Duolingo (DUOL) Financials

$112.01 +6.99 (+6.66%)

As of 12:03 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	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-16	-60	-60	16	89	414
Consolidated Net Income / (Loss)	-16	-60	-60	16	89	414
Net Income / (Loss) Continuing Operations	-16	-60	-60	16	89	414
Total Pre-Tax Income	-16	-60	-59	18	102	182
Total Operating Income	-16	-60	-65	-13	63	136
Total Gross Profit	116	182	270	389	544	749
Total Revenue	162	251	369	531	748	1,038
Operating Revenue	162	251	369	531	748	1,038
Total Cost of Revenue	46	69	99	142	204	288
Operating Cost of Revenue	46	69	99	142	204	288
Total Operating Expenses	132	242	335	402	482	614
Selling, General & Admin Expense	44	79	119	133	160	184
Marketing Expense	35	59	67	76	90	126
Research & Development Expense	53	104	150	194	235	306
Other Operating Expenses / (Income)	-0.16	-0.32	-0.13	-0.59	-1.27	-3.38
Total Other Income / (Expense), net	0.30	0.05	6.56	31	40	47
Interest & Investment Income	0.23	0.02	7.24	31	43	45
Other Income / (Expense), net	0.07	0.03	-0.68	-0.06	-2.99	1.61
Income Tax Expense	0.07	0.18	0.94	1.71	14	-232
Basic Earnings per Share	($1.24)	($2.57)	($1.51)	$0.39	$2.04	$9.05
Weighted Average Basic Shares Outstanding	-	38.63M	40.64M	42.88M	45.24M	46.95M
Diluted Earnings per Share	($1.24)	($2.57)	($1.51)	$0.35	$1.88	$8.57
Weighted Average Diluted Shares Outstanding	-	38.63M	40.64M	42.88M	45.24M	46.95M
Weighted Average Basic & Diluted Shares Outstanding	-	38.63M	40.64M	42.88M	45.24M	46.95M

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	3.73	2.81	12	27	24	23	14	35	45	292	42
Consolidated Net Income / (Loss)	3.73	2.81	12	27	24	23	14	35	45	292	42
Net Income / (Loss) Continuing Operations	3.73	2.81	12	27	24	23	14	35	45	292	42
Total Pre-Tax Income	2.41	2.93	15	26	29	25	22	35	46	46	55
Total Operating Income	-4.87	-4.67	4.80	16	19	14	14	24	33	35	43
Total Gross Profit	93	101	110	122	131	140	151	164	183	197	206
Total Revenue	127	138	151	168	178	193	210	231	252	272	283
Operating Revenue	127	138	151	168	178	193	210	231	252	272	283
Total Cost of Revenue	34	36	41	45	47	52	59	67	70	75	77
Operating Cost of Revenue	34	36	41	45	47	52	59	67	70	75	77
Total Operating Expenses	98	106	106	106	112	127	137	141	149	162	162
Selling, General & Admin Expense	32	33	37	35	37	38	50	43	46	44	50
Marketing Expense	18	22	19	20	20	26	25	27	30	35	34
Research & Development Expense	48	50	50	51	55	63	66	70	74	83	80
Total Other Income / (Expense), net	7.28	7.60	10	9.41	10	12	8.47	11	13	11	11
Interest & Investment Income	7.54	8.63	9.28	10	11	11	11	10	11	12	12
Other Income / (Expense), net	-0.27	-1.02	1.05	-0.62	-0.71	0.57	-2.23	1.00	1.66	-0.50	-0.55
Income Tax Expense	-1.32	0.13	3.02	-1.11	4.36	2.03	8.45	-0.13	1.67	-246	13
Basic Earnings per Share	$0.09	$0.07	$0.29	$0.63	$0.56	$0.53	$0.32	$0.78	$0.98	$6.36	$0.93
Weighted Average Basic Shares Outstanding	41.54M	42.01M	42.88M	43.12M	43.54M	43.98M	45.24M	45.45M	45.82M	46.23M	46.95M
Diluted Earnings per Share	$0.08	$0.06	$0.27	$0.57	$0.51	$0.49	$0.31	$0.72	$0.91	$5.95	$0.99
Weighted Average Diluted Shares Outstanding	41.54M	42.01M	42.88M	43.12M	43.54M	43.98M	45.24M	45.45M	45.82M	46.23M	46.95M
Weighted Average Basic & Diluted Shares Outstanding	41.54M	42.01M	42.88M	43.12M	43.54M	43.98M	45.24M	45.45M	45.82M	46.23M	46.95M

