Duolingo Balance Sheet

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	1,036	785.79	747.61	608.18	553.92
Short-Term Investments	104.08	91.85	-	-	-
Cash & Short-Term Investments	1,140	877.65	747.61	608.18	553.92
Cash Growth	29.95%	17.39%	22.93%	9.79%	359.72%
Accounts Receivable	162.83	128.92	88.98	46.73	33.16
Other Receivables	14.07	0.03	-	-	-
Total Trade Receivables	176.89	128.95	88.98	46.73	33.16
Other Current Assets	119.25	94.99	61.21	42.28	32.19
Total Current Assets	1,437	1,102	897.8	697.18	619.27
Net Property, Plant & Equipment	116.68	66.44	30.9	35.48	36.58
Other Intangible Assets	28.31	19.9	16	8.5	4.57
Goodwill	35.34	10.54	4.05	4.05	-
Long-Term Investments	135.1	98.29	-	-	-
Other Long-Term Assets	240.16	4.97	5.22	2.14	0.89
Total Assets	1,992	1,302	953.96	747.35	661.31
Accounts Payable	8	6.38	2.45	1.18	7.82
Accrued Expenses	45.69	36.38	24.93	21.97	12.93
Unearned Revenue	496.21	372.88	249.19	157.55	98.27
Other Current Liabilities	1.26	6.59	0.79	1.07	0.11
Total Current Liabilities	551.15	422.23	277.36	181.77	119.13
Long-Term Leases	93.78	54.66	21.09	23.5	29.12
Other Long-Term Liabilities	0.25	0.29	-	-	-
Total Long-Term Liabilities	94.03	54.95	21.09	23.5	29.12
Total Liabilities	645.18	477.18	298.46	205.27	148.26
Common Stock	0.01	0	0	0	0
Additional Paid-in Capital	1,059	950.39	869.92	772.56	683.97
Retained Earnings	288.22	-125.85	-214.42	-230.49	-170.91
Shareholders' Equity	1,347	824.55	655.5	542.08	513.06
Total Liabilities & Equity	1,992	1,302	953.96	747.35	661.31
Total Debt	93.78	54.66	21.09	23.5	29.12
Net Cash (Debt)	1,047	822.99	726.52	584.68	524.8
Net Cash Growth	27.18%	13.28%	24.26%	11.41%	367.07%
Net Cash Per Share	21.67	17.47	15.62	14.81	22.40
Book Value	1,347	824.55	655.5	542.08	513.06
Book Value Per Share	27.88	17.51	14.09	13.73	21.89
Tangible Book Value	1,283	794.11	635.46	529.53	508.49
Tangible Book Value Per Share	26.57	16.86	13.66	13.42	21.70

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.