Filing Flows › Lemonade (LMND) › Q3 2025
Lemonade (LMND) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Lemonade (LMND) reported revenue of $194M for the third quarter 2025 (Q3 2025), +42% from a year earlier and +19% from the quarter before. Operating margin was -18.7%, net loss $37.5M (19.3% of revenue).
Lemonade, Q3 2025: revenue $194M (+42% year over year), operating margin -18.7%, net loss $37.5M, operating cash flow $4.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $194M | +19% | +42% |
| Operating profit | −$36.3M | — | — |
| Net earnings | −$37.5M | — | — |
| Operating cash flow | $4.5M | -18% | -72% |
| Free cash flow | $2.6M | -24% | -82% |
What changed
Revenue was $194.5M in Q3 2025, up 42% year over year and up 19% from the previous quarter.
Operating costs exceeded revenue by $36.3M, an operating margin of -18.7%. Total costs grew 14% against revenue growth of 42%. The fastest-growing cost line was Other operating costs (+16%). The quarter ended with a net loss of $37.5M, narrower than the previous quarter's $43.9M loss.
Operating cash flow was $4.5M (down 72% year over year). Non-cash charges added back $3.4M of depreciation and amortization and $17.1M of share-based compensation. Working capital and other items added $21.5M. Capital expenditures of $1.9M left free cash flow of $2.6M.
Questions
What was Lemonade's revenue in the third quarter 2025?
Lemonade (LMND) reported revenue of $194M for the third quarter 2025 (Q3 2025), +42% from a year earlier and +19% from the quarter before.
Was Lemonade profitable in the third quarter 2025?
Operating loss was $36.3M (-18.7% of revenue) and net loss $37.5M.
Source: Lemonade 10-Q on SEC EDGAR.