Duolingo (DUOL) Financials

$389.48 +4.35 (+1.13%)

As of 04:00 PM Eastern

Annual Income Statements for Duolingo

This table shows Duolingo's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	-16	-60	-60	16	89
Consolidated Net Income / (Loss)	-16	-60	-60	16	89
Net Income / (Loss) Continuing Operations	-16	-60	-60	16	89
Total Pre-Tax Income	-16	-60	-59	18	102
Total Operating Income	-16	-60	-65	-13	63
Total Gross Profit	116	182	270	389	544
Total Revenue	162	251	369	531	748
Operating Revenue	162	251	369	531	748
Total Cost of Revenue	46	69	99	142	204
Operating Cost of Revenue	46	69	99	142	204
Total Operating Expenses	132	242	335	402	482
Selling, General & Admin Expense	44	79	119	133	160
Marketing Expense	35	59	67	76	90
Research & Development Expense	53	104	150	194	235
Other Operating Expenses / (Income)	-0.16	-0.32	-0.13	-0.59	-1.27
Total Other Income / (Expense), net	0.30	0.05	6.56	31	40
Interest & Investment Income	0.23	0.02	7.24	31	43
Other Income / (Expense), net	0.07	0.03	-0.68	-0.06	-2.99
Income Tax Expense	0.07	0.18	0.94	1.71	14
Basic Earnings per Share	($1.24)	($2.57)	($1.51)	$0.39	$2.04
Weighted Average Basic Shares Outstanding	-	38.63M	40.64M	42.88M	45.24M
Diluted Earnings per Share	($1.24)	($2.57)	($1.51)	$0.35	$1.88
Weighted Average Diluted Shares Outstanding	-	38.63M	40.64M	42.88M	45.24M
Weighted Average Basic & Diluted Shares Outstanding	-	38.63M	40.64M	42.88M	45.24M

This table shows Duolingo's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	-18	-14	-2.58	3.73	2.81	12	27	24	23	14
Consolidated Net Income / (Loss)	-18	-14	-2.58	3.73	2.81	12	27	24	23	14
Net Income / (Loss) Continuing Operations	-18	-14	-2.58	3.73	2.81	12	27	24	23	14
Total Pre-Tax Income	-18	-13	-2.70	2.41	2.93	15	26	29	25	22
Total Operating Income	-20	-18	-8.52	-4.87	-4.67	4.80	16	19	14	14
Total Gross Profit	70	76	84	93	101	110	122	131	140	151
Total Revenue	96	104	116	127	138	151	168	178	193	210
Operating Revenue	96	104	116	127	138	151	168	178	193	210
Total Cost of Revenue	26	28	31	34	36	41	45	47	52	59
Operating Cost of Revenue	26	28	31	34	36	41	45	47	52	59
Total Operating Expenses	90	94	93	98	106	106	106	112	127	137
Selling, General & Admin Expense	30	32	30	32	33	37	35	37	38	50
Marketing Expense	18	19	17	18	22	19	20	20	26	25
Research & Development Expense	42	44	46	48	50	50	51	55	63	66
Total Other Income / (Expense), net	1.77	4.94	5.82	7.28	7.60	10	9.41	10	12	8.47
Interest & Investment Income	2.26	4.27	5.64	7.54	8.63	9.28	10	11	11	11
Other Income / (Expense), net	-0.49	0.67	0.18	-0.27	-1.02	1.05	-0.62	-0.71	0.57	-2.23
Income Tax Expense	0.05	0.72	-0.12	-1.32	0.13	3.02	-1.11	4.36	2.03	8.45
Basic Earnings per Share	($0.46)	($0.36)	($0.06)	$0.09	$0.07	$0.29	$0.63	$0.56	$0.53	$0.32
Weighted Average Basic Shares Outstanding	40.17M	40.64M	41.05M	41.54M	42.01M	42.88M	43.12M	43.54M	43.98M	45.24M
Diluted Earnings per Share	($0.46)	($0.36)	($0.06)	$0.08	$0.06	$0.27	$0.57	$0.51	$0.49	$0.31
Weighted Average Diluted Shares Outstanding	40.17M	40.64M	41.05M	41.54M	42.01M	42.88M	43.12M	43.54M	43.98M	45.24M
Weighted Average Basic & Diluted Shares Outstanding	40.17M	40.64M	41.05M	41.54M	42.01M	42.88M	43.12M	43.54M	43.98M	45.24M