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	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	61	433	54	142	38	251
Net Cash From Operating Activities	18	9.17	54	154	286	388
Net Cash From Continuing Operating Activities	18	9.17	54	154	286	388
Net Income / (Loss) Continuing Operations	-16	-60	-60	16	89	414
Consolidated Net Income / (Loss)	-16	-60	-60	16	89	414
Depreciation Expense	2.26	2.73	4.87	7.10	11	14
Amortization Expense	-	-	0.00	0.00	-0.55	-1.85
Non-Cash Adjustments To Reconcile Net Income	17	41	74	95	110	137
Changes in Operating Assets and Liabilities, net	14	26	35	35	76	-176
Net Cash From Investing Activities	-4.01	-6.21	-14	-14	-217	-108
Net Cash From Continuing Investing Activities	-4.01	-6.21	-14	-14	-217	-108
Purchase of Property, Plant & Equipment	-3.38	-3.59	-5.56	-3.19	-12	-18
Acquisitions	0.00	0.00	-4.05	0.00	-6.60	-33
Purchase of Investments	-	-	0.00	0.00	-193	-163
Sale of Property, Plant & Equipment	-	0.00	0.00	0.10	0.00	0.00
Sale and/or Maturity of Investments	-	-	0.00	0.00	3.71	116
Other Investing Activities, net	-0.64	-2.62	-4.56	-10	-9.02	-9.30
Net Cash From Financing Activities	47	430	15	2.14	-30	-30
Net Cash From Continuing Financing Activities	47	430	15	2.14	-30	-30
Other Financing Activities, net	2.03	12	15	2.14	-30	-30
Cash Income Taxes Paid	0.00	0.13	0.62	2.32	7.62	14

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	38	23	49	82	59	-34	-69	98	92	35	25
Net Cash From Operating Activities	37	38	49	84	62	56	83	106	91	84	107
Net Cash From Continuing Operating Activities	37	38	49	84	62	56	83	106	91	84	107
Net Income / (Loss) Continuing Operations	3.73	2.81	12	27	24	23	14	35	45	292	42
Consolidated Net Income / (Loss)	3.73	2.81	12	27	24	23	14	35	45	292	42
Depreciation Expense	1.63	1.66	2.04	2.07	2.24	2.88	3.66	3.59	3.44	3.55	3.81
Amortization Expense	-	-	-	0.00	-	-	-0.54	-0.55	-0.47	-0.44	-0.39
Non-Cash Adjustments To Reconcile Net Income	24	26	25	25	27	29	30	31	35	36	36
Changes in Operating Assets and Liabilities, net	8.09	7.34	10	29	9.05	1.08	36	36	8.33	-247	26
Net Cash From Investing Activities	-3.37	-4.75	-4.15	-5.02	-8.66	-93	-110	-11	-2.27	-52	-43
Net Cash From Continuing Investing Activities	-3.37	-4.75	-4.15	-5.02	-8.66	-93	-110	-11	-2.27	-52	-43
Purchase of Property, Plant & Equipment	-0.83	-0.76	-0.92	-1.41	-5.56	-3.18	-1.96	-1.31	-1.20	-4.86	-11
Purchase of Investments	-	-	-	0.00	-	-	-112	-27	-22	-51	-64
Sale and/or Maturity of Investments	-	-	-	0.00	-	-	-	19	24	40	34
Other Investing Activities, net	-2.54	-3.99	-3.22	-3.61	-3.09	-1.85	-0.48	-1.31	-3.15	-2.52	-2.32
Net Cash From Financing Activities	3.78	-9.83	3.56	3.61	4.80	3.19	-42	3.12	3.83	2.75	-39
Net Cash From Continuing Financing Activities	3.78	-9.83	3.56	3.61	4.80	3.19	-42	3.12	3.83	2.75	-39
Other Financing Activities, net	3.78	-9.83	3.56	3.61	4.80	3.19	-42	3.12	3.83	2.75	-39
Cash Income Taxes Paid	1.91	0.26	0.13	0.00	4.93	1.87	0.82	0.09	12	0.00	2.68

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	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	176	661	747	954	1,302	1,992
Total Current Assets	158	619	697	898	1,102	1,437
Cash & Equivalents	120	554	608	748	786	1,036
Short-Term Investments	-	-	-	0.00	92	104
Accounts Receivable	20	33	47	89	129	163
Prepaid Expenses	3.86	7.97	7.23	7.28	15	17
Current Deferred & Refundable Income Taxes	-	-	-	-	0.03	14
Other Current Assets	14	24	35	54	80	103
Plant, Property, & Equipment, net	6.43	8.21	13	12	19	36
Total Noncurrent Assets	11	34	37	44	181	519
Long-Term Investments	-	-	-	0.00	98	135
Goodwill	-	0.00	4.05	4.05	11	35
Intangible Assets	2.30	4.57	8.50	16	20	28
Noncurrent Deferred & Refundable Income Taxes	-	0.00	0.63	0.77	0.68	227
Other Noncurrent Operating Assets	8.64	29	24	24	52	93
Total Liabilities & Shareholders' Equity	176	661	747	954	1,302	1,992
Total Liabilities	74	148	205	298	477	645
Total Current Liabilities	66	119	182	277	422	551
Accounts Payable	2.20	7.82	1.18	2.45	6.38	8.00
Accrued Expenses	8.63	13	22	25	36	46
Current Deferred Revenue	55	98	158	249	373	496
Current Deferred & Payable Income Tax Liabilities	0.07	0.11	1.07	0.79	6.59	1.26
Total Noncurrent Liabilities	8.13	29	24	21	55	94
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	0.00	0.29	0.25
Other Noncurrent Operating Liabilities	8.13	29	24	21	55	94
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-81	513	542	656	825	1,347
Total Preferred & Common Equity	-81	513	542	656	825	1,347
Total Common Equity	-81	513	542	656	825	1,347
Common Stock	30	684	773	870	950	1,059
Retained Earnings	-111	-171	-230	-214	-126	288

