Duolingo, Inc. financials
Source: EDGAR filings · Built 2026-06-02T02:51:26Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2021 |
|---|---|---|---|---|---|---|
| Free Cash Flow | 369.73M | 273.40M | 150.42M | 48.09M | 5.58M | 14.33M |
| EBITDA | 149.96M | 73.45M | -6.16M | -60.33M | -57.28M | -13.76M |
| Working Capital | 885.46M | 679.36M | 620.44M | 515.42M | 500.14M | 92.69M |
| Net Debt | -935.41M | -728.55M | -722.57M | -579.77M | -521.46M | -111.25M |
| Gross Margin | 72.23% | 72.78% | 73.24% | 73.09% | 72.41% | 71.56% |
| Operating Margin | 13.07% | 8.37% | -2.50% | -17.64% | -23.93% | -9.90% |
| Net Margin | 39.91% | 11.84% | 3.03% | -16.12% | -23.98% | -9.76% |
| Return on Equity (ROE) | 30.74% | 10.74% | 2.45% | -10.99% | -11.72% | 19.55% |
| Return on Assets (ROA) | 20.78% | 6.80% | 1.68% | -7.97% | -9.09% | -8.98% |
| Current Ratio | 2.61× | 2.61× | 3.24× | 3.84× | 5.20× | 2.41× |
| Debt-to-Equity | 0.07× | 0.07× | 0.04× | 0.05× | 0.06× | -0.11× |
| Effective Tax Rate | -127.00% | 13.42% | 9.62% | -1.60% | -0.30% | -0.43% |
| Cash Conversion Ratio | 0.94× | 3.22× | 9.56× | -0.90× | -0.15× | -1.12× |
| Accruals Ratio | 0.01× | -0.15× | -0.14× | -0.15× | -0.10× | -0.19× |
| SBC % of Revenue | 13.25% | 14.77% | 17.93% | 19.98% | 16.27% | 10.53% |
| CapEx Coverage | 21.43× | 23.57× | 48.14× | 9.65× | 2.56× | 5.25× |
| Free Cash Flow Per Share | $7.65 | $5.80 | $3.23 | $1.22 | $0.24 | $1.13 |
Valuation Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2021 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | 20.48× | 172.46× | 648.14× | — | — | — |
| P/FCF | 22.93× | 55.86× | 70.16× | 58.38× | 445.28× | — |
| FCF Yield | 4.36% | 1.79% | 1.43% | 1.71% | 0.22% | — |
| EV / EBITDA | 50.30× | 198.00× | — | — | — | — |
| P/S | 8.17× | 20.42× | 19.87× | 7.60× | 7.04× | — |
| P/B | 6.29× | 18.52× | 16.10× | 5.18× | 3.44× | — |
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2021 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 1.04B | 748.02M | 531.11M | 369.50M | 250.77M | 161.70M |
| Cost of Revenue | 288.13M | 203.65M | 142.10M | 99.43M | 69.19M | 45.99M |
| Gross Profit | 749.46M | 544.38M | 389.00M | 270.06M | 181.59M | 115.71M |
| Research and Development Expense | 306.32M | 235.30M | 194.35M | 150.44M | 103.83M | 53.02M |
| Operating Expenses | 613.89M | 481.78M | 402.26M | 335.26M | 241.59M | 131.72M |
| Operating Income (Loss) | 135.57M | 62.59M | -13.26M | -65.19M | -60.01M | -16.01M |
| Income Tax Expense (Benefit) | -231.66M | 13.73M | 1.71M | 938.00K | 177.00K | 68.00K |
| Net Income (Loss) Attributable to Parent | 414.06M | 88.57M | 16.07M | -59.57M | -60.13M | -15.78M |
| Earnings Per Share, Basic | $9.05 | $2.04 | $0.39 | $-1.51 | $-2.57 | $-1.24 |
| Weighted Average Number of Shares Outstanding, Basic | — | — | — | 39.47M | 23.43M | 12.73M |
| Earnings Per Share, Diluted | $8.57 | $1.88 | $0.35 | $-1.51 | $-2.57 | $-1.24 |
| Weighted Average Number of Shares Outstanding, Diluted | 48.31M | 47.10M | 46.52M | 39.47M | 23.43M | 12.73M |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2021 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 1.04B | 785.79M | 747.61M | 608.18M | 553.92M | 120.49M |
| Assets, Current | 1.44B | 1.10B | 897.80M | 697.18M | 619.27M | 158.38M |
| Assets | 1.99B | 1.30B | 953.96M | 747.35M | 661.31M | 175.74M |
| Liabilities, Current | 551.15M | 422.23M | 277.36M | 181.77M | 119.13M | 65.69M |
| Liabilities | 645.18M | 477.18M | 298.46M | 205.27M | 148.25M | 73.82M |
| Stockholders' Equity Attributable to Parent | 1.35B | 824.55M | 655.50M | 542.08M | 513.06M | -80.69M |
| Common Stock, Shares, Outstanding | — | — | — | — | 16.64M | 12.79M |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2021 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | 387.82M | 285.51M | 153.61M | 53.66M | 9.17M | 17.71M |
| Payments to Acquire Property, Plant, and Equipment | 18.10M | 12.12M | 3.19M | 5.56M | 3.59M | 3.38M |
| Net Cash Provided by (Used in) Investing Activities | -107.68M | -217.33M | -13.58M | -14.17M | -6.21M | -4.01M |
