Duolingo Cash Flow Statement

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
Net Income	386.02	88.57	16.07	-59.57	-60.14	-15.78
Depreciation & Amortization	14.24	10.85	7.1	4.87	2.73	1.62
Other Amortization	-	-	-	-	-	0.63
Loss (Gain) From Sale of Assets	-	-	0.33	-	-	-
Asset Writedown & Restructuring Costs	0.24	0.24	-	-	-	-
Loss (Gain) From Sale of Investments	-2	-0.55	-	-	-	-
Stock-Based Compensation	130.96	110.48	95.22	73.82	40.8	17.03
Change in Accounts Receivable	-30.27	-39.92	-42.25	-13.57	-12.71	-10.45
Change in Accounts Payable	0.6	3.93	1.26	-6.66	5.62	-1.62
Change in Unearned Revenue	131.13	123.69	91.64	59.28	43.48	28.49
Change in Other Net Operating Assets	-27.54	-11.79	-15.76	-4.52	-10.61	-2.23
Operating Cash Flow	363.89	285.51	153.61	53.66	9.17	17.71
Operating Cash Flow Growth	44.77%	85.86%	186.29%	485.13%	-48.22%	722.86%
Capital Expenditures	-9.33	-12.12	-3.19	-5.56	-3.59	-3.38
Cash Acquisitions	-33.6	-6.6	-	-4.05	-	-
Sale (Purchase) of Intangibles	-6.96	-9.02	-10.39	-4.56	-2.62	-0.64
Investment in Securities	-124.97	-189.6	-	-	-	-
Investing Cash Flow	-174.86	-217.33	-13.58	-14.17	-6.21	-4.01
Issuance of Common Stock	17.46	19.36	13.62	14.78	438.67	2.03
Repurchase of Common Stock	-49.36	-49.36	-11.48	-	-0.87	-
Other Financing Activities	-	-	-	-	-7.34	-
Financing Cash Flow	-31.9	-30	2.14	14.78	430.47	46.95
Net Cash Flow	157.13	38.18	142.17	54.26	433.43	60.65
Free Cash Flow	354.56	273.4	150.42	48.09	5.58	14.33
Free Cash Flow Growth	47.56%	81.75%	212.77%	761.28%	-61.04%	-
Free Cash Flow Margin	36.77%	36.55%	28.32%	13.02%	2.23%	8.86%
Free Cash Flow Per Share	7.38	5.80	3.23	1.22	0.24	1.13
Cash Income Tax Paid	12.55	7.62	2.32	0.62	0.13	-
Levered Free Cash Flow	271.66	214.03	116.03	65.23	23.58	19.9
Unlevered Free Cash Flow	271.66	214.03	116.03	65.23	23.58	19.9
Change in Working Capital	73.91	75.92	34.9	34.54	25.78	14.2

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