NASDAQ : DUOL
Duolingo, Inc. — Financial statements
Technology · Software - Application · United States
Last price 136.39 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 6.38B
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Financial statements
Duolingo, Inc. (DUOL) reported revenue of 1.15B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.15B | 1.04B | 748.02M | 531.11M | 369.50M | 250.77M |
| Cost of Revenue | 312.39M | 288.13M | 203.65M | 142.10M | 99.43M | 69.19M |
| Gross Profit | 832.62M | 749.46M | 544.38M | 389.00M | 270.06M | 181.59M |
| Selling, General & Admin | 335.33M | 304.70M | 245.51M | 207.91M | 184.81M | 137.76M |
| Research & Development | 334.06M | 303.52M | 235.06M | 194.35M | 150.44M | 103.83M |
| Operating Expenses | 669.38M | 608.22M | 480.57M | 402.26M | 335.26M | 241.59M |
| Operating Income | 163.23M | 141.24M | 63.81M | -13.26M | -65.19M | -60.01M |
| Interest & Investment Income | 47.03M | 45.23M | 42.70M | 31.09M | 7.24M | 19.00K |
| Currency Exchange Gain (Loss) | -2.25M | 1.61M | -2.99M | -55.00K | -676.00K | 30.00K |
| EBT Excluding Unusual Items | 208.01M | 188.07M | 103.52M | 17.78M | -58.64M | -59.96M |
| Merger & Restructuring Charges | -4.26M | -4.85M | -774.00K | |||
| Asset Writedown | -578.00K | -238.00K | ||||
| Other Unusual Items | -1.31M | -818.00K | -200.00K | |||
| Pretax Income | 201.87M | 182.41M | 102.31M | 17.78M | -58.64M | -59.96M |
| Income Tax Expense | -208.90M | -231.66M | 13.73M | 1.71M | 938.00K | 177.00K |
| Net Income | 410.77M | 414.06M | 88.57M | 16.07M | -59.57M | -60.13M |
| Net Income to Common | 410.77M | 414.06M | 88.57M | 16.07M | -59.57M | -60.13M |
| Shares Outstanding (Basic) | 46.45M | 45.77M | 43.50M | 41.45M | 39.47M | 23.43M |
| Shares Outstanding (Diluted) | 48.96M | 48.31M | 47.10M | 46.52M | 39.47M | 23.43M |
| EPS (Basic) | 8.84 | 9.05 | 2.04 | 0.39 | -1.51 | -2.57 |
| EPS (Diluted) | 8.39 | 8.57 | 1.88 | 0.35 | -1.51 | -2.57 |
| Free Cash Flow | 407.93M | 369.73M | 273.40M | 150.42M | 48.09M | 5.58M |
| Free Cash Flow Per Share | 8.33 | 7.65 | 5.80 | 3.23 | 1.22 | 0.24 |
| Gross Margin | 72.72% | 72.23% | 72.78% | 73.24% | 73.09% | 72.41% |
| Operating Margin | 14.26% | 13.61% | 8.53% | -2.50% | -17.64% | -23.93% |
| Profit Margin | 35.88% | 39.91% | 11.84% | 3.02% | -16.12% | -23.98% |
| Free Cash Flow Margin | 35.63% | 35.63% | 36.55% | 28.32% | 13.02% | 2.23% |
| EBITDA | 179.03M | 155.63M | 74.66M | -6.16M | -60.33M | -57.28M |
| EBITDA Margin | 15.64% | 15.00% | 9.98% | -1.16% | -16.33% | -22.84% |
| D&A For EBITDA | 15.80M | 14.39M | 10.85M | 7.09M | 4.87M | 2.73M |
