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Duolingo

NASDAQ: DUOL · USD

Duolingo financials

6 charts

Revenue

USD millions

$298.454M
Duolingo Revenue. Quarterly values and changes versus the preceding comparable period. Missing values are unavailable.
PeriodRevenue
FY 2021 Q2$58.803M; Change unavailable vs FY 2021 Q1
FY 2021 Q3$63.595M; +8.1% vs FY 2021 Q2
FY 2021 Q4$73.014M; +14.8% vs FY 2021 Q3
FY 2022 Q1$81.22M; +11.2% vs FY 2021 Q4
FY 2022 Q2$88.386M; +8.8% vs FY 2022 Q1
FY 2022 Q3$96.065M; +8.7% vs FY 2022 Q2
FY 2022 Q4$103.824M; +8.1% vs FY 2022 Q3
FY 2023 Q1$115.661M; +11.4% vs FY 2022 Q4
FY 2023 Q2$126.839M; +9.7% vs FY 2023 Q1
FY 2023 Q3$137.624M; +8.5% vs FY 2023 Q2
FY 2023 Q4$150.985M; +9.7% vs FY 2023 Q3
FY 2024 Q1$167.553M; +11.0% vs FY 2023 Q4
FY 2024 Q2$178.327M; +6.4% vs FY 2024 Q1
FY 2024 Q3$192.594M; +8.0% vs FY 2024 Q2
FY 2024 Q4$209.55M; +8.8% vs FY 2024 Q3
FY 2025 Q1$230.743M; +10.1% vs FY 2024 Q4
FY 2025 Q2$252.265M; +9.3% vs FY 2025 Q1
FY 2025 Q3$271.713M; +7.7% vs FY 2025 Q2
FY 2025 Q4$282.868M; +4.1% vs FY 2025 Q3
FY 2026 Q1$291.967M; +3.2% vs FY 2025 Q4
FY 2026 Q2$298.454M; +2.2% vs FY 2026 Q1
Jun 30, 2021 through Sep 25, 2026

Free cash flow

USD millions

$81.364M
Duolingo Free cash flow. Quarterly values and changes versus the preceding comparable period. Missing values are unavailable.
PeriodFree cash flow
FY 2021 Q2$-2.035M; Change unavailable vs FY 2021 Q1
FY 2021 Q3$3.426M; +268.4% vs FY 2021 Q2
FY 2021 Q4$-0.091M; −102.7% vs FY 2021 Q3
FY 2022 Q1$19.3M; +21308.8% vs FY 2021 Q4
FY 2022 Q2$10.798M; −44.1% vs FY 2022 Q1
FY 2022 Q3$6.68M; −38.1% vs FY 2022 Q2
FY 2022 Q4$11.316M; +69.4% vs FY 2022 Q3
FY 2023 Q1$28.923M; +155.6% vs FY 2022 Q4
FY 2023 Q2$36.34M; +25.6% vs FY 2023 Q1
FY 2023 Q3$36.891M; +1.5% vs FY 2023 Q2
FY 2023 Q4$48.269M; +30.8% vs FY 2023 Q3
FY 2024 Q1$82.1M; +70.1% vs FY 2023 Q4
FY 2024 Q2$56.825M; −30.8% vs FY 2024 Q1
FY 2024 Q3$53.089M; −6.6% vs FY 2024 Q2
FY 2024 Q4$81.383M; +53.3% vs FY 2024 Q3
FY 2025 Q1$104.322M; +28.2% vs FY 2024 Q4
FY 2025 Q2$89.477M; −14.2% vs FY 2025 Q1
FY 2025 Q3$79.377M; −11.3% vs FY 2025 Q2
FY 2025 Q4$96.551M; +21.6% vs FY 2025 Q3
FY 2026 Q1$150.639M; +56.0% vs FY 2025 Q4
FY 2026 Q2$81.364M; −46.0% vs FY 2026 Q1

Net margin

%

11.11%
Duolingo Net margin. Reported fiscal history.
Fiscal period%
FY 2021 Q2-0.3%
FY 2021 Q3-45.55%
FY 2021 Q4-23.99%
FY 2022 Q1-14.96%
FY 2022 Q2-17.02%
FY 2022 Q3-19.2%
FY 2022 Q4-13.42%
FY 2023 Q1-2.23%
FY 2023 Q22.94%
FY 2023 Q32.04%
FY 2023 Q48.03%
FY 2024 Q116.09%
FY 2024 Q213.66%
FY 2024 Q312.13%
FY 2024 Q46.64%
FY 2025 Q115.23%
FY 2025 Q217.75%
FY 2025 Q3107.54%
FY 2025 Q414.83%
FY 2026 Q114.89%
FY 2026 Q211.11%

