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DUOLDuolingo, Inc.
$125.56$5.9B
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DUOL logoDuolingo, Inc.(DUOL)Earnings, Financials & Key Ratios

DUOL•NASDAQ
14.7× P/E·Price updated Jun 19, 2026
SectorTechnologyIndustryApplication SoftwareSub-IndustryConsumer social and creator platforms
AboutDuolingo, Inc. develops a language-learning website and mobile app in the United States and China. The company offers courses in 40 different languages, including Spanish, English, French, Japanese, German, Italian, Chinese, Portuguese, and others. It also provides a digital language proficiency assessment exam. The company was incorporated in 2011 and is headquartered in Pittsburgh, Pennsylvania.Show more
  • Revenue$1.04B+38.7%
  • EBITDA$150M+104.2%
  • Net Income$414M+367.5%
  • EPS (Diluted)8.57+355.9%
  • Gross Margin72.23%-0.7%
  • EBITDA Margin14.45%+47.2%
  • Operating Margin13.07%+56.1%
  • Net Margin39.91%+237.0%
  • ROE38.14%+218.6%

DUOL Key Insights

Duolingo, Inc. (DUOL) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓FCF machine: 35.6% free cash flow margin
  • ✓Strong 5Y sales CAGR of 45.0%
  • ✓Good 3Y average ROE of 17.6%

✗Weaknesses

  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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DUOL Price & Volume

Duolingo, Inc. (DUOL) stock price & volume — 10-year historical chart

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DUOL Growth Metrics

Duolingo, Inc. (DUOL) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years45.03%
3 Years41.08%
TTM35.45%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM336.57%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM332.34%

Return on Capital

10 Years-6.47%
5 Years-0.86%
3 Years3.5%
Last Year7.92%

DUOL Recent Earnings

Duolingo, Inc. (DUOL) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 9/12 qtrs (75%)
Q2 2026Latest
May 4, 2026
Metric
Actual
Est
EPS
$0.89+12.7%
$0.79
Rev
$292M+1.2%
$289M
Q1 2026
Feb 26, 2026
Metric
Actual
Est
EPS
$0.94+19.0%
$0.79
Rev
$283M+2.5%
$276M
Q4 2025
Nov 5, 2025
Metric
Actual
Est
EPS
$0.95+25.2%
$0.76
Rev
$272M+4.4%
$260M
Q3 2025
Aug 6, 2025
Metric
Actual
Est
EPS
$0.91+65.5%
$0.55
Rev
$252M-1.9%
$257M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 4, 2026
$0.89vs $0.79+12.7%
$292Mvs $289M+1.2%
Q1 2026Feb 26, 2026
$0.94vs $0.79+19.0%
$283Mvs $276M+2.5%
Q4 2025Nov 5, 2025
$0.95vs $0.76+25.2%
$272Mvs $260M+4.4%
Q3 2025Aug 6, 2025
$0.91vs $0.55+65.5%
$252Mvs $257M-1.9%
Based on last 12 quarters of dataView full earnings history →

DUOL Peer Comparison

Duolingo, Inc. (DUOL) competitors in Consumer social and creator platforms — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
CHGG logoCHGGChegg, Inc.Direct Competitor117.56M1.05-1.09-38.97%-26.89%-62.94%0.70
COUR logoCOURCoursera, Inc.Direct Competitor905.83M5.35-17.269.04%-8.23%-10.06%0.01
UDMY logoUDMYUdemy, Inc.Direct Competitor677.28M4.63180.160.42%-0.9%-3.21%0.05
LSCC logoLSCCLattice Semiconductor CorporationDirect Competitor21.06B153.726893.272.72%3.46%2.79%0.11
PRDO logoPRDOPerdoceo Education CorporationDirect Competitor2.01B32.0313.2424.2%19.91%17.21%0.11
STRA logoSTRAStrategic Education, Inc.Direct Competitor1.71B75.3313.903.96%10.21%7.85%0.07
LRN logoLRNStride, Inc.Product Competitor3.53B82.8013.9217.9%12.15%19.89%0.37
GOTU logoGOTUGaotu Techedu Inc.Product Competitor598.53M1.65-13.2834.99%-5.26%-20.84%0.47

Compare DUOL vs Peers

Duolingo, Inc. (DUOL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs CHGG

Most directly comparable listed peer for DUOL.

