TB Lightning

In the late 1980s, the NHL announced it would expand the league. Two rival groups from the Tampa Bay Area decided to bid for a franchise: a St. Petersburg-based group fronted by future Hartford Whalers/Carolina Hurricanes owners Peter Karmanos Jr. and Jim Rutherford, and a Tampa-based group fronted by Phil Esposito, his brother Tony (both members of the Hockey Hall of Fame), and Mel Lowell, who was vice-president of Madison Square Garden for 14 years. One of the Esposito group's key backers, the Pritzker family, backed out a few months before the bid, to be replaced by a consortium of Japanese businesses headed by Kokusai Green, a golf course and resort operator. Although it appeared on paper that the Karmanos/Rutherford group had more financial resources, it only wanted to pay $29 million of the $50 million expansion fee before starting operations. In contrast, the Esposito/Kokusai Green group was one of the few groups willing to pay the full $50 million fee up front. The Esposito group would win the expansion franchise on December 6, 1990, and name the team the Lightning, after Tampa Bay's status as the "Lightning Capital of North America."

Phil Esposito assigned himself president and general manager, while Tony became chief scout, and Mel Lowell executive vice-president and treasurer. Terry Crisp, who played for the Philadelphia Flyers when they won two Stanley Cups in the mid-1970s and coached the Calgary Flames to a Stanley Cup in 1989, was tapped as the first head coach. Phil Esposito also hired former teammates from the Boston Bruins of the 1970s, including former linemate Wayne Cashman as an assistant coach and former Bruin trainer John "Frosty" Forristal as the team's trainer. The inaugural team photo has him flanked by Cashman and player Ken Hodge, Jr., son of his other Bruins' linemate.

In 1991, Angus Montagu, 12th Duke of Manchester announced that a company of which he was a director would raise millions of dollars in investments in the Lightning, but his plans were unsuccessful and he was later convicted of wire fraud.

The Lightning played their first preseason game in September 1992 against the Minnesota North Stars. Manon Rhéaume became the first woman to play in any major professional sports league when she suited up for the Lightning in a preseason game, stopping seven of nine shots in goal.

The Lightning played their first regular season game on October 7, 1992, in Tampa's 11,000-seat Expo Hall at the Florida State Fairgrounds. They defeated the visiting Chicago Blackhawks, winning 7–3 with four goals by Chris Kontos. The team rose to the top of the Campbell Conference's Norris Division within a month, behind Kontos' initial torrid scoring pace and a breakout season by forward Brian Bradley. However, travel stretches due to the division made playing consistent difficult. Their closest opponent in the division, the St. Louis Blues, was over 1,000 miles (1,600 km) away. As a result, they finished in last place with a record of 23–54–7 for 53 points. This was, at the time, one of the best-ever showings by an NHL expansion team. Bradley still had 42 goals that season.

The following season saw the Lightning shift to the Eastern Conference's Atlantic Division, as well as move into the Florida Suncoast Dome (a building originally designed for baseball) in St. Petersburg, which was reconfigured for hockey and renamed the "ThunderDome". The team acquired goaltender Daren Puppa, left wing goal scorer Petr Klima, and veteran forward Denis Savard. While Puppa's play resulted in a significant improvement in goals allowed (from 332 to 251), offense was still lacking, and neither Klima nor Savard assisted in that endeavor. The Lightning finished last in the Atlantic Division in 1993–94 with a record of 30–43–11 for 71 points. Another disappointing season followed in the lockout-shortened 1994–95 season with a record of 17–28–3 for 37 points.

In their fourth season, 1995–96, backed by Bradley's team-leading 79 points, second-year forward Alexander Selivanov's 31 goals, and Roman Hamrlik's All-Star year on defense, the Lightning finally qualified for the playoffs, posting a 38–32–12 record for 88 points, ahead of the defending Stanley Cup champion New Jersey Devils for the eighth spot in the Eastern Conference by a single win. Due to his stellar play in net, Puppa was named a finalist for the Vezina Trophy (losing out to Jim Carey of the Washington Capitals). Playing the Philadelphia Flyers, a team seen as a Stanley Cup contender, in the first round, the Lightning split the opening two games in Philadelphia before taking game three in overtime before a ThunderDome crowd of 28,183. This was the largest crowd for an NHL game, a record that stood until the 2003 Heritage Classic in Edmonton; and it still stands today as the largest crowd at a Stanley Cup playoffs game. After an injury to Puppa, the Lightning lost the next three games and the series.

The Lightning moved into the current arena in downtown Tampa, the Ice Palace (now Benchmark International Arena) for the 1996–97 season. They acquired goal-scorer Dino Ciccarelli from the Detroit Red Wings during the 1996 offseason. Puppa developed back trouble that kept him out of all but six games during the season; he would only play a total of 50 games from 1996 until his retirement in 2000. Bradley also lost time to a series of concussions that would limit him to a total of 49 games from 1996 until his retirement in December 1999. Center John Cullen developed non-Hodgkin lymphoma, and missed the last 12 games of the 1996–97 season; he would eventually be forced to retire in 1999. Decimated by these ailments, the Lightning narrowly missed the playoffs. They would not tally as much as 60 points again for five years.

Most of the Lightning's early stars were gone by the 1998–99 season due to free agency and a series of ill-advised trades. Crisp was fired 11 games into the 1997–98 season and replaced by Jacques Demers. Though Demers had presided over the resurgence of the Detroit Red Wings in the 1980s and helmed a Stanley Cup run with the Montreal Canadiens in 1993, he was unable to change the team's fortunes and the Lightning ended up losing 55 games. That team's .268 winning percentage is still the worst in franchise history.

By most accounts, the Lightning's plunge to the bottom of the NHL was due to inattentive ownership by Kokusai Green. Rumors abounded as early as the team's second season that the Lightning were on the brink of bankruptcy and that the team was part of a money laundering scheme for the yakuza (Japanese crime families). Its scouting operation consisted of Tony Esposito and several satellite dishes. The Internal Revenue Service investigated the team in 1994 and 1995, and nearly threatened to put a tax lien on the franchise for $750,000 in back taxes. The situation led longtime NHL broadcaster and writer Stan Fischler to call the Lightning a "skating vaudeville show."

Even in their first playoff season, the team was awash in red ink and Kokusai Green was looking to sell the team. However, its asking price of $230 million for the team and the lease with the Ice Palace deterred buyers. A possible sale was further hampered by the team's murky ownership structure; many team officials (including Crisp) did not know who really owned the team. Kokusai Green's owner, Takashi Okubo, had never met with the Espositos or with NHL officials in person prior to being awarded the Lightning franchise, and never watched his team play during his seven years as owner.

Nearly all of Kokusai Green's investment in the team and the Ice Palace came in the form of loans, leaving the team constantly short of cash. At least one prospective buyer pulled out after expressing doubts that Okubo even existed. In fact, the first time anyone connected with the Lightning or the NHL even saw Okubo was in the spring of 1998. Esposito was forced into several trades just to keep the team above water. The team's financial situation was a considerable concern to NHL officials; rumors surfaced that the NHL was seriously considering taking control of the team if Okubo failed to find a buyer by the summer of 1998.

Forbes wrote an article in late 1997 calling the Lightning a financial nightmare, with a debt equal to 236% of its value, the highest of any major North American sports franchise. Even though the Ice Palace was built for hockey and the Lightning were the only major tenant, Forbes called the team's deal with the arena a lemon since it would not result in much revenue for 30 years. It was also behind on paying state sales taxes and federal payroll taxes.

Finally, in 1998, Kokusai Green found a buyer. Although William Davidson, longtime owner of the Detroit Pistons of the National Basketball Association (NBA), was thought to be the frontrunner, the buyer turned out to be insurance tycoon and motivational speaker Art Williams, who previously owned the Birmingham Barracudas of the Canadian Football League (CFL). The team was $102 million in debt at the time the sale closed. Williams knew very little about hockey, but was very visible and outspoken, and immediately pumped an additional $6 million into the team's payroll. He also cleared most of the debt from the Kokusai Green era. After taking control, Williams publicly assured the Espositos that their jobs were safe, only to fire them two games into the 1998–99 season. He then gave Demers complete control of hockey operations as both coach and general manager. The Lightning drafted Vincent Lecavalier first overall in 1998.

Williams was widely seen as being in over his head.^[] Early in the 1998–99 season, the Lightning lost ten games in a row, all but ending any chance of making the playoffs. They ended up losing 54 games that year.

By the spring of 1999, Williams had seen enough. He had not attended a game in some time because "this team broke my heart". He lost $20 million in the 1998–99 season alone, as much money in one year as he had estimated he could have reasonably lost in five years. Williams sold the team for $115 million—$2 million less than he had paid for the team a year earlier—to Detroit Pistons owner William Davidson, who had almost bought the team a year earlier. Along with the sale, the Lightning acquired a new top minor league affiliate; Davidson also owned the Detroit Vipers of the now-defunct International Hockey League (IHL).

Davidson remained in Detroit, but appointed Tom Wilson as team president to handle day-to-day management of the team. Wilson immediately fired Demers, who despite his best efforts (and fatherly attitude toward Lecavalier)^[] was unable to overcome the damage from the Kokusai Green ownership. Wilson persuaded Ottawa Senators general manager (and former Vipers general manager) Rick Dudley to take over as the Lightning's new general manager; Dudley, in turn, brought Vipers coach Steve Ludzik in as the team's new head coach. Wilson, Dudley and Ludzik helped make the Vipers one of the premier minor league hockey franchises, which won a Turner Cup in only their third season in Detroit (the team had originally been based in Salt Lake City).

