Lemonade (LMND) Operating Expenses (2019 - 2026)
Lemonade's Operating Expenses came in at $336.2 million for Q2 2026, up 62.7% from $206.7 million a year earlier and up 14.9% from the prior quarter.
Powered by 
Analysis
Lemonade (LMND) Operating Expenses (2019 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Lemonade reported Operating Expenses of $1.11 billion, up 37.1% year-over-year; for FY2025, it was $898.8 million, up 23.1% from FY2024.
- Operating Expenses has increased in each of the last seven years, with a five-year compound annual growth rate of 33.1% (FY2020 to FY2025).
- Going back by year, Operating Expenses was $730.4 million in FY2024 (+10.7%), $659.6 million in FY2023 (+19.6%), $551.5 million in FY2022 (+52.3%) and $362 million in FY2021 (+68.2%).
- The Q2 2026 figure represents the highest quarterly Operating Expenses in data going back to Q2 2019.
- Year-over-year, Operating Expenses has increased for ten consecutive quarters, with growth averaging 28.8% over the last eight quarters.
- The fastest year-over-year change in Operating Expenses over five years came in Q3 2021 (growth of 106.8%), and the weakest in Q4 2023 (a decline of 0.9%).
- Business Quant data shows LMND's Operating Expenses at $292.6 million (Q1 2026), $248.7 million (Q4 2025) and $230.8 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Chubb | 140.76 Bn | 86.40 Bn | 8.67 Bn | 12.79 Bn |
| 2 | Progressive | 132.42 Bn | 107.94 Bn | 8.29 Bn | 19.96 Bn |
| 3 | Marsh & Mclennan Companies | 97.25 Bn | 89.41 Bn | - | 5.65 Bn |
| 4 | Travelers Companies | 81.75 Bn | 59.24 Bn | 5.93 Bn | 10.04 Bn |
| 5 | Manulife Financial | 73.54 Bn | -21.96 Bn | - | 899.35 Mn |
| 6 | Arthur J. Gallagher | 72.19 Bn | 66.78 Bn | - | 3.46 Bn |
| 7 | Aon | 71.05 Bn | 50.25 Bn | - | 3.29 Bn |
| 8 | Allstate | 64.22 Bn | 24.06 Bn | 7.41 Bn | 14.73 Bn |
| 9 | Metlife | 63.14 Bn | -43.64 Bn | 7.82 Bn | 18.12 Bn |
| 10 | Lemonade | 3.07 Bn | 1.41 Bn | - | 379.30 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 379.30 Mn |
| Jun 30, 2026 | 336.20 Mn |
| Mar 31, 2026 | 292.60 Mn |
| Dec 31, 2025 | 248.70 Mn |
| Sep 30, 2025 | 230.80 Mn |
| Jun 30, 2025 | 206.70 Mn |
| Mar 31, 2025 | 212.60 Mn |
| Dec 31, 2024 | 186.60 Mn |
| Sep 30, 2024 | 202.40 Mn |
| Jun 30, 2024 | 177.10 Mn |
| Mar 31, 2024 | 164.30 Mn |
| Dec 31, 2023 | 155.10 Mn |
| Sep 30, 2023 | 174.10 Mn |
| Jun 30, 2023 | 170.50 Mn |
| Mar 31, 2023 | 159.90 Mn |
| Dec 31, 2022 | 156.50 Mn |
| Sep 30, 2022 | 163.10 Mn |
| Jun 30, 2022 | 115.00 Mn |
| Mar 31, 2022 | 116.90 Mn |
| Dec 31, 2021 | 109.40 Mn |
API Access
Lemonade Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=LMND&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "LMND", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=LMND&period=max&api_key=YOUR_API_KEY");
const data = await res.json();