Scale Benchmark

vs GOOGL

Larger-name benchmark to compare DUOL against a more recognizable public peer.

Peer Set

Compare Top 5

vs CHGG, COUR, UDMY, LSCC

DUOL Income Statement

Duolingo, Inc. (DUOL) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue
70.76M161.7M250.77M369.5M531.11M748.02M1.04B1.1B
Revenue Growth %
-128.51%55.09%47.34%43.74%40.84%38.71%35.45%
Cost of Goods Sold
20.74M45.99M69.19M99.43M142.1M203.65M288.13M300.36M
COGS % of Revenue
29.31%28.44%27.59%26.91%26.76%27.22%27.77%-
Gross Profit
50.02M▲ 0%
115.71M▲ 131.3%
181.59M▲ 56.9%
270.06M▲ 48.7%
389M▲ 44.0%
544.38M▲ 39.9%
749.46M▲ 37.7%
798.46M▲ 0%
Gross Margin %
70.69%71.56%72.41%73.09%73.24%72.78%72.23%72.67%
Gross Profit Growth %
-131.31%56.93%48.73%44.04%39.94%37.67%-
Operating Expenses
64.15M131.72M241.59M335.26M402.26M481.78M613.89M641.95M
OpEx % of Revenue
90.66%81.46%96.34%90.73%75.74%64.41%59.16%-
Selling, General & Admin
31.36M78.7M137.76M184.81M207.91M246.49M307.56M323.05M
SG&A % of Revenue
44.32%48.67%54.93%50.02%39.15%32.95%29.64%-
Research & Development
31.56M53.02M103.83M150.44M194.35M235.3M306.32M318.91M
R&D % of Revenue
44.6%32.79%41.41%40.72%36.59%31.46%29.52%-
Other Operating Expenses
1.23M0000000
Operating Income
-14.13M▲ 0%
-16.01M▼ 13.4%
-60.01M▼ 274.8%
-65.19M▼ 8.6%
-13.26M▲ 79.7%
62.59M▲ 572.1%
135.57M▲ 116.6%
156.5M▲ 0%
Operating Margin %
-19.96%-9.9%-23.93%-17.64%-2.5%8.37%13.07%14.24%
Operating Income Growth %
--13.35%-274.79%-8.65%79.66%572.09%116.58%-
EBITDA
-12.87M-13.76M-57.28M-60.33M-6.16M73.45M149.96M167.3M
EBITDA Margin %
-18.19%-8.51%-22.84%-16.33%-1.16%9.82%14.45%15.23%
EBITDA Growth %
--6.84%-316.44%-5.31%89.78%1291.58%104.17%103.73%
D&A (Non-Cash Add-back)
1.25M2.26M2.73M4.87M7.09M10.85M14.39M10.8M
EBIT
-12.9M-16.01M-60.01M-65.19M-13.26M62.59M135.57M111.98M
Net Interest Income
0231K19K7.24M31.09M42.7M45.23M34.82M
Interest Income
0231K19K7.24M31.09M42.7M45.23M46.63M
Interest Expense
00000000
Other Income/Expense
571K303K49K6.56M31.04M39.71M46.84M46.45M
Pretax Income
-13.55M▲ 0%
-15.71M▼ 15.9%
-59.96M▼ 281.7%
-58.64M▲ 2.2%
17.78M▲ 130.3%
102.31M▲ 475.5%
182.41M▲ 78.3%
202.95M▲ 0%
Pretax Margin %
-19.15%-9.71%-23.91%-15.87%3.35%13.68%17.58%18.47%
Income Tax
068K177K938K1.71M13.73M-231.66M-219.44M
Effective Tax Rate %
0%-0.43%-0.3%-1.6%9.62%13.42%-127%-108.12%
Net Income
-13.55M▲ 0%
-15.78M▼ 16.4%
-60.13M▼ 281.2%
-59.57M▲ 0.9%
16.07M▲ 127.0%
88.57M▲ 451.3%
414.06M▲ 367.5%
422.39M▲ 0%
Net Margin %
-19.15%-9.76%-23.98%-16.12%3.03%11.84%39.91%38.44%
Net Income Growth %
--16.39%-281.18%0.93%126.97%451.28%367.48%336.57%
Net Income (Continuing)
-13.55M-15.78M-60.13M-59.57M16.07M88.57M414.06M422.39M
Discontinued Operations
00000000
Minority Interest
00000000
EPS (Diluted)
-0.41▲ 0%
-0.44▼ 7.3%
-1.57▼ 256.8%
-1.51▲ 3.8%
0.35▲ 123.2%
1.88▲ 437.1%
8.57▲ 355.9%
9.06▲ 0%
EPS Growth %
--7.32%-256.82%3.82%123.18%437.14%355.85%332.34%
EPS (Basic)
-0.41-0.44-1.57-1.510.352.049.05-
Diluted Shares Outstanding
35.89M35.89M38.27M39.47M46.52M47.1M48.31M46.63M
Basic Shares Outstanding
35.89M35.89M38.27M39.47M46.52M43.5M45.77M46.63M
Dividend Payout Ratio
--------