This table details how cash moves in and out of Duolingo's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	61	433	54	142	38
Net Cash From Operating Activities	18	9.17	54	154	286
Net Cash From Continuing Operating Activities	18	9.17	54	154	285
Net Income / (Loss) Continuing Operations	-16	-60	-60	16	89
Consolidated Net Income / (Loss)	-16	-60	-60	16	89
Depreciation Expense	2.26	2.73	4.87	7.10	11
Amortization Expense	-	-	0.00	0.00	-0.55
Non-Cash Adjustments To Reconcile Net Income	17	41	74	96	110
Changes in Operating Assets and Liabilities, net	14	26	35	35	76
Net Cash From Investing Activities	-4.01	-6.21	-14	-14	-217
Net Cash From Continuing Investing Activities	-4.01	-6.21	-14	-14	-217
Purchase of Property, Plant & Equipment	-3.38	-3.59	-5.56	-3.19	-12
Acquisitions	0.00	0.00	-4.05	0.00	-6.60
Purchase of Investments	-	-	0.00	0.00	-193
Sale of Property, Plant & Equipment	-	0.00	0.00	0.10	0.00
Sale and/or Maturity of Investments	-	-	0.00	0.00	3.71
Other Investing Activities, net	-0.64	-2.62	-4.56	-10	-9.02
Net Cash From Financing Activities	47	430	15	2.14	-30
Net Cash From Continuing Financing Activities	47	430	15	2.14	-30
Other Financing Activities, net	2.03	12	15	2.14	-30
Cash Income Taxes Paid	0.00	0.13	0.62	2.32	7.62

This table details how cash moves in and out of Duolingo's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	8.81	8.21	33	38	23	49	82	59	-34	-69
Net Cash From Operating Activities	8.76	12	30	37	38	49	84	62	56	83
Net Cash From Continuing Operating Activities	8.76	12	30	37	38	49	84	62	56	83
Net Income / (Loss) Continuing Operations	-18	-14	-2.58	3.73	2.81	12	27	24	23	14
Consolidated Net Income / (Loss)	-18	-14	-2.58	3.73	2.81	12	27	24	23	14
Depreciation Expense	1.48	1.44	1.76	1.63	1.66	2.04	2.07	2.24	2.88	3.66
Amortization Expense	-	-	-	-	-	-	-	-	-	-0.54
Non-Cash Adjustments To Reconcile Net Income	20	21	21	24	26	25	25	27	29	30
Changes in Operating Assets and Liabilities, net	5.23	3.46	9.45	8.09	7.34	10	29	9.05	1.08	36
Net Cash From Investing Activities	-3.52	-4.95	-1.31	-3.37	-4.75	-4.15	-5.02	-8.66	-93	-110
Net Cash From Continuing Investing Activities	-3.52	-4.95	-1.31	-3.37	-4.75	-4.15	-5.02	-8.66	-93	-110
Purchase of Property, Plant & Equipment	-2.08	-0.29	-0.68	-0.83	-0.76	-0.92	-1.41	-5.56	-3.18	-1.96
Purchase of Investments	-	-	-	-	-	-	-	-	-	-112
Other Investing Activities, net	-1.44	-0.60	-0.73	-2.54	-3.99	-3.22	-3.61	-3.09	-1.85	-0.48
Net Cash From Financing Activities	3.56	1.55	4.62	3.78	-9.83	3.56	3.61	4.80	3.19	-42
Net Cash From Continuing Financing Activities	3.56	1.55	4.62	3.78	-9.83	3.56	3.61	4.80	3.19	-42
Other Financing Activities, net	3.56	1.55	4.62	3.78	-9.83	3.56	3.61	4.80	3.19	-42
Cash Income Taxes Paid	-	0.01	0.03	1.91	0.26	0.13	0.00	4.93	1.87	0.82

