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Lemonade cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.9M in Q3 2026 · $7.4M over twelve months

Operating cash flow$7.3M
Capital spending−$5.4M
Free cash flow+$1.9M

Analysis

In Q3 2026, Lemonade generated $7.3M of operating cash flow and spent $5.4M on capital projects, leaving free cash flow of $1.9M. That is $700K less than in Q3 2025 ($2.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $24.0M; the largest uses were other investing ($98.4M), capital spending ($16.6M); besides operations, cash came from net borrowing (+) / repaid (−) ($92.5M), shares issued ($28.4M); the cash balance rose by $29.7M.

Operating cash flow was $7.3M against net income of −$43.7M. The largest differences: stock-based pay +$23.2M, depreciation & amortization +$2.6M, accrued liabilities −$2.1M.

Free cash flow

Lemonade: free cash flow by quarterLemonade: free cash flow by quarter$10.6MQ4 2024−$49.5MQ1 2025$3.4MQ2 2025$2.6MQ3 2025$17.6MQ4 2025−$4.1MQ1 2026−$8.0MQ2 2026$1.9MQ3 2026
Operating cash flow less capital spending.
Lemonade: operating cash flow against capital spendingLemonade: operating cash flow against capital spendingOperating cash flowCapital spending$13.8M$3.2MQ4 2024−$47.2M$2.3MQ1 2025$5.5M$2.1MQ2 2025$4.5M$1.9MQ3 2025$20.7M$3.1MQ4 2025−$600K$3.5MQ1 2026−$3.4M$4.6MQ2 2026$7.3M$5.4MQ3 2026
Latest (Q3 2026): Operating cash flow $7.3M, Capital spending $5.4M.

Capital allocation, year by year

Lemonade: where the cash came from (up) and went (down), by fiscal yearLemonade: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$145MFY2021: Shares issued $650MFY2021: Capital spending −$9.4M$650MFY2021FY2022: Operating cash flow −$163MFY2022: Shares issued $3.6MFY2022: Capital spending −$10.1MFY2022: Acquisitions $98.8M$102MFY2022FY2023: Operating cash flow −$119MFY2023: Net borrowing $14.9MFY2023: Shares issued $500KFY2023: Capital spending −$9.2M$15.4MFY2023FY2024: Operating cash flow −$11.4MFY2024: Net borrowing $68.4MFY2024: Shares issued $19.3MFY2024: Capital spending −$9.4M$87.7MFY2024FY2025: Operating cash flow −$16.5MFY2025: Net borrowing $74.7MFY2025: Shares issued $31.9MFY2025: Capital spending −$9.4M$107MFY2025
Over these 5 years operating cash flow totalled −$455M; the largest uses were operating cash flow ($455M) and capital spending ($47.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$442M
Debtnone
Net cash$442M

Lemonade funds itself: free cash flow was $7.4M over the last twelve months, with $442M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Lemonade: sources (+) and uses (−) of cash, Q3 2026Lemonade: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$25.1MOther investing−$23.9MOperating cash flow$7.3MCapital spending−$5.4MCash drawn (+) / kept (−)−$4.9MShares issued$2.9MExchange rates−$1.1M
Lemonade: sources (+) and uses (−) of cash, TTM to Q3 2026Lemonade: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$98.4MNet borrowing (+) / repaid (−)$92.5MCash drawn (+) / kept (−)−$29.7MShares issued$28.4MOperating cash flow$24.0MCapital spending−$16.6MExchange rates−$200K

From profit to cash

Lemonade: net income to operating cash flow, Q3 2026Lemonade: net income to operating cash flow, Q3 2026Net income−$43.7MDepreciation & amortization$2.6MStock-based pay$23.2MPayables−$1.4MAccrued liabilities−$2.1MPrepaid and other assets$2.0MOperating cash flow$7.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$7.3M−$5.4M$25.1M$2.9M−$4.9M$1.9M
Q2 2026−$3.4M−$4.6M$26.8M$1.4M$6.2M−$8.0M
Q1 2026−$600K−$3.5M$21.5M$4.7M$10.3M−$4.1M
Q4 2025$20.7M−$3.1M$19.1M$19.4M−$41.3M$17.6M
Q3 2025$4.5M−$1.9M$15.5M$8.5M$30.5M$2.6M
Q2 2025$5.5M−$2.1M$21.6M$2.5M−$66.3M$3.4M
Q1 2025−$47.2M−$2.3M$18.5M$1.5M$66.0M−$49.5M
Q4 2024$13.8M−$3.2M$15.9M$19.1M−$47.9M$10.6M

Lemonade: income statement and cash flow

Lemonade, Q3 2026: revenue $336M (+73% year over year), operating margin -12.9%. The chart follows the revenue to costs, profit and cash.

Lemonade: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.