The company maintains a fortress balance sheet with $1.1B in cash and a current ratio of 2.62, while deferred revenue has grown to $513.3M, signaling sustained future demand.
| Total Current Assets | 1.51B | 1.44B | 1.1B | 897.8M | 697.18M | 619.27M | 158.38M | 78.92M |
| Cash & Short-Term Investments | 1.25B | 1.14B | 877.64M | 747.61M | 608.18M | 553.92M | 120.49M | 59.84M |
| Cash Only | 1.14B | 1.04B | 785.79M | 747.61M | 608.18M | 553.92M | 120.49M | 59.84M |
| Short-Term Investments | 113.05M | 104.08M | 91.85M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 125.09M | 279.56M | 128.92M | 88.97M | 46.73M | 33.16M | 20.45M | 10.01M |
| Days Sales Outstanding | 61.99 | 98.34 | 62.91 | 61.15 | 46.16 | 48.27 | 46.16 | 51.61 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 129.26M | 16.58M | 95.02M | 61.21M | 42.27M | 24.22M | 13.59M | 6.93M |
| Total Non-Current Assets | 552.03M | 555.58M | 1.3B | 953.96M | 747.35M | 661.31M | 17.36M | 16.14M |
| Property, Plant & Equipment | 116.91M | 116.68M | 66.44M | 30.89M | 35.48M | 36.58M | 14.5M | 13.82M |
| Fixed Asset Turnover | 10.03x | 8.89x | 11.26x | 17.19x | 10.42x | 6.86x | 11.15x | 5.12x |
| Goodwill | 35.34M | 35.34M | 10.54M | 4.05M | 4.05M | 0 | 0 | 0 |
| Intangible Assets | 28.33M | 28.31M | 19.9M | 15.99M | 8.5M | 4.57M | 2.3M | 1.79M |
| Long-Term Investments | 454.88M | 137.83M | 98.29M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 13.41M | 10.08M | 1.11B | 902.25M | 698.69M | 620.16M | 562K | 524K |
| Total Assets | 2.06B | 1.99B | 2.4B | 1.85B | 1.44B | 1.28B | 175.74M | 95.06M |
| Asset Turnover | 0.59x | 0.52x | 0.31x | 0.29x | 0.26x | 0.20x | 0.92x | 0.74x |
| Asset Growth % | -85.14% | -17.11% | 29.79% | 28.19% | 12.8% | 628.68% | 84.87% | - |
| Total Current Liabilities | 574.11M | 551.15M | 422.23M | 277.36M | 181.77M | 119.13M | 65.69M | 32.11M |
| Accounts Payable | 7.49M | 8M | 6.38M | 2.45M | 1.18M | 7.82M | 2.2M | 3.81M |
| Days Payables Outstanding | 8.14 | 10.13 | 11.44 | 6.29 | 4.32 | 41.24 | 17.43 | 67.08 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 1.88B | 496.2M | 372.88M | 249.19M | 157.55M | 98.27M | 54.79M | 26.31M |
| Other Current Liabilities | 53.37M | 46.95M | 0 | -3.94M | 9.11M | 6.2M | 3.71M | 992K |
| Current Ratio | 2.62x | 2.61x | 2.61x | 3.24x | 3.84x | 5.20x | 2.41x | 2.46x |
| Quick Ratio | 2.62x | 2.61x | 2.61x | 3.24x | 3.84x | 5.20x | 2.41x | 2.46x |
| Cash Conversion Cycle | 53.86 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 92.12M | 94.03M | 1.16B | 918.89M | 720.69M | 648.39M | 190.74M | 146.93M |
| Long-Term Debt | 91.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 280.88M | 93.78M | 54.66M | 21.09M | 23.5M | 29.12M | 8.13M | 9.24M |
| Deferred Tax Liabilities | 1.1M | 249K | 291K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 1.1B | 897.8M | 697.18M | 619.27M | 182.61M | 137.69M |
| Total Liabilities | 666.23M | 645.18M | 1.58B | 1.2B | 902.45M | 767.53M | 256.43M | 179.03M |
| Total Debt | 91.87M | 93.78M | 54.66M | 25.04M | 28.41M | 32.46M | 9.24M | 10.22M |
| Net Debt | -1.05B | -942.61M | -731.13M | -722.57M | -579.77M | -521.46M | -111.25M | -49.63M |
| Debt / Equity | 0.07x | 0.07x | 0.07x | 0.04x | 0.05x | 0.06x | - | - |
| Debt / EBITDA | 0.55x | 0.63x | 0.74x | - | - | - | - | - |
| Net Debt / EBITDA | -6.26x | -6.29x | -9.95x | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - |
| Total Equity | 1.39B | 1.35B | 824.55M | 655.5M | 542.08M | 513.06M | -80.69M | -83.98M |
| Equity Growth % | 205.44% | 63.36% | 25.79% | 20.92% | 5.66% | 735.83% | 3.91% | - |
