Filing Flows › Lemonade (LMND) › Q4 2025
Lemonade (LMND) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Lemonade (LMND) reported revenue of $228M for the fourth quarter 2025 (Q4 2025), +53% from a year earlier and +17% from the quarter before. Operating margin was -9.0%, net loss $21.7M (9.5% of revenue).
Lemonade, Q4 2025: revenue $228M (+53% year over year), operating margin -9.0%, net loss $21.7M, operating cash flow $20.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $228M | +17% | +53% |
| Operating profit | −$20.6M | — | — |
| Net earnings | −$21.7M | — | — |
| Operating cash flow | $20.7M | +360% | +50% |
| Free cash flow | $17.6M | +577% | +66% |
What changed
Revenue was $228.1M in Q4 2025, up 53% year over year and up 17% from the previous quarter.
Operating costs exceeded revenue by $20.6M, an operating margin of -9.0%. Total costs grew 33% against revenue growth of 53%. The fastest-growing cost line was Other operating costs (+39%). The quarter ended with a net loss of $21.7M, narrower than the previous quarter's $37.5M loss.
Operating cash flow was $20.7M (up 50% year over year). Non-cash charges added back $2.6M of depreciation and amortization and $18.5M of share-based compensation. Working capital and other items added $21.3M. Capital expenditures of $3.1M left free cash flow of $17.6M.
Questions
What was Lemonade's revenue in the fourth quarter 2025?
Lemonade (LMND) reported revenue of $228M for the fourth quarter 2025 (Q4 2025), +53% from a year earlier and +17% from the quarter before.
Was Lemonade profitable in the fourth quarter 2025?
Operating loss was $20.6M (-9.0% of revenue) and net loss $21.7M.
Source: Lemonade 10-K on SEC EDGAR.