Lemonade, Inc. (LMND) Balance Sheet
LMND balance sheet, 2025
December 31, 2025 · U.S. dollars$1.93B assets = $1.39B liabilities + $533.6M equity
Both columns are drawn to the same scale: what LMND owns equals what it owes plus shareholders’ equity. Hover a block for its value.
LMND financial health
Descriptive bands, not a rating. Fiscal 2025.
LMND balance sheet trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $40.5M2017 | $1.93B2025 | +62.0%/yr | |
| Total liabilities | $8.5M2017 | $1.39B2025 | +89.1%/yr | |
| Shareholders’ equity | $32.0M2017 | $533.6M2025 | +42.2%/yr | |
| Cash & short-term investments | $16.8M2017 | $1.11B2025 | +68.8%/yr | |
| Total debt | $62.1M2020 | $182.1M2025 | +24.0%/yr | |
| Net cash (debt) | $515.3M2020 | $925.8M2025 | +$410.5M | |
| Working capital | $33.4M2017 | $633.3M2025 | +$599.9M | |
| Book value per share | −$1.812018 | $7.432025 | — | |
| Debt / equity | 0.112020 | 0.342025 | +0.23 | |
| Shares outstanding | 43.6M2018 | 71.8M2025 | +7.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LMND assets
LMND liabilities and equity
LMND debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
LMND balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash & short-term investments | $1.11B | $1.01B | $937.7M | $1.03B | $1.07B | $577.4M | $330.6M | $111.4M | $16.8M |
| Cash & equivalents | $385.0M | $376.0M | $271.5M | $282.5M | $270.6M | $570.8M | $270.0M | $102.2M | $16.9M |
| Short-term investments | $722.9M | $634.9M | $301.3M | $750.1M | $801.8M | $6.6M | $60.6M | $9.2M | $13.1M |
| Receivables | $567.9M | $479.2M | $381.3M | $362.4M | $231.3M | $140.5M | $74.7M | $37.7M | $5.9M |
| Inventory | $0 | $0 | −$1.32B | −$1.66B | −$595.1M | −$663.8M | −$382.0M | −$135.5M | $0 |
| Other current assets | $167.5M | $272.2M | $821.2M | $833.6M | $755.3M | $663.8M | $382.0M | $135.5M | $13.2M |
| Total current assets | $1.84B | $1.76B | $821.2M | $565.9M | $1.46B | $717.9M | $405.3M | $149.1M | $35.9M |
| Property, plant & equipment (net) | $35.6M | $31.3M | $34.8M | $46.0M | $33.6M | $5.7M | $3.1M | $1.0M | $300,000 |
| Goodwill & intangible assets | $39.2M | $44.8M | $41.9M | $51.5M | $6.8M | $600,000 | $600,000 | $600,000 | $100,000 |
| Long-term investments | $722.9M | $634.9M | $673.2M | $750.1M | $801.8M | $6.6M | $60.6M | $9.2M | $0 |
| Other non-current assets | $0 | $0 | $0 | $277.2M | $0 | $97.9M | $0 | $0 | $4.2M |
| Total assets | $1.93B | $1.85B | $1.30B | $1.69B | $1.51B | $828.7M | $414.3M | $153.8M | $40.5M |
| Liabilities | |||||||||
| Accounts payable | $26.9M | $31.1M | $23.8M | $19.5M | $19.7M | $14.4M | $4.6M | $3.8M | $2.1M |
| Short-term debt | $165.3M | $92.4M | $25.0M | $8.8M | — | — | — | — | — |
| Deferred revenue | $580.8M | $458.1M | $7.1M | $10.7M | $209.7M | — | — | — | — |
| Total current liabilities | $1.21B | $1.15B | $201.2M | $19.5M | $500.0M | $14.4M | $4.6M | $3.8M | $2.5M |
| Long-term debt | $158.1M | $83.4M | $14.9M | $136.0M | $103.1M | $62.1M | $0 | $0 | $0 |
| Lease obligations | $24.0M | $23.8M | $28.2M | $35.2M | $22.3M | — | — | — | — |
| Other long-term liabilities | $24.0M | $23.8M | $373.6M | $0 | $0 | $0 | $68.0M | $26.3M | $6.0M |
| Total liabilities | $1.39B | $1.26B | $589.7M | $823.9M | $522.3M | $287.7M | $596.8M | $232.9M | $8.5M |
| Shareholders' equity | |||||||||
| Common stock & paid-in capital | — | — | — | — | — | −$828.7M | — | — | — |
| Retained earnings (deficit) | −$1.46B | −$1.30B | −$1.10B | −$859.7M | −$561.9M | −$320.6M | −$198.3M | −$89.8M | −$36.9M |
| Accumulated other comprehensive income | $6.4M | −$6.1M | −$9.0M | −$27.6M | −$3.4M | $1.8M | $100,000 | — | — |
