Lemonade, Inc. · Q2 2026
ReportedJul 29, 2026
Period endedJun 30, 2026
Rule of 40+77
Consensus vs reported
EPS
IN LINE
-$0.56
vs -$0.56 expected
QoQ−19.1%
YoY+6.7%
Revenue
BEAT +1%
$294M
vs $290.88M expected
QoQ+14.1%
YoY+79.4%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
The quarter in short
Revenue $294M, up 79.4% year over year and 14.1% on the quarter. EPS −$0.56, up 6.7% year over year and down 19.1% on the quarter. Free cash flow −$8M, down 95.1% on the quarter. EPS came in line with consensus. Rule of 40 score +77.
Reported this quarter
Revenue
$294M
QoQ +14.1%
YoY +79.4%
EPS
−$0.56
QoQ −19.1%
YoY +6.7%
Free Cash Flow
−$8M
QoQ −95.1%
YoY —
FCF Margin
-2.7%
QoQ −1.1 pp
YoY −4.8 pp
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- The stock fell 23.72% on an in-line quarter. Revenue $294.4M against a $290.88M estimate , adjusted EPS of $(0.56) exactly in line , and Q3 revenue guidance above expectations. The print is not what moved it.
- A planned CFO succession got priced like a surprise one. Tim Bixby steps down at year-end after nine years and joins the board; Nick Stead , already the SVP Finance to whom "almost all of our financial functions already report," succeeds him.
- In force premium accelerated for an eleventh straight quarter. $1,434.3M, +32.4% , on customers up 23% to 3.31 million and revenue up 79%.
- The AI claims argument finally has a number attached. The loss adjustment expense ratio hit a record-low 5% of gross earned premium — from 13% three years ago and against a roughly 9% industry average — with record lows in Homeowners Multi-Peril, Car and Pet.
- The specific promise survived the quarter and now belongs to someone else. Adjusted EBITDA loss narrowed 54% to $(18.7)M and the target of a first Adjusted-EBITDA-positive quarter in Q4 2026 was held — a checkable commitment handed to a new finance chief two quarters before it comes due.
Coverage around this release
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2024 Q3 | — | −$0.95 | — |
| 2024 Q4 | — | −$0.42 | — |
| 2025 Q1 | — | −$0.86 | — |
| 2025 Q2 | — | −$0.60 | — |
| 2025 Q3 | — | −$0.51 | — |
| 2025 Q4 | — | −$0.29 | — |
| 2026 Q1 | — | −$0.47 | — |
| 2026 Q2 | −$0.56 | −$0.56 | 0% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 1691421.
HTML
8-K results announcement
Filed Jul 29, 2026
HTM
Press release (EX-99.1)
Exhibit 99.1 to the 8-K
58 KB
HTML
Filing index
Every document in the 8-K submission
TXT
Complete submission
Raw archival text of the whole filing
JSON
Company facts (XBRL)
Every figure LMND has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for Q2 2026, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings