Duolingo, Inc. DUOL

Technology SIC 7372 - Services-Prepackaged Software NAICS Information › Publishing Industries › Software Publishers derived Nasdaq

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.

Last close 143.04 2026-10-23
Market cap —
52-week range 87.89 - 309.24

Valuation FY2025 figures against the last close

P/S—
P/E16.7x
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS8.57

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • Rest of World
  • United States
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 Rest of World, FY2025: 645.4M (62.2%) 62% Rest of World United States, FY2025: 392.2M (37.8%) 38% United States FY2024 Rest of World, FY2024: 436.5M (58.4%) 58% United States, FY2024: 311.5M (41.6%) 42% FY2023 Rest of World, FY2023: 292.4M (55.0%) 55% United States, FY2023: 238.8M (45.0%) 45%
Region FY2025FY2024FY2023
Rest of World $645.4M $436.5M $292.4M
United States $392.2M $311.5M $238.8M

As the company reported it, from the “REVENUE - Schedule of Revenue by Geographic Areas (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
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 9.052.040.39-1.51-2.57-1.24—
EPS, diluted 8.571.880.35-1.51-2.57-1.24—
Shares, diluted (wtd. avg.) 48.3M47.1M46.5M39.5M23.4M12.7M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -500M 0 500M 1B 1.5B Revenue, FY2020: 161.7M Gross profit, FY2020: 115.7M Net income, FY2020: -15.8M Revenue, FY2021: 250.8M Gross profit, FY2021: 181.6M Net income, FY2021: -60.1M Revenue, FY2022: 369.5M Gross profit, FY2022: 270.1M Net income, FY2022: -59.6M Revenue, FY2023: 531.1M Gross profit, FY2023: 389M Net income, FY2023: 16.1M Revenue, FY2024: 748M Gross profit, FY2024: 544.4M Net income, FY2024: 88.3M Revenue, FY2025: 1B Gross profit, FY2025: 749.5M Net income, FY2025: 414.1M FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $161.7M $250.8M $369.5M $531.1M $748.0M $1.04B
Gross profit — $115.7M $181.6M $270.1M $389.0M $544.4M $749.5M
Net income — -$15.8M -$60.1M -$59.6M $16.1M $88.3M $414.1M

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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