| Total shareholders' equity | $533.6M | $593.4M | $708.9M | $866.8M | $988.2M | $541.0M | −$182.5M | −$79.1M | $32.0M |
| Key figures | |||||||||
| Total debt | $182.1M | $107.2M | $43.1M | $144.8M | $22.3M | $62.1M | — | — | — |
| Net cash (debt) | $925.8M | $903.7M | $894.6M | $887.8M | $1.05B | $515.3M | — | — | — |
| Working capital | $633.3M | $613.8M | $620.0M | $546.4M | $963.9M | $703.5M | $400.7M | $145.3M | $33.4M |
| Tangible book value | $494.4M | $548.6M | $667.0M | $815.3M | $981.4M | $540.4M | −$183.1M | −$79.7M | $31.9M |
| Book value per share | $7.43 | $8.36 | $10.18 | $13.35 | $16.14 | $9.78 | −$4.18 | −$1.81 | — |
| Shares outstanding | 71.8M | 71.0M | 69.7M | 64.9M | 61.2M | 55.3M | 43.6M | 43.6M | — |
| Current ratio | 1.52 | 1.53 | 4.08 | 29.02 | 2.93 | 49.85 | 88.11 | 39.24 | 14.36 |
| Quick ratio | 1.38 | 1.30 | 6.56 | 71.54 | 2.61 | 49.85 | 88.11 | 39.24 | 9.08 |
| Debt / equity | 0.34 | 0.18 | 0.06 | 0.17 | 0.02 | 0.11 | — | — | — |
| Equity / assets | 27.7% | 32.1% | 54.6% | 51.3% | 65.4% | 65.3% | −44.1% | −51.4% | 79.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $559.9M | $577.8M | $1.11B | $586.8M | $670.3M | $639.8M | $1.01B | $585.3M | $924.4M | $920.6M | $937.7M | $558.0M |
| Cash & equivalents | $367.6M | $374.3M | $385.0M | $345.9M | $377.5M | $309.2M | $376.0M | $329.8M | $343.2M | $278.7M | $264.5M | $231.7M |
| Short-term investments | $192.3M | $203.5M | $722.9M | $240.9M | $292.8M | $330.6M | $634.9M | $255.5M | $581.2M | $641.9M | $673.2M | $326.3M |
| Receivables | $490.4M | $594.6M | $567.9M | $563.0M | $524.5M | $500.1M | $479.2M | $487.6M | $462.7M | $407.2M | $383.0M | $367.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$891.0M | −$653.4M | −$1.33B | −$1.32B | −$1.18B |
| Other current assets | $0 | $136.1M | $167.5M | $213.0M | $290.1M | $274.0M | $272.2M | $1.15B | $93.6M | $768.1M | $819.5M | $787.6M |
| Total current assets | $870.7M | $1.31B | $1.84B | $1.36B | $1.48B | $1.41B | $1.76B | $1.34B | $827.3M | $768.1M | $821.2M | $534.7M |
| Property, plant & equipment (net) | $18.9M | $16.7M | $35.6M | $15.3M | $16.0M | $16.2M | $31.3M | $16.0M | $16.3M | $17.2M | $34.8M | $17.4M |
| Goodwill & intangible assets | $27.1M | $41.3M | $39.2M | $40.6M | $40.4M | $41.6M | $44.8M | $46.7M | $37.2M | $39.5M | $41.9M | $44.2M |
| Long-term investments | $777.7M | $751.3M | $722.9M | $705.3M | $645.8M | $676.1M | $634.9M | $640.8M | $581.2M | $641.9M | $673.2M | $706.8M |
| Other non-current assets | $317.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $251.9M | $179.7M | $62.2M | $344.5M |
| Total assets | $2.01B | $1.96B | $1.93B | $1.92B | $1.93B | $1.86B | $1.85B | $1.82B | $1.71B | $1.65B | $1.63B | $1.65B |
| Liabilities | ||||||||||||
| Accounts payable | $27.8M | $31.6M | $26.9M | $27.0M | $34.6M | $31.2M | $31.1M | $42.9M | $34.5M | $27.2M | $24.6M | $39.0M |
| Short-term debt | $206.4M | $179.6M | $165.3M | $139.0M | — | $101.9M | $92.4M | $67.4M | $43.9M | $28.3M | $25.0M | $7.7M |
| Deferred revenue | $536.4M | $619.8M | $580.8M | $574.3M | $515.3M | $481.6M | $458.1M | $457.7M | $7.0M | $5.8M | $7.1M | $31.3M |
| Total current liabilities | $1.29B | $1.24B | $1.21B | $1.25B | $1.26B | $1.19B | $1.15B | $1.14B | $187.6M | $175.3M | $201.2M | $39.0M |
| Long-term debt | $206.4M | $179.6M | $158.1M | $139.0M | $123.5M | $101.9M | $83.4M | $67.4M | $43.9M | $28.3M | $14.9M | $7.7M |
| Lease obligations | $20.0M | $20.8M | $24.0M | $12.7M | $20.2M | $21.8M | $23.8M | $21.4M | $23.4M | $25.9M | $28.2M | $29.7M |
