Duolingo

The company is very well capitalized with approximately 976 million in cash and cash equivalents at June 30, 2025, plus 121.7 million of short-term and 75.4 million of long-term investments. There is no financial debt on the balance sheet; lease liabilities are modest relative to liquidity.

Operating cash flow for the first half of 2025 was 196.3 million and free cash flow 189.3 million, highlighting strong cash generation and low capital intensity. This balance sheet and cash profile provide ample resilience in downturns and flexibility to invest through cycles.