DUOL
$141.76-4.81%
Duolingo Inc.Stock · TechnologyNasdaq Composite 0.009%Russell 1000 0.006%US Stock Market 0.006%Russell 3000 0.006%
DUOL financial statements
The full income statement, balance sheet, and cash-flow statement for Duolingo Inc. (DUOL), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 47.8M2024-09 48.0M2024-12 45.9M2025-03 48.5M2025-06 49.0M2025-09 49.1M2025-12 46.9M2026-03 49.0M2026-06 46.8M-2.1% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 1.04B+38.7% | 748M+40.8% | 531M+43.7% | 369M+47.3% | 251M+55.1% | |
| 749M+37.7% | 544M+39.9% | 389M+44.0% | 270M+48.7% | 182M+56.9% | ||
| Cost of revenue | 288M+41.5% | 204M+43.3% | 142M+42.9% | 99.4M+43.7% | 69.2M+50.4% | |
| 614M+27.4% | 482M+19.8% | 402M+20.0% | 335M+38.8% | 242M+83.4% | ||
| Research & development | 306M+30.2% | 235M+21.1% | 194M+29.2% | 150M+44.9% | 104M+95.8% | |
| Selling, general & administrative | 182M+16.6% | 156M+18.1% | 132M+12.1% | 118M+50.0% | 78.6M+79.8% | |
| General & administrative | 182M+16.6% | 156M+18.1% | 132M+12.1% | 118M+50.0% | 78.6M+79.8% | |
| Selling & marketing | 126M+38.9% | 90.5M+19.4% | 75.8M+13.2% | 67.0M+13.2% | 59.2M+69.1% | |
| Operating income | 136M+116.6% | 62.6M+572.1% | -13.3M+79.7% | -65.2M-8.6% | -60.0M-274.8% | |
| Interest & investment income | 45.2M+5.9% | 42.7M+37.3% | 31.1M+329.7% | 7.24M+37978.9% | 19.0K-91.8% | |
| Other non-operating income | 1.61M+153.9% | -2.99M-5329.1% | -55.0K+91.9% | -676K-2353.3% | 30.0K-58.3% | |
| Pre-tax income | 182M+78.3% | 102M+475.5% | 17.8M+130.3% | -58.6M+2.2% | -60.0M-281.7% | |
| Income tax | -232M-1787.0% | 13.7M+703.0% | 1.71M+82.3% | 938K+429.9% | 177K+160.3% | |
| Net income | 414M+367.5% | 88.6M+451.3% | 16.1M+127.0% | -59.6M+0.9% | -60.1M-281.2% | |
| $8.57+355.9% | $1.88+437.1% | $0.35+123.2% | -$1.51+41.2% | -$2.57-107.3% | ||
| EPS (basic) | $9.05+343.6% | $2.04+423.1% | $0.39+125.8% | -$1.51+41.2% | -$2.57-107.3% | |
| Weighted-avg shares (basic) | — | — | — | 39.5M+68.4% | 23.4M+84.0% | |
| Weighted-avg shares (diluted) | 48.3M+2.6% | 47.1M+1.2% | 46.5M+17.9% | 39.5M+68.4% | 23.4M+84.0% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 1.44B+30.4% | 1.10B+22.7% | 898M+28.8% | 697M+12.6% | 619M+291.0% | ||
| Cash & equivalents | 1.04B+31.9% | 786M+5.1% | 748M+22.9% | 608M+9.8% | 554M+359.7% | |
| Accounts receivable | 163M+26.3% | 129M+44.9% | 89.0M+90.4% | 46.7M+40.9% | 33.2M+62.2% | |
| Prepaid expenses | 16.6M+11.8% | 14.8M+103.7% | 7.28M+0.7% | 7.23M-9.2% | 7.97M+106.7% | |
| 1.99B+53.0% | 1.30B+36.5% | 954M+27.6% | 747M+13.0% | 661M+276.3% | ||
| Property, plant & equipment | 36.3M+91.6% | 18.9M+60.6% | 11.8M-9.1% | 13.0M+57.9% | 8.21M+27.7% | |
| Operating lease right-of-use | 80.4M+69.2% | 47.5M+148.6% | 19.1M-15.1% | 22.5M-20.7% | 28.4M+251.4% | |
| Goodwill | 35.3M+235.3% | 10.5M+160.2% | 4.05M+0.0% | 4.05M | 0.00 | |
| Intangible assets | 28.3M+42.3% | 19.9M+24.4% | 16.0M+88.2% | 8.50M+86.1% | 4.57M | |
| Long-term investments | 135M+37.4% | 98.3M | 0.00 | — | — | |
| Deferred tax assets | 227M+33579.9% | 675K-11.9% | 766K+21.0% | 633K | 0.00 | |
| Other non-current assets | 10.1M+545.1% | 1.56M-9.0% | 1.72M+14.0% | 1.51M+68.6% | 894K+59.1% | |
| 551M+30.5% | 422M+52.2% | 277M+52.6% | 182M+52.6% | 119M+81.4% | ||
| Accounts payable | 8.00M+25.3% | 6.38M+160.8% | 2.45M+107.9% | 1.18M-84.9% | 7.82M+256.0% | |
| Accrued liabilities | 45.7M+25.6% | 36.4M+45.9% | 24.9M+13.5% | 22.0M+69.9% | 12.9M+49.8% | |