DUOL Balance Sheet

Duolingo, Inc. (DUOL) balance sheet — assets, liabilities & shareholders' equity

MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets
78.92M158.38M619.27M697.18M897.8M1.1B1.44B1.51B
Cash & Short-Term Investments
59.84M120.49M553.92M608.18M747.61M877.64M1.14B1.25B
Cash Only
59.84M120.49M553.92M608.18M747.61M785.79M1.04B1.14B
Short-Term Investments
0000091.85M104.08M113.05M
Accounts Receivable
10.01M20.45M33.16M46.73M88.97M128.92M279.56M125.09M
Days Sales Outstanding
51.6146.1648.2746.1661.1562.9198.3461.99
Inventory
00000000
Days Inventory Outstanding
--------
Other Current Assets
6.93M13.59M24.22M42.27M61.21M95.02M16.58M129.26M
Total Non-Current Assets
16.14M17.36M661.31M747.35M953.96M1.3B555.58M552.03M
Property, Plant & Equipment
13.82M14.5M36.58M35.48M30.89M66.44M116.68M116.91M
Fixed Asset Turnover
5.12x11.15x6.86x10.42x17.19x11.26x8.89x10.03x
Goodwill
0004.05M4.05M10.54M35.34M35.34M
Intangible Assets
1.79M2.3M4.57M8.5M15.99M19.9M28.31M28.33M
Long-Term Investments
0000098.29M137.83M454.88M
Other Non-Current Assets
524K562K620.16M698.69M902.25M1.11B10.08M13.41M
Total Assets
95.06M▲ 0%
175.74M▲ 84.9%
1.28B▲ 628.7%
1.44B▲ 12.8%
1.85B▲ 28.2%
2.4B▲ 29.8%
1.99B▼ 17.1%
2.06B▲ 0%
Asset Turnover
0.74x0.92x0.20x0.26x0.29x0.31x0.52x0.59x
Asset Growth %
-84.87%628.68%12.8%28.19%29.79%-17.11%-85.14%
Total Current Liabilities
32.11M65.69M119.13M181.77M277.36M422.23M551.15M574.11M
Accounts Payable
3.81M2.2M7.82M1.18M2.45M6.38M8M7.49M
Days Payables Outstanding
67.0817.4341.244.326.2911.4410.138.14
Short-Term Debt
00000000
Deferred Revenue (Current)
26.31M54.79M98.27M157.55M249.19M372.88M496.2M1.88B
Other Current Liabilities
992K3.71M6.2M9.11M-3.94M046.95M53.37M
Current Ratio
2.46x2.41x5.20x3.84x3.24x2.61x2.61x2.62x
Quick Ratio
2.46x2.41x5.20x3.84x3.24x2.61x2.61x2.62x
Cash Conversion Cycle
-------53.86
Total Non-Current Liabilities
146.93M190.74M648.39M720.69M918.89M1.16B94.03M92.12M
Long-Term Debt
000000091.87M
Capital Lease Obligations
9.24M8.13M29.12M23.5M21.09M54.66M93.78M280.88M
Deferred Tax Liabilities
00000291K249K1.1M
Other Non-Current Liabilities
137.69M182.61M619.27M697.18M897.8M1.1B00
Total Liabilities
179.03M256.43M767.53M902.45M1.2B1.58B645.18M666.23M
Total Debt
10.22M9.24M32.46M28.41M25.04M54.66M93.78M91.87M
Net Debt
-49.63M-111.25M-521.46M-579.77M-722.57M-731.13M-942.61M-1.05B
Debt / Equity
--0.06x0.05x0.04x0.07x0.07x0.07x
Debt / EBITDA
-----0.74x0.63x0.55x
Net Debt / EBITDA
------9.95x-6.29x-6.26x
Interest Coverage
--------
Total Equity
-83.98M▲ 0%
-80.69M▲ 3.9%
513.06M▲ 735.8%
542.08M▲ 5.7%
655.5M▲ 20.9%
824.55M▲ 25.8%
1.35B▲ 63.4%
1.39B▲ 0%
Equity Growth %
-3.91%735.83%5.66%20.92%25.79%63.36%205.44%
Book Value per Share
-2.34-2.2513.4113.7314.0917.5127.8829.85
Total Shareholders' Equity
-83.98M-80.69M513.06M542.08M655.5M824.55M1.35B1.39B
Common Stock
1K1K4K4K4K4K5K5K
Retained Earnings
-95M-110.78M-170.91M-230.49M-214.42M-125.85M288.22M331.68M
Treasury Stock
00000000
Accumulated OCI
00000000
Minority Interest
00000000

