Lemonade, Inc. (LMND) Income Statement
LMND 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsLMND revenue and net income
Where LMND's revenue goes
2025Each bar shows an amount and its share of revenue. LMND kept −22.4% of revenue as net income.
LMND profit margins
LMND growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +40.2% | +42.2% | +50.9% | — |
| Gross profit | +72.1% | +118.7% | +70.9% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
LMND quarterly EPS vs estimates
Lemonade beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 4, 2026 (estimate $-0.60).
LMND income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $737.9M | $526.5M | $429.8M | $256.7M | $128.4M | $94.4M | $67.3M | $22.5M | $2.4M |
| Cost of revenue | $440.7M | $353.8M | $339.6M | $228.3M | $105.5M | $74.0M | $55.4M | $19.4M | $0 |
| Gross profit | $297.2M | $172.7M | $90.2M | $28.4M | $22.9M | $20.4M | $11.9M | $3.1M | $2.4M |
| Research & development | $18.2M | $85.8M | — | $79.6M | $51.8M | $19.4M | — | — | — |
| Sales, general & admin | $364.2M | $290.8M | $231.2M | $122.3M | $72.6M | $46.3M | $110.0M | $51.0M | $20.6M |
| Total operating expenses | $458.1M | $376.6M | $320.0M | $323.2M | $256.5M | $141.2M | $119.8M | $55.7M | $28.7M |
| Operating income | −$160.9M | −$203.9M | −$229.8M | −$294.8M | −$233.6M | −$120.8M | −$107.9M | −$52.6M | −$26.3M |
| Interest income | $8.2M | $8.3M | $4.2M | $1.2M | $400,000 | $1.0M | — | $1.0M | — |
| Interest expense | — | — | — | — | $0 | $0 | $0 | $0 | $0 |
| Income before taxes | −$160.9M | −$203.9M | −$229.8M | −$294.8M | −$233.6M | −$120.8M | −$107.9M | −$52.6M | −$28.0M |
| Income taxes | $4.6M | −$1.7M | $7.1M | $3.0M | $7.7M | $1.5M | $600,000 | $300,000 | $100,000 |
| Net income | −$165.5M | −$202.2M | −$236.9M | −$297.8M | −$241.3M | −$122.3M | −$108.5M | −$52.9M | −$28.1M |
| EBITDA | −$145.7M | −$183.9M | −$209.8M | −$282.6M | −$229.9M | −$119.1M | −$107.3M | −$52.5M | $1.7M |
| EPS (diluted) | −$2.42 | −$2.85 | −$3.32 | −$4.48 | −$3.87 | −$6.60 | −$2.49 | −$4.82 | — |
| Gross margin | 40.3% | 32.8% | 21.0% | 11.1% | 17.8% | 21.6% | 17.7% | 13.8% | 100.0% |
| Operating margin | −21.8% | −38.7% | −53.5% | −114.8% | −181.9% | −128.0% | −160.3% | −233.8% | −1,095.8% |
| Net margin | −22.4% | −38.4% | −55.1% | −116.0% | −187.9% | −129.6% | −161.2% | −235.1% | −1,170.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $274.0M | $234.4M | $228.1M | $194.5M | $164.1M | $151.2M | $148.8M | $136.6M | $122.0M | $119.1M | $115.5M | $114.5M |
| Cost of revenue | $154.0M | $133.3M | $84.5M | $113.7M | $98.9M | $111.5M | $53.1M | $97.7M | $89.3M | $83.2M | $58.7M | $91.0M |
| Gross profit | $120.0M | $101.1M | $143.6M | $80.8M | $65.2M | $39.7M | $95.7M | $38.9M | $32.7M | $35.9M | $56.8M | $23.5M |
| Research & development | — | — | $18.2M | $24.7M | $22.4M | $22.0M | $85.8M | $21.9M | $21.2M | $20.9M | — | $21.8M |
| Sales, general & admin | $125.5M | $108.3M | $107.3M | $92.4M | $85.4M | $79.1M | $33.5M | $82.8M | $66.6M | $60.2M | $53.5M | $61.3M |
| Total operating expenses | $161.8M | $135.7M | $164.2M | $117.1M | $107.8M | $101.1M | $133.5M | $104.7M | $87.8M | $81.1M | $96.4M | $83.1M |