However, as had been the case with Demers, the damage from the last few seasons under Kokusai Green was too much for Ludzik to overcome. Even with a wholesale transfer of talent from Detroit to Tampa (a move that eventually doomed the Vipers, which folded along with the IHL in 2001), the Lightning lost 54 games in 1999–2000 and 52 in 2000–01, becoming the first team in NHL history to post four straight 50-loss seasons. The lone bright spots in those years were the blossoming of Lecavalier and Brad Richards into NHL stars. Ludzik was replaced in early 2001 by assistant coach John Tortorella. The March 5 trade deadline offered another glimmer of hope when the team acquired goaltender Nikolai Khabibulin from the Phoenix Coyotes for three players and a draft pick.

The 2001–02 season, Tortorella's first full year behind the bench, saw some improvement. Martin St. Louis was having a breakout season until he broke his leg midway through the season and was injured for the remainder of the season. By mid-February, the Lightning were well out of playoff contention and were sinking under a rash of injuries. Dudley, who had guaranteed a playoff berth before the season, was fired and replaced by his assistant, Jay Feaster. Tortorella stripped Lecavalier of the captaincy due to contract negotiations that made the him miss the start of the season.

In 2002–03, the team was led by the goaltending of Nikolai Khabibulin and the scoring efforts of Lecavalier, St. Louis, Fredrik Modin, Richards and Ruslan Fedotenko. They finished with a record of 36–25–16 for 93 points, breaking the 90-point barrier for the first time in team history. They won the division by just one point, giving them home-ice advantage in their first-round match-up with the Capitals. At season's end, coach Tortorella was recognized for his efforts by being named a finalist for the Jack Adams Award, losing out to Jacques Lemaire of the Minnesota Wild. In the first round of the playoffs, the Lightning fell two games behind in the series but followed the two losses with four consecutive wins for their first playoff series win in franchise history. However, in the semifinals, they went down in five games to the New Jersey Devils.

The Lightning's improvement continued through the 2003–04 regular season, finishing with a record of 46–22–8–6 for 106 points, the second best in the NHL after the Western Conference's Detroit Red Wings. In the first round of the playoffs, the Lightning ousted the New York Islanders in five games, with Khabibulin posting shutouts in games one, three, and four. In the second round, the Lightning faced the Montreal Canadiens, which they won in a four-game sweep. They then faced the Philadelphia Flyers in the conference finals. They won in seven games to gain a berth to the Stanley Cup Final. Their opponent in the Final was the Calgary Flames. This time, Ruslan Fedotenko was the game seven hero, scoring both Lightning goals in a 2–1 victory. Brad Richards, who had 26 points in the postseason, won the Conn Smythe Trophy as the most valuable player of the playoffs. Tortorella won the Jack Adams Award as the NHL's Coach of the Year. Only three years after their last of four consecutive seasons of 50 or more losses, and in only their 12th year of existence, the Lightning became the southernmost team ever to win the Stanley Cup, an accomplishment since surpassed by the Florida Panthers. Martin St. Louis led the team and the NHL with 94 points, and won the Hart Memorial Trophy as the NHL's most valuable player. St. Louis also won the Lester B. Pearson Award for the NHL's most outstanding player as voted by the NHL Players' Association, and tied the Vancouver Canucks' Marek Malik for the NHL Plus/Minus Award. A season of superlatives was capped with one final accolade, as The Sporting News named general manager Jay Feaster as the league's executive of the year for 2003–04.

The Lightning had to wait a year to defend their title due to the 2004–05 NHL lockout, but in 2005–06, they barely made the playoffs with a record of 43–33–6 for 93 points in a conference where six teams notched 100 or more points. They lost to the Ottawa Senators in five games in the first round of the 2006 playoffs.