This table presents Duolingo's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Total Assets	176	661	747	954	1,302
Total Current Assets	158	619	697	898	1,102
Cash & Equivalents	120	554	608	748	786
Short-Term Investments	-	-	-	0.00	92
Accounts Receivable	20	33	47	89	129
Prepaid Expenses	3.86	7.97	7.23	7.28	15
Other Current Assets	14	24	35	54	80
Plant, Property, & Equipment, net	6.43	8.21	13	12	19
Total Noncurrent Assets	11	34	37	44	181
Long-Term Investments	-	-	-	0.00	98
Goodwill	-	0.00	4.05	4.05	11
Intangible Assets	2.30	4.57	8.50	16	20
Noncurrent Deferred & Refundable Income Taxes	-	0.00	0.63	0.77	0.68
Other Noncurrent Operating Assets	8.64	29	24	24	52
Total Liabilities & Shareholders' Equity	176	661	747	954	1,302
Total Liabilities	74	148	205	298	477
Total Current Liabilities	66	119	182	277	422
Accounts Payable	2.20	7.82	1.18	2.45	6.38
Accrued Expenses	8.63	13	22	25	36
Current Deferred Revenue	55	98	158	249	373
Current Deferred & Payable Income Tax Liabilities	0.07	0.11	1.07	0.79	6.59
Total Noncurrent Liabilities	8.13	29	24	21	55
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	0.00	0.29
Other Noncurrent Operating Liabilities	8.13	29	24	21	55
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-81	513	542	656	825
Total Preferred & Common Equity	-81	513	542	656	825
Total Common Equity	-81	513	542	656	825
Common Stock	30	684	773	870	950
Retained Earnings	-111	-171	-230	-214	-126

This table presents Duolingo's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	714	790	835	871	1,069	1,139	1,220
Total Current Assets	668	741	785	819	977	1,042	1,058
Cash & Equivalents	600	641	679	702	830	888	854
Short-Term Investments	-	-	-	-	-	-	26
Accounts Receivable	30	53	53	62	76	78	94
Prepaid Expenses	7.91	7.50	7.79	9.53	11	12	16
Other Current Assets	30	40	43	46	60	63	67
Plant, Property, & Equipment, net	13	13	13	12	13	18	19
Total Noncurrent Assets	32	36	37	40	78	80	142
Long-Term Investments	-	-	-	-	-	-	55
Goodwill	-	4.05	4.05	4.05	4.05	4.05	11
Intangible Assets	7.02	8.48	10	14	19	21	22
Noncurrent Deferred & Refundable Income Taxes	0.42	0.63	0.63	0.63	0.77	0.84	0.84
Other Noncurrent Operating Assets	25	23	22	21	55	54	53
Total Liabilities & Shareholders' Equity	714	790	835	871	1,069	1,139	1,220
Total Liabilities	180	225	238	256	358	372	397
Total Current Liabilities	156	203	217	235	304	318	342
Accounts Payable	3.36	0.99	2.31	2.71	2.63	3.41	3.65
Accrued Expenses	17	19	22	23	21	23	28
Current Deferred Revenue	135	182	193	209	279	291	311
Current Deferred & Payable Income Tax Liabilities	0.15	0.93	0.06	0.06	0.36	0.04	0.04
Total Noncurrent Liabilities	24	22	21	21	54	55	55
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	0.31
Other Noncurrent Operating Liabilities	24	22	21	21	54	55	55
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	534	565	596	615	711	767	822
Total Preferred & Common Equity	534	565	596	615	711	767	822
Total Common Equity	534	565	596	615	711	767	822
Common Stock	750	798	826	841	899	930	962
Retained Earnings	-217	-233	-229	-227	-187	-163	-140

This table displays calculated financial ratios and metrics derived from Duolingo's official financial filings.

