Duolingo

Engagement and conversion trends are consistent, with DAUs up 40 percent and MAUs up 24 percent year over year in Q2 2025. Subscription revenue is recurring-like with growing deferred revenue of 431.2 million recognized within the next 12 months, supporting near-term visibility.

Still, the model carries some cyclicality around promotional periods and macro, and it remains sensitive to app store policy changes and social traffic. Geographic diversification helps but revenue processing is concentrated through a few platforms. Overall predictability is solid for a consumer app but below that of classic tollbooths.