During the offseason, the Lightning traded Fredrik Modin and Fredrik Norrena to the Columbus Blue Jackets in exchange for goaltender Marc Denis in an effort to replace the departing John Grahame, who had signed with the Carolina Hurricanes. However, free agent Johan Holmqvist would eventually receive the majority of playing time and most of the club's wins. The first half of 2006–07 was inconsistent for the Lightning, maintaining an 18–19–2 record throughout the first few months. January and February were far better months for the team, going 9–4–0 in January and 9–2–2 in February, driving them back into the playoff race. Fourteen games in March were split even, and on March 16, 2007, Vincent Lecavalier broke the franchise record for most points in a season, with 95 (finishing with 108). The record was previously held by Martin St. Louis, who had set the record in the 2003–04 Stanley Cup-winning year. Lecavalier also broke the franchise's goal-scoring record, finishing with a league-leading 52 goals. The Lightning were busy during the final weeks before the NHL's trade deadline, acquiring wingers Kyle Wanvig, Stephen Baby and defenseman Shane O'Brien. Former first-round pick Nikita Alexeev was traded on deadline day to the Chicago Blackhawks. Other mid-season additions to the team included Filip Kuba, Luke Richardson and Doug Janik. Veteran Andre Roy, who had won the Stanley Cup with the Lightning in 2004, was claimed off waivers from the Pittsburgh Penguins. The Lightning were eliminated from playoff competition on April 22, after a 3–2 home loss to the New Jersey Devils in game six of the conference quarterfinals.

Following their playoff exit, on August 7, 2007, Absolute Hockey Enterprises, a group led by Doug MacLean, announced it had signed a purchase agreement for the team and the leasehold on the St. Pete Times Forum. MacLean was the former president and general manager of the Columbus Blue Jackets and former head coach for both the Blue Jackets and the Florida Panthers. The group announced it planned to keep the team in Tampa, but the deal collapsed during the 2007–08 season.

The Lightning struggled to maintain success during the 2007–08 campaign. Although the "Big 3" of Vincent Lecavalier, Martin St. Louis and Brad Richards, along with Vaclav Prospal, had performed up to expectations, they had inconsistent play from supporting players. At the start of the All-Star Break on January 25, 2008, the Lightning had a 20–25–5 record, and with 45 points, were in last place in both the Southeast Division and the Eastern Conference. Only the Los Angeles Kings had a lower point total at this time of the season, with 40 points.

On February 13, 2008, Palace Sports & Entertainment agreed to sell the Lightning to OK Hockey LLC, a group headed by Oren Koules, a producer of the Saw horror movies, and Len Barrie, a former NHL player and real estate developer.

The Lightning were active during the trade deadline, similar to the previous season. More notable trades included Vaclav Prospal's trade to the Philadelphia Flyers in exchange for prospect Alexandre Picard and a conditional draft pick. Additionally, former Conn Smythe Trophy winner Brad Richards and goaltender Johan Holmqvist were traded to the Dallas Stars in exchange for goaltender Mike Smith and forwards Jussi Jokinen and Jeff Halpern, as well as a fourth-round draft pick in 2009. Jan Hlavac was also traded, moving to the Nashville Predators in exchange for a seventh-round pick in 2008. After the trade deadline, the Lightning fared no better than they had throughout the entire season. After the February 26 trade deadline, the Lightning won only five games. The Lightning were the worst team on the road in the NHL, winning only 11 games. Another showing of the team's poor play was the difference from the previous season's success in the overtime/shootout periods. In the 2006–07 season, the Lightning had one of the best extra period records, winning 15 games in either overtime or the shootout. However, in the 2007–08 season, they won only three games, losing nine. Finishing with a 31–42–9 record, with 71 points, they had the highest chance of winning the top overall pick in the 2008 NHL entry draft through the draft lottery, which they eventually won on April 7. They would use their first overall pick to select Steven Stamkos of the Ontario Hockey League's Sarnia Sting.

Head coach John Tortorella was fired by the Lightning following their worst season since Tortorella was hired. At the time working as an NHL analyst for ESPN, Barry Melrose stated on June 4 during an episode of Pardon the Interruption that he missed coaching and would entertain any NHL coaching offers. He stated, "I miss not having a dog in the fight." Melrose was hired as coach soon after.

Leading up to the start of the 2008–09 season, the Lightning centered their promotional efforts around Stamkos, including a website with the slogan "Seen Stamkos?" On July 4, 2008, Dan Boyle, despite coming off a recent contract extension, was traded (along with Brad Lukowich) to the San Jose Sharks in exchange for Matt Carle, Ty Wishart, a first-round draft pick in 2009 and a fourth-round pick in 2010. Boyle was pressured to waive his no-trade clause by Tampa Bay's ownership, who said they would otherwise place him on waivers, where he would likely be claimed by the Atlanta Thrashers. In the fallout from the trade, Boyle called Lightning ownership "liars"^[] for misrepresenting the aforementioned events to the public, while former coach Tortorella later labeled them as "cowboys" and said he had zero respect for them. Frustrated at interference in the team's hockey operations by Barrie and Koules, seven days later, Jay Feaster resigned as general manager.