Metric	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	55.09%	47.34%	43.74%	40.84%
EBITDA Growth	0.00%	-318.41%	-6.55%	89.81%	1,224.17%
EBIT Growth	0.00%	-276.29%	-9.83%	79.79%	547.72%
NOPAT Growth	0.00%	-274.79%	-8.65%	73.74%	552.23%
Net Income Growth	0.00%	-281.18%	0.93%	126.97%	451.28%
EPS Growth	0.00%	-107.26%	41.25%	123.18%	437.14%
Operating Cash Flow Growth	0.00%	-48.22%	485.13%	186.29%	85.86%
Free Cash Flow Firm Growth	0.00%	0.00%	-3.50%	168.74%	709.16%
Invested Capital Growth	0.00%	-120.04%	-61.75%	-39.34%	-64.36%
Revenue Q/Q Growth	0.00%	0.00%	9.10%	9.75%	8.49%
EBITDA Q/Q Growth	0.00%	0.00%	-1.20%	79.38%	10.90%
EBIT Q/Q Growth	0.00%	0.00%	-2.19%	63.67%	10.79%
NOPAT Q/Q Growth	0.00%	0.00%	-1.14%	52.72%	10.97%
Net Income Q/Q Growth	0.00%	0.00%	5.68%	260.99%	2.06%
EPS Q/Q Growth	0.00%	0.00%	10.65%	225.00%	2.17%
Operating Cash Flow Q/Q Growth	0.00%	-26.16%	26.31%	32.39%	13.59%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	407.05%	50.18%
Invested Capital Q/Q Growth	0.00%	0.00%	0.06%	-5.97%	-33.22%
Profitability Metrics	-	-	-	-	-
Gross Margin	71.56%	72.41%	73.09%	73.24%	72.78%
EBITDA Margin	-8.46%	-22.83%	-16.51%	-1.17%	9.35%
Operating Margin	-9.90%	-23.93%	-17.64%	-2.50%	8.37%
EBIT Margin	-9.86%	-23.92%	-17.83%	-2.51%	7.97%
Profit (Net Income) Margin	-9.76%	-23.98%	-16.12%	3.03%	11.84%
Tax Burden Percent	100.43%	100.30%	101.60%	90.38%	86.58%
Interest Burden Percent	98.55%	99.97%	89.02%	-133.52%	171.63%
Effective Tax Rate	0.00%	0.00%	0.00%	9.62%	13.42%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-15.48%	-19.56%	-11.29%	2.68%	11.97%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-9.07%	-14.33%	-9.35%	-1.57%	5.29%
Return on Assets (ROA)	-8.98%	-14.37%	-8.46%	1.89%	7.85%
Return on Common Equity (ROCE)	12.26%	-13.75%	-11.29%	2.68%	11.97%
Return on Equity Simple (ROE_SIMPLE)	19.55%	-11.72%	-10.99%	2.45%	10.74%
Net Operating Profit after Tax (NOPAT)	-11	-42	-46	-12	54
NOPAT Margin	-6.93%	-16.75%	-12.35%	-2.26%	7.24%
Net Nonoperating Expense Percent (NNEP)	-3.79%	-5.38%	-2.40%	4.14%	3.99%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-8.42%	-1.83%	6.57%
Cost of Revenue to Revenue	28.44%	27.59%	26.91%	26.76%	27.22%
SG&A Expenses to Revenue	27.09%	31.45%	32.11%	25.00%	21.42%
R&D to Revenue	32.79%	41.41%	40.72%	36.59%	31.46%
Operating Expenses to Revenue	81.46%	96.34%	90.73%	75.74%	64.41%
Earnings before Interest and Taxes (EBIT)	-16	-60	-66	-13	60
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-14	-57	-61	-6.22	70
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	7.75	5.27	14.54	17.30
Price to Tangible Book Value (P/TBV)	0.00	7.82	5.40	15.00	17.96
Price to Revenue (P/Rev)	3.22	15.86	7.73	17.95	19.07
Price to Earnings (P/E)	0.00	0.00	0.00	593.19	161.01
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.17%	0.62%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	3.61	13.65	6.09	16.54	17.76
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	190.03
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	222.87
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	245.14
Enterprise Value to Operating Cash Flow (EV/OCF)	32.92	373.20	41.92	57.18	46.53
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	626.33	117.08
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.18	-1.10	-1.10	-1.13	-1.16
Leverage Ratio	1.72	1.36	1.34	1.42	1.52
Compound Leverage Factor	1.70	1.36	1.19	-1.90	2.62
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	179.17%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-79.17%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	4.60	16.72	8.95	20.14	19.15
Noncontrolling Interest Sharing Ratio	179.17%	29.69%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-
Current Ratio	2.41	5.20	3.84	3.24	2.61
Quick Ratio	2.15	4.93	3.60	3.02	2.38
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-20	-20	14	113
