Duolingo, Inc. (BKK:DUOL06)

Duolingo Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	414.07	88.57	16.07	-59.57	-60.14
Depreciation & Amortization	14.39	10.85	7.1	4.87	2.73
Stock-Based Compensation	137.44	110.48	95.22	73.82	40.8
Other Adjustments	-227.04	-0.31	0.33	-	-
Change in Receivables	-33.9	-39.92	-42.25	-13.57	-12.71
Changes in Accounts Payable	1.62	3.93	1.26	-6.66	5.62
Changes in Accrued Expenses	0.26	16.85	3.44	8.72	3.71
Changes in Unearned Revenue	123.32	123.69	91.64	59.28	43.48
Changes in Other Operating Activities	-42.32	-28.64	-19.2	-13.24	-14.32
Operating Cash Flow	387.82	285.51	153.61	53.66	9.17
Operating Cash Flow Growth	35.83%	85.86%	186.29%	485.13%	-48.22%
Capital Expenditures	-18.1	-12.12	-3.19	-5.56	-3.59
Purchases of Intangible Assets	-9.3	-9.02	-10.49	-4.56	-2.62
Proceeds from Sale of Intangible Assets	-	0.1	-	-	-
Purchases of Investments	-162.93	-193.3	-	-	-
Proceeds from Sale of Investments	115.75	3.71	-	-	-
Payments for Business Acquisitions	-33.1	-6.6	-	-4.05	-
Investing Cash Flow	-107.68	-217.33	-13.58	-14.17	-6.21
Issuance of Common Stock	12.57	19.36	13.62	14.78	438.67
Repurchase of Common Stock	-	-	-	-	-8.2
Net Common Stock Issued (Repurchased)	12.57	19.36	13.62	14.78	430.47
Other Financing Activities	-42.12	-49.36	-11.48	-	-
Financing Cash Flow	-29.55	-30	2.14	14.78	430.47
Net Cash Flow	250.6	38.18	142.17	54.26	433.43
Free Cash Flow	369.73	273.4	150.42	48.09	5.58
Free Cash Flow Growth	35.23%	81.75%	212.77%	761.28%	-61.04%
FCF Margin	35.63%	36.55%	28.32%	13.02%	2.23%
Free Cash Flow Per Share	7.65	5.80	3.23	1.22	0.24
Levered Free Cash Flow	493.23	203.15	97.12	-12.16	-22.51
Unlevered Free Cash Flow	386.9	168.77	69.07	-18.82	-22.56

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