The Lightning opened the 2008–09 season in the Czech Republic against the New York Rangers as a part of the NHL's regular season "Premiere" that selects several teams to open the regular season in Europe. Barry Melrose would record his first win as a head coach in over 13 years on October 21, 2008, with a 3–2 victory over the Atlanta Thrashers. However, the Lightning did not get off to a great start as hoped, and Melrose was eventually fired by the Lightning with a 5–7–4 record. Rick Tocchet, who had been hired as assistant coach during the previous offseason, was promoted to interim head coach. On March 4, veterans Mark Recchi and Olaf Kolzig were traded by the Tampa Bay Lightning to the Boston Bruins and Toronto Maple Leafs, respectively. The Lightning acquired top round picks Matt Lashoff and Martins Karsums from the Bruins. After the firing of Melrose, the Lightning went 19–33–14 and would finish the season 24–40–18 with 66 points, their lowest point total since the 2000–01 season.

With the second overall pick in the 2009 NHL entry draft, the Lightning selected Swedish defenseman Victor Hedman. In the 2009 offseason, the Lightning removed the interim status of Rick Tocchet, making him the full-time head coach. The Lightning had an up-and-down beginning to the 2009–10 campaign. Though the Lightning remained competitive in the playoff race, In March, they went 5–10–1 for the month and fell eight points out of a playoff spot. Unable to make a final push for the playoffs, they were officially eliminated from contention within the first week of April. The Lightning finished the season 34–36–12 for 80 points, fourth in the Southeast Division and 12th in the Eastern Conference. Stamkos scored 51 goals in just his second NHL season along with 44 assists and 95 points. His 51 goals earned himself a share of the Maurice "Rocket" Richard Trophy by finishing tied for the NHL lead in goals with Pittsburgh Penguins star and captain Sidney Crosby. During the season, the team was sold to Bostonian investment banker Jeffrey Vinik. Following the late-season collapse, Vinik cleaned house, firing both head coach Rick Tocchet and general manager Brian Lawton on April 12, 2010, one day after the season ended.

In May 2010, Vinik hired Steve Yzerman as general manager. Yzerman then hired Guy Boucher from the Montreal Canadiens organization to succeed Rick Tocchet as the head coach two weeks later. In the offseason, the Lightning signed star winger Martin St. Louis to a four-year, $22.5 million contract extension. They also traded defenseman Matt Walker and Tampa Bay's fourth-round pick in 2011 for winger Simon Gagne. Other off-season acquisitions included the signing of forwards Sean Bergenheim, Dominic Moore and Marc-Antoine Pouliot, along with defensemen Brett Clark, Randy Jones and Pavel Kubina and goaltender Dan Ellis, as well as the re-signing of restricted free agent forward Steve Downie to a two-year, $3.7 million deal.

During the 2010–11 season, the team acquired veteran Dwayne Roloson from the New York Islanders. The Lightning compiled a 46–25–11 record with 103 points, matching a franchise record for wins in a season. Scoring 31 goals and assisting on 68 for 99 points, Martin St. Louis finished second in the NHL in points only behind the 104 points by Daniel Sedin of the Vancouver Canucks.

In the 2011 playoffs, Tampa Bay played the Pittsburgh Penguins in the conference quarterfinals who finished the season as the fourth seed in the Eastern Confernence. After losing game four at home in the second overtime period, they fell behind in the series one game to three. However, the Lightning went on to win the next three games, including a 1–0 game seven win on the road, taking their first playoff series since winning the Stanley Cup against the Calgary Flames in 2004. In the conference semifinals, the Lightning swept the top-seeded Washington Capitals. Tampa Bay played the Boston Bruins in the conference finals, but lost in seven games.

The Lightning finished the 2011–12 season with a 38–36–8 record. With only 84 points, they fell short of reaching the playoffs by eight points in the standings and ending the season third in the Southeast Division and tenth in the Eastern Conference. Individually, Steven Stamkos scored a franchise-record 60 goals. He won the Maurice "Rocket" Richard Trophy for the second time in his career. Stamkos was also second in the NHL in points with 97, and was a finalist for both the Hart Memorial Trophy for the first time and the Ted Lindsay Award for the second consecutive season which both awards eventually going to Evgeni Malkin of the Pittsburgh Penguins.

During the 2012–13 season, head coach Guy Boucher was dismissed for following a 7–16–1 record. Syracuse Crunch head coach Jon Cooper was hired as the head coach.

On June 27, 2013, the team announced that they would exercise one of their two "compliance buyouts" on captain Vincent Lecavalier. The team stated the move was made not because of Lecavalier's play on the ice, but because of how his contract affected the team's salary cap, which would have been more than $7 million per year until its expiration after the 2019–20 season.

On November 11, 2013, going into the day tied for most goals during the regular season, Steven Stamkos suffered a broken right tibia after crashing into one of the goalposts during play against the Boston Bruins. He would miss 45 games and was not cleared to play again until March 5, 2014.