Operating Cash Flow to CapEx	524.53%	255.72%	964.69%	4,969.72%	2,356.50%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.92	0.60	0.52	0.62	0.66
Accounts Receivable Turnover	7.91	9.35	9.25	7.83	6.87
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	25.15	34.26	34.89	42.90	48.68
Accounts Payable Turnover	20.94	13.82	22.11	78.42	46.14
Days Sales Outstanding (DSO)	46.16	39.02	39.46	46.63	53.16
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	17.43	26.42	16.51	4.65	7.91
Cash Conversion Cycle (CCC)	28.73	12.60	22.95	41.98	45.25
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	-19	-41	-66	-92	-151
Invested Capital Turnover	-8.71	-8.44	-6.91	-6.71	-6.14
Increase / (Decrease) in Invested Capital	0.00	-22	-25	-26	-59
Enterprise Value (EV)	583	3,422	2,249	8,783	13,285
Market Capitalization	521	3,976	2,857	9,531	14,261
Book Value per Share	($15.80)	$13.69	$13.49	$15.60	$18.23
Tangible Book Value per Share	($16.25)	$13.57	$13.18	$15.12	$17.55
Total Capital	102	513	542	656	825
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00
Net Debt	-120	-554	-608	-748	-976
Capital Expenditures (CapEx)	3.38	3.59	5.56	3.09	12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-28	-54	-93	-127	-198
Debt-free Net Working Capital (DFNWC)	93	500	515	620	679
Net Working Capital (NWC)	93	500	515	620	679
Net Nonoperating Expense (NNE)	4.57	18	14	-28	-34
Net Nonoperating Obligations (NNO)	-120	-554	-608	-748	-976
Total Depreciation and Amortization (D&A)	2.26	2.73	4.87	7.10	10
Debt-free, Cash-free Net Working Capital to Revenue	-17.19%	-21.45%	-25.11%	-23.95%	-26.51%
Debt-free Net Working Capital to Revenue	57.32%	199.44%	139.49%	116.82%	90.82%
Net Working Capital to Revenue	57.32%	199.44%	139.49%	116.82%	90.82%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($2.57)	($1.51)	$0.39	$2.04
Adjusted Weighted Average Basic Shares Outstanding	0.00	38.63M	40.64M	42.88M	45.24M
Adjusted Diluted Earnings per Share	$0.00	($2.57)	($1.51)	$0.35	$1.88
Adjusted Weighted Average Diluted Shares Outstanding	0.00	38.63M	40.64M	42.88M	45.24M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	38.63M	40.64M	42.88M	45.24M
Normalized Net Operating Profit after Tax (NOPAT)	-11	-42	-46	-12	54
Normalized NOPAT Margin	-6.93%	-16.75%	-12.35%	-2.26%	7.24%
Pre Tax Income Margin	-9.71%	-23.91%	-15.87%	3.35%	13.68%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-1.44%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Duolingo's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	51.06%	42.20%	42.40%	43.51%	43.26%	45.42%	44.87%	40.59%	39.94%	38.79%
EBITDA Growth	31.99%	3.69%	42.25%	75.71%	78.95%	149.19%	372.12%	678.34%	521.68%	87.26%
EBIT Growth	28.59%	-0.41%	31.43%	67.04%	72.43%	133.45%	289.73%	450.54%	348.43%	99.26%
NOPAT Growth	29.75%	-4.23%	28.09%	28.55%	68.32%	130.22%	387.45%	310.90%	379.34%	124.96%
Net Income Growth	36.33%	20.48%	78.76%	124.76%	115.22%	186.98%	1,144.00%	553.72%	732.21%	14.77%
EPS Growth	53.06%	33.33%	80.65%	121.05%	113.04%	175.00%	1,050.00%	537.50%	716.67%	14.81%
Operating Cash Flow Growth	94.17%	2,587.04%	43.52%	193.53%	329.84%	323.79%	182.10%	67.86%	49.45%	69.42%
Free Cash Flow Firm Growth	-28.47%	0.00%	-72.43%	-65.72%	22.43%	138.21%	349.61%	365.23%	140.46%	127.55%
Invested Capital Growth	-70.87%	-61.75%	-34.06%	-30.69%	-31.41%	-39.34%	-56.33%	-47.45%	-30.74%	-64.36%
Revenue Q/Q Growth	8.69%	8.08%	11.40%	9.66%	8.50%	9.71%	10.97%	6.43%	8.00%	8.80%
EBITDA Q/Q Growth	-33.10%	16.31%	59.02%	46.78%	-15.35%	295.52%	126.74%	13.10%	-15.90%	-13.17%
EBIT Q/Q Growth	-32.61%	15.33%	52.32%	38.43%	-10.91%	202.74%	170.44%	13.75%	-21.40%	-17.59%
NOPAT Q/Q Growth	-34.11%	9.97%	53.07%	-26.10%	40.54%	185.87%	346.47%	-7.49%	-21.25%	-30.84%
Net Income Q/Q Growth	-22.60%	24.48%	81.46%	244.27%	-24.64%	331.67%	122.46%	-9.66%	-4.07%	-40.47%