P/E

× · TTM · Daily

17.48×
Duolingo P/E. Monthly closing observations; inspect daily values with the chart arrow keys.
Close date× · TTM · DailyFinancials through
2024-03-28642.97×2023-12-31
2024-04-30658.04×2023-12-31
2024-05-31198.74×2024-03-31
2024-06-28216.67×2024-03-31
2024-07-31178.53×2024-03-31
2024-08-30153.32×2024-06-30
2024-09-30203.41×2024-06-30
2024-10-31211.31×2024-06-30
2024-11-29192.5×2024-09-30
2024-12-31179.21×2024-09-30
2025-01-31201.19×2024-09-30
2025-02-28172.49×2024-09-30
2025-03-31160.81×2024-12-31
2025-04-30201.69×2024-12-31
2025-05-30260.45×2025-03-31
2025-06-30205.52×2025-03-31
2025-07-31173.71×2025-03-31
2025-08-29149.3×2025-03-31
2025-09-30161.32×2025-03-31
2025-10-31135.66×2025-03-31
2025-11-2895.94×2025-03-31
2025-12-3187.97×2025-03-31
2026-01-3067.2×2025-03-31
2026-02-2750.63×2025-03-31
2026-03-3111.18×2025-12-31
2026-04-3012.48×2025-12-31
2026-05-2912.63×2025-12-31
2026-06-3013.04×2025-12-31
2026-07-3115.29×2025-12-31
2026-08-3118.07×2026-06-30
2026-09-2517.48×2026-06-30
Mean 170.33×Median 165.69×89% below median

ROIC

% · Annual / TTM

—
NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.
Duolingo ROIC. Reported fiscal history.
Fiscal period% · Annual / TTM
FY 2021 Q2—
FY 2021 Q3—
FY 2021 Q4—
FY 2022 Q1—
FY 2022 Q2—
FY 2022 Q3—
FY 2022 Q4—
FY 2023 Q1—
FY 2023 Q2—
FY 2023 Q3—
FY 2023 Q4—
FY 2024 Q1—
FY 2024 Q2—
FY 2024 Q3—
FY 2024 Q4—
FY 2025 Q1—
FY 2025 Q2—
FY 2025 Q3—
FY 2025 Q4—
FY 2026 Q1—
FY 2026 Q2—

Capital allocation

% of tracked cash uses

$52.168M
Duolingo capital allocation. Quarterly values. Missing values are unavailable.
PeriodCapexAcquisitionsBuybacksDividendsDebt repaymentsTracked uses
FY 2021 Q2100% · $1.139MUnavailable0% · $0MUnavailableUnavailable100% · $1.139M
FY 2021 Q3100% · $1.085MUnavailable0% · $0MUnavailableUnavailable100% · $1.085M
FY 2021 Q4100% · $0.523MUnavailable0% · $0MUnavailableUnavailable100% · $0.523M
FY 2022 Q1100% · $1.327MUnavailable0% · $0MUnavailableUnavailable100% · $1.327M
FY 2022 Q2100% · $1.864MUnavailable0% · $0MUnavailableUnavailable100% · $1.864M
FY 2022 Q3100% · $2.079MUnavailable0% · $0MUnavailableUnavailable100% · $2.079M
FY 2022 Q4100% · $0.292MUnavailable0% · $0MUnavailableUnavailable100% · $0.292M
FY 2023 Q1100% · $0.681MUnavailableUnavailableUnavailableUnavailable100% · $0.681M
FY 2023 Q2100% · $0.827MUnavailableUnavailableUnavailableUnavailable100% · $0.827M
FY 2023 Q3100% · $0.759MUnavailableUnavailableUnavailableUnavailable100% · $0.759M
FY 2023 Q4100% · $0.924M0% · $0MUnavailableUnavailableUnavailable100% · $0.924M
FY 2024 Q1100% · $1.414MUnavailableUnavailableUnavailableUnavailable100% · $1.414M
FY 2024 Q2100% · $5.563MUnavailableUnavailableUnavailableUnavailable100% · $5.563M
FY 2024 Q3100% · $3.178MUnavailableUnavailableUnavailableUnavailable100% · $3.178M
FY 2024 Q4100% · $1.961M0% · $0MUnavailableUnavailableUnavailable100% · $1.961M
FY 2025 Q1100% · $1.309MUnavailable0% · $0MUnavailableUnavailable100% · $1.309M
FY 2025 Q2100% · $1.198MUnavailable0% · $0MUnavailableUnavailable100% · $1.198M
FY 2025 Q3100% · $4.862MUnavailableUnavailableUnavailableUnavailable100% · $4.862M
FY 2025 Q4100% · $10.727M0% · $0MUnavailableUnavailableUnavailable100% · $10.727M
FY 2026 Q10.54% · $0.132MUnavailable99.46% · $24.331MUnavailableUnavailable100% · $24.463M
FY 2026 Q213.22% · $6.896MUnavailable86.78% · $45.272MUnavailableUnavailable100% · $52.168M

Tracked cash uses · SBC excluded

Sources and calculations

Company filings · USD · Last checked 2026-10-18. Missing inputs remain unavailable. Your chart selection and layout are saved in this browser for Duolingo.

All charts share the selected dates. Quarterly/Yearly changes fiscal charts; valuation keeps completed daily closes on a published TTM basis. Later restatements can delay that basis. Historical mean, median and pricing labels use the selected range and do not estimate intrinsic fair value.

SBC deduction is an optional economic-cost scenario for FCF-based metrics. Missing SBC never becomes zero.

Revenue
Reported revenue from company filings.
Free cash flow
Operating cash flow − reported cash capital investment. PPE purchases are preferred; the productive-assets fallback also includes software and intangibles. Reflects the SBC option and can differ from issuer-defined FCF.
Net margin
Reported net income / revenue × 100.
P/E
Completed closing price × diluted shares / TTM earnings attributable to common shareholders.
ROIC
NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
Capital allocation
Reported cash uses as a percentage of tracked uses. Missing categories remain unavailable; SBC is noncash and excluded.
Reported revenue and sources