Duolingo Balance Sheet

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	1,012	785.79	747.61	608.18	553.92	120.49
Short-Term Investments	109.91	93.34	-	-	-	-
Cash & Short-Term Investments	1,121	879.13	747.61	608.18	553.92	120.49
Cash Growth	27.33%	17.59%	22.93%	9.79%	359.72%	101.34%
Receivables	136.33	128.92	88.98	46.73	33.16	20.45
Prepaid Expenses	14.75	13.37	7.28	7.23	7.97	3.86
Other Current Assets	94.57	80.16	53.93	35.04	24.22	13.59
Total Current Assets	1,367	1,102	897.8	697.18	619.27	158.38
Property, Plant & Equipment	103.89	66.44	30.9	35.48	36.58	14.5
Long-Term Investments	98.74	98.29	-	-	-	-
Goodwill	35.34	10.54	4.05	4.05	-	-
Other Intangible Assets	27.97	19.9	16	8.5	4.57	2.3
Long-Term Deferred Tax Assets	240.17	0.68	0.77	0.63	-	-
Other Long-Term Assets	12.43	4.3	4.45	1.51	0.89	0.56
Total Assets	1,886	1,302	953.96	747.35	661.31	175.74
Accounts Payable	3.57	6.38	2.45	1.18	7.82	2.2
Accrued Expenses	35.16	33.79	20.99	12.2	5.47	4.7
Current Portion of Leases	4.07	2.58	3.94	4.9	3.34	1.11
Current Income Taxes Payable	0.02	6.59	0.79	1.07	0.11	0.07
Current Unearned Revenue	441.73	372.88	249.19	157.55	98.27	54.79
Other Current Liabilities	-	-	-	4.87	4.13	2.82
Total Current Liabilities	484.54	422.23	277.36	181.77	119.13	65.69
Long-Term Leases	93.26	54.66	21.09	23.5	29.12	8.13
Long-Term Deferred Tax Liabilities	0.3	0.29	-	-	-	-
Total Liabilities	578.1	477.18	298.46	205.27	148.26	73.82
Common Stock	0.01	0	0	0	0	0
Additional Paid-In Capital	1,061	950.39	869.92	772.56	683.97	30.09
Retained Earnings	246.26	-125.85	-214.42	-230.49	-170.91	-110.78
Total Common Equity	1,308	824.55	655.5	542.08	513.06	-80.69
Shareholders' Equity	1,308	824.55	655.5	542.08	513.06	101.92
Total Liabilities & Equity	1,886	1,302	953.96	747.35	661.31	175.74
Total Debt	97.32	57.24	25.04	28.41	32.46	9.24
Net Cash (Debt)	1,024	821.9	722.57	579.77	521.46	111.25
Net Cash Growth	24.36%	13.75%	24.63%	11.18%	368.74%	124.17%
Net Cash Per Share	21.32	17.45	15.53	14.69	22.25	8.74
Filing Date Shares Outstanding	46.23	45.24	42.88	40.64	38.63	12.79
Total Common Shares Outstanding	46.11	44.94	42.53	40.36	38.27	12.79
Working Capital	882.57	679.36	620.44	515.42	500.14	92.69
Book Value Per Share	28.36	18.35	15.41	13.43	13.41	-6.31
Tangible Book Value	1,244	794.11	635.46	529.53	508.49	-82.99
Tangible Book Value Per Share	26.98	17.67	14.94	13.12	13.29	-6.49
Machinery	12.29	8.42	5.87	5.2	3.05	1.96
Leasehold Improvements	32.59	26.94	18.19	15.98	10.26	7.54

Source: S&P Global Market Intelligence. Standard template. Financial Sources.