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	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	714	790	835	871	1,069	1,139	1,220	1,403	1,543	1,886
Total Current Assets	668	741	785	819	977	1,042	1,058	1,220	1,324	1,367
Cash & Equivalents	600	641	679	702	830	888	854	884	976	1,012
Short-Term Investments	-	-	-	-	-	-	26	115	122	110
Accounts Receivable	30	53	53	62	76	78	94	114	113	124
Prepaid Expenses	7.91	7.50	7.79	9.53	11	12	16	17	19	17
Current Deferred & Refundable Income Taxes	-	-	2.36	-	-	-	-	-	-	9.89
Other Current Assets	30	40	43	46	60	63	67	90	94	95
Plant, Property, & Equipment, net	13	13	13	12	13	18	19	19	20	25
Total Noncurrent Assets	32	36	37	40	78	80	142	164	199	494
Long-Term Investments	-	-	-	-	-	-	55	83	75	99
Goodwill	-	4.05	4.05	4.05	4.05	4.05	11	11	11	35
Intangible Assets	7.02	8.48	10	14	19	21	22	19	20	28
Noncurrent Deferred & Refundable Income Taxes	0.42	0.63	0.63	0.63	0.77	0.84	0.84	0.68	0.68	240
Other Noncurrent Operating Assets	25	23	22	21	55	54	53	51	92	92
Total Liabilities & Shareholders' Equity	714	790	835	871	1,069	1,139	1,220	1,403	1,543	1,886
Total Liabilities	180	225	238	256	358	372	397	509	566	578
Total Current Liabilities	156	203	217	235	304	318	342	454	471	485
Accounts Payable	3.36	0.99	2.31	2.71	2.63	3.41	3.65	2.55	7.73	3.57
Accrued Expenses	17	19	22	23	21	23	28	31	32	39
Current Deferred Revenue	135	182	193	209	279	291	311	415	431	442
Current Deferred & Payable Income Tax Liabilities	0.15	0.93	0.06	0.06	0.36	0.04	0.04	6.38	0.02	0.02
Total Noncurrent Liabilities	24	22	21	21	54	55	55	55	94	94
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	0.31	0.30	0.30	0.30
Other Noncurrent Operating Liabilities	24	22	21	21	54	55	55	55	94	93
Commitments & Contingencies	0.00	0.00	0.00	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	894	977	1,308
Total Preferred & Common Equity	534	565	596	615	711	767	822	894	977	1,308
Total Common Equity	534	565	596	615	711	767	822	894	977	1,308
Common Stock	750	798	826	841	899	930	962	985	1,023	1,061
Retained Earnings	-217	-233	-229	-227	-187	-163	-140	-91	-46	246

