Duolingo, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $1.0B | $748.0M | $531.1M | $369.5M | $250.8M |
| Cost of revenue | $288.1M | $203.6M | $142.1M | $99.4M | $69.2M |
| Gross profit | $749.5M | $544.4M | $389.0M | $270.1M | $181.6M |
| Research and development | $306.3M | $235.3M | $194.4M | $150.4M | $103.8M |
| Operating expenses | $613.9M | $481.8M | $402.3M | $335.3M | $241.6M |
| Operating income | $135.6M | $62.6M | -$13.3M | -$65.2M | -$60.0M |
| Pretax income | $182.4M | $102.3M | $17.8M | -$58.6M | -$60.0M |
| Income tax expense | -$231.7M | $13.7M | $1.7M | $938,000 | $177,000 |
| Net income | $414.1M | $88.6M | $16.1M | -$59.6M | -$60.1M |
| Balance Sheet | |||||
| Cash and equivalents | $1.0B | $785.8M | $747.6M | $608.2M | $553.9M |
| Current assets | $1.4B | $1.1B | $897.8M | $697.2M | $619.3M |
| Total assets | $2.0B | $1.3B | $954.0M | $747.3M | $661.3M |
| Current liabilities | $551.1M | $422.2M | $277.4M | $181.8M | $119.1M |
| Total liabilities | $645.2M | $477.2M | $298.5M | $205.3M | $148.3M |
| Stockholders' equity | $1.3B | $824.5M | $655.5M | $542.1M | $513.1M |
| Cash Flow Statement | |||||
| Cash from operations | $387.8M | $285.5M | $153.6M | $53.7M | $9.2M |
| Depreciation and amortization | $14.4M | $10.9M | $7.1M | $4.9M | $2.7M |
| Stock-based compensation | $137.4M | $110.5M | $95.2M | $73.8M | $40.8M |
| Capital expenditure | $18.1M | $12.1M | $3.2M | $5.6M | $3.6M |
| Free cash flow | $369.7M | $273.4M | $150.4M | $48.1M | $5.6M |
| Share repurchases | — | — | $0 | $0 | $868,000 |
| Impairments | $0 | $0 | $0 | $0 | $0 |
Shares outstanding 46.6M · Free float 67.5%
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.