Lemonade Inc

lemonade.com

What Do They Do?

Sells renters, homeowners and other personal insurance to individuals through digital channels.

How Do They Make Money?

Policyholders pay premiums for insurance coverage, which the company earns over the coverage term. It also earns commissions when third-party policies take effect and installment fees when policy installments are billed.

FY2025 revenue

Who Are Their Customers?

Individual customers buy personal property and casualty policies directly through Lemonade’s website and apps.

Do Revenues Turn Into Profits?

No. It lost $165.5M in FY2025.

Operating income, FY2025

−9% of revenue

▼ −47% (Loss) vs FY2024 (−$127.1M, −24%)

Net income, FY2025

−22% of revenue

▼ −18% (Loss) vs FY2024 (−$202.2M, −38%)

Free cash flow, FY2025

−4% of revenue

▲ +25% (Loss) vs FY2024 (−$20.8M, −4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +79%; vs $164.1M in Q2 FY2025
Net income: ▼ −1% (Loss); vs −$43.9M in Q2 FY2025

Jul 29, 2026 CFO Tim Bixby to move to the board; Nick Stead named successor Tim Bixby is set to leave the CFO role for a board seat, and Nick Stead is appointed to succeed him, both effective January 1, 2027.

Growing. Revenue grew 5.7x in 4 years, from $128.4M in FY2021 to $737.9M in FY2025, about 55% a year.

Broader European home coverage The latest report describes Buildings insurance for homeowners in the UK, the Netherlands and France, expanding its European home offerings beyond the UK contents insurance described in the older report.

Who Do They Compete With?

Competes with Allstate, Farmers, Liberty Mutual, State Farm, GEICO, Progressive, Travelers, Nationwide, Embrace, and Trupanion

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