Duolingo Income Statement

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
Revenue	1,038	748.02	531.11	369.5	250.77
Revenue Growth (YoY)	38.71%	40.84%	43.74%	47.34%	55.09%
Cost of Revenue	288.13	203.65	142.11	99.43	69.19
Gross Profit	749.46	544.38	389	270.06	181.59
Selling, General & Admin	304.7	245.51	207.91	184.82	137.76
Research & Development	303.53	235.06	194.35	150.44	103.83
Operating Expenses	608.22	480.57	402.26	335.26	241.59
Operating Income	141.24	63.81	-13.26	-65.2	-60.01
Interest & Investment Income	45.23	42.7	31.09	7.24	0.02
Currency Exchange Gain (Loss)	1.61	-2.99	-0.06	-0.68	0.03
EBT Excluding Unusual Items	188.08	103.52	17.78	-58.64	-59.96
Merger & Restructuring Charges	-4.85	-0.77	-	-	-
Asset Writedown	-	-0.24	-	-	-
Other Unusual Items	-0.82	-0.2	-	-	-
Pretax Income	182.41	102.31	17.78	-58.64	-59.96
Income Tax Expense	-231.66	13.73	1.71	0.94	0.18
Net Income	414.07	88.57	16.07	-59.57	-60.14
Net Income to Common	414.07	88.57	16.07	-59.57	-60.14
Net Income Growth	367.48%	451.28%	-	-	-
Shares Outstanding (Basic)	46	44	41	39	23
Shares Outstanding (Diluted)	48	47	47	39	23
Shares Change (YoY)	2.56%	1.24%	17.87%	68.44%	84.00%
EPS (Basic)	9.05	2.04	0.39	-1.51	-2.57
EPS (Diluted)	8.57	1.88	0.35	-1.51	-2.57
EPS Growth	355.85%	437.14%	-	-	-
Free Cash Flow	369.73	273.4	150.42	48.09	5.58
Free Cash Flow Per Share	7.65	5.80	3.23	1.22	0.24
Gross Margin	72.23%	72.78%	73.24%	73.09%	72.41%
Operating Margin	13.61%	8.53%	-2.50%	-17.64%	-23.93%
Profit Margin	39.91%	11.84%	3.02%	-16.12%	-23.98%
Free Cash Flow Margin	35.63%	36.55%	28.32%	13.02%	2.23%
EBITDA	155.63	74.66	-6.16	-60.33	-57.28
EBITDA Margin	15.00%	9.98%	-1.16%	-16.33%	-22.84%
D&A For EBITDA	14.39	10.85	7.1	4.87	2.73
EBIT	141.24	63.81	-13.26	-65.2	-60.01
EBIT Margin	13.61%	8.53%	-2.50%	-17.64%	-23.93%
Effective Tax Rate	-	13.42%	9.62%	-	-
Advertising Expenses	86.87	62.37	52.97	48.11	42.96

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