| Operating income | −$41.8M | −$34.6M | −$20.6M | −$36.3M | −$42.6M | −$61.4M | −$37.8M | −$65.8M | −$55.1M | −$45.2M | −$39.6M | −$59.6M |
| Interest income | $1.9M | $2.1M | $1.9M | $2.1M | $2.1M | $2.2M | $2.5M | $2.0M | $2.2M | $1.5M | $1.2M | $800,000 |
| Income before taxes | −$41.8M | −$34.6M | −$20.6M | −$36.3M | −$42.6M | −$61.4M | −$37.8M | −$65.8M | −$55.1M | −$45.2M | −$39.6M | −$59.6M |
| Income taxes | $1.6M | $1.2M | $1.1M | $1.2M | $1.3M | $1.0M | −$7.8M | $1.9M | $2.1M | $2.1M | $2.8M | $1.9M |
| Net income | −$43.4M | −$35.8M | −$21.7M | −$37.5M | −$43.9M | −$62.4M | −$30.0M | −$67.7M | −$57.2M | −$47.3M | −$42.4M | −$61.5M |
| EBITDA | −$39.4M | −$31.9M | −$18.0M | −$32.9M | −$37.9M | −$56.9M | −$33.1M | −$60.7M | −$49.9M | −$40.2M | −$34.8M | −$54.6M |
| EPS (diluted) | −$0.56 | −$0.49 | −$0.29 | −$0.51 | −$0.76 | −$0.86 | −$0.42 | −$0.95 | −$0.81 | −$0.67 | −$0.61 | −$0.79 |
| Gross margin | 43.8% | 43.1% | 63.0% | 41.5% | 39.7% | 26.3% | 64.3% | 28.5% | 26.8% | 30.1% | 49.2% | 20.5% |
| Operating margin | −15.3% | −14.8% | −9.0% | −18.7% | −26.0% | −40.6% | −25.4% | −48.2% | −45.2% | −38.0% | −34.3% | −52.1% |
| Net margin | −15.8% | −15.3% | −9.5% | −19.3% | −26.8% | −41.3% | −20.2% | −49.6% | −46.9% | −39.7% | −36.7% | −53.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in LMND's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
LMND financial results
In fiscal year 2025 (ended December 31, 2025), Lemonade reported revenue of $737.9 million, up 40.2% from the year before. It had a net loss of $165.5 million, a net profit margin of −22.4%. Diluted earnings per share came to −$2.42. Over five years revenue grew at an average rate of 50.9% a year.
See the LMND stock overview for the latest quote and news, or the LMND chart for price history and technical indicators.
LMND income statement FAQ
What is Lemonade's annual revenue?
Lemonade reported total revenue of $737.9 million for fiscal year 2025, which ended on December 31, 2025. That was up 40.2% from $526.5 million the previous year.
Is Lemonade profitable?
No. Lemonade reported a net loss of $165.5 million in fiscal 2025, a net profit margin of −22.4%; its operating margin was −21.8%.
What is Lemonade's gross margin?
Lemonade's gross margin was 40.3% in fiscal 2025: for every $100 of revenue, Lemonade kept $40 after the direct cost of its products and services.
How much does Lemonade spend on research and development?
Lemonade spent $18.2 million on research and development in fiscal 2025, 2.5% of revenue.
How fast is Lemonade growing?
Revenue grew 50.9% a year on average over the last five fiscal years, from $94.4 million to $737.9 million.
What are Lemonade's earnings per share?
Lemonade earned $-2.42 per diluted share in fiscal 2025, compared with $-2.85 a year earlier.
When will Lemonade report its next earnings?
Lemonade is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 before the market opens.
When does Lemonade's fiscal year end?
Lemonade's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.