Lemonade advertising spend, FY2025
Lemonade (LMND) reported $187M of advertising expense for the fiscal year ended Dec 31, 2025. That is 25.4% of revenue of $738M. Up 54.2% from FY2024.
Key facts
- Ad spend is 3.2x its FY2020 level ($58.3M), slower than revenue (7.8x).
- FY2025 is the highest year on file, going back to FY2020.
- Largest increase +120.1% in FY2024; largest cut -37.6% in FY2023.
- Ad spend has risen 2 years in a row.
- Ad spend is 25.4% of revenue, down from 61.8% in FY2020.
- Lemonade spends more on advertising than 31% of the 336 US-listed companies tracked. Its ad-to-revenue ratio is 4.9x the median of 5.2%.
Ad spend by fiscal year
Ad spend as % of revenue
History
Download CSV| Fiscal year | Period end | Ad spend | YoY | Revenue | Ad / revenue | Tag | Filing |
|---|---|---|---|---|---|---|---|
| FY2025 | Dec 31, 2025 | $187M | +54.2% | $738M | 25.4% | AdvertisingExpense | 10-K Feb 25, 2026 |
| FY2024 | Dec 31, 2024 | $122M | +120.1% | $527M | 23.1% | AdvertisingExpense | 10-K Feb 25, 2026 |
| FY2023 | Dec 31, 2023 | $55.2M | -37.6% | $430M | 12.8% | AdvertisingExpense | 10-K Feb 25, 2026 |
| FY2022 | Dec 31, 2022 | $88.5M | -15.4% | $257M | 34.5% | AdvertisingExpense | 10-K Feb 26, 2025 |
| FY2021 | Dec 31, 2021 | $105M | +79.4% | $128M | 81.5% | AdvertisingExpense | 10-K Feb 28, 2024 |
| FY2020 | Dec 31, 2020 | $58.3M | n/a | $94.4M | 61.8% | AdvertisingExpense | 10-K Mar 3, 2023 |
What the figure is
Advertising costs as disclosed in the annual report (XBRL tag AdvertisingExpense).
Compared with similar spenders
The 6 companies closest to Lemonade in latest-year ad spend.
| Rank | Company | Ad spend | Ad / revenue | YoY | Fiscal year |
|---|---|---|---|---|---|
| 228 | Strategic Education | $192M | 15.2% | +3.3% | FY2025 |
| 229 | Phoenix Education Partners | $191M | 18.8% | +5.2% | FY2026 |
| 230 | Align Technology | $189M | 4.7% | +2.0% | FY2025 |
| 231 | Lemonade | $187M | 25.4% | +54.2% | FY2025 |
| 232 | Harley-Davidson | $185M | 4.1% | +35.1% | FY2025 |
| 233 | CarGurus | $183M | 20.2% | +13.9% | FY2025 |
| 234 | Workday | $181M | 1.9% | -11.3% | FY2026 |
Full ranking of 336 companies · Biggest increases #17 · Highest ad-to-revenue #24
Questions
How much does Lemonade spend on advertising?
Lemonade spent $187M on advertising in fiscal 2025, the year ended Dec 31, 2025, according to its 10-K filed Feb 25, 2026.
What percentage of revenue does Lemonade spend on advertising?
25.4% of revenue in fiscal 2025 ($187M of $738M). The median across the 336 companies tracked is 5.2%.
Is Lemonade spending more on advertising?
Yes. Ad spend rose 54.2% in fiscal 2025 from fiscal 2024. It has risen 2 years in a row.
How does Lemonade rank by advertising spend?
#231 of 336 US-listed companies with $100M or more in ad spend, ranked on each company's latest fiscal year.
What does Lemonade's advertising figure include?
Advertising costs as disclosed in the annual report (XBRL tag AdvertisingExpense).
Source
- Filing
- 10-K for FY2025, filed Feb 25, 2026
- Accession number
0001691421-26-000016- Company
- Lemonade, Inc., CIK 1691421, SIC 6331 (Fire, Marine & Casualty Insurance)
- Data
- SEC EDGAR XBRL company facts, retrieved Nov 4, 2026. Methodology.
- Cite
- Lemonade advertising spend, FY2020-FY2025. Aleksei Trudov, io.trudov.com, from SEC EDGAR XBRL company facts (latest: 10-K filed Feb 25, 2026), retrieved Nov 4, 2026. https://io.trudov.com/company/lemonade/advertising-spend/
- Download
- CSV, all years · CSV, all 336 companies