In January 2014, general manager Steve Yzerman, who also served as the general manager for Canada's team at the 2014 Winter Olympics, elected not to name Lightning captain Martin St. Louis to Canada's roster, instead choosing the still-injured Stamkos. After Stamkos was not medically cleared to play in Sochi in early February, Yzerman ultimately named St. Louis to Team Canada as an injury replacement. In late February, it was reported St. Louis requested a trade from Yzerman the month prior. St. Louis, who had a no-move clause in his contract with Tampa Bay, reportedly consented to only being traded to the New York Rangers. On March 5, 2014, St. Louis was sent to New York along with a conditional 2015 second-round pick in exchange for New York captain Ryan Callahan, a 2015 first-round draft pick, a conditional 2014 second-round pick and a 2015 conditional seventh-round pick. The deal came subsequently after Stamkos was cleared to return to the Lightning's active roster. St. Louis cited his decision based on his family and thanked Lightning fans for their support during his tenure with the franchise, but would not specify any further about the reasons leading to his request. On March 6, Steven Stamkos was named Tampa Bay's 10th captain.

Finishing the season with 101 points, the Lightning placed second in the Atlantic Division, qualifying for the playoffs for the first time since 2011. However, Tampa Bay was eliminated in the first round, losing to the Montreal Canadiens in a four-game sweep.

Finishing the 2014–15 season with 108 points, the Lightning placed second in the Atlantic Division and qualified for the playoffs for the second consecutive season. Tampa Bay eliminated the Detroit Red Wings in seven games in the first round of the playoffs before facing the Montreal Canadiens in the second round. The Lightning won the series in six games. In the conference finals, the Lightning and the New York Rangers pushed the series to seven games. In game seven, Bishop recorded his third shutout of the playoffs in a 2–0 victory against the Rangers to lead the Lightning to their first appearance in the Stanley Cup Final since 2004. The Lightning not only became the first team to defeat the Rangers in a game seven at Madison Square Garden, but they also became the first team to successfully defeat three Original Six teams in the first three rounds of the playoffs. The Lightning would face the Chicago Blackhawks in the Stanley Cup Final, making it the first time a finalist faced four Original Six teams in the playoffs since the four-round format was introduced in 1980. However, they lost the series in six games. During the series, goaltender Bishop would be injured and Andrei Vasilevskiy would make his NHL debut, winning game two in relief.

The Lightning had a slow start to the 2015–16 season. The season was filled with controversy for the team, starting off with the contractual questions regarding captain Steven Stamkos and with the former third overall pick Jonathan Drouin publicly requesting a trade and being suspended from the organization. The Lightning picked up their play at the beginning of 2016 and set the franchise record to nine consecutive wins on March 5, 2016, when Alex Killorn scored with 42.5 seconds remaining in overtime to propel the Lightning to a 4–3 victory over the Carolina Hurricanes at the then Amalie Arena. On March 26, 2016, the Lightning announced cornerstone defenseman Anton Stralman had suffered a fractured leg in their game against the New York Islanders at home. Stamkos was out of the lineup for the team's game on April 2 against the New Jersey Devils in Tampa; general manager Steve Yzerman announced after the game that the captain would miss one-to-three months due to a blood clot in his arm. Due to the injuries on the team, Drouin rejoined the team. The Lightning finished second in the Atlantic Division and would once again face the third-seeded Detroit Red Wings in the first round of the playoffs. The Lightning defeated the Red Wings in five games. In the second round, they defeated the New York Islanders. The Lightning were set to play against the Pittsburgh Penguins in the conference finals, which they lost in seven games.

With the Lightning under the spotlight in the 2016 offseason, Drouin rescinded his trade request. On June 29, the team re-signed Stamkos to an eight-year deal. Defenseman Victor Hedman was then signed to an eight-year contract on July 1, along with a seven-year deal for Alex Killorn and three-year deals to winger Nikita Kucherov and goaltender Andrei Vasilevskiy. The Lightning narrowly missed the playoffs in the 2016–17 season. Finishing with 94 points, they were beaten to the second wildcard by the Toronto Maple Leafs, with 95 points. The 2016–17 season for the Lightning was a host of injuries, mainly their captain, Steven Stamkos. Stamkos went down in the 17th game, against the Detroit Red Wings on November 15, 2016. It was revealed he suffered from a torn left meniscus, which put him out for the rest of the season. Ryan Callahan would also play in only 18 games due to multiple surgeries to his back and hip. Towards the end of the season, they traded goaltender Ben Bishop to the Los Angeles Kings, center Brian Boyle to the Toronto Maple Leafs, and forward Valtteri Filppula to the Philadelphia Flyers. However, there were positive signs as winger Nikita Kucherov emerged with 40 goals for the first time in his career and the Lightning also showcased their young talent with rookie Brayden Point and AHL call-ups Yanni Gourde and Jake Dotchin.

