Duolingo, Inc.(DUOL)Earnings, Financials & Key Ratios

DUOL•NASDAQ

$104.03

$4.88B mkt cap·12.1× P/E·Price updated May 6, 2026

SectorTechnology IndustryApplication Software Sub-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%
ROIC40.85%-88.5%
Debt/Equity0.07+5.0%

Technical→

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

✗Weak momentum: RS Rating 12 (bottom 12%)
✗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.

DUOL Price & Volume

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

Loading chart...

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

EPS

$0.89

Est $0.79

+12.7%

Revenue

$292M

Est $289M

+1.2%

Q1 2026

Feb 26, 2026

EPS

$0.94

Est $0.79

+19.0%

Revenue

$283M

Est $276M

+2.5%

Q4 2025

Nov 5, 2025

EPS

$0.95

Est $0.76

+25.2%

Revenue

$272M

Est $260M

+4.4%

Q3 2025

Aug 6, 2025

EPS

$0.91

Est $0.55

+65.5%

Revenue

$252M

Est $257M

-1.9%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	May 4, 2026	$0.89vs $0.79+12.7%	$292Mvs $289M+1.2%
Q1 2026	Feb 26, 2026	$0.94vs $0.79+19.0%	$283Mvs $276M+2.5%
Q4 2025	Nov 5, 2025	$0.95vs $0.76+25.2%	$272Mvs $260M+4.4%
Q3 2025	Aug 6, 2025	$0.91vs $0.55+65.5%	$252Mvs $257M-1.9%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	FCF Yield	Debt / Equity
CHGGChegg, Inc.Direct Competitor	137.62M	1.24	-1.29	-38.97%	-27.44%	-86.46%		0.58
COURCoursera, Inc.Direct Competitor	1B	5.93	-19.13	9.04%	-8.23%	-10.06%	10.68%	0.01
UDMYUdemy, Inc.Direct Competitor	691.73M	4.74	184.44	0.42%	0.48%	1.74%	11.63%	0.05
LSCCLattice Semiconductor CorporationDirect Competitor	16.73B	122.27	5482.96	2.72%	3.46%	2.81%	0.79%	0.11
PRDOPerdoceo Education CorporationDirect Competitor	2.18B	34.75	14.36	24.2%	18.9%	16.3%	9.94%	0.11
STRAStrategic Education, Inc.Direct Competitor	1.79B	78.94	14.56	3.96%	10.21%	7.85%	8.58%	0.07
LRNStride, Inc.Product Competitor	3.99B	93.76	15.76	17.9%	12.15%	19.89%	9.34%	0.37
GOTUGaotu Techedu Inc.Product Competitor	740.5M	1.92	-4.74	55.99%	-6.4%	-21.76%	1.58%	0.25

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

Line item	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Sales/Revenue	70.76M	161.7M	250.77M	369.5M	531.11M	748.02M	1.04B	1.1B
Revenue Growth %	-	128.51%	55.09%	47.34%	43.74%	40.84%	38.71%	35.45%
Cost of Goods Sold	20.74M	45.99M	69.19M	99.43M	142.1M	203.65M	288.13M	300.36M
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	64.15M	131.72M	241.59M	335.26M	402.26M	481.78M	613.89M	641.95M
OpEx % of Revenue	90.66%	81.46%	96.34%	90.73%	75.74%	64.41%	59.16%	-
Selling, General & Admin	31.36M	78.7M	137.76M	184.81M	207.91M	246.49M	307.56M	323.05M
SG&A % of Revenue	44.32%	48.67%	54.93%	50.02%	39.15%	32.95%	29.64%	-
Research & Development	31.56M	53.02M	103.83M	150.44M	194.35M	235.3M	306.32M	318.91M
R&D % of Revenue	44.6%	32.79%	41.41%	40.72%	36.59%	31.46%	29.52%	-
Other Operating Expenses	1.23M	0	0	0	0	0	0	0
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	-6.16M	73.45M	149.96M	167.3M
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)	1.25M	2.26M	2.73M	4.87M	7.09M	10.85M	14.39M	10.8M
EBIT	-12.9M	-16.01M	-60.01M	-65.19M	-13.26M	62.59M	135.57M	111.98M
Net Interest Income	0	231K	19K	7.24M	31.09M	42.7M	45.23M	34.82M
Interest Income	0	231K	19K	7.24M	31.09M	42.7M	45.23M	46.63M
Interest Expense	0	0	0	0	0	0	0	0
Other Income/Expense	571K	303K	49K	6.56M	31.04M	39.71M	46.84M	46.45M
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	0	68K	177K	938K	1.71M	13.73M	-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	-59.57M	16.07M	88.57M	414.06M	422.39M
Discontinued Operations	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0
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	-1.51	0.35	2.04	9.05	-
Diluted Shares Outstanding	35.89M	35.89M	38.27M	39.47M	46.52M	47.1M	48.31M	46.63M
Basic Shares Outstanding	35.89M	35.89M	38.27M	39.47M	46.52M	43.5M	45.77M	46.63M
Dividend Payout Ratio	-	-	-	-	-	-	-	-