EPS Q/Q Growth	-21.05%	21.74%	83.33%	233.33%	-25.00%	350.00%	111.11%	-10.53%	-3.92%	-36.73%
Operating Cash Flow Q/Q Growth	-30.82%	32.53%	155.03%	25.55%	1.30%	30.66%	69.77%	-25.30%	-9.81%	48.12%
Free Cash Flow Firm Q/Q Growth	-61.31%	-5.92%	6.33%	-11.43%	38.19%	83.04%	100.69%	-8.36%	-28.57%	73.21%
Invested Capital Q/Q Growth	-5.08%	0.06%	-14.83%	-8.38%	-5.66%	-5.97%	-28.83%	-2.22%	6.31%	-33.22%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	72.62%	73.25%	72.77%	73.36%	73.66%	73.13%	73.03%	73.45%	72.91%	71.88%
EBITDA Margin	-19.96%	-15.45%	-5.68%	-2.76%	-2.93%	5.23%	10.68%	11.35%	8.84%	7.05%
Operating Margin	-20.99%	-17.48%	-7.37%	-3.84%	-3.39%	3.18%	9.81%	10.49%	7.05%	6.62%
EBIT Margin	-21.50%	-16.84%	-7.21%	-4.05%	-4.14%	3.87%	9.44%	10.09%	7.34%	5.56%
Profit (Net Income) Margin	-19.20%	-13.42%	-2.23%	2.94%	2.04%	8.03%	16.09%	13.66%	12.13%	6.64%
Tax Burden Percent	100.29%	105.42%	95.70%	154.56%	95.74%	80.07%	104.27%	84.81%	92.01%	62.22%
Interest Burden Percent	89.06%	75.56%	32.36%	-46.95%	-51.50%	258.73%	163.43%	159.58%	179.52%	191.78%
Effective Tax Rate	0.00%	0.00%	0.00%	-54.56%	4.26%	19.93%	-4.27%	15.19%	7.99%	37.78%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-12.09%	-11.29%	-9.21%	-5.55%	-1.74%	2.68%	7.15%	9.72%	12.08%	11.97%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-10.94%	-8.84%	-3.95%	-2.33%	-2.53%	2.42%	5.92%	6.49%	4.84%	3.69%
Return on Assets (ROA)	-9.77%	-7.04%	-1.22%	1.69%	1.25%	5.01%	10.09%	8.78%	8.00%	4.40%
Return on Common Equity (ROCE)	-12.09%	-11.29%	-9.21%	-5.55%	-1.74%	2.68%	7.15%	9.72%	12.08%	11.97%
Return on Equity Simple (ROE_SIMPLE)	-11.83%	0.00%	-8.85%	-5.24%	-1.62%	0.00%	6.41%	8.64%	10.55%	0.00%
Net Operating Profit after Tax (NOPAT)	-14	-13	-5.96	-7.52	-4.47	3.84	17	16	12	8.64
NOPAT Margin	-14.69%	-12.24%	-5.16%	-5.93%	-3.25%	2.54%	10.23%	8.89%	6.48%	4.12%
Net Nonoperating Expense Percent (NNEP)	-0.75%	-0.21%	0.56%	1.77%	1.12%	1.22%	1.33%	1.08%	1.33%	0.61%
Return On Investment Capital (ROIC_SIMPLE)	-	-2.34%	-	-	-	0.59%	-	-	-	1.05%
Cost of Revenue to Revenue	27.38%	26.75%	27.23%	26.64%	26.34%	26.87%	26.97%	26.55%	27.09%	28.12%
SG&A Expenses to Revenue	31.47%	30.35%	26.15%	25.41%	24.27%	24.43%	20.96%	20.72%	19.93%	23.76%
R&D to Revenue	43.70%	42.83%	39.64%	37.80%	36.55%	33.29%	30.37%	30.92%	32.65%	31.68%
Operating Expenses to Revenue	93.61%	90.74%	80.14%	77.20%	77.05%	69.95%	63.22%	62.96%	65.86%	65.26%
Earnings before Interest and Taxes (EBIT)	-21	-17	-8.34	-5.13	-5.69	5.85	16	18	14	12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-19	-16	-6.58	-3.50	-4.04	7.89	18	20	17	15
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.07	5.27	10.25	9.84	11.21	14.54	13.30	11.73	14.93	17.30
Price to Tangible Book Value (P/TBV)	7.16	5.40	10.48	10.08	11.54	15.00	13.74	12.12	15.54	17.96
Price to Revenue (P/Rev)	11.14	7.73	14.34	13.26	14.24	17.95	16.22	14.18	17.81	19.07
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	593.19	207.38	135.86	141.49	161.01
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.17%	0.48%	0.74%	0.71%	0.62%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	9.37	6.09	12.76	11.73	12.79	16.54	14.80	12.78	16.45	17.76
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	472.81	193.17	179.93	190.03
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	795.85	238.76	210.82	222.87
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	749.14	252.20	232.26	245.14
Enterprise Value to Operating Cash Flow (EV/OCF)	74.73	41.92	82.28	59.55	53.33	57.18	41.58	34.85	45.13	46.53
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	626.33	158.97	113.92	150.12	117.08
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.10	-1.10	-1.12	-1.13	-1.13	-1.13	-1.15	-1.15	-1.14	-1.16
Leverage Ratio	1.27	1.34	1.36	1.37	1.38	1.42	1.46	1.45	1.45	1.52
Compound Leverage Factor	1.14	1.01	0.44	-0.64	-0.71	3.68	2.38	2.31	2.61	2.92
