Lemonade (LMND) Company Report

Lemonade reported strong Q4 2025 financial results, with in-force premium growing 31% year-over-year to $1.24 billion and revenue increasing 53% to $228 million.
The company significantly improved its profitability, with gross profit up 73% to $111 million and adjusted EBITDA loss narrowing to just $5 million. Additionally, adjusted free cash flow was positive at $37 million for the quarter.
Lemonade expects to achieve EBITDA profitability in Q4 2026 and for the full-year 2027, while projecting 32% top-line growth for Q1 and full-year 2026, and approximately 60% full-year revenue growth.
The company launched its Lemonade Autonomous Car insurance, initially for Teslas, which prices autonomously driven miles at about 50% of human-driven miles. Lemonade also emphasized continued investments in AI to enhance operations, pricing, and cross-selling capabilities.

Feb 19, 2026, 1:00 PM

Transcript

Lemonade Reports Strong Q4 2025 Results and Provides Profitability Outlook

LMND

Earnings

Guidance Update

Product Launch

Lemonade reported a strong Q4 2025, with in-force premium growing 31% year-over-year to $1.24 billion, revenue up 53% to $228 million, and gross profit increasing 73% to $111 million.
The company significantly improved its profitability, with an adjusted EBITDA loss narrowing to just $5 million (a $19 million improvement year-over-year) and generating $37 million in positive adjusted free cash flow in Q4 2025.
Lemonade expects to be EBITDA profitable in Q4 2026 and EBITDA positive for the full year 2027, while aiming for a 30%+ top-line growth rate in 2026.
The company launched Lemonade Autonomous Car insurance, initially for Teslas, which prices based on driving mode, with autonomously driven miles priced at about 50% of human-driven miles.
Lemonade emphasizes its AI-first organizational structure and data infrastructure as a durable competitive advantage, with significant investments planned in AI technologies for go-to-market operations, pricing, and cross-selling capabilities in 2026.

Feb 19, 2026, 1:00 PM

Transcript

Lemonade Reports Strong Q4 2025 Results and Targets 2027 Full-Year EBITDA Profitability

LMND

Earnings

Guidance Update

Product Launch

Lemonade reported a strong Q4 2025, with in-force premium growing 31% year-over-year to $1.24 billion and revenue increasing 53% to $228 million.
The company significantly narrowed its adjusted EBITDA loss to $5 million in Q4 2025, a $19 million improvement year-over-year, and generated $37 million in positive adjusted free cash flow.
Lemonade expects to achieve EBITDA profitability in Q4 2026 and be EBITDA positive for the full year 2027, guiding for 32% Q1 and full-year top-line growth and approximately 60% full-year revenue growth for 2026.
The company launched its Lemonade Autonomous Car insurance product, initially for Teslas, pricing autonomously driven miles at about 50% of human-driven miles, and expects the Car product to be available to the majority of the U.S. population by 2027.

Feb 19, 2026, 1:00 PM

Transcript

Lemonade Investor Presentation Highlights AI-Driven Growth and Profitability Outlook

LMND

Revenue Acceleration/Inflection

Guidance Update

New Projects/Investments

Lemonade reported 9 consecutive quarters of In Force Premium (IFP) growth acceleration, with the year-over-year IFP growth rate reaching 31% in Q4 2025.
The company's AI-driven underwriting led to a significant improvement in the Trailing Twelve Months Gross Loss Ratio (TTM GLR) from 88% in Q3 2023 to 64% in Q4 2025, contributing to over 100% compounded annual Gross Profit growth over the last three years.
Lemonade projects achieving Adjusted Free Cash Flow of $5 million, Adjusted EBITDA of $2 million, and Net Income of $0 million in 2025, with further profitability expected in 2026.
The company plans to grow IFP from $1 billion to $10 billion, identifying car insurance and bundling as powerful future growth engines.

Feb 19, 2026, 12:00 PM

Presentation

Lemonade Reports Strong Q4 2025 Results and Provides Positive 2026 Guidance

LMND

Earnings

Guidance Update

Revenue Acceleration/Inflection

Lemonade reported a strong Q4 2025, with In Force Premium (IFP) growing 31% year-over-year to $1.24 billion, marking its ninth consecutive quarter of IFP growth acceleration.
Revenue for Q4 2025 increased 53% year-over-year to $228 million, and Gross Profit rose 73% to $111 million.
The company significantly improved its profitability metrics in Q4 2025, with Adjusted EBITDA improving by $19 million to ($5) million and Net Loss reducing by 28% year-over-year to ($22) million.
Lemonade provided Full Year 2026 guidance, projecting IFP growth of 32% to between $1,625 million and $1,630 million, and an Adjusted EBITDA loss of ($52) million to ($48) million, representing a >50% improvement compared to 2025.
The company anticipates achieving positive Adjusted EBITDA for the full fourth quarter of 2026, with 2027 expected to be its first full year of Adjusted EBITDA profitability.