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

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	46,227,357.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	46,227,357.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	8.96
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	55.09%	47.34%	43.74%	40.84%	38.71%
EBITDA Growth	0.00%	-318.41%	-6.55%	89.81%	1,224.17%	114.15%
EBIT Growth	0.00%	-276.29%	-9.83%	79.79%	547.72%	130.13%
NOPAT Growth	0.00%	-274.79%	-8.65%	73.74%	552.23%	467.86%
Net Income Growth	0.00%	-281.18%	0.93%	126.97%	451.28%	367.48%
EPS Growth	0.00%	-107.26%	41.25%	123.18%	437.14%	355.85%
Operating Cash Flow Growth	0.00%	-48.22%	485.13%	186.29%	85.86%	35.83%
Free Cash Flow Firm Growth	0.00%	0.00%	-3.50%	168.74%	709.16%	-25.17%
Invested Capital Growth	0.00%	-120.04%	-61.75%	-39.34%	-64.36%	147.19%
Revenue Q/Q Growth	0.00%	0.00%	9.10%	9.75%	8.49%	7.60%
EBITDA Q/Q Growth	0.00%	0.00%	-1.20%	79.38%	10.90%	26.69%
EBIT Q/Q Growth	0.00%	0.00%	-2.19%	63.67%	10.79%	29.50%
NOPAT Q/Q Growth	0.00%	0.00%	-1.14%	52.72%	10.97%	13.01%
Net Income Q/Q Growth	0.00%	0.00%	5.68%	260.99%	2.06%	7.27%
EPS Q/Q Growth	0.00%	0.00%	10.65%	225.00%	2.17%	8.62%
Operating Cash Flow Q/Q Growth	0.00%	-26.16%	26.31%	32.39%	13.59%	6.58%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	407.05%	50.18%	19.06%
Invested Capital Q/Q Growth	0.00%	0.00%	0.06%	-5.97%	-33.22%	-18.21%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	71.56%	72.41%	73.09%	73.24%	72.78%	72.23%
EBITDA Margin	-8.46%	-22.83%	-16.51%	-1.17%	9.35%	14.43%
Operating Margin	-9.90%	-23.93%	-17.64%	-2.50%	8.37%	13.07%
EBIT Margin	-9.86%	-23.92%	-17.83%	-2.51%	7.97%	13.22%
Profit (Net Income) Margin	-9.76%	-23.98%	-16.12%	3.03%	11.84%	39.91%
Tax Burden Percent	100.43%	100.30%	101.60%	90.38%	86.58%	227.00%
Interest Burden Percent	98.55%	99.97%	89.02%	-133.52%	171.63%	132.97%
Effective Tax Rate	0.00%	0.00%	0.00%	9.62%	13.42%	-127.00%
Return on Invested Capital (ROIC)	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%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-15.48%	-19.56%	-11.29%	2.68%	11.97%	38.14%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	118.86%
Operating Return on Assets (OROA)	-9.07%	-14.33%	-9.35%	-1.57%	5.29%	8.33%
Return on Assets (ROA)	-8.98%	-14.37%	-8.46%	1.89%	7.85%	25.14%
Return on Common Equity (ROCE)	12.26%	-13.75%	-11.29%	2.68%	11.97%	38.14%
Return on Equity Simple (ROE_SIMPLE)	19.55%	-11.72%	-10.99%	2.45%	10.74%	0.00%
Net Operating Profit after Tax (NOPAT)	-11	-42	-46	-12	54	308
NOPAT Margin	-6.93%	-16.75%	-12.35%	-2.26%	7.24%	29.66%
Net Nonoperating Expense Percent (NNEP)	-3.79%	-5.38%	-2.40%	4.14%	3.99%	9.44%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-8.42%	-1.83%	6.57%	22.85%
Cost of Revenue to Revenue	28.44%	27.59%	26.91%	26.76%	27.22%	27.77%
SG&A Expenses to Revenue	27.09%	31.45%	32.11%	25.00%	21.42%	17.70%
R&D to Revenue	32.79%	41.41%	40.72%	36.59%	31.46%	29.52%
Operating Expenses to Revenue	81.46%	96.34%	90.73%	75.74%	64.41%	59.16%
Earnings before Interest and Taxes (EBIT)	-16	-60	-66	-13	60	137
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-14	-57	-61	-6.22	70	150
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	7.75	5.27	14.54	17.30	6.02
Price to Tangible Book Value (P/TBV)	0.00	7.82	5.40	15.00	17.96	6.32
Price to Revenue (P/Rev)	3.22	15.86	7.73	17.95	19.07	7.82
Price to Earnings (P/E)	0.00	0.00	0.00	593.19	161.01	19.59
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.17%	0.62%	5.10%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	95.71
Enterprise Value to Revenue (EV/Rev)	3.61	13.65	6.09	16.54	17.76	6.59
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	190.03	45.67
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	222.87	49.84
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	245.14	22.22
Enterprise Value to Operating Cash Flow (EV/OCF)	32.92	373.20	41.92	57.18	46.53	17.63
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	626.33	117.08	80.52
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	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
Financial Leverage	-1.18	-1.10	-1.10	-1.13	-1.16	-1.04
Leverage Ratio	1.72	1.36	1.34	1.42	1.52	1.52
Compound Leverage Factor	1.70	1.36	1.19	-1.90	2.62	2.02
Debt to Total Capital	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%
Long-Term Debt to Total Capital	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%
Noncontrolling Interests to Total Capital	179.17%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-79.17%	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
Net Debt to EBITDA	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
Debt to NOPAT	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
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	4.60	16.72	8.95	20.14	19.15	9.03
