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	16.17	1.51	-	-	-
Receivables	178.99	130.44	88.98	46.73	33.16
Prepaid Expenses	14.48	13.34	7.28	7.23	7.97
Other Current Assets	102.66	80.16	53.93	35.04	24.22
Total Current Assets	1,437	1,102	897.8	697.18	619.27
Property, Plant & Equipment	116.68	66.44	30.9	35.48	36.58
Long-Term Investments	135.1	98.29	-	-	-
Goodwill	35.34	10.54	4.05	4.05	-
Other Intangible Assets	28.31	19.9	16	8.5	4.57
Long-Term Deferred Tax Assets	227.34	0.68	0.77	0.63	-
Other Long-Term Assets	12.82	4.3	4.45	1.51	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	38.48	33.79	20.99	12.2	5.47
Current Portion of Leases	7.2	2.58	3.94	4.9	3.34
Current Income Taxes Payable	1.26	6.59	0.79	1.07	0.11
Current Unearned Revenue	496.21	372.88	249.19	157.55	98.27
Other Current Liabilities	-	-	-	4.87	4.13
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
Long-Term Deferred Tax Liabilities	0.25	0.29	-	-	-
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
Total Common Equity	1,347	824.55	655.5	542.08	513.06
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	100.98	57.24	25.04	28.41	32.46
Net Cash (Debt)	1,039	820.41	722.57	579.77	521.46
Net Cash Growth	26.70%	13.54%	24.63%	11.18%	368.74%
Net Cash Per Share	21.52	17.42	15.53	14.69	22.25
Filing Date Shares Outstanding	46.95	45.24	42.88	40.64	38.63
Total Common Shares Outstanding	46.63	44.94	42.53	40.36	38.27
Working Capital	885.46	679.36	620.44	515.42	500.14
Book Value Per Share	28.89	18.35	15.41	13.43	13.41
Tangible Book Value	1,283	794.11	635.46	529.53	508.49
Tangible Book Value Per Share	27.52	17.67	14.94	13.12	13.29
Machinery	13.1	8.42	5.87	5.2	3.05
Leasehold Improvements	44.77	26.94	18.19	15.98	10.26

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