LMND financial statements
The full income statement, balance sheet, and cash-flow statement for Lemonade Inc. (LMND), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 738M+40.2% | 527M+22.5% | 430M+67.4% | 257M+99.9% | 128M+36.0% | |
| Research & development | 93.9M+9.4% | 85.8M-3.4% | 88.8M+11.6% | 79.6M+53.7% | 51.8M+167.0% | |
| Selling, general & administrative | 140M+12.3% | 125M-3.7% | 129M+5.7% | 122M+68.5% | 72.6M+56.8% | |
| General & administrative | 140M+12.3% | 125M-3.7% | 129M+5.7% | 122M+68.5% | 72.6M+56.8% | |
| Selling & marketing | 224M+34.9% | 166M+63.2% | 102M-26.3% | 138M-2.3% | 142M+76.1% | |
| Provision for credit losses | 22.1M+100.9% | 11.0M+35.8% | 8.10M-6.9% | 8.70M+40.3% | 6.20M+181.8% | |
| Pre-tax income | -161M+21.1% | -204M+11.3% | -230M+22.0% | -295M-26.2% | -234M-93.4% | |
| Income tax | 4.60M+370.6% | -1.70M-123.9% | 7.10M+136.7% | 3.00M-61.0% | 7.70M+413.3% | |
| -166M+18.2% | -202M+14.6% | -237M+20.4% | -298M-23.4% | -241M-97.3% | ||
| Net income to common | -166M+18.2% | -202M+14.6% | -237M+20.4% | -298M-23.4% | -241M-97.3% | |
| -$2.24+21.4% | -$2.85+16.2% | -$3.40+25.9% | -$4.59-16.5% | -$3.94-8.5% | ||
| EPS (basic) | -$2.24+21.4% | -$2.85+16.2% | -$3.40+25.9% | -$4.59-16.5% | -$3.94-8.5% | |
| Weighted-avg shares (basic) | 73.9M+4.1% | 71.0M+2.0% | 69.7M+7.3% | 64.9M+6.0% | 61.2M+81.9% | |
| Weighted-avg shares (diluted) | 73.9M+4.1% | 71.0M+2.0% | 69.7M+7.3% | 64.9M+6.0% | 61.2M+81.9% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Cash & equivalents | 385M+2.4% | 376M+42.2% | 265M-6.4% | 283M+4.4% | 271M-52.6% | |
| Short-term investments | 14.1M-48.7% | 27.5M-40.0% | 45.8M-54.1% | 99.8M-9.6% | 110M | |
| 1.93B+4.1% | 1.85B+13.2% | 1.63B-3.4% | 1.69B+11.9% | 1.51B+82.3% | ||
| Property, plant & equipment | 15.8M-1.9% | 16.1M-7.5% | 17.4M-11.2% | 19.6M+67.5% | 11.7M+105.3% | |
| Operating lease right-of-use | 19.8M+30.3% | 15.2M-12.6% | 17.4M-34.1% | 26.4M+20.5% | 21.9M | |
| Goodwill | 19.0M+0.0% | 19.0M+0.0% | 19.0M+0.0% | 19.0M | 0.00 | |
| Intangible assets | 8.10M-40.4% | 13.6M-40.6% | 22.9M-29.5% | 32.5M+5316.7% | 600K | |
| 1.39B+10.9% | 1.26B+35.8% | 924M+12.2% | 824M+57.7% | 522M+81.5% | ||
| Operating lease liability (total) | 24.0M+0.8% | 23.8M-15.6% | 28.2M-19.9% | 35.2M+57.8% | 22.3M | |
| 534M-10.1% | 593M-16.3% | 709M-18.2% | 867M-12.3% | 988M+82.7% | ||
| Common stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Additional paid-in capital | 1.99B+4.9% | 1.90B+4.6% | 1.81B+3.4% | 1.75B+12.9% | 1.55B+80.7% | |
| Retained earnings | -1.46B-12.7% | -1.30B-18.4% | -1.10B-27.6% | -860M-53.0% | -562M-75.3% | |
| Accumulated other comprehensive income | 6.40M+204.9% | -6.10M+32.2% | -9.00M+67.4% | -27.6M-711.8% | -3.40M-288.9% | |
| Total liabilities & equity | 1.93B+4.1% | 1.85B+13.2% | 1.63B-3.4% | 1.69B+11.9% | 1.51B+82.3% | |
| Common shares issued | 75.9M+4.4% | 72.7M+3.6% | 70.2M+1.3% | 69.3M+12.3% | 61.7M+8.6% | |
| Common shares outstanding | 75.9M+4.4% | 72.7M+3.6% | 70.2M+1.3% | 69.3M+12.3% | 61.7M+8.6% | |
| Shares outstanding (cover) | 76.4M+4.9% | 72.8M+3.7% | 70.2M+1.3% | 69.3M+12.3% | 61.7M+0.7% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| -16.5M-44.7% | -11.4M+90.4% | -119M+26.9% | -163M-12.7% | -145M-57.7% | ||
| Depreciation & amortization | 15.2M-24.0% | 20.0M+0.0% | 20.0M+63.9% | 12.2M+229.7% | 3.70M+117.6% | |
| Share-based compensation | 61.3M-5.0% | 64.5M+7.7% | 59.9M+1.0% | 59.3M+34.5% | 44.1M+316.0% | |
| Deferred income taxes | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Change in payables | -4.00M-202.6% | 3.90M+880.0% | -500K+28.6% | -700K-75.0% | -400K-157.1% | |
| -89.1M-319.5% | 40.6M-54.2% | 88.7M-51.0% | 181M+122.5% | -805M-1706.4% | ||
| Capital expenditure | 9.40M+0.0% | 9.40M+2.2% | 9.20M-8.9% | 10.1M+7.4% | 9.40M+113.6% | |
| Free cash flow | -25.9M-24.5% | -20.8M+83.8% | -128M+25.9% | -173M-12.4% | -154M-60.2% | |
| Acquisitions | 0.00 | 0.00 | 0.00+100.0% | -98.8M | 0.00 | |
| 107M+21.6% | 87.7M+469.5% | 15.4M+327.8% | 3.60M-99.4% | 650M+90.4% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| FX effect on cash | 10.1M+474.1% | -2.70M | 0.00+100.0% | -5.80M-480.0% | -1.00M-162.5% | |
| Net change in cash | 11.1M-90.3% | 114M+861.3% | -15.0M-194.3% | 15.9M+105.3% | -301M-199.9% | |
| Interest paid | 16.3M+226.0% | 5.00M+1566.7% | 300K | 0.00 | 0.00 | |
| Income taxes paid | 2.50M+2400.0% | 100K+103.7% | -2.70M-179.4% | 3.40M+6.3% | 3.20M+100.0% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 5.44B+103.6% | 2.67B+136.8% | 1.13B+19.2% | 946M-63.6% | 2.60B-65.4% | |
| P/S | 7.4×+45.2% | 5.1×+81.1% | 2.8×-38.0% | 4.5×-77.7% | 20.2×-74.6% | |
| P/B | 10.2×+126.4% | 4.5×+190.1% | 1.6×+48.7% | 1.0×-60.3% | 2.6×-81.1% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: LMND’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all LMND filings on SEC EDGAR → Not investment advice.