Noncontrolling Interest Sharing Ratio	179.17%	29.69%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	2.41	5.20	3.84	3.24	2.61	2.61
Quick Ratio	2.15	4.93	3.60	3.02	2.38	2.36
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-20	-20	14	113	85
Operating Cash Flow to CapEx	524.53%	255.72%	964.69%	4,969.72%	2,356.50%	2,143.14%
Free Cash Flow to Firm to Interest Expense	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
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.92	0.60	0.52	0.62	0.66	0.63
Accounts Receivable Turnover	7.91	9.35	9.25	7.83	6.87	7.11
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	25.15	34.26	34.89	42.90	48.68	37.57
Accounts Payable Turnover	20.94	13.82	22.11	78.42	46.14	40.08
Days Sales Outstanding (DSO)	46.16	39.02	39.46	46.63	53.16	51.32
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	17.43	26.42	16.51	4.65	7.91	9.11
Cash Conversion Cycle (CCC)	28.73	12.60	22.95	41.98	45.25	42.21
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	-19	-41	-66	-92	-151	71
Invested Capital Turnover	-8.71	-8.44	-6.91	-6.71	-6.14	-25.96
Increase / (Decrease) in Invested Capital	0.00	-22	-25	-26	-59	223
Enterprise Value (EV)	583	3,422	2,249	8,783	13,285	6,837
Market Capitalization	521	3,976	2,857	9,531	14,261	8,113
Book Value per Share	($15.80)	$13.69	$13.49	$15.60	$18.23	$29.14
Tangible Book Value per Share	($16.25)	$13.57	$13.18	$15.12	$17.55	$27.76
Total Capital	102	513	542	656	825	1,347
Total Debt	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
Net Debt	-120	-554	-608	-748	-976	-1,276
Capital Expenditures (CapEx)	3.38	3.59	5.56	3.09	12	18
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-28	-54	-93	-127	-198	-255
Debt-free Net Working Capital (DFNWC)	93	500	515	620	679	885
Net Working Capital (NWC)	93	500	515	620	679	885
Net Nonoperating Expense (NNE)	4.57	18	14	-28	-34	-106
Net Nonoperating Obligations (NNO)	-120	-554	-608	-748	-976	-1,276
Total Depreciation and Amortization (D&A)	2.26	2.73	4.87	7.10	10	13
Debt-free, Cash-free Net Working Capital to Revenue	-17.19%	-21.45%	-25.11%	-23.95%	-26.51%	-24.58%
Debt-free Net Working Capital to Revenue	57.32%	199.44%	139.49%	116.82%	90.82%	85.34%
Net Working Capital to Revenue	57.32%	199.44%	139.49%	116.82%	90.82%	85.34%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($2.57)	($1.51)	$0.39	$2.04	$9.05
Adjusted Weighted Average Basic Shares Outstanding	0.00	38.63M	40.64M	42.88M	45.24M	46.95M
Adjusted Diluted Earnings per Share	$0.00	($2.57)	($1.51)	$0.35	$1.88	$8.57
Adjusted Weighted Average Diluted Shares Outstanding	0.00	38.63M	40.64M	42.88M	45.24M	46.95M
Adjusted Basic & Diluted Earnings per Share	$0.00	$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	46.95M
Normalized Net Operating Profit after Tax (NOPAT)	-11	-42	-46	-12	54	95
Normalized NOPAT Margin	-6.93%	-16.75%	-12.35%	-2.26%	7.24%	9.15%
Pre Tax Income Margin	-9.71%	-23.91%	-15.87%	3.35%	13.68%	17.58%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	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
EBIT Less CapEx to Interest Expense	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
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-1.44%	0.00%	0.00%	0.00%	0.00%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	46,227,357.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	46,227,357.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.91
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	43.51%	43.26%	45.42%	44.87%	40.59%	39.94%	38.79%	37.71%	41.46%	41.08%	34.99%
EBITDA Growth	75.71%	78.95%	149.19%	372.12%	678.34%	521.68%	87.26%	54.45%	87.76%	122.07%	213.46%
EBIT Growth	67.04%	72.43%	133.45%	289.73%	450.54%	348.43%	99.26%	55.49%	94.65%	145.04%	268.13%
NOPAT Growth	28.55%	68.32%	130.22%	387.45%	310.90%	379.34%	124.96%	38.13%	102.82%	1,670.92%	287.28%
Net Income Growth	124.76%	115.22%	186.98%	1,144.00%	553.72%	732.21%	14.77%	30.34%	83.90%	1,150.83%	201.68%
EPS Growth	121.05%	113.04%	175.00%	1,050.00%	537.50%	716.67%	14.81%	26.32%	78.43%	1,114.29%	219.35%
Operating Cash Flow Growth	193.53%	329.84%	323.79%	182.10%	67.86%	49.45%	69.42%	26.48%	45.34%	49.71%	28.72%
Free Cash Flow Firm Growth	-65.72%	22.43%	138.21%	349.61%	365.23%	140.46%	127.55%	56.62%	95.07%	-48.52%	-378.84%
Invested Capital Growth	-30.69%	-31.41%	-39.34%	-56.33%	-47.45%	-30.74%	-64.36%	-59.11%	-61.76%	176.87%	147.19%
Revenue Q/Q Growth	9.66%	8.50%	9.71%	10.97%	6.43%	8.00%	8.80%	10.11%	9.33%	7.71%	4.11%
EBITDA Q/Q Growth	46.78%	-15.35%	295.52%	126.74%	13.10%	-15.90%	-13.17%	87.01%	37.49%	-0.60%	22.64%
EBIT Q/Q Growth	38.43%	-10.91%	202.74%	170.44%	13.75%	-21.40%	-17.59%	111.03%	42.40%	-1.05%	23.80%
NOPAT Q/Q Growth	-26.10%	40.54%	185.87%	346.47%	-7.49%	-21.25%	-30.84%	174.15%	35.84%	587.64%	-84.88%
Net Income Q/Q Growth	244.27%	-24.64%	331.67%	122.46%	-9.66%	-4.07%	-40.47%	152.64%	27.45%	552.50%	-85.64%
