Duolingo, Inc. (DUOL) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 150.77M | 107.28M | 84.24M | 90.67M | 105.63M | 83.34M | 56.27M | 62.39M | 83.51M | 49.19M | 37.65M | 37.17M | 29.6M | 11.61M | 8.76M | 12.66M | 20.63M | 432K | 4.51M | -896K |
| Operating CF Margin % | 51.64% | 37.93% | 31% | 35.94% | 45.78% | 39.77% | 29.22% | 34.99% | 49.84% | 32.58% | 27.36% | 29.3% | 25.6% | 11.18% | 9.12% | 14.33% | 25.4% | 0.59% | 7.09% | -1.52% |
| Operating CF Growth % | 42.73% | 28.72% | 49.71% | 45.34% | 26.48% | 69.42% | 49.45% | 67.86% | 182.1% | 323.79% | 329.84% | 193.53% | 43.52% | 2587.04% | 94.17% | 1513.17% | 302.64% | -88.26% | - | - |
| Net Income | 43.46M | 41.95M | 292.19M | 44.78M | 35.13M | 13.91M | 23.36M | 24.35M | 26.96M | 12.12M | 2.81M | 3.73M | -2.58M | -13.93M | -18.45M | -15.04M | -12.15M | -17.52M | -28.97M | -176K |
| Depreciation & Amortization | 4.19M | 3.81M | 3.55M | 3.44M | 3.59M | 3.66M | 2.88M | 2.24M | 2.07M | 2.04M | 1.66M | 1.63M | 1.76M | 1.44M | 1.48M | 1.17M | 774K | 757K | 733K | 636K |
| Stock-Based Compensation | 34.65M | 36.26M | 35.56M | 34.59M | 31.02M | 29.79M | 28.96M | 26.75M | 24.98M | 25M | 25.43M | 23.71M | 21.07M | 20.63M | 20.49M | 18.11M | 14.59M | 14.68M | 20.66M | 2.91M |
| Deferred Taxes | 9.5M | 14.3M | -239.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 58.98M | -70.25M | -441K | -467K | -550K | -301K | -12K | 0 | 0 | 16K | 417K | 0 | -100K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Capital Changes | 0 | 81.2M | -7.15M | 8.33M | 36.44M | 36.29M | 1.08M | 9.05M | 29.5M | 10.02M | 7.34M | 8.09M | 9.45M | 3.46M | 5.23M | 8.42M | 17.42M | 2.51M | 12.09M | -4.26M |
| Change in Receivables | 0 | 46.9M | -27.72M | 17.42M | 14.74M | 27.57M | -16.46M | -1.3M | 12.55M | -27.26M | -8.3M | -897K | -5.78M | -16.53M | -1.99M | 364K | 4.59M | -12.43M | 4.39M | -1.78M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | -3.25M | -3.41M | 4.44M | -3.84M | 3.41M | -214K | 1.13M | -398K | -142K | 344K | 1.4M | -345K | -2.79M | 2.45M | -514K | -5.8M | -890K | 4.44M | 486K |
| Cash from Investing | -16.75M | -43.18M | -51.67M | -2.27M | -10.55M | -110.36M | -93.29M | -8.66M | -5.02M | -4.15M | -4.75M | -3.37M | -1.31M | -4.95M | -3.52M | -3.27M | -2.44M | -1.11M | -1.46M | -1.86M |
| Capital Expenditures | 0 | -3.82M | -4.86M | -1.2M | -1.31M | -1.96M | -3.18M | -5.56M | -1.41M | -924K | -759K | -827K | -681K | -292K | -2.08M | -1.86M | -1.33M | -523K | -1.08M | -1.14M |
| CapEx % of Revenue | 0.05% | 1.35% | 1.79% | 0.47% | 0.57% | 0.94% | 1.65% | 3.12% | 0.84% | 0.61% | 0.55% | 0.65% | 0.59% | 0.28% | 2.16% | 2.11% | 1.63% | 0.72% | 1.71% | 1.94% |
| Acquisitions | 0 | 0 | -33.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -16.75M | -25.59M | -2.52M | -3.15M | -1.31M | 3.23M | -90.11M | -3.09M | -3.61M | -3.22M | -3.99M | -2.54M | -631K | -4.65M | -1.44M | -1.41M | -1.12M | -585K | -379K | -717K |
| Cash from Financing | -31.85M | -39.25M | 2.75M | 3.83M | 3.12M | -41.6M | 3.19M | 4.79M | 3.61M | 3.56M | -9.82M | 3.78M | 4.62M | 1.55M | 3.56M | 4.44M | 5.23M | 5.16M | 431.76M | -71K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 2.87M | 2.75M | 3.83M | 3.12M | 7.76M | 3.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 431.76M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -31.85M | -42.12M | 0 | 0 | 0 | -49.36M | 0 | 4.79M | 3.61M | 3.56M | -9.82M | 3.78M | 4.62M | 1.55M | 3.56M | 4.44M | 5.23M | 5.16M | 0 | -71K |
| Net Change in Cash | 102.17M | 24.85M | 35.31M | 92.23M | 98.2M | -68.62M | -33.83M | 58.53M | 82.1M | 48.61M | 23.07M | 37.57M | 32.91M | 8.21M | 8.81M | 13.83M | 23.41M | 4.48M | 434.8M | -2.82M |
| Free Cash Flow | 150.77M | 103.46M | 79.38M | 89.48M | 104.32M | 80.9M | 51.24M | 53.73M | 78.49M | 45.05M | 32.9M | 33.8M | 28.19M | 10.71M | 5.24M | 9.39M | 18.18M | -676K | 3.05M | -2.75M |
| FCF Margin % | 51.64% | 36.58% | 29.21% | 35.47% | 45.21% | 38.61% | 26.61% | 30.13% | 46.85% | 29.83% | 23.9% | 26.64% | 24.37% | 10.32% | 5.46% | 10.63% | 22.39% | -0.93% | 4.79% | -4.68% |
| FCF Growth % | 44.52% | 27.88% | 54.9% | 66.52% | 32.91% | 79.61% | 55.77% | 58.99% | 178.42% | 320.47% | 527.45% | 259.8% | 55.05% | 1684.76% | 72.07% | 441.32% | 443.59% | -128.8% | - | - |
| FCF per Share | 3.23 | 2.22 | 1.62 | 1.83 | 2.15 | 1.80 | 1.03 | 1.12 | 1.66 | 0.92 | 0.70 | 0.72 | 0.69 | 0.27 | 0.13 | 0.24 | 0.47 | -0.02 | 0.10 | -0.08 |
| FCF Conversion (FCF/Net Income) | 3.47x | 2.56x | 0.29x | 2.02x | 3.01x | 5.99x | 2.41x | 2.56x | 3.10x | 4.06x | 13.41x | 9.98x | -11.47x | -0.83x | -0.47x | -0.84x | -1.70x | -0.02x | -0.16x | 5.09x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 11.63M | 87K | -6.8M | 1.87M | 4.93M | 0 | 125K | 256K | 1.91M | 28K | 7K | 0 | 605K | 3K | 38K | 36K | 57K |