Duolingo, Inc. DUOL
Our mission is to develop the best education in the world and make it universally available.
Although education can open the door to economic opportunity, it is also among the principal sources of inequality: the privileged can get the best education in the world, while those with fewer resources, especially in developing countries, may not be able to get even basic schooling. That is why we started Duolingo. We believe that everyone, regardless of how wealthy they are, should have access to high quality education. And today, the technology necessary to enable this is in the hands of billions of people, in the form of a smartphone. At Duolingo, we build products native to the smartphone—bite-sized, on-demand and engaging—to make learning accessible and effective, opening doors for everyone alike.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $1.04B | $748.0M | $531.1M | $369.5M | $250.8M | $161.7M | — |
| Cost of revenue | $288.1M | $203.6M | $142.1M | $99.4M | $69.2M | $46.0M | — |
| Gross profit | $749.5M | $544.4M | $389.0M | $270.1M | $181.6M | $115.7M | — |
| R&D | $306.3M | $235.3M | $194.4M | $150.4M | $103.8M | $53.0M | — |
| SG&A | $181.9M | $156.0M | $132.1M | $117.8M | $78.6M | $43.7M | — |
| Total operating expenses | $613.9M | $481.8M | $402.3M | $335.3M | $241.6M | $131.7M | — |
| Operating income | $135.6M | $62.6M | -$13.3M | -$65.2M | -$60.0M | -$16.0M | — |
| Pre-tax income | $182.4M | $102.3M | $17.8M | -$58.6M | -$60.0M | -$15.7M | — |
| Income tax | $231.7M | $13.7M | $1.7M | $938.0K | $177.0K | $68.0K | — |
| Net income | $414.1M | $88.3M | $16.1M | -$59.6M | -$60.1M | -$15.8M | — |
| EPS, basic | 9.05 | 2.04 | 0.39 | -1.51 | -2.57 | -1.24 | — |
| EPS, diluted | 8.57 | 1.88 | 0.35 | -1.51 | -2.57 | -1.24 | — |
| Shares, diluted (wtd. avg.) | $48.3M | $47.1M | $46.5M | $39.5M | $23.4M | $12.7M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.04B | $785.8M | $750.3M | $608.2M | $553.9M | $120.5M | $59.8M |
| Receivables | $162.8M | $128.9M | $89.0M | $46.7M | $33.2M | $20.4M | — |
| Total current assets | $1.44B | $1.10B | $897.8M | $697.2M | $619.3M | $158.4M | — |
| Property, plant and equipment | $36.3M | $18.9M | $11.8M | $13.0M | $8.2M | $6.4M | — |
| Goodwill | $35.3M | $10.5M | $4.0M | $4.0M | $0 | — | — |
| Other intangibles | $28.3M | $19.9M | $16.0M | $8.5M | $4.6M | — | — |
| Total assets | $1.99B | $1.30B | $954.0M | $747.3M | $661.3M | $175.7M | — |
| Accounts payable | $8.0M | $6.4M | $2.4M | $1.2M | $7.8M | $2.2M | — |
| Total current liabilities | $551.1M | $422.2M | $277.4M | $181.8M | $119.1M | $65.7M | — |
| Total liabilities | $645.2M | $477.2M | $298.5M | $205.3M | $148.3M | $73.8M | — |
| Retained earnings | $288.2M | -$125.8M | -$214.4M | -$230.5M | -$170.9M | -$110.8M | — |
| Total equity | $1.35B | $824.5M | $655.5M | $542.1M | $513.1M | -$80.7M | -$84.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $387.8M | $285.5M | $153.6M | $53.7M | $9.2M | $17.7M | — |
| Depreciation and amortisation | $14.4M | $10.9M | $7.1M | $4.9M | $2.7M | $2.3M | — |
| Stock-based compensation | $137.4M | $110.5M | $95.2M | $73.8M | $40.8M | $17.0M | — |
| Capital expenditure | $18.1M | $12.1M | $3.2M | $5.6M | $3.6M | $3.4M | — |
| Investing cash flow | -$107.7M | -$217.3M | -$13.6M | -$14.2M | -$6.2M | -$4.0M | — |
| Financing cash flow | -$29.5M | -$30.0M | $2.1M | $14.8M | $430.5M | $47.0M | — |
| Buybacks | — | — | $0 | $0 | $868.0K | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-025728.
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