| Deferred revenue | 496M+33.1% | 373M+49.6% | 249M+58.2% | 158M+60.3% | 98.3M+79.3% | |
| Current lease liability | 7.20M+179.1% | 2.58M-34.6% | 3.94M-19.6% | 4.90M+47.0% | 3.34M+200.3% | |
| 645M+35.2% | 477M+59.9% | 298M+45.4% | 205M+38.5% | 148M+100.8% | ||
| Non-current lease liability | 93.8M+71.6% | 54.7M+159.1% | 21.1M-10.2% | 23.5M-19.3% | 29.1M+258.2% | |
| Operating lease liability (total) | 101M+76.4% | 57.2M+128.6% | 25.0M-11.9% | 28.4M-12.5% | 32.5M | |
| Deferred tax liabilities | 249K-14.4% | 291K | 0.00 | — | — | |
| Other non-current liabilities | 0.00 | — | — | — | — | |
| 1.35B+63.4% | 825M+25.8% | 656M+20.9% | 542M+5.7% | 513M+735.8% | ||
| Common stock | 5.00K+25.0% | 4.00K+0.0% | 4.00K+0.0% | 4.00K+0.0% | 4.00K+300.0% | |
| Additional paid-in capital | 1.06B+11.4% | 950M+9.3% | 870M+12.6% | 773M+13.0% | 684M+2173.3% | |
| Retained earnings | 288M+329.0% | -126M+41.3% | -214M+7.0% | -230M-34.9% | -171M-54.3% | |
| Treasury stock | 0.00 | — | — | — | — | |
| Total liabilities & equity | 1.99B+53.0% | 1.30B+36.5% | 954M+27.6% | 747M+13.0% | 661M+276.3% | |
| Common shares issued | — | — | — | — | 16.6M+30.1% | |
| Common shares outstanding | — | — | — | — | 16.6M+30.1% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 388M+35.8% | 286M+85.9% | 154M+186.3% | 53.7M+485.1% | 9.17M-48.2% | ||
| Depreciation & amortization | 14.4M+32.6% | 10.9M+53.0% | 7.09M+45.7% | 4.87M+78.7% | 2.73M+20.8% | |
| Share-based compensation | 137M+24.4% | 110M+16.0% | 95.2M+29.0% | 73.8M+80.9% | 40.8M+139.6% | |
| Deferred income taxes | -227M-144513.4% | 157K+218.0% | -133K+38.1% | -215K | 0.00 | |
| Change in receivables | 33.9M-15.1% | 39.9M-5.5% | 42.2M+211.4% | 13.6M+6.7% | 12.7M+21.7% | |
| Change in payables | 1.62M-58.9% | 3.93M+212.0% | 1.26M+118.9% | -6.66M-218.4% | 5.62M+448.1% | |
| Other operating activities | 0.00-100.0% | 238K-28.5% | 333K | — | — | |
| -108M+50.5% | -217M-1499.9% | -13.6M+4.2% | -14.2M-128.4% | -6.21M-54.6% | ||
| Capital expenditure | 18.1M+49.4% | 12.1M+279.7% | 3.19M-42.6% | 5.56M+55.1% | 3.59M+6.2% | |
| Free cash flow | 370M+35.2% | 273M+81.8% | 150M+212.8% | 48.1M+761.3% | 5.58M-61.0% | |
| Acquisitions | 33.1M+401.9% | 6.59M | 0.00-100.0% | 4.05M | 0.00 | |
| Purchases of investments | 163M-15.7% | 193M | 0.00 | 0.00 | — | |
| Sales/maturities of investments | 116M+3024.1% | 3.71M | 0.00 | 0.00 | — | |
| -29.5M+1.5% | -30.0M-1505.2% | 2.13M-85.6% | 14.8M-96.6% | 430M+816.8% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00-100.0% | 868K | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net change in cash | 251M+556.3% | 38.2M-73.1% | 142M+162.0% | 54.3M-87.5% | 433M+614.7% | |
| Interest paid | — | — | 0.00 | 0.00 | 0.00 | |
| Income taxes paid | 14.4M+88.4% | 7.62M+228.4% | 2.32M+277.2% | 615K+365.9% | 132K | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 8.24B-44.6% | 14.9B+39.6% | 10.6B+276.6% | 2.83B+60.1% | 1.77B | |
| P/E | 19.9×-88.1% | 167.9× | — | — | — | |
| P/S | 7.9×-60.1% | 19.9×-9.7% | 22.0×+163.6% | 8.3×+18.5% | 7.0× | |
| P/B | 6.1×-66.1% | 18.0×+4.1% | 17.3×+227.0% | 5.3×+53.9% | 3.4× | |
| P/FCF | 22.3×-59.0% | 54.4×-42.1% | 93.9×+21.8% | 77.1×-75.6% | 316.3× | |
| Earnings yield | 5.0%+743.9% | 0.60% | — | — | — | |
| FCF yield | 4.5%+144.1% | 1.8%+72.6% | 1.1%-17.9% | 1.3%+310.4% | 0.32% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: DUOL’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all DUOL filings on SEC EDGAR → Not investment advice.