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Duolingo (DUOL)

Nasdaq Consumer Discretionary Education Services S&P MidCap 400
$160.42
+3.40 (+2.17%)
Close of Nov 06, 2026 · end-of-day data
Source: Duolingo's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 04, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD
Fiscal yearFY2020FY2021FY2022FY2023FY2024FY2025
Revenue$161.70M$250.77M$369.50M$531.11M$748.02M$1.04B
Cost of revenue$45.99M$69.19M$99.43M$142.10M$203.65M$288.13M
Gross profit$115.71M$181.59M$270.06M$389.00M$544.38M$749.46M
Research & development$53.02M$103.83M$150.44M$194.35M$235.30M$306.32M
Operating income-$16.01M-$60.01M-$65.19M-$13.26M$62.59M$135.57M
Pre-tax income-$15.71M-$59.96M-$58.64M$17.78M$102.31M$182.41M
Income tax$68.00K$177.00K$938.00K$1.71M$13.73M-$231.66M
Net income-$15.78M-$60.13M-$59.57M$16.07M$88.57M$414.06M
EBITDA-$13.76M-$57.28M-$60.33M-$6.16M$73.45M$149.96M
EPS (basic)$-1.24$-2.57$-1.51$0.39$2.04$9.05
EPS (diluted)$-1.24$-2.57$-1.51$0.35$1.88$8.57
Diluted shares12.73M23.43M39.47M46.52M47.10M48.31M
Gross margin71.6%72.4%73.1%73.2%72.8%72.2%
Operating margin-9.9%-23.9%-17.6%-2.5%8.4%13.1%
Net margin-9.8%-24.0%-16.1%3.0%11.8%39.9%

Balance sheet

fiscal years · USD
Fiscal yearFY2020FY2021FY2022FY2023FY2024FY2025
Cash & equivalents$120.49M$553.92M$608.18M$747.61M$785.79M$1.04B
Receivables$20.45M$33.16M$46.73M$88.97M$128.92M$162.83M
Total current assets$158.38M$619.27M$697.18M$897.80M$1.10B$1.44B
Goodwill—$0$4.05M$4.05M$10.54M$35.34M
Total assets$175.74M$661.31M$747.35M$953.96M$1.30B$1.99B
Total current liabilities$65.69M$119.13M$181.77M$277.36M$422.23M$551.15M
Total liabilities$73.82M$148.25M$205.27M$298.46M$477.18M$645.18M
Shareholders' equity-$80.69M$513.06M$542.08M$655.50M$824.55M$1.35B

Cash flow

fiscal years · USD
Fiscal yearFY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow$17.71M$9.17M$53.66M$153.61M$285.51M$387.82M
Capital expenditures$3.38M$3.59M$5.56M$3.19M$12.12M$18.10M
Free cash flow$14.33M$5.58M$48.09M$150.42M$273.40M$369.73M
Investing cash flow-$4.01M-$6.21M-$14.17M-$13.58M-$217.33M-$107.68M
Financing cash flow$46.95M$430.47M$14.78M$2.13M-$30.00M-$29.55M
Share buybacks$0$868.00K$0$0——
Stock-based compensation$17.03M$40.80M$73.82M$95.22M$110.48M$137.44M
Depreciation & amortization$2.26M$2.73M$4.87M$7.09M$10.85M$14.39M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.