| EBIT | 163.23M | 141.24M | 63.81M | -13.26M | -65.19M | -60.01M |
| EBIT Margin | 14.26% | 13.61% | 8.53% | -2.50% | -17.64% | -23.93% |
| Effective Tax Rate | 13.42% | 9.62% | ||||
| Advertising Expenses | 86.87M | 62.37M | 52.97M | 48.11M | 42.96M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.18B | 1.04B | 785.79M | 747.61M | 608.18M | 553.92M |
| Short-Term Investments | 132.98M | 104.08M | 91.85M | |||
| Cash & Short-Term Investments | 1.31B | 1.14B | 877.64M | 747.61M | 608.18M | 553.92M |
| Accounts Receivable | 130.98M | 162.83M | 128.92M | 88.97M | 46.73M | 33.16M |
| Other Receivables | 4.80M | 16.17M | 1.51M | |||
| Receivables | 135.78M | 178.99M | 130.44M | 88.97M | 46.73M | 33.16M |
| Prepaid Expenses | 18.78M | 14.48M | 13.34M | 7.28M | 7.23M | 7.97M |
| Other Current Assets | 102.69M | 102.66M | 80.16M | 53.93M | 35.04M | 24.22M |
| Total Current Assets | 1.57B | 1.44B | 1.10B | 897.80M | 697.18M | 619.27M |
| Property, Plant & Equipment | 117.45M | 116.68M | 66.44M | 30.89M | 35.48M | 36.58M |
| Long-Term Investments | 102.69M | 135.10M | 98.29M | |||
| Goodwill | 35.34M | 35.34M | 10.54M | 4.05M | 4.05M | |
| Other Intangible Assets | 27.60M | 28.31M | 19.90M | 15.99M | 8.50M | 4.57M |
| Long-Term Deferred Tax Assets | 206.04M | 227.34M | 675.00K | 766.00K | 633.00K | |
| Other Long-Term Assets | 13.72M | 12.82M | 4.30M | 4.45M | 1.51M | 894.00K |
| Total Assets | 2.07B | 1.99B | 1.30B | 953.96M | 747.35M | 661.31M |
| Accounts Payable | 16.20M | 8.00M | 6.38M | 2.45M | 1.18M | 7.82M |
| Accrued Expenses | 55.43M | 38.48M | 33.79M | 20.99M | 12.20M | 5.47M |
| Current Portion of Leases | 7.20M | 2.58M | 3.94M | 4.90M | 3.34M | |
| Current Income Taxes Payable | 1.11M | 1.26M | 6.59M | 792.00K | 1.07M | 113.00K |
| Current Unearned Revenue | 505.10M | 496.20M | 372.88M | 249.19M | 157.55M | 98.27M |
| Other Current Liabilities | 4.87M | 4.12M | ||||
| Total Current Liabilities | 577.83M | 551.15M | 422.23M | 277.36M | 181.77M | 119.13M |
| Long-Term Leases | 86.14M | 93.78M | 54.66M | 21.09M | 23.50M | 29.12M |
| Long-Term Deferred Tax Liabilities | 242.00K | 249.00K | 291.00K | |||
| Total Liabilities | 664.21M | 645.18M | 477.18M | 298.46M | 205.27M | 148.25M |
| Common Stock | 5.00K | 5.00K | 4.00K | 4.00K | 4.00K | 4.00K |
| Additional Paid-In Capital | 1.05B | 1.06B | 950.39M | 869.92M | 772.56M | 683.97M |
| Retained Earnings | 364.84M | 288.22M | -125.85M | -214.42M | -230.49M | -170.91M |
| Total Common Equity | 1.41B | 1.35B | 824.55M | 655.50M | 542.08M | 513.06M |
| Shareholders' Equity | 1.41B | 1.35B | 824.55M | 655.50M | 542.08M | 513.06M |