DUOL Balance Sheet

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

Line item	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Total Current Assets	78.92M	158.38M	619.27M	697.18M	897.8M	1.1B	1.44B	1.51B
Cash & Short-Term Investments	59.84M	120.49M	553.92M	608.18M	747.61M	877.64M	1.14B	1.25B
Cash Only	59.84M	120.49M	553.92M	608.18M	747.61M	785.79M	1.04B	1.14B
Short-Term Investments	0	0	0	0	0	91.85M	104.08M	113.05M
Accounts Receivable	10.01M	20.45M	33.16M	46.73M	88.97M	128.92M	279.56M	125.09M
Days Sales Outstanding	51.61	46.16	48.27	46.16	61.15	62.91	98.34	61.99
Inventory	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-
Other Current Assets	6.93M	13.59M	24.22M	42.27M	61.21M	95.02M	16.58M	129.26M
Total Non-Current Assets	16.14M	17.36M	661.31M	747.35M	953.96M	1.3B	555.58M	552.03M
Property, Plant & Equipment	13.82M	14.5M	36.58M	35.48M	30.89M	66.44M	116.68M	116.91M
Fixed Asset Turnover	5.12x	11.15x	6.86x	10.42x	17.19x	11.26x	8.89x	10.03x
Goodwill	0	0	0	4.05M	4.05M	10.54M	35.34M	35.34M
Intangible Assets	1.79M	2.3M	4.57M	8.5M	15.99M	19.9M	28.31M	28.33M
Long-Term Investments	0	0	0	0	0	98.29M	137.83M	454.88M
Other Non-Current Assets	524K	562K	620.16M	698.69M	902.25M	1.11B	10.08M	44.59M
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	0.74x	0.92x	0.20x	0.26x	0.29x	0.31x	0.52x	0.59x
Asset Growth %	-	84.87%	628.68%	12.8%	28.19%	29.79%	-17.11%	-85.14%
Total Current Liabilities	32.11M	65.69M	119.13M	181.77M	277.36M	422.23M	551.15M	574.11M
Accounts Payable	3.81M	2.2M	7.82M	1.18M	2.45M	6.38M	8M	7.49M
Days Payables Outstanding	67.08	17.43	41.24	4.32	6.29	11.44	10.13	8.14
Short-Term Debt	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	26.31M	54.79M	98.27M	157.55M	249.19M	372.88M	496.2M	1.88B
Other Current Liabilities	992K	3.71M	6.2M	9.11M	-3.94M	0	46.95M	60.86M
Current Ratio	2.46x	2.41x	5.20x	3.84x	3.24x	2.61x	2.61x	2.61x
Quick Ratio	2.46x	2.41x	5.20x	3.84x	3.24x	2.61x	2.61x	2.61x
Cash Conversion Cycle	-	-	-	-	-	-	-	53.86
Total Non-Current Liabilities	146.93M	190.74M	648.39M	720.69M	918.89M	1.16B	94.03M	92.12M
Long-Term Debt	0	0	0	0	0	0	0	91.87M
Capital Lease Obligations	9.24M	8.13M	29.12M	23.5M	21.09M	54.66M	93.78M	280.88M
Deferred Tax Liabilities	0	0	0	0	0	291K	249K	1.1M
Other Non-Current Liabilities	137.69M	182.61M	619.27M	697.18M	897.8M	1.1B	0	0
Total Liabilities	179.03M	256.43M	767.53M	902.45M	1.2B	1.58B	645.18M	666.23M
Total Debt	10.22M	9.24M	32.46M	28.41M	25.04M	54.66M	93.78M	91.87M
Net Debt	-49.63M	-111.25M	-521.46M	-579.77M	-722.57M	-731.13M	-942.61M	-1.05B
Debt / Equity	-	-	0.06x	0.05x	0.04x	0.07x	0.07x	0.07x
Debt / EBITDA	-	-	-	-	-	0.74x	0.63x	0.55x
Net Debt / EBITDA	-	-	-	-	-	-9.95x	-6.29x	-6.29x
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	-2.25	13.41	13.73	14.09	17.51	27.88	29.85
Total Shareholders' Equity	-83.98M	-80.69M	513.06M	542.08M	655.5M	824.55M	1.35B	1.39B
Common Stock	1K	1K	4K	4K	4K	4K	5K	5K
Retained Earnings	-95M	-110.78M	-170.91M	-230.49M	-214.42M	-125.85M	288.22M	331.68M
Treasury Stock	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0

