LMND

MKT CAP:$5B

Lemonade, Inc.

Market Cap

$5B

Financial Services·Insurance - Property & Casualty·🇺🇸 United States·NYSE

Financials·Insurance·🇺🇸·NYSE

Stock Price

$65.44-$10.52 (-13.85%)

Apr 23, 2026

Company Details

Lemonade, Inc. provides various insurance products in the United States and Europe. Its insurance products include stolen or damaged property, and personal liability that protects its customers if they are responsible for an accident or dam...

CEO

Daniel Asher Schreiber

IPO Date

Jul 2, 2020

Website

www.lemonade.com

Key Metrics TTM

Revenue

$738M

+40.2% YoY

Net Income

-$166M

EPS (Diluted)

-$2.30

Free Cash Flow

-$26M

Revenue / Share

$10.27

Gross Margin

44.6%

Operating Margin

-21.8%

Net Margin

-22.4%

FCF Margin

-3.5%

P/S

6.8x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 25, 2026

$738M+40.2%EPS -$2.30

Q4 2025

Feb 25, 2026

$228M+53.3%EPS -$0.33

Q3 2025

Nov 5, 2025

$195M+42.4%EPS -$0.51

Q2 2025

Aug 5, 2025

$164M+34.5%EPS -$0.60

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$44M	$11M	-$73M
Q2 22	$50M	$12M	-$65M
Q3 22	$74M	$9M	-$89M
Q4 22	$88M	$31M	-$68M
Q1 23	$95M	$18M	-$65M
Q2 23	$105M	$14M	-$66M
Q3 23	$115M	$24M	-$60M
Q4 23	$116M	$57M	-$40M
Q1 24	$119M	$36M	-$45M
Q2 24	$122M	$33M	-$55M
Q3 24	$137M	$39M	-$66M
Q4 24	$149M	$96M	-$38M
Q1 25	$151M	$40M	-$61M
Q2 25	$164M	$65M	-$43M
Q3 25	$195M	$81M	-$36M
Q4 25	$228M	$144M	-$21M

Valuation

Quarter	P/S	P/E
Q1 22	33.7x	—
Q2 22	29.4x	—
Q3 22	24.0x	—
Q4 22	19.6x	—
Q1 23	16.3x	—
Q2 23	13.9x	—
Q3 23	12.5x	—
Q4 23	11.7x	—
Q1 24	11.1x	—
Q2 24	10.7x	—
Q3 24	10.2x	—
Q4 24	9.5x	—
Q1 25	9.0x	—
Q2 25	8.4x	—
Q3 25	7.6x	—
Q4 25	6.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$40M	-$42M
Q2 22	-$40M	-$42M
Q3 22	-$55M	-$58M
Q4 22	-$29M	-$31M
Q1 23	-$46M	-$49M
Q2 23	-$50M	-$52M
Q3 23	-$6M	-$9M
Q4 23	-$16M	-$19M
Q1 24	-$30M	-$32M
Q2 24	-$12M	-$13M
Q3 24	$16M	$14M
Q4 24	$14M	$11M
Q1 25	-$47M	-$50M
Q2 25	$6M	$3M
Q3 25	$5M	$3M
Q4 25	$21M	$18M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$2M
Q3 22	$3M
Q4 22	$3M
Q1 23	$3M
Q2 23	$2M
Q3 23	$2M
Q4 23	$2M
Q1 24	$3M
Q2 24	$2M
Q3 24	$2M
Q4 24	$3M
Q1 25	$2M
Q2 25	$2M
Q3 25	$2M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+88.5%	+63.3%
Q2 22	+77.3%	+41.8%
Q3 22	+107.3%	+63.3%
Q4 22	+115.6%	+43.1%
Q1 23	+114.9%	+36.8%
Q2 23	+109.2%	+48.3%
Q3 23	+54.7%	+6.7%
Q4 23	+30.7%	-0.9%
Q1 24	+25.1%	+2.8%
Q2 24	+16.6%	+3.9%
Q3 24	+19.3%	+16.3%
Q4 24	+28.8%	+20.3%
Q1 25	+27.0%	+29.4%
Q2 25	+34.5%	+16.7%
Q3 25	+42.4%	+14.0%
Q4 25	+53.3%	+33.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$14M	31.8%
Q2 22	$14M	27.8%
Q3 22	$16M	21.1%
Q4 22	$16M	17.8%
Q1 23	$15M	16.2%
Q2 23	$15M	14.1%
Q3 23	$15M	13.4%
Q4 23	$14M	12.4%
Q1 24	$15M	12.5%
Q2 24	$15M	12.6%
Q3 24	$17M	12.4%
Q4 24	$17M	11.6%
Q1 25	$10M	6.8%
Q2 25	$15M	9.4%
Q3 25	$17M	8.8%
Q4 25	$19M	8.1%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$28M	$38M
Q2 22	$22M	$37M
Q3 22	$41M	$36M
Q4 22	$31M	$27M
Q1 23	$33M	$28M
Q2 23	$31M	$25M
Q3 23	$37M	$24M
Q4 23	$29M	$25M
Q1 24	$30M	$30M
Q2 24	$30M	$37M
Q3 24	$31M	$51M
Q4 24	$34M	$48M
Q1 25	$36M	$43M
Q2 25	$26M	$60M
Q3 25	$35M	$57M
Q4 25	$43M	$64M

Revenue Segments

Quarter	Reportable Segment
Q1 25	$151M
Q2 25	$164M
Q3 25	$195M
Q4 25	$228M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$235M	$778M	$1.0B
Q2 22	$200M	$760M	$960M
Q3 22	$222M	$836M	$1.1B
Q4 22	$283M	$750M	$1.0B
Q1 23	$250M	$738M	$988M
Q2 23	$189M	$372M	$560M
Q3 23	$232M	$326M	$558M
Q4 23	$265M	$673M	$938M
Q1 24	$279M	$642M	$921M
Q2 24	$343M	$581M	$924M
Q3 24	$330M	$256M	$585M
Q4 24	$376M	$635M	$1.0B
Q1 25	$309M	$331M	$640M
Q2 25	$378M	$293M	$670M
Q3 25	$346M	$241M	$587M
Q4 25	$397M	$723M	$1.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	62M	0.0%	+2.5%
Q2 22	62M	+0.2%	+0.6%
Q3 22	67M	+8.2%	+8.6%
Q4 22	65M	-2.9%	+5.2%
Q1 23	69M	+6.8%	+12.4%
Q2 23	70M	+0.3%	+12.5%
Q3 23	70M	+0.3%	+4.3%
Q4 23	70M	+0.4%	+7.8%
Q1 24	70M	+0.4%	+1.4%
Q2 24	71M	+0.6%	+1.7%
Q3 24	71M	+0.6%	+2.0%
Q4 24	71M	-0.2%	+1.5%
Q1 25	73M	+2.7%	+3.8%
Q2 25	73M	+0.7%	+3.8%
Q3 25	74M	+1.0%	+4.3%
Q4 25	72M	-3.2%	+1.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$39.6K	1K
Q2 22	$44.7K	1K
Q3 22	$66.1K	1K
Q4 22	$64.7K	1K
Q1 23	$69.6K	1K
Q2 23	$76.5K	1K
Q3 23	$83.8K	1K
Q4 23	$91.8K	1K
Q1 24	$94.7K	1K
Q2 24	$97.0K	1K
Q3 24	$108.6K	1K
Q4 24	$120.5K	1K
Q1 25	$122.4K	1K
Q2 25	$132.9K	1K
Q3 25	$157.5K	1K
Q4 25	$177.9K	1K

Revenue / Employee