| Total Liabilities & Equity | 2.07B | 1.99B | 1.30B | 953.96M | 747.35M | 661.31M |
| Total Debt | 86.14M | 100.98M | 57.24M | 25.04M | 28.41M | 32.46M |
| Net Cash (Debt) | 1.23B | 1.04B | 820.41M | 722.57M | 579.77M | 521.46M |
| Net Cash Per Share | 25.07 | 21.52 | 17.42 | 15.53 | 14.69 | 22.25 |
| Filing Date Shares Outstanding | 46.79M | 46.95M | 45.24M | 42.88M | 40.64M | 38.63M |
| Total Common Shares Outstanding | 46.72M | 46.63M | 44.94M | 42.53M | 40.36M | 38.27M |
| Working Capital | 993.28M | 885.46M | 679.36M | 620.44M | 515.42M | 500.14M |
| Book Value Per Share | 30.17 | 28.89 | 18.35 | 15.41 | 13.43 | 13.41 |
| Tangible Book Value | 1.35B | 1.28B | 794.11M | 635.46M | 529.53M | 508.49M |
| Tangible Book Value Per Share | 28.82 | 27.52 | 17.67 | 14.94 | 13.12 | 13.29 |
| Machinery | 14.14M | 13.10M | 8.41M | 5.87M | 5.20M | 3.05M |
| Leasehold Improvements | 52.73M | 44.77M | 26.94M | 18.19M | 15.98M | 10.26M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 410.77M | 414.06M | 88.57M | 16.07M | -59.57M | -60.13M |
| Depreciation & Amortization | 15.80M | 14.39M | 10.85M | 7.09M | 4.87M | 2.73M |
| Asset Writedown & Restructuring Costs | 578.00K | |||||
| Loss (Gain) From Sale of Investments | -1.48M | -1.85M | -551.00K | |||
| Stock-Based Compensation | 144.68M | 137.44M | 110.48M | 95.22M | 73.82M | 40.80M |
| Other Operating Activities | -203.89M | -225.19M | 238.00K | 333.00K | ||
| Change in Accounts Receivable | -18.06M | -33.90M | -39.92M | -42.25M | -13.56M | -12.71M |
| Change in Accounts Payable | 7.21M | 1.62M | 3.93M | 1.26M | -6.66M | 5.62M |
| Change in Unearned Revenue | 73.92M | 123.32M | 123.69M | 91.64M | 59.28M | 43.48M |
| Change in Other Net Operating Assets | 1.01M | -42.07M | -11.79M | -15.76M | -4.52M | -10.61M |
| Operating Cash Flow | 430.55M | 387.82M | 285.51M | 153.61M | 53.66M | 9.17M |
| Capital Expenditures | -22.62M | -18.10M | -12.12M | -3.19M | -5.56M | -3.59M |
| Cash Acquisitions | -33.10M | -33.10M | -6.59M | -4.05M | ||
| Sale (Purchase) of Intangibles | -10.43M | -9.30M | -9.02M | -10.39M | -4.56M | -2.62M |
| Investment in Securities | -37.18M | -47.18M | -189.59M | |||
| Investing Cash Flow | -103.33M | -107.68M | -217.33M | -13.58M | -14.17M | -6.21M |
| Issuance of Common Stock | 7.95M | 12.57M | 19.36M | 13.62M | 14.78M | 438.67M |
| Repurchase of Common Stock | -130.02M | -41.62M | -49.36M | -11.48M | -868.00K | |
| Other Financing Activities | -500.00K | -500.00K | -7.33M | |||
| Financing Cash Flow | -122.57M | -29.55M | -30.00M | 2.13M | 14.78M | 430.47M |