Feb 18, 2026, 11:10 PM

8-K

Lemonade Reports Q4 2025 Results with Revenue Up 53%

LMND

Earnings

Guidance Update

Revenue Acceleration/Inflection

Lemonade reported Q4 2025 revenue of $228 million, a 53% year-over-year increase, while its GAAP/net loss narrowed to $22 million.
In-force premium (IFP) grew 31% to $1.24 billion, and the company achieved positive adjusted free cash flow of $37 million.
The company issued 2026 revenue guidance of $1.187–$1.192 billion, exceeding consensus, and outlined a path to adjusted EBITDA profitability by 2027.
Pet insurance became Lemonade’s largest line with $439 million in IFP, and progress in auto insurance included a Tesla collaboration for autonomy-aware pricing.

Feb 18, 2026, 5:59 PM

Morningstar

Lemonade Launches Autonomous Car Insurance for Tesla FSD

LMND

Product Launch

New Projects/Investments

Lemonade has launched "Autonomous Car" insurance specifically for Tesla owners utilizing Full Self-Driving (FSD), which is designed to cut per-mile rates by roughly 50% when FSD is engaged.
The new insurance product integrates with Tesla's onboard computer to ingest telemetry data, allowing Lemonade to dynamically price risk by separating autonomous from human driving.
The offering, which leverages Lemonade's existing pay-per-mile technology, will roll out starting in Arizona on January 26, with Oregon following approximately a month later.
Following this announcement, Lemonade's stock has surged ~152% over the past 52 weeks, hitting a three-year high of $88.88 on January 13, valuing the company at about $5.8 billion.

Jan 21, 2026, 7:31 PM

Bloomberg

Lemonade Launches Autonomous Car Insurance for Tesla FSD

LMND

Product Launch

New Projects/Investments

Lemonade has introduced Lemonade Autonomous Car insurance, a new product designed for self-driving cars, initially for Tesla Full Self-Driving (FSD).
This new offering reduces per-mile rates for FSD-engaged driving by approximately 50%, reflecting the significantly reduced risk observed during autonomous operation.
The product leverages a technical collaboration with Tesla, granting Lemonade access to vehicle data to differentiate between autonomous and human driving and to predict risk based on FSD software versions and sensor precision.
The rollout of this new insurance product will commence in Arizona on January 26 and in Oregon a month later.

Jan 21, 2026, 1:30 PM

Press Release

Lemonade Reports Strong Q3 2025 Results and Raised Full-Year Guidance

LMND

Earnings

Guidance Update

Revenue Acceleration/Inflection

Lemonade Inc. reported strong third-quarter 2025 results, with revenue of $194.5 million, representing a 42% year-over-year increase.
The company narrowed its net loss per share to $0.51 and raised its full-year revenue guidance to between $727 million and $732 million.
Lemonade's in-force premium (IFP) increased by 30%, and its customer base grew to 2.87 million in Q3 2025, up from 2.31 million a year ago.
The net loss ratio improved significantly to 64% in Q3 2025 from 81% in Q3 2022, indicating better risk management and underwriting performance.
Analysts maintain a Hold rating due to concerns over sustainable profitability, despite the positive performance.

Nov 5, 2025, 6:59 PM

Morningstar

Lemonade Reports Strong Q3 2025 Results with Revenue and Premium Growth

LMND

Earnings

Guidance Update

Revenue Acceleration/Inflection

Lemonade (LMND) reported strong Q3 2025 financial results, with in force premium growing 30% year-on-year to $1.16 billion and revenue increasing 42% to $195 million.
The company achieved significant profitability improvements, including gross profit more than doubling to $80 million and an adjusted EBITDA loss improving by 50% year-on-year to $26 million.
Operational highlights include adding a record 176,000+ net new customers and achieving a company-wide gross loss ratio of 62%, their lowest ever.
Lemonade raised its full-year 2025 guidance for in force premium, gross earned premium, revenue, and adjusted EBITDA loss, while maintaining its expectation for positive adjusted EBITDA in Q4 2026.
The company continues to focus on maximizing gross profit dollars and leveraging AI to drive efficiency and transform its cost structure.