EPS Q/Q Growth	233.33%	-25.00%	350.00%	111.11%	-10.53%	-3.92%	-36.73%	132.26%	26.39%	553.85%	-83.36%
Operating Cash Flow Q/Q Growth	25.55%	1.30%	30.66%	69.77%	-25.30%	-9.81%	48.12%	26.74%	-14.16%	-7.10%	27.35%
Free Cash Flow Firm Q/Q Growth	-11.43%	38.19%	83.04%	100.69%	-8.36%	-28.57%	73.21%	38.13%	14.14%	-81.15%	-1,038.19%
Invested Capital Q/Q Growth	-8.38%	-5.66%	-5.97%	-28.83%	-2.22%	6.31%	-33.22%	-24.71%	-3.93%	144.52%	-18.21%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	73.36%	73.66%	73.13%	73.03%	73.45%	72.91%	71.88%	71.12%	72.38%	72.47%	72.78%
EBITDA Margin	-2.76%	-2.93%	5.23%	10.68%	11.35%	8.84%	7.05%	11.98%	15.06%	13.90%	16.38%
Operating Margin	-3.84%	-3.39%	3.18%	9.81%	10.49%	7.05%	6.62%	10.23%	13.23%	12.94%	15.36%
EBIT Margin	-4.05%	-4.14%	3.87%	9.44%	10.09%	7.34%	5.56%	10.66%	13.88%	12.75%	15.17%
Profit (Net Income) Margin	2.94%	2.04%	8.03%	16.09%	13.66%	12.13%	6.64%	15.23%	17.75%	107.54%	14.83%
Tax Burden Percent	154.56%	95.74%	80.07%	104.27%	84.81%	92.01%	62.22%	100.36%	96.41%	629.07%	76.98%
Interest Burden Percent	-46.95%	-51.50%	258.73%	163.43%	159.58%	179.52%	191.78%	142.35%	132.63%	134.03%	127.03%
Effective Tax Rate	-54.56%	4.26%	19.93%	-4.27%	15.19%	7.99%	37.78%	-0.36%	3.59%	-529.07%	23.02%
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%	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%	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%	0.00%
Return on Equity (ROE)	-5.55%	-1.74%	2.68%	7.15%	9.72%	12.08%	11.97%	12.06%	13.44%	36.25%	38.14%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	81.65%	118.86%
Operating Return on Assets (OROA)	-2.33%	-2.53%	2.42%	5.92%	6.49%	4.84%	3.69%	7.00%	9.16%	7.92%	9.56%
Return on Assets (ROA)	1.69%	1.25%	5.01%	10.09%	8.78%	8.00%	4.40%	9.99%	11.72%	66.79%	9.34%
Return on Common Equity (ROCE)	-5.55%	-1.74%	2.68%	7.15%	9.72%	12.08%	11.97%	12.06%	13.44%	36.25%	38.14%
Return on Equity Simple (ROE_SIMPLE)	-5.24%	-1.62%	0.00%	6.41%	8.64%	10.55%	0.00%	10.82%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-7.52	-4.47	3.84	17	16	12	8.64	24	32	221	33
NOPAT Margin	-5.93%	-3.25%	2.54%	10.23%	8.89%	6.48%	4.12%	10.26%	12.75%	81.40%	11.83%
Net Nonoperating Expense Percent (NNEP)	1.77%	1.12%	1.22%	1.33%	1.08%	1.33%	0.61%	1.20%	1.22%	6.59%	0.76%
Return On Investment Capital (ROIC_SIMPLE)	-	-	0.59%	-	-	-	1.05%	2.65%	3.29%	16.92%	2.48%
Cost of Revenue to Revenue	26.64%	26.34%	26.87%	26.97%	26.55%	27.09%	28.12%	28.88%	27.62%	27.53%	27.22%
SG&A Expenses to Revenue	25.41%	24.27%	24.43%	20.96%	20.72%	19.93%	23.76%	18.83%	18.23%	16.18%	17.77%
R&D to Revenue	37.80%	36.55%	33.29%	30.37%	30.92%	32.65%	31.68%	30.51%	29.20%	30.44%	28.12%
Operating Expenses to Revenue	77.20%	77.05%	69.95%	63.22%	62.96%	65.86%	65.26%	60.89%	59.15%	59.53%	57.42%
Earnings before Interest and Taxes (EBIT)	-5.13	-5.69	5.85	16	18	14	12	25	35	35	43
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-3.50	-4.04	7.89	18	20	17	15	28	38	38	46
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.84	11.21	14.54	13.30	11.73	14.93	17.30	15.72	19.08	11.28	6.02
Price to Tangible Book Value (P/TBV)	10.08	11.54	15.00	13.74	12.12	15.54	17.96	16.25	19.69	11.85	6.32
Price to Revenue (P/Rev)	13.26	14.24	17.95	16.22	14.18	17.81	19.07	17.32	21.06	15.29	7.82
Price to Earnings (P/E)	0.00	0.00	593.19	207.38	135.86	141.49	161.01	145.21	159.04	38.20	19.59
Dividend Yield	0.00%	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%	0.17%	0.48%	0.74%	0.71%	0.62%	0.69%	0.63%	2.62%	5.10%
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	154.86	95.71
Enterprise Value to Revenue (EV/Rev)	11.73	12.79	16.54	14.80	12.78	16.45	17.76	15.98	19.73	14.03	6.59
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	472.81	193.17	179.93	190.03	162.79	179.27	114.47	45.67
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	795.85	238.76	210.82	222.87	189.62	204.46	127.70	49.84
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	749.14	252.20	232.26	245.14	214.18	228.10	49.68	22.22
Enterprise Value to Operating Cash Flow (EV/OCF)	59.55	53.33	57.18	41.58	34.85	45.13	46.53	42.15	51.99	37.17	17.63
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	626.33	158.97	113.92	150.12	117.08	99.23	115.29	189.67	80.52
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	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	0.00
Financial Leverage	-1.13	-1.13	-1.13	-1.15	-1.15	-1.14	-1.16	-1.19	-1.18	-1.01	-1.04
Leverage Ratio	1.37	1.38	1.42	1.46	1.45	1.45	1.52	1.54	1.54	1.46	1.52
Compound Leverage Factor	-0.64	-0.71	3.68	2.38	2.31	2.61	2.92	2.19	2.04	1.95	1.93
