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Lemonade, Inc. cash flow statement

In fiscal 2025, Lemonade, Inc.'s operations generated −$16.5m of cash; it spent $9.4m on capital projects, leaving free cash flow of −$25.9m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations−41−78−92−145−163−119−11−1721
Depreciation and amortisation01241220201511
Stock-based pay2411445960656181
Capital spending13491099913
Free cash flow−42−81−96−154−173−128−21−268
Free cash flow after stock pay−44−85−107−198−232−188−85−87−73

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Lemonade, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Lemonade, Inc.