| Book Value per Share | 29.85 | 27.88 | 17.51 | 14.09 | 13.73 | 13.41 | -2.25 | -2.34 |
| Total Shareholders' Equity | 1.39B | 1.35B | 824.55M | 655.5M | 542.08M | 513.06M | -80.69M | -83.98M |
| Common Stock | 5K | 5K | 4K | 4K | 4K | 4K | 1K | 1K |
| Retained Earnings | 331.68M | 288.22M | -125.85M | -214.42M | -230.49M | -170.91M | -110.78M | -95M |
| 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 |
Platform fee dependency
As reported in recent SEC filings, Duolingo has successfully transitioned from a negative retained earnings position of -$214.4M in 2023Q4 to a positive $331.7M by 2026Q1, signaling a fundamental shift toward sustained profitability and a significantly more resilient balance sheet over the observed ten-quarter period.
The reversal of retained earnings into positive territory suggests that the company's core subscription model is now generating consistent economic value beyond its initial growth phase. This trajectory indicates that the business is successfully scaling its operations while simultaneously building a substantial equity buffer to support future initiatives.
Based on the company's latest financial statements, Duolingo maintains a cash position of $1.1B as of 2026Q1, providing a substantial liquidity buffer that, when combined with a current ratio of 2.62, suggests the firm is well-positioned to navigate potential market volatility or fund strategic investments.
The high liquidity profile reflects the company's ability to convert subscription billings into cash rapidly, effectively insulating the firm from short-term operational shocks. Investors should monitor whether this cash pile is deployed toward value-accretive M&A or if it remains idle, potentially dragging on overall return on invested capital.
According to quarterly balance sheet data, deferred revenue has climbed steadily from $249.2M in 2023Q4 to $513.3M in 2026Q1, which serves as a leading indicator of future revenue recognition and highlights the strength of the company's annual subscription-based business model in securing long-term user commitments.
This growth in unearned revenue suggests that the company's strategy of incentivizing annual prepayments is successfully locking in user cohorts. The consistent upward trend in this liability account implies that the underlying demand for premium features remains healthy, providing a predictable revenue baseline for upcoming quarters.
As disclosed in recent financial filings, Duolingo's goodwill remains relatively low at $35.3M as of 2026Q1, which indicates that the company's asset base is primarily composed of organic growth and cash rather than potentially overvalued acquisitions that could pose future impairment risks to the balance sheet.
The absence of significant goodwill suggests that the company's valuation is driven by its internal product development and user engagement flywheel rather than inorganic expansion. This conservative approach to asset composition reduces the risk of non-cash write-downs, which often plague high-growth technology firms that rely heavily on aggressive M&A strategies.
Quick answers to the most common questions about buying DUOL stock.
As of 2025, Duolingo, Inc. (DUOL) had total assets of $1.99B including $1.44B in current assets.
Duolingo, Inc. (DUOL) carries total debt of $93.8M, offset by $1.14B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Duolingo, Inc. (DUOL) has total shareholders' equity (book value) of $1.35B ($27.88 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Duolingo, Inc. (DUOL) reported a current ratio of 2.61x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.