DUOL Cash Flow Statement

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

Line item	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash from Operations	2.15M	17.71M	9.17M	53.66M	153.61M	285.51M	387.82M	387.82M
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	-59.57M	16.07M	88.57M	414.06M	422.39M
Depreciation & Amortization	1.25M	2.26M	2.73M	4.87M	7.09M	10.85M	14.39M	14.99M
Stock-Based Compensation	3.73M	17.03M	40.8M	73.82M	95.22M	110.48M	137.44M	141.07M
Deferred Taxes	0	0	0	0	0	0	-225.19M	-215.69M
Other Non-Cash Items	1.23M	0	0	0	333K	-313K	-1.85M	-12.18M
Working Capital Changes	9.5M	14.2M	25.77M	34.54M	34.9M	75.92M	48.97M	82.39M
Change in Receivables	-5.3M	-10.45M	-12.71M	-13.56M	49.4M	-39.92M	89.42M	36.59M
Change in Inventory	0	0	0	0	0	0	0	0
Change in Payables	2.43M	-1.61M	5.62M	-6.66M	1.26M	3.93M	1.62M	-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	-12.12M	0	-9.88M
CapEx % of Revenue	5.33%	2.09%	1.43%	1.51%	0.6%	1.62%	1.74%	-
Acquisitions	0	0	0	-4.05M	0	-6.59M	0	-33.1M
Investments	-	-	-	-	-	-	-	-
Other Investing	-1.48M	-638K	-2.62M	-4.56M	-10.39M	-9.02M	-107.68M	-48.01M
Cash from Financing	30.97M	46.95M	430.47M	14.78M	2.13M	-30M	-29.55M	-64.52M
Debt Issued (Net)	0	0	0	0	0	0	0	0
Equity Issued (Net)	29.68M	44.92M	425.32M	0	0	19.36M	12.57M	9.45M
Dividends Paid	0	0	0	0	0	0	0	0
Share Repurchases	-168K	0	-868K	0	0	0	0	0
Other Financing	1.29M	2.03M	5.14M	14.78M	2.13M	-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	-0.09	0.38	0.08	1.10	3.01	5.80	7.65	7.65
FCF Conversion (FCF/Net Income)	-0.16x	-1.12x	-0.15x	-0.90x	9.56x	3.22x	0.94x	1.00x
Interest Paid	0	0	0	0	0	0	0	0
Taxes Paid	0	0	132K	615K	2.32M	7.62M	0	11.63M

DUOL Key Ratios

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

Metric	2020	2021	2022	2023	2024	2025	TTM
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%	40.85%
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	-	0.06x	0.05x	0.04x	0.07x	0.07x	0.07x
FCF Conversion	-1.12x	-0.15x	-0.90x	9.56x	3.22x	0.94x	1.00x
Revenue Growth	128.51%	55.09%	47.34%	43.74%	40.84%	38.71%	35.45%

DUOL SEC Filings & Documents

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

8-K Announcements

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

FY 2026

Feb 27, 2026·SEC

FY 2025

Feb 28, 2025·SEC

10-Q Quarterly Reports

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.

Explore More DUOL

Duolingo, Inc. (DUOL) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

→

DCA Calculator

Dollar cost averaging vs lump sum

→

Dividend History

Yield, growth, payout safety & DRIP

→

Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→

Duolingo, Inc.(DUOL)Earnings, Financials & Key Ratios

DUOL Key Insights

✓Strengths

✗Weaknesses

DUOL Price & Volume

DUOL Growth Metrics

Revenue CAGR

Profit CAGR

EPS CAGR

Return on Capital

DUOL Recent Earnings

DUOL Peer Comparison

Compare DUOL vs Peers

vs CHGG

vs GOOGL

Compare Top 5

DUOL Income Statement

DUOL Balance Sheet

DUOL Cash Flow Statement

DUOL Key Ratios

DUOL SEC Filings & Documents

8-K Announcements

10-K Annual Reports

10-Q Quarterly Reports

DUOL Frequently Asked Questions

Explore More DUOL

Total Return Calculator

DCA Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Valuation