In the 2017 offseason, the Lightning made a deal with the Montreal Canadiens to send Jonathan Drouin for defensive prospect Mikhail Sergachev and a second-round pick in the 2018 NHL entry draft. They also signed defenseman Daniel Girardi for two years and winger Chris Kunitz to a one-year deal. In the 2017–18 season, Steven Stamkos returned from injury, scoring 20 points in the first 10 games and assisting on nine of Nikita Kucherov's 11 goals. The Lightning finished the 2017–18 season with a record of 54–23–5, finishing with 113 points. The Lightning won their first Atlantic Division title and first division title since the 2003–04 season, as well as securing the top seed in the Eastern Conference for the 2018 Stanley Cup playoffs. Andrei Vasilevskiy was nominated for the Vezina Trophy for the first time. Nikita Kucherov scored 100 points during the regular season, finishing third overall in the league. Steve Yzerman was once again nominated for the NHL General Manager of the Year Award. During the 2018 playoffs, the Lightning eliminated the New Jersey Devils in the first round and the Boston Bruins in the second round, both in five games. However, they were defeated in the conference finals by the eventual Stanley Cup champion Washington Capitals, in seven games.

On September 11, 2018, Steve Yzerman announced his resignation from his position as general manager, and longtime assistant general manager Julien BriseBoistook his place as the new general manager. During the 2018–19 season, the Lightning clinched their first Presidents' Trophy and second consecutive division title after a 4–1 win over the Arizona Coyotes on March 18, 2019. Winning their final regular season game against the Boston Bruins on April 6, the Lightning finished with 62 wins, tying the NHL record set by the 1995–96 Detroit Red Wings for most wins in a season. Nikita Kucherov became the second player in Lightning franchise history (after Martin St. Louis) to win the Hart Memorial Trophy as the league's most valuable player and the Art Ross Trophy as the league's leading point scorer, setting a new franchise record of 128 points. Andrei Vasilevskiy became the first player in franchise history to win the Vezina Trophy as the league's best goaltender. However, in the first round of the 2019 playoffs, they were swept in four games by the eighth seeded Columbus Blue Jackets in that team's first-ever playoff series victory, becoming the first Presidents' Trophy winner to be swept in the first round of the playoffs. The series is widely regarded as one of the biggest upsets in league history. Former NHL player and NBC Sports analyst Jeremy Roenick described Tampa's elimination as "one of the biggest letdowns in history", while the Tampa Bay Times described it as "the disappointment that all others are measured against".

Following their earlier than expected exit from the 2019 playoffs, several players left the Lightning. Left winger J. T. Miller was traded to the Vancouver Canucks. Backup goaltender Louis Domingue was dealt to the New Jersey Devils for a conditional seventh-round draft pick in 2021. Defenseman Anton Stralman left the team in free agency after five seasons and signed a three-year contract with the intra-state rival Florida Panthers. Right winger Ryan Callahan's career was effectively ended when he was diagnosed with a degenerative back disease. Defenseman Daniel Girardi went unsigned over the summer and eventually announced his retirement from playing hockey effective immediately after his two-year contract he signed in 2017 expired. To make up for these losses, the Lightning signed defenseman Kevin Shattenkirk to a one-year contract. Left winger Patrick Maroon, who was coming off a Stanley Cup championship with his hometown team, the St. Louis Blues, was also signed to a one-year deal. The Lightning re-signed centers Brayden Point and Cédric Paquette to two and three-year contracts, respectively. Starting goaltender Andrei Vasilevskiy's contract was also extended by eight years.

The Lightning began the season with a 17–13–4 record after 34 games. After this point, they won 23 of their next 26 games, including two separate win streaks of at least ten games, the second of which eventually set a new franchise record of eleven consecutive wins. They lost captain Steven Stamkos to injury once again, as he underwent surgery to repair a core muscle in late February. He was expected to miss 6–8 weeks as a result, which at the time was expected to keep him out for the remainder of the regular season and the start of the playoffs.

