Duolingo debt and dilution—

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

—

Reported borrowing balances are unavailable in the extracted statements for this period.

Cash & equivalents

USD millions

$1,180.887M

Net debt

USD millions

—

Reported borrowing balances are unavailable in the extracted statements for this period.

Debt / equity

—

Reported borrowing balances are unavailable in the extracted statements for this period.

Debt / assets

—

Reported borrowing balances are unavailable in the extracted statements for this period.

Net debt / EBITDA

× · TTM

—

Reported borrowing balances are unavailable in the extracted statements for this period.

Debt / FCF

× · TTM

—

Reported borrowing balances are unavailable in the extracted statements for this period.

Interest coverage

× · TTM

—

The reported inputs required for this metric are unavailable in the extracted statements for this period.

Current ratio

2.72×

Diluted shares

Million shares

50.03M shares

Basic shares

Million shares

—

Share count growth

—

Share repurchases

USD millions

$45.272M

Quarterly data

Duolingo capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jun 30, 2026	—	1,180.89	—	—	—	—	—	—	2.72×	50.03	—	—	45.27
FY 2026 Q1	Mar 31, 2026	—	1,138.56	—	—	—	—	—	—	2.62×	48.99	—	—	24.33
FY 2025 Q4	Dec 31, 2025	—	1,036.39	—	—	—	—	—	—	2.61×	46.95	—	—	—
FY 2025 Q3	Sep 30, 2025	—	1,011.54	—	—	—	—	—	—	2.82×	49.14	—	—	—
FY 2025 Q2	Jun 30, 2025	—	976.23	—	—	—	—	—	—	2.81×	49	—	—	0
FY 2025 Q1	Mar 31, 2025	—	884	—	—	—	—	—	—	2.68×	48.5	—	—	0
FY 2024 Q4	Dec 31, 2024	—	785.79	—	—	—	—	—	—	2.61×	45.87	—	—	—
FY 2024 Q3	Sep 30, 2024	—	854.41	—	—	—	—	—	—	3.09×	47.97	—	—	—
FY 2024 Q2	Jun 30, 2024	—	888.24	—	—	—	—	—	—	3.28×	47.77	—	—	—
FY 2024 Q1	Mar 31, 2024	—	829.71	—	—	—	—	—	—	3.22×	47.35	—	—	—
FY 2023 Q4	Dec 31, 2023	—	747.61	—	—	—	—	—	—	3.24×	46.83	—	—	—
FY 2023 Q3	Sep 30, 2023	—	701.74	—	—	—	—	—	—	3.49×	46.95	—	—	—
FY 2023 Q2	Jun 30, 2023	—	678.67	—	—	—	—	—	—	3.62×	46.87	—	—	—
FY 2023 Q1	Mar 31, 2023	—	641.09	—	—	—	—	—	—	3.65×	40.62	40.62	5.26%	—
FY 2022 Q4	Dec 31, 2022	—	608.18	—	—	—	—	—	—	3.84×	40.24	40.24	6.53%	0
FY 2022 Q3	Sep 30, 2022	—	599.97	—	—	—	—	—	—	4.29×	39.75	39.75	34.61%	0
FY 2022 Q2	Jun 30, 2022	—	591.16	—	—	—	—	—	—	4.45×	39.27	39.27	198.16%	0
FY 2022 Q1	Mar 31, 2022	—	577.33	—	—	—	—	—	—	4.72×	38.59	38.59	—	0
FY 2021 Q4	Dec 31, 2021	—	553.92	—	—	—	—	—	—	5.2×	37.77	37.77	—	0
FY 2021 Q3	Sep 30, 2021	—	549.44	—	—	—	—	—	—	6.05×	29.53	29.53	—	0
FY 2021 Q2	Jun 30, 2021	—	114.64	—	—	—	—	—	—	1.91×	13.17	13.17	—	0

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · DUOL, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.