DUOL Cash Flow Statement

Duolingo, Inc. (DUOL) cash flow — operating, investing & free cash flow history

MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
2.15M17.71M9.17M53.66M153.61M285.51M387.82M432.96M
Operating CF Margin %
3.04%10.95%3.66%14.52%28.92%38.17%37.38%-
Operating CF Growth %
-722.86%-48.22%485.13%186.29%85.86%35.83%166.5%
Net Income
-13.55M-15.78M-60.13M-59.57M16.07M88.57M414.06M422.39M
Depreciation & Amortization
1.25M2.26M2.73M4.87M7.09M10.85M14.39M14.99M
Stock-Based Compensation
3.73M17.03M40.8M73.82M95.22M110.48M137.44M141.07M
Deferred Taxes
000000-225.19M-215.69M
Other Non-Cash Items
1.23M000333K-313K-1.85M-12.18M
Working Capital Changes
9.5M14.2M25.77M34.54M34.9M75.92M48.97M82.39M
Change in Receivables
-5.3M-10.45M-12.71M-13.56M49.4M-39.92M89.42M36.59M
Change in Inventory
00000000
Change in Payables
2.43M-1.61M5.62M-6.66M1.26M3.93M1.62M-2.22M
Cash from Investing
2.43M-4.01M-6.21M-14.17M-13.58M-217.33M-107.68M-113.88M
Capital Expenditures
-3.77M-3.38M-3.59M-5.56M-3.19M-12.12M0-9.88M
CapEx % of Revenue
5.33%2.09%1.43%1.51%0.6%1.62%1.74%0.9%
Acquisitions
000-4.05M0-6.59M0-33.1M
Investments
--------
Other Investing
-1.48M-638K-2.62M-4.56M-10.39M-9.02M-107.68M-48.01M
Cash from Financing
30.97M46.95M430.47M14.78M2.13M-30M-29.55M-64.52M
Debt Issued (Net)
00000000
Equity Issued (Net)
29.68M44.92M425.32M0019.36M12.57M9.45M
Dividends Paid
00000000
Share Repurchases
-168K0-868K00000
Other Financing
1.29M2.03M5.14M14.78M2.13M-49.36M-42.12M-73.97M
Net Change in Cash
35.55M▲ 0%
60.65M▲ 70.6%
433.43M▲ 614.7%
54.26M▼ 87.5%
142.16M▲ 162.0%
38.18M▼ 73.1%
250.6M▲ 556.3%
254.56M▲ 0%
Free Cash Flow
-3.09M▲ 0%
13.69M▲ 542.6%
2.96M▼ 78.4%
43.53M▲ 1368.7%
139.93M▲ 221.4%
273.4M▲ 95.4%
369.73M▲ 35.2%
423.09M▲ 0%
FCF Margin %
-4.37%8.47%1.18%11.78%26.35%36.55%35.63%38.5%
FCF Growth %
-542.6%-78.36%1368.69%221.44%95.38%35.23%45.79%
FCF per Share
-0.090.380.081.103.015.807.659.07
FCF Conversion (FCF/Net Income)
-0.16x-1.12x-0.15x-0.90x9.56x3.22x0.94x1.00x
Interest Paid
00000000
