Duolingo, Inc. (DUOL) Financial Statements
Industry: Prepackaged Software (Services)
In fiscal 2025, Duolingo reported revenue of $1.04B, up 38.7% from $748.0M the year before. Net income was $414.1M (a 39.9% net margin), or $8.57 per diluted share. Gross margin was 72.2% and operating margin was 13.1%. Operating activities generated $387.8M of cash, leaving $369.7M of free cash flow. At fiscal year end, Duolingo held $1.99B in total assets against $645.2M in total liabilities, including $1.04B of cash and equivalents.
Open the full interactive Duolingo financials → Quarterly statements, key ratios, valuation history and price charts.
Duolingo Key Stats
| Share Price | $140.10 |
|---|---|
| Market Cap | $7.01B |
| P/E Ratio | 16.3 |
| Revenue YoY Growth | +38.7% |
| 52-Week Range | $90.03 – $341.08 |
| Shares Outstanding | 46.7 million (basic, 2026 Q2) |
Duolingo Income Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $250.8M | $369.5M | $531.1M | $748.0M | $1.04B |
| Gross Profit | $181.6M | $270.1M | $389.0M | $544.4M | $749.5M |
| Operating Income | -$60.0M | -$65.2M | -$13.3M | $62.6M | $135.6M |
| Pre-Tax Income | -$60.0M | -$58.6M | $17.8M | $102.3M | $182.4M |
| Income Tax | $177,000 | $938,000 | $1.7M | $13.7M | -$231.7M |
| Net Income | -$60.1M | -$59.6M | $16.1M | $88.6M | $414.1M |
| Diluted EPS | -$2.57 | -$1.51 | $0.35 | $1.88 | $8.57 |
Duolingo Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $271.7M | $282.9M | $292.0M | $298.5M |
| Net Income | $292.2M | $42.0M | $43.5M | $33.2M |
| Diluted EPS | $5.95 | $0.87 | $0.89 | $0.66 |
Duolingo Balance Sheet
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash & Equivalents | $553.9M | $608.2M | $747.6M | $785.8M | $1.04B |
| Current Assets | $619.3M | $697.2M | $897.8M | $1.10B | $1.44B |
| Total Assets | $661.3M | $747.3M | $954.0M | $1.30B | $1.99B |
| Current Liabilities | $119.1M | $181.8M | $277.4M | $422.2M | $551.1M |
| Total Liabilities | $148.3M | $205.3M | $298.5M | $477.2M | $645.2M |
| Shareholders' Equity | $513.1M | $542.1M | $655.5M | $824.5M | $1.35B |
Duolingo Cash Flow Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash From Operations | $9.2M | $53.7M | $153.6M | $285.5M | $387.8M |
| Cash From Investing | -$6.2M | -$14.2M | -$13.6M | -$217.3M | -$107.7M |
| Cash From Financing | $430.5M | $14.8M | $2.1M | -$30.0M | -$29.5M |
| Free Cash Flow | $5.6M | $48.1M | $150.4M | $273.4M | $369.7M |
Figures from Duolingo's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Duolingo financials page for every line item.
Duolingo Company Profile
| Ticker | DUOL |
|---|---|
| Exchange | Nasdaq |
| Industry | Prepackaged Software (Services) |
| Headquarters | Pittsburgh, Pennsylvania |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001562088 |
Frequently Asked Questions
What was Duolingo's revenue in fiscal 2025?
Duolingo (DUOL) reported revenue of $1.04B for fiscal 2025.
What is Duolingo's annual revenue history?
Duolingo's annual revenue by fiscal year: 2021: $250.8M; 2022: $369.5M; 2023: $531.1M; 2024: $748.0M; 2025: $1.04B.
What was Duolingo's net income in fiscal 2025?
Duolingo reported net income of $414.1M for fiscal 2025.
What was Duolingo's earnings per share (EPS) in fiscal 2025?
Duolingo's diluted EPS was $8.57 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Duolingo generate in fiscal 2025?
Duolingo generated $369.7M of free cash flow in fiscal 2025.
What was Duolingo's revenue last quarter?
In its most recent reported quarter (2026 Q2), Duolingo reported revenue of $298.5M.
How many shares of Duolingo are outstanding?
Duolingo reported a weighted average of 46.7 million basic shares outstanding in 2026 Q2.
What is Duolingo's market cap?
Based on its latest closing price, Duolingo (DUOL) has a market capitalization of about $7.01B.
When does Duolingo's fiscal year end?
Duolingo's fiscal year end, as registered with the SEC, is December 31.
Where is Duolingo headquartered?
Duolingo lists its business address in Pittsburgh, Pennsylvania in its SEC filings.