Debt to Total Capital	0.00%	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%	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%	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%	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%	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%	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	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	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	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	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	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	0.00
Altman Z-Score	15.71	17.13	20.20	16.97	15.66	19.70	19.03	17.75	21.04	16.62	8.87
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.62	3.49	3.24	3.22	3.28	3.09	2.61	2.68	2.81	2.82	2.61
Quick Ratio	3.37	3.25	3.02	2.98	3.04	2.85	2.38	2.45	2.57	2.57	2.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	12	16	30	60	55	39	68	94	107	20	-189
Operating Cash Flow to CapEx	4,494.20%	4,960.47%	5,323.92%	5,906.22%	1,121.48%	1,770.52%	4,250.08%	8,069.60%	7,568.86%	1,732.60%	1,000.07%
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	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	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	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.58	0.61	0.62	0.63	0.64	0.66	0.66	0.66	0.66	0.62	0.63
Accounts Receivable Turnover	10.84	10.53	7.83	9.04	9.68	8.84	6.87	8.51	9.29	8.82	7.11
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	34.13	38.41	42.90	44.76	41.05	43.77	48.68	50.12	46.55	43.71	37.57
Accounts Payable Turnover	62.67	42.57	78.42	86.29	59.32	58.26	46.14	87.06	44.45	74.84	40.08
Days Sales Outstanding (DSO)	33.67	34.66	46.63	40.36	37.72	41.27	53.16	42.88	39.31	41.39	51.32
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	5.82	8.57	4.65	4.23	6.15	6.27	7.91	4.19	8.21	4.88	9.11
Cash Conversion Cycle (CCC)	27.84	26.08	41.98	36.13	31.56	35.01	45.25	38.69	31.09	36.52	42.21
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-82	-87	-92	-119	-121	-114	-151	-189	-196	87	71
Invested Capital Turnover	-6.09	-6.32	-6.71	-5.99	-6.23	-6.88	-6.14	-5.28	-5.58	-73.36	-25.96
Increase / (Decrease) in Invested Capital	-19	-21	-26	-43	-39	-27	-59	-70	-75	201	223
Enterprise Value (EV)	5,189	6,188	8,783	8,628	8,110	11,343	13,285	12,967	17,464	13,527	6,837
Market Capitalization	5,868	6,890	9,531	9,458	8,998	12,279	14,261	14,050	18,637	14,747	8,113
Book Value per Share	$14.53	$14.80	$15.60	$16.58	$17.79	$18.89	$18.23	$19.76	$21.49	$28.54	$29.14
Tangible Book Value per Share	$14.18	$14.37	$15.12	$16.06	$17.21	$18.15	$17.55	$19.11	$20.82	$27.15	$27.76
Total Capital	596	615	656	711	767	822	825	894	977	1,308	1,347
Total Debt	0.00	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	0.00
Net Debt	-679	-702	-748	-830	-888	-936	-976	-1,083	-1,173	-1,220	-1,276
Capital Expenditures (CapEx)	0.83	0.76	0.92	1.41	5.56	3.18	1.96	1.31	1.20	4.86	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-111	-118	-127	-156	-164	-164	-198	-234	-245	-239	-255
Debt-free Net Working Capital (DFNWC)	568	584	620	674	724	716	679	765	853	883	885
Net Working Capital (NWC)	568	584	620	674	724	716	679	765	853	883	885
Net Nonoperating Expense (NNE)	-11	-7.28	-8.28	-9.81	-8.49	-11	-5.27	-11	-13	-71	-8.50
Net Nonoperating Obligations (NNO)	-679	-702	-748	-830	-888	-936	-976	-1,083	-1,173	-1,220	-1,276
Total Depreciation and Amortization (D&A)	1.63	1.66	2.04	2.07	2.24	2.88	3.12	3.04	2.97	3.11	3.42
Debt-free, Cash-free Net Working Capital to Revenue	-25.05%	-24.29%	-23.95%	-26.79%	-25.91%	-23.85%	-26.51%	-28.86%	-27.71%	-24.77%	-24.58%
Debt-free Net Working Capital to Revenue	128.36%	120.71%	116.82%	115.53%	114.08%	103.89%	90.82%	94.32%	96.32%	91.53%	85.34%
Net Working Capital to Revenue	128.36%	120.71%	116.82%	115.53%	114.08%	103.89%	90.82%	94.32%	96.32%	91.53%	85.34%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.09	$0.07	$0.29	$0.63	$0.56	$0.53	$0.32	$0.78	$0.98	$6.36	$0.93
Adjusted Weighted Average Basic Shares Outstanding	41.54M	42.01M	42.88M	43.12M	43.54M	43.98M	45.24M	45.45M	45.82M	46.23M	46.95M
Adjusted Diluted Earnings per Share	$0.08	$0.06	$0.27	$0.57	$0.51	$0.49	$0.31	$0.72	$0.91	$5.95	$0.99
Adjusted Weighted Average Diluted Shares Outstanding	41.54M	42.01M	42.88M	43.12M	43.54M	43.98M	45.24M	45.45M	45.82M	46.23M	46.95M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	41.54M	42.01M	42.88M	43.12M	43.54M	43.98M	45.24M	45.45M	45.82M	46.23M	46.95M
Normalized Net Operating Profit after Tax (NOPAT)	-3.41	-4.47	3.84	12	16	12	8.64	17	32	25	33
Normalized NOPAT Margin	-2.68%	-3.25%	2.54%	6.87%	8.89%	6.48%	4.12%	7.16%	12.75%	9.06%	11.83%
Pre Tax Income Margin	1.90%	2.13%	10.02%	15.43%	16.10%	13.18%	10.67%	15.17%	18.41%	17.09%	19.27%
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	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	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	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	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%	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%	0.00%