| Other long-term liabilities | $20.0M | $20.8M | $24.0M | $12.7M | $20.2M | $21.8M | $23.8M | $21.4M | $426.0M | $391.8M | $373.6M | $68.8M |
| Total liabilities | $1.51B | $1.44B | $1.39B | $1.40B | $1.41B | $1.31B | $1.26B | $1.23B | $1.08B | $970.0M | $924.4M | $920.7M |
| Shareholders' equity | ||||||||||||
| Retained earnings (deficit) | −$1.54B | −$1.50B | −$1.46B | −$1.44B | −$1.41B | −$1.36B | −$1.30B | −$1.27B | −$1.20B | −$1.14B | −$1.10B | −$1.05B |
| Accumulated other comprehensive income | −$300,000 | $700,000 | $6.4M | $5.2M | $4.2M | −$3.4M | −$6.1M | −$100,000 | −$8.6M | −$9.2M | −$9.0M | −$19.1M |
| Total shareholders' equity | $499.5M | $518.0M | $533.6M | $516.2M | $527.1M | $545.5M | $593.4M | $593.0M | $635.2M | $676.4M | $708.9M | $726.9M |
| Key figures | ||||||||||||
| Total debt | $206.4M | $200.4M | $182.1M | $151.7M | $143.7M | $123.7M | $107.2M | $88.8M | $67.3M | $54.2M | $43.1M | $37.4M |
| Net cash (debt) | $353.5M | $377.4M | $925.8M | $435.1M | $526.6M | $516.1M | $903.7M | $496.5M | $857.1M | $866.4M | $894.6M | $520.6M |
| Working capital | −$415.3M | $69.0M | $633.3M | $111.9M | $221.1M | $226.5M | $613.8M | $194.4M | $639.7M | $592.8M | $620.0M | $495.7M |
| Tangible book value | $472.4M | $476.7M | $494.4M | $475.6M | $486.7M | $503.9M | $548.6M | $546.3M | $598.0M | $636.9M | $667.0M | $682.7M |
| Book value per share | $6.49 | $6.79 | $7.43 | $6.96 | $7.18 | $7.48 | $8.36 | $8.34 | $8.98 | $9.62 | $10.13 | $10.42 |
| Shares outstanding | 77.0M | 76.3M | 71.8M | 74.2M | 73.4M | 72.9M | 71.0M | 71.1M | 70.7M | 70.3M | 70.0M | 69.8M |
| Current ratio | 0.68 | 1.06 | 1.52 | 1.09 | 1.17 | 1.19 | 1.53 | 1.17 | 4.41 | 4.38 | 4.08 | 13.71 |
| Quick ratio | 0.82 | 0.95 | 1.38 | 0.92 | 0.95 | 0.96 | 1.30 | 0.94 | 7.39 | 7.57 | 6.56 | 23.74 |
| Debt / equity | 0.41 | 0.39 | 0.34 | 0.29 | 0.27 | 0.23 | 0.18 | 0.15 | 0.11 | 0.08 | 0.06 | 0.05 |
| Equity / assets | 24.8% | 26.5% | 27.7% | 26.9% | 27.2% | 29.4% | 32.1% | 32.5% | 37.1% | 41.1% | 43.4% | 44.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
LMND financial position
At the end of fiscal 2025 (December 31, 2025), Lemonade had total assets of $1.9 billion (up 4.1% from a year earlier), total liabilities of $1.4 billion and shareholders' equity of $533.6 million. It held $1.1 billion in cash and short-term investments against $182.1 million of debt, a net cash position of $925.8 million. Its current ratio was 1.52. In the latest quarter (ended June 30, 2026) total assets were $2.0 billion and equity $499.5 million.
Related: LMND income statement, LMND cash flow statement, LMND key metrics. See the LMND stock overview for the latest quote and news.
LMND balance sheet FAQ
What are Lemonade's total assets?
Lemonade reported total assets of $1.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.8 billion a year earlier.
How much debt does Lemonade have?
Lemonade had $182.1 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.34.
How much cash does Lemonade have?
Lemonade held $1.1 billion in cash and short-term investments at the end of fiscal 2025; with $182.1 million of debt that is net cash of $925.8 million.
What is Lemonade's book value?
Lemonade's shareholders' equity (book value) was $533.6 million at the end of fiscal 2025, or $7.43 per share.
What is Lemonade's current ratio?
Lemonade had current assets of $1.8 billion and current liabilities of $1.2 billion, a current ratio of 1.52 (it can cover its short-term obligations).
How much goodwill does Lemonade have?
Lemonade carried $39.2 million of goodwill and intangible assets, 2.0% of total assets, at the end of fiscal 2025.