Tampa Bay had only played 70 games when the NHL suspended the season on March 12, 2020, due to concerns over the COVID-19 pandemic. At the time, the Lightning had a record of 43–21–6 and were second in their conference. By virtue of having one of the top four highest point percentages at the time the season was suspended, the Lightning not only qualified for the playoffs, but would first compete in a single round robin opening round group with the Boston Bruins, Washington Capitals, and Philadelphia Flyers to determine seeding. Winning two out of three games, the Lightning earned the second seed in the East. Following the round robin, the Lightning drew the Columbus Blue Jackets again in the first round. The first game of the series ultimately became the fourth-longest NHL game in history, as the game-winning goal was scored by Brayden Point at the 10:27 mark of the fifth overtime period. Point also scored in overtime for a second time in game five, eliminating Columbus and avenging their playoff defeat from the previous year. In the second round, the Lightning faced the Presidents' Trophy-winning Boston Bruins. After losing the first game of this series, the Lightning rallied to win the next four, with Victor Hedman's double-overtime goal in game five sealing the series victory for Tampa Bay. In the conference finals, the Lightning took on the New York Islanders, winning in six games. The win earned the Lightning the Prince of Wales Trophy for the third time in their history, and their first trip to the Stanley Cup Final since 2015. In the 2020 Stanley Cup Final, the Lightning met the Dallas Starswinning the series in six games win in game six to win their second Stanley Cup championship, and first since 2004. Victor Hedman was named the Conn Smythe Trophy winner as the MVP of the playoffs. Nikita Kucherov set a new franchise record for points in a single playoff season with 34, and also became the franchise leader for playoff goals, assists, and points. Andrei Vasilevskiy surpassed both former Lightning goaltender Ben Bishop and Nikolai Khabibulin to become the franchise leader in playoff games played and playoff games won. The victory led to a new tradition for Tampa Bay sports teams: boat parades. The 2020 Lightning held a parade of boats on the Hillsborough River rather than a traditional victory parade through the streets of the city, mainly to comply with COVID-19 regulations, but subsequent championship teams in Tampa have held similar parades even with those restrictions lifted.

Due to COVID-19, the league moved the Lightning to the Central Division. Nikita Kucherov would miss the entire regular season with a hip surgery he had in December 2020. During the season, the Lightning acquired defenseman David Savard through a multi-team trade with the Columbus Blue Jackets and the Detroit Red Wings. The Lightning also acquired defenseman Fredrik Claesson in another trade with the San Jose Sharks. The Lightning finished the season with a 36–17–3 record, and would finish third in the Central Division. Entering the 2021 playoffs, the Lightning faced the Florida Panthers in the first round, making this the first time the two state rivals would meet each other in the playoffs. The Lightning won the series 4–2. In the second round, the Lightning faced the Carolina Hurricanes. In the third game of the series, Brayden Point would score the first goal in a playoff goal-scoring streak that would last for nine games, coming in second to Reggie Leach with 10 games in a single playoff year. The Lightning won the series in five games. For the second consecutive year, the Lightning would again face the New York Islanders before heading to the 2021 Stanley Cup Final, which Tampa Bay won in seven games. In the Stanley Cup Final, the Lightning won the series in fiev games. Goaltender Andrei Vasilevskiy won the Conn Smythe Trophy as the playoff MVP. Patrick Maroon won his third consecutive Stanley Cup, one with the St. Louis Blues in 2019 and two with the Lightning in 2020 and 2021. Maroon later slipped and dropped the Stanley Cup and severely dented the trophy's bowl during a celebration at Julian B. Lane Park following the team's victory parade on July 12. Maroon cited the strong thunderstorm during the outdoor celebration as the reason, and the Cup was quickly repaired.

On February 26, 2022, the Lightning played their first outdoor game in franchise history against the host Nashville Predators in the 2022 NHL Stadium Series at Nissan Stadium. The Lightning won the game 3–2. In the 2022 playoffs, the Lightning defeated the Toronto Maple Leafs in seven games in the first round and swept their in-state rivals, the Presidents' Trophy–winning Florida Panthers, in the second round. On June 11, the Lightning clinched their third straight Stanley Cup Final berth after a 2–1 win against the New York Rangers in game six of the conference finals. However, in the 2022 Stanley Cup Final, they came up two wins short for a third consecutive Stanley Cup title by losing the series in game six against the Colorado Avalanche.

In the 2022–23 season, the Lightning finished in third place in the Atlantic Division and sixth in the Eastern Conference, and once again played the Toronto Maple Leafs in the first round of the 2023 playoffs. However, the Maple Leafs would avenge their loss from the previous year and eliminated the Lightning 4–2.

In the 2023–24 season, the Lightning finished in fourth place in the Atlantic Division and the sixth seed in the Eastern Conference, and qualified for the 2024 playoffs as the first wild card, but were eliminated by their in–state rivals and eventual Stanley Cup champions, the Florida Panthers, in five games in the first round.

In the 2024 offseason, longtime captain Steven Stamkos signed with the Nashville Predators on the first day of free agency after Stamkos and the team were unable to come up with a contract extension agreement prior to start of free agency. They named Victor Hedman as the next captain.

In the 2024–25 season, the Lightning placed second in the Atlantic Division and the third seeding in the Eastern Conference. They played the Florida Panthers in the first round of the playoffs and lost 4–1.