Financials Breakdown Chart

Key Financial Trends

Duolingo’s 2025 quarterly results show improving profitability and cash generation, supported by rising revenue and a strong balance sheet. Below are the key takeaways based on the last four years of quarterly data (focusing on 2025 Q1–Q4, with context from prior years).

Revenue growth and scale: 2025 quarterly revenues rose from about $230.7M in Q1 2025 to $282.9M in Q4 2025, with roughly $271.7M in Q3 2025 and $252.3M in Q2 2025, signaling sustained growth into late 2025.
Stable gross margins: Gross margin remains strong and consistent around the low- to mid-70s, with Q4 2025 Gross Profit of $205.9M on $282.9M revenue (about 72.8%), and similar levels in earlier 2025 quarters.
Positive net income and earnings trend: Net income attributable to common shareholders was positive across 2025 quarters (e.g., about $41.95M in Q4 2025; around mid-$30M range earlier in the year), indicating improving profitability.
Robust operating cash flow: Cash flow from operating activities was solid across 2025, ranging roughly from $84.2M (Q3) to $107.3M (Q4), with Q1 2025 around $105.6M and Q2 2025 around $90.7M.
Free cash flow generation: In Q4 2025, after capex, free cash flow was approximately $96.6M, highlighting meaningful cash generation beyond operating needs.
Liquidity and balance sheet strength: Cash & equivalents around $1.01B by Q3 2025, total assets near $1.89B, and total equity around $1.31B, with no material debt evident and a solid capital position supporting liquidity and flexibility.
Significant R&D investment: R&D expense in Q4 2025 was about $79.6M, roughly 28% of revenue, signaling ongoing growth investment that may weigh on near-term margins but supports long-term product development.
Modest, ongoing capex: Quarterly purchases of property, plant & equipment have been modest (e.g., about $10.7M in Q4 2025; smaller amounts in prior quarters), indicating continued platform improvements without heavy capital outlays.
Potential one-time items in Q3 2025: The Q3 2025 income statement shows an unusually high net income figure relative to pre-tax income, suggesting possible one-time or non-core items; investors should watch for recurring profitability in subsequent quarters.
Financing cash outflows in Q4 2025: Net cash from financing activities was negative (about $39.3M), indicating cash used for financing activities in the quarter (e.g., potential debt repayment or other uses of cash), which reduced overall quarterly cash generation.

05/07/26 11:57 AM ETAI Generated. May Contain Errors.

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 2025 ended on December 31, 2025.

How has Duolingo's net income changed over the last 5 years?

Duolingo's net income appears to be on an upward trend, with a most recent value of $414.07 million in 2025, falling from -$15.78 million in 2020. The previous period was $88.57 million in 2024. View Duolingo's forecast to see where analysts expect Duolingo to go next.

What is Duolingo's operating income?

Duolingo's total operating income in 2025 was $135.57 million, based on the following breakdown:

Total Gross Profit: $749.46 million
Total Operating Expenses: $613.89 million

How has Duolingo's revenue changed over the last 5 years?

Over the last 5 years, Duolingo's total revenue changed from $161.70 million in 2020 to $1.04 billion in 2025, a change of 541.7%.

How much debt does Duolingo have?

Duolingo's total liabilities were at $645.18 million at the end of 2025, a 35.2% increase from 2024, and a 774.0% increase since 2020.

How much cash does Duolingo have?

In the past 5 years, Duolingo's cash and equivalents has ranged from $120.49 million in 2020 to $1.04 billion in 2025, and is currently $1.04 billion as of their latest financial filing in 2025.

How has Duolingo's book value per share changed over the last 5 years?

Over the last 5 years, Duolingo's book value per share changed from -15.80 in 2020 to 29.14 in 2025, a change of -284.4%.

Related Companies

Financial statements for NASDAQ:DUOL last updated on 3/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Duolingo (DUOL) Financials

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Duolingo (DUOL) Financials

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