Duolingo (DUOL) financial statements
Duolingo reported revenue of $1.0B in fiscal 2025, up 45.0% a year over 5 years.
Net income was $414M and the operating margin 13.1%, against -9.9% in 2020.
Free cash flow was $370M.
The diluted share count rose 279% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Duolingo's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $162M | $251M | $369M | $531M | $748M | $1.0B |
| Cost of revenue | $46M | $69M | $99M | $142M | $204M | $288M |
| Gross profit | $116M | $182M | $270M | $389M | $544M | $749M |
| Research and development | $53M | $104M | $150M | $194M | $235M | $306M |
| Selling, general and admin | $79M | $138M | $185M | $208M | $246M | $308M |
| Operating income | -$16M | -$60M | -$65M | -$13M | $63M | $136M |
| Pre-tax income | -$16M | -$60M | -$59M | $18M | $102M | $182M |
| Income tax | $68,000 | $177,000 | $938,000 | $2M | $14M | -$232M |
| Net income | -$16M | -$60M | -$60M | $16M | $89M | $414M |
| EPS (diluted) | -$1.24 | -$2.57 | -$1.51 | $0.35 | $1.88 | $8.57 |
| Diluted shares | 13M | 23M | 39M | 47M | 47M | 48M |
| Gross margin | 71.6% | 72.4% | 73.1% | 73.2% | 72.8% | 72.2% |
| Operating margin | -9.9% | -23.9% | -17.6% | -2.5% | 8.4% | 13.1% |
| Net margin | -9.8% | -24.0% | -16.1% | 3.0% | 11.8% | 39.9% |
Balance sheet
Fiscal years, from Duolingo's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $120M | $554M | $608M | $748M | $786M | $1.0B |
| Receivables | $20M | $33M | $47M | $89M | $129M | $163M |
| Total current assets | $158M | $619M | $697M | $898M | $1.1B | $1.4B |
| Property, plant and equipment | $6M | $8M | $13M | $12M | $19M | $36M |
| Goodwill | — | $0 | $4M | $4M | $11M | $35M |
| Total assets | $176M | $661M | $747M | $954M | $1.3B | $2.0B |
| Total current liabilities | $66M | $119M | $182M | $277M | $422M | $551M |
| Total liabilities | $74M | $148M | $205M | $298M | $477M | $645M |
| Shareholders' equity | -$81M | $513M | $542M | $656M | $825M | $1.3B |
| Net debt | -$120M | -$554M | -$608M | -$748M | -$786M | -$1.0B |
Cash flow
Fiscal years, from Duolingo's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | $18M | $9M | $54M | $154M | $286M | $388M |
| Capital spending | $4M | $6M | $6M | $3M | $12M | $18M |
| Free cash flow | $14M | $3M | $48M | $150M | $273M | $370M |
| Stock-based compensation | $17M | $41M | $74M | $95M | $110M | $137M |
| Share buybacks (net) | $0 | -$868,000 | $0 | $0 | — | — |
| Free cash flow margin | 8.5% | 1.2% | 13.0% | 28.3% | 36.5% | 35.6% |
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Open DUOL in InvestinglyQuestions
What was Duolingo's revenue in 2025?
$1.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Duolingo generate?
$370M in fiscal 2025 (operating cash flow minus capital spending).
From Duolingo's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.