreciation and amortization
0.1
0.6
1.7
3.7
12.2
20
20
15.2
Stock-based compensation
2.1
4.3
10.6
44.1
59.3
59.9
64.5
61.3
Deferred income tax
0
0
0
0
0
0
0
0
Change in payables
0.2
-0.8
0.7
-0.4
-0.7
-0.5
3.9
-4
Cash from operations
-40.8
-78.1
-91.7
-145
-163
-119
-11.4
-16.5
Capital expenditures
-0.7
-2.7
-4.4
-9.4
-10.1
-9.2
-9.4
-9.4
Acquisitions
0
0
98.8
0
0
Purchases of investments
0
-3.5
-2.9
-712
-133
-324
-306
-477
Sales and maturities of investments
20.9
21
70
20.2
225
144
77.5
41.6
Cash from investing
6.4
-54
50.1
-805
181
88.7
40.6
-89.1
Stock issued
0.1
0.7
1.8
9.3
3.6
0.5
19.3
31.9
Cash from financing
120
300
341
650
3.6
15.4
87.7
107
Exchange rate effect
0
-0.1
1.6
-1
-5.8
0
-2.7
10.1
Net change in cash
85.5
168
301
-301
15.9
-15
114
11.1
Free cash flow
-41.5
-80.8
-96.1
-154
-173
-128
-20.8
-25.9
Interest paid
0
0
0.3
5
16.3
Income taxes paid
0.2
0.5
1.6
3.2
3.4
-2.7
0.1
2.5
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $44.93 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Pre-tax margin
-13.7%
Pre-tax income / revenue.
Net margin
-14.2%
Net income / revenue.
FCF margin
0.8%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
2.2%
Cash from operations / revenue.
Return on equity (ROE)
-27.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-6.9%
Net income / average total assets.
R&D / revenue
10.9%
Research and development expense / revenue.
Stock-based pay / revenue
8.3%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.3%
Capital expenditures / revenue.
D&A / revenue
1.1%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
40.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
42.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
50.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-10.1%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-14.9%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-0.3%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
4.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
4.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
18.4%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
4.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
4.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
17.0%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.80
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$12.67
Revenue / diluted weighted shares.
FCF per share
$0.11
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.28
Cash from operations / diluted weighted shares.
Book value per share
$6.46
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
3.57x
Market cap / revenue.
P/B
6.96x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
7.36x
Market cap / tangible book value, when positive.
P/FCF
429x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
164x
Market cap / cash from operations, when positive.
EV/Sales
3.18x
Enterprise value / revenue.
EV/FCF
383x
Enterprise value / free cash flow, when both are positive.
FCF yield
0.2%
Free cash flow / market cap.
Earnings yield
-4.0%
Net income / market cap (the inverse of P/E).
What was Lemonade, Inc.'s revenue in fiscal 2025?
Lemonade, Inc. reported revenue of $737.9M for fiscal 2025, 40.2% higher than the year before.
Was Lemonade, Inc. profitable in fiscal 2025?
No. It reported a net loss of $165.5M.
How much free cash flow did Lemonade, Inc. generate in fiscal 2025?
Cash from operations of $16.5M minus capital expenditures of $9.4M left free cash flow of -$25.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.