DUOL

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Duolingo, Inc.

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Key Metrics

Previous Close: $146.03
52-Week Range: $87.89 – $355.00
Market Cap: $6.85B
P/E (TTM): 17.40
EPS (TTM): 8.45
Dividend Yield: —

Advanced Metrics

Price/Book: 4.87
PEG Ratio: —
Return on Equity: 34.42%
Return on Assets: 5.64%
Gross Margin: 72.72%
Operating Margin: 11.68%
Profit Margin: 35.88%
Current Ratio: 2.72
Debt/Equity: 0.06
Total Debt: $86.14M
Free Cash Flow: $300.20M
Revenue Growth: 18.30%
Earnings Growth: -27.50%
Enterprise Value: $5.65B

DUOL Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$369.50M	$531.11M	$748.02M	$1.04B
Cost of Revenue	$99.43M	$142.10M	$203.65M	$288.13M
Gross Profit	$270.06M	$389.00M	$544.38M	$749.46M
Research & Development	$150.44M	$194.35M	$235.30M	$306.32M
Selling, General & Admin	$184.81M	$207.91M	$246.49M	$307.56M
Operating Expenses	$335.26M	$402.26M	$481.78M	$613.89M
Operating Income	-$65.19M	-$13.26M	$62.59M	$135.57M
EBITDA	-$60.33M	-$6.16M	$73.45M	$149.96M
Pretax Income	-$58.64M	$17.78M	$102.31M	$182.41M
Income Tax	$938.00K	$1.71M	$13.73M	-$231.66M
Net Income	-$59.57M	$16.07M	$88.57M	$414.06M
Diluted EPS	-1.51	0.35	1.97	8.88
Diluted Shares	39.45M	45.91M	44.94M	46.63M

DUOL Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$608.18M	$747.61M	$785.79M	$1.04B
Receivables	$46.73M	$88.97M	$128.95M	$176.89M
Current Assets	$697.18M	$897.80M	$1.10B	$1.44B
Total Assets	$747.35M	$953.96M	$1.30B	$1.99B
Current Liabilities	$181.77M	$277.36M	$422.23M	$551.15M
Total Debt	$28.41M	$21.09M	$54.66M	$93.78M
Total Liabilities	$205.27M	$298.46M	$477.18M	$645.18M
Retained Earnings	-$230.49M	-$214.42M	-$125.85M	$288.22M
Shareholders' Equity	$542.08M	$655.50M	$824.55M	$1.35B
Working Capital	$515.42M	$620.44M	$679.36M	$885.46M

DUOL Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$53.66M	$153.61M	$285.51M	$387.82M
Capital Expenditure	-$10.12M	-$13.68M	-$21.14M	-$27.40M
Free Cash Flow	$43.53M	$139.93M	$264.37M	$360.42M
Depreciation & Amortisation	$4.87M	$7.09M	$10.85M	$14.39M
Stock-Based Compensation	$73.82M	$95.22M	$110.48M	$137.44M
Investing Cash Flow	-$14.17M	-$13.58M	-$217.33M	-$107.68M
Financing Cash Flow	$14.78M	$2.13M	-$30.00M	-$29.55M
Share Repurchases	$0.00	$0.00	—	—
Net Change in Cash	$54.26M	$142.16M	$38.18M	$250.60M

DUOL Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$230.74M	$252.26M	$271.71M	$282.87M	$291.97M
Cost of Revenue	$66.65M	$69.68M	$74.80M	$77.00M	$78.87M
Gross Profit	$164.10M	$182.58M	$196.91M	$205.87M	$213.10M
Research & Development	$70.39M	$73.67M	$82.71M	$79.56M	$82.97M
Selling, General & Admin	$70.11M	$75.55M	$79.05M	$82.86M	$85.59M
Operating Expenses	$140.50M	$149.22M	$161.75M	$162.41M	$168.57M
Operating Income	$23.59M	$33.36M	$35.16M	$43.45M	$44.53M
EBITDA	$27.18M	$36.80M	$38.71M	$47.26M	$48.72M
Pretax Income	$35.01M	$46.45M	$46.45M	$54.50M	$55.55M
Income Tax	-$125.00K	$1.67M	-$245.75M	$12.55M	$12.09M
Net Income	$35.13M	$44.78M	$292.19M	$41.95M	$43.46M
Diluted EPS	0.72	0.91	5.95	0.90	0.89
Diluted Shares	48.80M	49.21M	49.11M	46.63M	48.83M

DUOL Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$884.00M	$976.23M	$1.01B	$1.04B	$1.14B
Receivables	$114.18M	$112.92M	$134.38M	$176.89M	$130.18M
Current Assets	$1.22B	$1.32B	$1.37B	$1.44B	$1.51B
Total Assets	$1.40B	$1.54B	$1.89B	$1.99B	$2.06B
Current Liabilities	$454.49M	$471.38M	$484.54M	$551.15M	$574.11M
Total Debt	$54.53M	$93.84M	$93.26M	$93.78M	$91.87M
Total Liabilities	$509.32M	$565.53M	$578.10M	$645.18M	$666.23M
Retained Earnings	-$90.71M	-$45.93M	$246.26M	$288.22M	$331.68M
Shareholders' Equity	$893.83M	$977.03M	$1.31B	$1.35B	$1.39B
Working Capital	$765.17M	$852.61M	$882.57M	$885.46M	$931.85M

DUOL Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$105.63M	$90.67M	$84.24M	$107.28M	$150.77M
Capital Expenditure	-$2.62M	-$4.35M	-$6.88M	-$13.55M	-$2.98M
Free Cash Flow	$103.01M	$86.32M	$77.36M	$93.73M	$147.79M
Depreciation & Amortisation	$3.59M	$3.44M	$3.55M	$3.81M	$4.19M
Stock-Based Compensation	$31.02M	$34.59M	$35.56M	$36.26M	$34.65M
Investing Cash Flow	-$10.55M	-$2.27M	-$51.67M	-$43.18M	-$16.75M
Financing Cash Flow	$3.12M	$3.83M	$2.75M	-$39.25M	-$31.85M
Share Repurchases	$0.00	—	—	—	-$24.33M
Net Change in Cash	$98.20M	$92.23M	$35.31M	$24.85M	$102.17M

Market Snapshot

About

Duolingo, Inc. is the world's leading mobile learning platform, offering courses in over 40 languages through its gamified educational app. The company's mission is to develop the best education in the world and make it universally available. Duolingo uses artificial intelligence and machine learning to personalize lessons for each user and optimize learning outcomes. The company operates a freemium business model with advertising-supported free access and a premium subscription tier called Duolingo Plus (now Duolingo Super) that offers ad-free learning and offline access. With over 500 million registered users, Duolingo has become one of the most popular language-learning applications globally.