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	13.41	9.16	16.32	15.71	17.13	20.20	16.97	15.66	19.70	19.03
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.29	3.84	3.65	3.62	3.49	3.24	3.22	3.28	3.09	2.61
Quick Ratio	4.05	3.60	3.42	3.37	3.25	3.02	2.98	3.04	2.85	2.38
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	13	13	13	12	16	30	60	55	39	68
Operating Cash Flow to CapEx	421.31%	3,975.34%	5,095.35%	4,494.20%	4,960.47%	5,323.92%	5,906.22%	1,121.48%	1,770.52%	4,250.08%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.51	0.52	0.55	0.58	0.61	0.62	0.63	0.64	0.66	0.66
Accounts Receivable Turnover	13.30	9.25	9.96	10.84	10.53	7.83	9.04	9.68	8.84	6.87
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	31.95	34.89	34.98	34.13	38.41	42.90	44.76	41.05	43.77	48.68
Accounts Payable Turnover	15.18	22.11	72.86	62.67	42.57	78.42	86.29	59.32	58.26	46.14
Days Sales Outstanding (DSO)	27.45	39.46	36.63	33.67	34.66	46.63	40.36	37.72	41.27	53.16
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	24.05	16.51	5.01	5.82	8.57	4.65	4.23	6.15	6.27	7.91
Cash Conversion Cycle (CCC)	3.40	22.95	31.62	27.84	26.08	41.98	36.13	31.56	35.01	45.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	-66	-66	-76	-82	-87	-92	-119	-121	-114	-151
Invested Capital Turnover	-6.46	-6.91	-6.10	-6.09	-6.32	-6.71	-5.99	-6.23	-6.88	-6.14
Increase / (Decrease) in Invested Capital	-27	-25	-19	-19	-21	-26	-43	-39	-27	-59
Enterprise Value (EV)	3,175	2,249	5,153	5,189	6,188	8,783	8,628	8,110	11,343	13,285
Market Capitalization	3,775	2,857	5,794	5,868	6,890	9,531	9,458	8,998	12,279	14,261
Book Value per Share	$13.47	$13.49	$13.91	$14.53	$14.80	$15.60	$16.58	$17.79	$18.89	$18.23
Tangible Book Value per Share	$13.29	$13.18	$13.60	$14.18	$14.37	$15.12	$16.06	$17.21	$18.15	$17.55
Total Capital	534	542	565	596	615	656	711	767	822	825
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-600	-608	-641	-679	-702	-748	-830	-888	-936	-976
Capital Expenditures (CapEx)	2.08	0.29	0.58	0.83	0.76	0.92	1.41	5.56	3.18	1.96
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-87	-93	-103	-111	-118	-127	-156	-164	-164	-198
Debt-free Net Working Capital (DFNWC)	513	515	538	568	584	620	674	724	716	679
Net Working Capital (NWC)	513	515	538	568	584	620	674	724	716	679
Net Nonoperating Expense (NNE)	4.33	1.22	-3.38	-11	-7.28	-8.28	-9.81	-8.49	-11	-5.27
Net Nonoperating Obligations (NNO)	-600	-608	-641	-679	-702	-748	-830	-888	-936	-976
Total Depreciation and Amortization (D&A)	1.48	1.44	1.76	1.63	1.66	2.04	2.07	2.24	2.88	3.12
Debt-free, Cash-free Net Working Capital to Revenue	-25.77%	-25.11%	-25.42%	-25.05%	-24.29%	-23.95%	-26.79%	-25.91%	-23.85%	-26.51%
Debt-free Net Working Capital to Revenue	151.38%	139.49%	133.29%	128.36%	120.71%	116.82%	115.53%	114.08%	103.89%	90.82%
Net Working Capital to Revenue	151.38%	139.49%	133.29%	128.36%	120.71%	116.82%	115.53%	114.08%	103.89%	90.82%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.46)	($0.36)	($0.06)	$0.09	$0.07	$0.29	$0.63	$0.56	$0.53	$0.32
Adjusted Weighted Average Basic Shares Outstanding	40.17M	40.64M	41.05M	41.54M	42.01M	42.88M	43.12M	43.54M	43.98M	45.24M
Adjusted Diluted Earnings per Share	($0.46)	($0.36)	($0.06)	$0.08	$0.06	$0.27	$0.57	$0.51	$0.49	$0.31
Adjusted Weighted Average Diluted Shares Outstanding	40.17M	40.64M	41.05M	41.54M	42.01M	42.88M	43.12M	43.54M	43.98M	45.24M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	40.17M	40.64M	41.05M	41.54M	42.01M	42.88M	43.12M	43.54M	43.98M	45.24M
Normalized Net Operating Profit after Tax (NOPAT)	-14	-13	-5.96	-3.41	-4.47	3.84	12	16	12	8.64
Normalized NOPAT Margin	-14.69%	-12.24%	-5.16%	-2.68%	-3.25%	2.54%	6.87%	8.89%	6.48%	4.12%
Pre Tax Income Margin	-19.15%	-12.73%	-2.33%	1.90%	2.13%	10.02%	15.43%	16.10%	13.18%	10.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions About Duolingo's Financials