| Net Cash Flow | 204.66M | 250.60M | 38.18M | 142.16M | 54.26M | 433.43M |
| Free Cash Flow | 407.93M | 369.73M | 273.40M | 150.42M | 48.09M | 5.58M |
| Free Cash Flow Margin | 35.63% | 35.63% | 36.55% | 28.32% | 13.02% | 2.23% |
| Free Cash Flow Per Share | 8.33 | 7.65 | 5.80 | 3.23 | 1.22 | 0.24 |
| Levered Free Cash Flow | 300.20M | 264.80M | 212.55M | 115.82M | 65.23M | 23.58M |
| Unlevered Free Cash Flow | 300.20M | 264.80M | 212.55M | 115.82M | 65.23M | 23.58M |
| Cash Income Tax Paid | 3.45M | 14.40M | 7.62M | 2.32M | 615.00K | 132.00K |
| Change in Working Capital | 64.09M | 48.97M | 75.92M | 34.90M | 34.54M | 25.77M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.16B | 8.11B | 14.26B | 9.53B | 2.86B | 3.98B |
| Enterprise Value | 4.93B | 7.09B | 13.44B | 8.86B | 2.29B | 3.44B |
| Last Close Price | 131.59 | 175.50 | 324.23 | 226.85 | 71.13 | 106.11 |
| PE Ratio | 15.69 | 19.59 | 161.01 | 593.19 | ||
| Forward PE | 50.18 | 44.78 | 122.92 | |||
| PS Ratio | 5.38 | 7.82 | 19.07 | 17.95 | 7.73 | 15.86 |
| PB Ratio | 4.36 | 6.02 | 17.30 | 14.54 | 5.27 | 7.75 |
| P/TBV Ratio | 4.57 | 6.32 | 17.96 | 15.00 | 5.40 | 7.82 |
| P/FCF Ratio | 15.09 | 21.94 | 52.16 | 63.36 | 59.41 | 712.07 |
| P/OCF Ratio | 14.30 | 20.92 | 49.95 | 62.04 | 53.25 | 433.61 |
| PEG Ratio | 2.26 | |||||
| EV/Sales Ratio | 4.30 | 6.83 | 17.96 | 16.67 | 6.19 | 13.70 |
| EV/EBITDA Ratio | 27.53 | 45.55 | 179.98 | |||
| EV/EBIT Ratio | 30.20 | 50.19 | 210.60 | |||
| EV/FCF Ratio | 12.08 | 19.17 | 49.15 | 58.87 | 47.54 | 615.45 |
| Debt / Equity Ratio | 0.06 | 0.07 | 0.07 | 0.04 | 0.05 | 0.06 |
| Debt / EBITDA Ratio | 0.45 | 0.60 | 0.67 | 15.70 | ||
| Debt / FCF Ratio | 0.21 | 0.27 | 0.21 | 0.17 | 0.59 | 5.81 |
| Net Debt / Equity Ratio | -0.87 | -0.77 | -0.99 | -1.10 | -1.07 | -1.02 |
| Net Debt / EBITDA Ratio | -6.86 | -6.68 | -10.99 | 117.22 | 9.61 | 9.10 |
| Net Debt / FCF Ratio | -3.01 | -2.81 | -3.00 | -4.80 | -12.05 | -93.39 |
| Asset Turnover | 0.63 | 0.63 | 0.66 | 0.62 | 0.53 | 0.60 |
| Quick Ratio | 2.51 | 2.39 | 2.39 | 3.02 | 3.60 | 4.93 |
| Current Ratio | 2.72 | 2.61 | 2.61 | 3.24 | 3.84 | 5.20 |
| Return on Equity (ROE) | 34.42% | 38.14% | 11.97% | 2.68% | -11.29% | -19.56% |
| Return on Assets (ROA) | 5.64% | 5.36% | 3.54% | -0.97% | -5.79% | -8.96% |
| Return on Invested Capital (ROIC) | 78.85% | 45.93% | ||||
| Return on Capital Employed (ROCE) | 10.90% | 9.80% | 7.30% | -2.00% | -11.50% | -11.10% |
| Earnings Yield | 6.37% | 5.10% | 0.62% | 0.17% | -2.08% | -1.51% |
| FCF Yield | 6.63% | 4.56% | 1.92% | 1.58% | 1.68% | 0.14% |
| Buyback Yield / Dilution | -2.60% | -2.56% | -1.24% | -17.87% | -68.44% | -84.00% |