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Sentiment · FY2026 Q2
On July 27, 2026, Lemonade's board approved the transition of Chief Financial Officer Tim Bixby out of the CFO role effective January 1, 2027, moving him to a Class III member of the board. The board appointed Nick Stead, 33, currently SVP Finance, as Chief Financial Officer effective January 1, 2027, designated as principal financial officer and principal accounting officer. Stead joined Lemonade in December 2019 and returned as VP Finance in March 2023.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Thomas McJoynt-Griffith | KBW | 15 (13%) |
| Jason Helfstein | Oppenheimer | 9 (0%) |
| Katie Sakys | Autonomous Research | 8 (38%) |
| Bob Huang | Morgan Stanley | 6 (17%) |
| Andrew Andersen | Jefferies | 6 (0%) |
| Jack Matten | BMO Capital Markets | 5 (0%) |
| Andrew Kligerman | TD Cowen | 4 (0%) |
| Matt O'Neill | FT Partners | 2 (0%) |
| Ryan Tunis | Cantor Fitzgerald | 2 (0%) |
| Mike Zaremski | BMO Capital Markets | 2 (50%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| KBW | 1 | 15 (13%) |
| Oppenheimer | 1 | 9 (0%) |
| Autonomous Research | 1 | 8 (38%) |
| BMO Capital Markets | 2 |
| 7 (14%) |
| Jefferies | 1 | 6 (0%) |
| Morgan Stanley | 1 | 6 (17%) |
| TD Cowen | 1 | 4 (0%) |
| Cantor Fitzgerald | 1 | 2 (0%) |
Lemonade extended its growth acceleration streak to 10 consecutive quarters with IFP reaching $1.33 billion (+32% YOY), while the QS reinsurance transition propelled revenue up 71% to $258 million and gross profit up 159% to $100 million. The adjusted EBITDA loss narrowed 64% to $17 million with adjusted free cash flow positive at $17 million, maintaining the path toward Q4 2026 EBITDA breakeven. Pet insurance crossed the $500 million IFP milestone as the largest product line, while car grew roughly 60% and already comprises about one-third of new sales. Management raised FY2026 guidance to 33% IFP growth and roughly 63% revenue growth, though stock-based comp guidance increased $20 million to $95 million due to multiyear founder equity grants.
Margin | Capital Allocation | Product Launch | Competitive Dynamics | Revenue Growth | Subscriber Growth | Innovation & R&D | Guidance Reliability | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 3 | 6 | 2 | 3 | 1 | 1 | |
| 2025Q1 | 3 | 2 | 3 | 1 | 1 | 3 | 1 | 2 |
| 2025Q2 | 2 | 3 | ||||||
| 2025Q3 | 4 | 2 | 1 | 1 | 1 | 2 | 1 | |
| 2025Q4 | 2 | 2 | 2 | 2 | 1 | 2 | 1 | |
| 2026Q1 | 4 | 1 | 1 | 4 | 3 | 1 | 4 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Margin | 3 | 3 | 2 | 4 | 2 | 4 |
| Capital Allocation | 3 | 2 | 3 | 2 | 2 | 1 |
| Product Launch | 6 | 3 | 1 | 2 | 1 | |
| Competitive Dynamics | 2 | 1 | 1 | 2 | 4 | |
| Revenue Growth | 3 | 1 | 1 | 3 | ||
| Subscriber Growth | 1 | 3 | 2 | 1 | 1 | |
| Innovation & R&D | 1 | 2 | 4 | |||
| Guidance Reliability | 1 | 2 | 1 | 1 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $149M | +28.8% | $-0.42 | +31.1% | -25.4% | -20.2% |
| FY2025 Q1 | $151M | +27.0% | $-0.86 | -28.4% | -40.6% | -41.3% |
| FY2025 Q2 | $164M | +34.5% | $-0.60 | +25.9% | -26.0% | -26.8% |
| FY2025 Q3 | $195M | +42.4% | $-0.51 | +46.3% | -18.7% | -19.3% |
| FY2025 Q4 | $228M | +53.3% | $-0.33 | +21.4% | -9.0% | -9.5% |
| FY2026 Q1 | $234M | +55.0% | $-0.47 | +45.3% | -14.8% | -15.3% |
| FY2026 Q2 | $294M | +79.4% | $-0.56 | +6.7% | -14.2% | -14.7% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What LMND and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“our market share is maybe 0.1% of what a Progressive or GEICO is right now”
Lemonade cites Berkshire Hathaway's GEICO as a large auto-insurance incumbent dwarfing Lemonade's market share, highlighting GEICO's scale.
“our market share is maybe 0.1% of what a Progressive or GEICO is right now”
Lemonade frames Progressive as a dominant auto-insurance incumbent against which its own share is tiny, underscoring Progressive's scale in the car market.
“whether it's homesite or Chewy or real estate management or landlords”
Chewy is cited as one of Lemonade's referral/partner distribution channels driving sales, a modest partnership read-through for Chewy's pet ecosystem.
“partnering with Tesla to price per mile and per version of the AI that's driving”
Lemonade partners with Tesla to price auto insurance per mile and by the autonomous-driving software version in use, tying its differentiated car product to Tesla vehicles.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
LMND Lemonade, Inc. | 9 | +55.0% | |
| ALL Allstate | 7 | +4.2% | |
| CB Chubb Limited | 7 | +9.5% | |
| CINF Cincinnati Financial | 7 | +11.6% | |
| ERIE Erie Indemnity | 6 | +2.3% | |
| FACO First Acceptance Corporation | 5 | -5.4% | |
| KMPR Kemper Corporation | 2 | -6.8% | |
| L Loews Corporation | 5 | +2.6% | |
| MCY Mercury General Corporation | 8 | +10.5% | |
| PGR Progressive Corporation | 7 | +8.7% | |
| ROOT Root, Inc. | 8 | +12.6% | |
| TRV The Travelers Companies, Inc. | 5 | +1.0% | |
| WRB W. R. Berkley Corporation | 6 | +4.0% |