When does Duolingo's fiscal year end?

According to the most recent income statement we have on file, Duolingo's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Duolingo's net income changed over the last 4 years?

Duolingo's net income appears to be on a downward trend, with a most recent value of $88.57 million in 2024, falling from -$15.78 million in 2020. The previous period was $16.07 million in 2023.

What is Duolingo's operating income?

Duolingo's total operating income in 2024 was $62.60 million, based on the following breakdown:

Total Gross Profit: $544.38 million
Total Operating Expenses: $481.78 million

How has Duolingo revenue changed over the last 4 years?

Over the last 4 years, Duolingo's total revenue changed from $161.70 million in 2020 to $748.02 million in 2024, a change of 362.6%.

How much debt does Duolingo have?

Duolingo's total liabilities were at $477.18 million at the end of 2024, a 59.9% increase from 2023, and a 546.4% increase since 2020.

How much cash does Duolingo have?

In the past 4 years, Duolingo's cash and equivalents has ranged from $120.49 million in 2020 to $785.79 million in 2024, and is currently $785.79 million as of their latest financial filing in 2024.

How has Duolingo's book value per share changed over the last 4 years?

Over the last 4 years, Duolingo's book value per share changed from -15.80 in 2020 to 18.23 in 2024, a change of -215.3%.

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This page (NASDAQ:DUOL) was last updated on 4/30/2025 by MarketBeat.com Staff

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Duolingo (DUOL) Financials

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Duolingo (DUOL) Financials

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