Lemonade
Digital insurer for renters, home, car, pet, and life coverage across the US and Europe.
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Profile
Sells renters, homeowners, car, pet, and term life insurance through a direct digital platform, earning premiums on underwritten policies while placing life coverage with a partner carrier. U.S. operations anchor a single reportable insurance segment that also includes property and liability products across four European markets.
Offers renters, homeowners, car, pet, and term life insurance through apps and the web, using a direct digital platform for quotes, policy administration, underwriting support, and claims. U.S. property and casualty policies are underwritten through its carriers, while term life applications are handed to Legal & General; the same platform supports contents, buildings, and liability cover in Germany, France, the Netherlands, and the UK.
Builds its customer relationship around automated service, data-driven pricing, and cross-selling policies as household needs change. Car pricing can use vehicle telemetry, including distinguishing human-driven from assisted-driving miles in selected markets. Results remain exposed to insurance regulation, catastrophe losses, model accuracy, data privacy and security, and reinsurance availability; all operations are reported as one personal property and casualty segment.
Company facts
Key statistics
Year to date −30.3% · Average volume (30d) 1.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | Morgan Stanley | Reiterate | Equal Weight | $75 | $56 | |
| Jul 30, 2026 | Keefe, Bruyette & Woods | Upgrade | Underperform | Market Perform | ||
| Jul 15, 2026 | Piper Sandler | Reiterate | Neutral | $65 | $75 | |
| Jul 8, 2026 | Morgan Stanley | Downgrade | Overweight | Equal Weight | $80 | $75 |
| May 21, 2026 | UBS | Target | $75 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | −$0.56 | −$0.56 | +0.8% | $291.0M | $294.4M | +1.2% | −23.72% |
| Apr 29, 2026Q1 FY26 | −$0.58 | −$0.47 | +19.0% | $251.5M | $258.0M | +2.6% | +1.14% |
| Feb 19, 2026Q4 FY25 | −$0.41 | −$0.29 | +29.3% | $217.9M | $228.1M | +4.7% | −7.07% |
| Nov 5, 2025Q3 FY25 | −$0.72 | −$0.51 | +29.2% | $218.1M | $194.5M | −10.8% | −4.57% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $151.2M | $164.1M | $194.5M | $228.1M | $234.4M | $274.0M | |
| Gross profit | $39.7M | $65.2M | $80.8M | $143.6M | $101.1M | $120.0M | |
| Operating income | −$61.4M | −$42.6M | −$36.3M | −$20.6M | −$34.6M | −$41.8M | |
| Net income | −$62.4M | −$43.9M | −$37.5M | −$21.7M | −$35.8M | −$43.4M | |
| Diluted EPS | −$0.86 | −$0.60 | −$0.51 | −$0.33 | −$0.47 | −$0.56 | |
| Gross margin | 26.3% | 39.7% | 41.5% | 63.0% | 43.1% | 43.8% | |
| Operating margin | -40.6% | -26.0% | -18.7% | -9.0% | -14.8% | -15.3% |
Fiscal years (4-quarter sums)FY21 $128.4M · FY22 $256.7M · FY23 $429.8M · FY24 $526.5M · FY25 $737.9M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $559.9M · Total debt $206.4M · Total assets $2.01B · Shareholders' equity $499.5M
Dividends
No dividends on record.
Ownership
Shares outstanding 76.82M · Float 71.71M · 93.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| SoftBank Group Capital Ltd · 10 percent owner | 7.11M | 9.26% | Form 4 | May 14, 2025 |
| BlackRock, Inc. | 6.05M | 7.87% | 13F | Aug 7, 2026 |
| JPMorgan Chase & Co | 5.39M | 7.02% | 13F | Aug 12, 2026 |
| Shai Wininger · director, officer: President | 4.24M | 5.52% | Form 4 | Mar 20, 2026 |
| Vanguard Portfolio Management LLC | 3.14M | 4.09% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 13, 2026 | John Sheldon Peters | officer: Chief Insurance Officer | −11,000 | $52.55 |
| Jul 7, 2026 | Timothy E. Bixby | officer: Chief Financial Officer | −73,000 | $79.18 |
| Jul 6, 2026 | John Sheldon Peters | officer: Chief Insurance Officer | −3,444 | $79.00 |
| Jun 3, 2026 | Maya Prosor | officer: Chief Business Officer | −1,220 | $53.17 |
| Jun 4, 2026 | John Sheldon Peters | officer: Chief Insurance Officer | −3,608 | $52.94 |
Peers
- Progressive
Personal-lines incumbent across auto, property, bundling, and telematics
- Allstate
Personal-lines incumbent across auto, home, renters, and telematics
- Travelers
Personal P&C incumbent in auto and homeowners.
- Root
Mobile-first auto and telematics peer with renters overlap
- Trupanion
Pet medical insurance peer in U.S. direct and partner channels.
- Hippo
Technology-enabled homeowners and renters overlap.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Lemonade | $53.10 | +0.23% | $4.07B | — | — | 4.4 | +79.4% |
| Progressive | $217.33 | −0.61% | $127.12B | 11.0 | 13.3 | 1.4 | −4.2% |
| Allstate | $260.58 | −0.03% | $67.08B | 5.2 | 9.2 | 1.0 | −7.2% |
| Travelers | $372.15 | +0.62% | $77.15B | 9.9 | 12.4 | 1.6 | −4.8% |
| Root | $57.00 | +0.81% | $791.2M | 16.7 | 22.4 | 0.5 | +1.7% |
| Trupanion | $29.62 | 0.00% | $1.29B | 55.9 | 45.0 | 0.8 | +11.1% |
| Hippo | $33.18 | −0.06% | $875.6M | 7.1 | 25.6 | 1.7 | +23.4% |
| Median | 10.4 | 17.9 | 1.2 | −1.3% |