Taxes Paid
00132K615K2.32M7.62M011.63M

DUOL Key Ratios

Duolingo, Inc. (DUOL) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric202020212022202320242025TTM
Return on Equity (ROE)
--27.82%-11.29%2.68%11.97%38.14%33.63%
Return on Invested Capital (ROIC)
----356.41%40.85%37.94%
Gross Margin
71.56%72.41%73.09%73.24%72.78%72.23%72.67%
Net Margin
-9.76%-23.98%-16.12%3.03%11.84%39.91%38.44%
Debt / Equity
-0.06x0.05x0.04x0.07x0.07x0.07x
FCF Conversion
-1.12x-0.15x-0.90x9.56x3.22x0.94x1.00x
Revenue Growth
128.51%55.09%47.34%43.74%40.84%38.71%35.45%
Related:DUOL Dividend History·DUOL Revenue History·DUOL Price History·DUOL P/E History·DUOL Financial Ratios·DUOL Institutional Holders

DUOL SEC Filings & Documents

Duolingo, Inc. (DUOL) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 4, 2026·SEC

Material company update

Feb 26, 2026·SEC

Material company update

Jan 12, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 27, 2026·SEC

FY 2025

Feb 28, 2025·SEC

10-Q Quarterly Reports

4
FY 2026

May 5, 2026·SEC

FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 7, 2025·SEC

DUOL Frequently Asked Questions

Duolingo, Inc. (DUOL) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Duolingo, Inc. (DUOL) reported $1.10B in revenue for fiscal year 2025. This represents a 1453% increase from $70.8M in 2019.

Duolingo, Inc. (DUOL) grew revenue by 38.7% over the past year. This is strong growth.

Yes, Duolingo, Inc. (DUOL) is profitable, generating $422.4M in net income for fiscal year 2025 (39.9% net margin).

Dividend & Returns

Duolingo, Inc. (DUOL) has a return on equity (ROE) of 38.1%. This is excellent, indicating efficient use of shareholder capital.

Duolingo, Inc. (DUOL) generated $423.1M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in DUOL back in 2019?

Total return calculator · dividends reinvested · 7+ years of data

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How much would $100/month in DUOL be worth today?

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