Lemonade, Inc. (LMND)

Lemonade Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-138.9	-165.5	-202.2	-236.9	-297.8	-241.3
Depreciation & Amortization	13.4	15.2	20	20	12.2	3.7
Stock-Based Compensation	72.2	61.3	64.5	59.9	59.3	44.1
Other Adjustments	17.9	14	5.2	9.2	15.4	2
Changes in Receivables	-154.8	-123.2	-90.2	-50.5	-43.8	-47.2
Changes in Reinsurance Contract Assets	176.4	122.7	-89.3	-13.4	-67.5	-99.1
Changes in Deferred Acquisition Costs	-2.8	0.1	-3.4	-1.9	-0.8	-2.7
Changes in Accounts Payable	-6.1	-3.9	4.5	4.3	-13.1	5.3
Changes in Accrued Expenses	24.2	21.5	6.2	15	4.9	38.6
Changes in Unearned Premiums	138	122	101.3	65.7	65.1	83.9
Changes in Claims Reserves	1.5	5	35.8	6.1	74	51.6
Changes in Other Operating Activities	-108.6	-85.7	136.2	3.4	29.1	16.5
Operating Cash Flow	30.1	-16.5	-11.4	-119.1	-163	-144.6
Capital Expenditures	-10.6	-9.4	-9.4	-9.2	-10.1	-9.4
Purchases of Investments	-588	-504.4	-363.8	-395.2	-270.1	-842.8
Proceeds from Sale of Investments	515.2	424.7	413.8	493.1	362.5	47.4
Payments for Business Acquisitions	-	-	-	-	98.8	-
Investing Cash Flow	-83.4	-89.1	40.6	88.7	181.1	-804.8
Long-Term Debt Issued	143.4	133	96.1	19.1	-	-
Long-Term Debt Repaid	-65.7	-58.3	-27.7	-4.2	-	-
Net Long-Term Debt Issued (Repaid)	77.7	74.7	68.4	14.9	-	-
Issuance of Common Stock	35.1	31.9	19.3	0.5	3.6	649.6
Net Common Stock Issued (Repurchased)	35.1	31.9	19.3	0.5	3.6	649.6
Financing Cash Flow	112.8	106.6	87.7	15.4	3.6	649.6
Effect of Exchange Rate Changes on Cash and Cash Equivalents	7.3	10.1	-2.7	-	-5.8	-1
Net Cash Flow	66.8	11.1	114.2	-15	15.9	-300.8
Free Cash Flow	19.5	-25.9	-20.8	-128.3	-173.1	-154
FCF Margin	2.31%	-3.51%	-3.95%	-29.85%	-67.43%	-119.94%
Free Cash Flow Per Share	0.26	-0.35	-0.29	-1.84	-2.67	-2.52
Levered Free Cash Flow	162.7	91.7	32.3	-138.1	-278	-204.5
Unlevered Free Cash Flow	85	17	-36.1	-153	-278	-204.5

Updated Apr 30, 2026. Data Source: Fiscal.ai. Insurance template. Financial Sources.

SEC Filings: 10-K · 10-Q