| Payments for Repurchase of Common Stock | — | — | 0 | 0 | 868.00K | 0 |
| Net Cash Provided by (Used in) Financing Activities | -29.55M | -30.00M | 2.13M | 14.78M | 430.47M | 46.95M |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Free Cash Flow | 150.64M | 96.55M | 273.18M | 193.80M | 104.32M | 81.38M |
| EBITDA | 48.72M | 47.26M | — | — | 27.18M | 17.54M |
| Working Capital | 931.85M | 885.46M | 882.57M | 852.61M | 765.17M | 679.36M |
| Net Debt | -1.05B | -935.41M | -914.22M | -879.43M | -829.46M | -728.55M |
| Gross Margin | 72.99% | 72.78% | 72.47% | 72.38% | 71.12% | 71.88% |
| Operating Margin | 15.25% | 15.36% | 12.94% | 13.23% | 10.23% | 6.62% |
| Net Margin | 14.89% | 14.83% | 107.54% | 17.75% | 15.23% | 6.64% |
| Return on Equity (ROE) | 3.12% | 3.11% | 22.35% | 4.58% | 3.93% | 1.69% |
| Return on Assets (ROA) | 2.11% | 2.11% | 15.50% | 2.90% | 2.50% | 1.07% |
| Current Ratio | 2.62× | 2.61× | 2.82× | 2.81× | 2.68× | 2.61× |
| Debt-to-Equity | 0.07× | 0.07× | 0.07× | 0.10× | 0.06× | 0.07× |
| Effective Tax Rate | 21.77% | 23.02% | -529.07% | 3.59% | -0.36% | 37.78% |
| Cash Conversion Ratio | 3.47× | 2.56× | 0.96× | 4.38× | 3.01× | 5.99× |
| Accruals Ratio | -0.05× | -0.03× | 0.01× | -0.10× | -0.05× | -0.05× |
| SBC % of Revenue | 11.87% | 12.82% | 37.24% | 26.01% | 13.44% | 14.21% |
| CapEx Coverage | 1142.20× | 10.00× | 38.07× | 78.30× | 80.70× | 42.50× |
| Free Cash Flow Per Share | $3.08 | $2.00 | $5.56 | $3.96 | $2.15 | $1.73 |
Valuation Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | 11.34× | 20.60× | 40.79× | 168.73× | 152.98× | 172.46× |
| P/S | 4.39× | 8.17× | 16.40× | 22.70× | 18.57× | 20.42× |
| P/B | 3.47× | 6.29× | 12.10× | 20.56× | 16.85× | 18.52× |
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 291.97M | 282.87M | 271.71M | 252.26M | 230.74M | 209.55M |
| Cost of Revenue | 78.87M | 77.00M | 74.80M | 69.68M | 66.65M | 58.92M |
| Gross Profit | 213.10M | 205.87M | 196.91M | 182.58M | 164.10M | 150.63M |
| Research and Development Expense | 82.97M | 79.56M | 82.71M | 73.67M | 70.39M | 66.39M |
| Operating Expenses | 168.57M | 162.41M | 161.75M | 149.22M | 140.50M | 136.74M |
| Operating Income (Loss) | 44.53M | 43.45M | 35.16M | 33.36M | 23.59M | 13.88M |
| Income Tax Expense (Benefit) | 12.09M | 12.55M | -245.75M | 1.67M | -125.00K | 8.45M |
| Net Income (Loss) Attributable to Parent | 43.46M | 41.95M | 292.19M | 44.78M | 35.13M | 13.91M |
| Earnings Per Share, Basic | $0.93 | $0.88 | $6.36 | $0.98 | $0.78 | $0.31 |
| Earnings Per Share, Diluted | $0.89 | $0.94 | $5.95 | $0.91 | $0.72 | $0.31 |
| Weighted Average Number of Shares Outstanding, Diluted | 48.99M | 48.31M | 49.14M | 49.00M | 48.50M | 47.10M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 1.14B | 1.04B | 1.01B | 976.23M | 884.00M | 785.79M |
| Assets, Current | 1.51B | 1.44B | 1.37B | 1.32B | 1.22B | 1.10B |
| Assets | 2.06B | 1.99B | 1.89B | 1.54B | 1.40B | 1.30B |
| Liabilities, Current | 574.11M | 551.15M | 484.54M | 471.38M | 454.49M | 422.23M |
| Liabilities | 666.23M | 645.18M | 578.10M | 565.53M | 509.32M | 477.18M |
| Stockholders' Equity Attributable to Parent | 1.39B | 1.35B | 1.31B | 977.03M | 893.83M | 824.55M |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | 150.77M | 107.28M | 280.55M | 196.31M | 105.63M | 83.34M |
| Payments to Acquire Property, Plant, and Equipment | 132.00K | 10.73M | 7.37M | 2.51M | 1.31M | 1.96M |
| Net Cash Provided by (Used in) Investing Activities | -16.75M | -43.18M | -64.50M | -12.82M | -10.55M | -110.36M |
| Payments for Repurchase of Common Stock | 24.33M | — | — | — | 0 | — |
| Net Cash Provided by (Used in) Financing Activities | -31.85M | -39.25M | 9.70M | 6.96M | 3.12M | -41.60M |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (DUOL CIK 0001562088),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
taxonomy, so a handful of rows can show up under a different
statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.