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Duolingo, Inc.

DUOL Clue Score85
United States Fiscal year ends December CIK 0001562088
$149.92 -0.86% Close, 9 Oct 2026
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Price $149.92 −9.14% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 28 Jul 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2020Revenue161.7Operating income−16.0Net income−15.8EPS, diluted−1.24Fiscal year 2021Revenue250.8 +55.1%Operating income−60.0Net income−60.1EPS, diluted−2.57Fiscal year 2022Revenue369.5 +47.3%Operating income−65.2Net income−59.6EPS, diluted−1.51Fiscal year 2023Revenue531.1 +43.7%Operating income−13.3Net income16.1EPS, diluted0.35Fiscal year 2024Revenue748.0 +40.8%Operating income62.6Net income88.6 +451.3%EPS, diluted1.88Fiscal year 2025Revenue1,037.6 +38.7%Operating income135.6Net income414.1 +367.5%EPS, diluted8.57
FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 161.7 250.8 369.5 531.1 748.0 1,037.6
Growth +55.1% +47.3% +43.7% +40.8% +38.7%
Operating income −16.0 −60.0 −65.2 −13.3 62.6 135.6
Net income −15.8 −60.1 −59.6 16.1 88.6 414.1
Growth +451.3% +367.5%
EPS, diluted −1.24 −2.57 −1.51 0.35 1.88 8.57

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2020Gross margin71.6%Operating margin−9.9%Net margin−9.8%Free cash flow margin8.9%Fiscal year 2021Gross margin72.4%Operating margin−23.9%Net margin−24.0%Free cash flow margin2.2%Fiscal year 2022Gross margin73.1%Operating margin−17.6%Net margin−16.1%Free cash flow margin13.0%Fiscal year 2023Gross margin73.2%Operating margin−2.5%Net margin3.0%Free cash flow margin28.3%Fiscal year 2024Gross margin72.8%Operating margin8.4%Net margin11.8%Free cash flow margin36.5%Fiscal year 2025Gross margin72.2%Operating margin13.1%Net margin39.9%Free cash flow margin35.6%
FY2020FY2021FY2022FY2023FY2024FY2025
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%
Free cash flow margin 8.9% 2.2% 13.0% 28.3% 36.5% 35.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2020Operating cash flow17.7Capital expenditure−3.4Free cash flow14.3Buybacks0.0Fiscal year 2021Operating cash flow9.2Capital expenditure−3.6Free cash flow5.6 −61.0%Buybacks−0.9Fiscal year 2022Operating cash flow53.7Capital expenditure−5.6Free cash flow48.1 +761.3%Buybacks0.0Fiscal year 2023Operating cash flow153.6Capital expenditure−3.2Free cash flow150.4 +212.8%Buybacks0.0Fiscal year 2024Operating cash flow285.5Capital expenditure−12.1Free cash flow273.4 +81.8%Fiscal year 2025Operating cash flow387.8Capital expenditure−18.1Free cash flow369.7 +35.2%
FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 17.7 9.2 53.7 153.6 285.5 387.8
Capital expenditure −3.4 −3.6 −5.6 −3.2 −12.1 −18.1
Free cash flow 14.3 5.6 48.1 150.4 273.4 369.7
Growth −61.0% +761.3% +212.8% +81.8% +35.2%
Buybacks 0.0 −0.9 0.0 0.0 n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2020Cash120.5Shareholders’ equity−80.7Fiscal year 2021Cash553.9Shareholders’ equity513.1Fiscal year 2022Cash608.2Shareholders’ equity542.1Fiscal year 2023Cash747.6Shareholders’ equity655.5Fiscal year 2024Cash785.8Shareholders’ equity824.6Fiscal year 2025Cash1,036.4Shareholders’ equity1,347.0
FY2020FY2021FY2022FY2023FY2024FY2025
Cash 120.5 553.9 608.2 747.6 785.8 1,036.4
Shareholders’ equity −80.7 513.1 542.1 655.5 824.6 1,347.0

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
71.6% 72.4% 73.1% 73.2% 72.8% 72.2%
−9.9% −23.9% −17.6% −2.5% 8.4% 13.1%
−9.7% −23.9% −15.9% 3.3% 13.7% 17.6%
−9.8% −24.0% −16.1% 3.0% 11.8% 39.9%
8.9% 2.2% 13.0% 28.3% 36.5% 35.6%
Spending
32.8% 41.4% 40.7% 36.6% 31.5% 29.5%
27.0% 31.3% 31.9% 24.9% 20.9% 17.5%
2.1% 1.4% 1.5% 0.6% 1.6% 1.7%
n/a n/a n/a 9.6% 13.4% −127.0%
Returns
n/a −11.7% −11.0% 2.5% 10.7% 30.7%
−9.0% −9.1% −8.0% 1.7% 6.8% 20.8%
Balance and payout
42.0% 22.4% 27.5% 31.3% 36.7% 32.4%
0.0% 15.5% 0.0% 0.0% n/a n/a