Filing Flows › Lemonade (LMND) › Q2 2025
Lemonade (LMND) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Lemonade (LMND) reported revenue of $164M for the second quarter 2025 (Q2 2025), +35% from a year earlier and +9% from the quarter before. Operating margin was -26.0%, net loss $43.9M (26.8% of revenue).
Lemonade, Q2 2025: revenue $164M (+34% year over year), operating margin -26.0%, net loss $43.9M, operating cash flow $5.5M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $164M | +9% | +35% |
| Operating profit | −$42.6M | — | — |
| Net earnings | −$43.9M | — | — |
| Operating cash flow | $5.5M | — | — |
| Free cash flow | $3.4M | — | — |
What changed
Revenue was $164.1M in Q2 2025, up 35% year over year and up 9% from the previous quarter.
Operating costs exceeded revenue by $42.6M, an operating margin of -26.0%. Total costs grew 17% against revenue growth of 35%. The fastest-growing cost line was Sales & marketing (+62%). The quarter ended with a net loss of $43.9M, narrower than the previous quarter's $62.4M loss.
Operating cash flow was $5.5M. Non-cash charges added back $4.7M of depreciation and amortization and $15.4M of share-based compensation. Working capital and other items added $29.3M. Capital expenditures of $2.1M left free cash flow of $3.4M.
Questions
What was Lemonade's revenue in the second quarter 2025?
Lemonade (LMND) reported revenue of $164M for the second quarter 2025 (Q2 2025), +35% from a year earlier and +9% from the quarter before.
Was Lemonade profitable in the second quarter 2025?
Operating loss was $42.6M (-26.0% of revenue) and net loss $43.9M.
Source: Lemonade 10-Q on SEC EDGAR.