Duolingo Cash Flow 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
Net Income	414.07	88.57	16.07	-59.57	-60.14
Depreciation & Amortization	14.39	10.85	7.1	4.87	2.73
Loss (Gain) From Sale of Investments	-1.85	-0.55	-	-	-
Stock-Based Compensation	137.44	110.48	95.22	73.82	40.8
Other Operating Activities	-225.19	0.24	0.33	-	-
Change in Accounts Receivable	-33.9	-39.92	-42.25	-13.57	-12.71
Change in Accounts Payable	1.62	3.93	1.26	-6.66	5.62
Change in Unearned Revenue	123.32	123.69	91.64	59.28	43.48
Change in Other Net Operating Assets	-42.07	-11.79	-15.76	-4.52	-10.61
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
Cash Acquisitions	-33.1	-6.6	-	-4.05	-
Sale (Purchase) of Intangibles	-9.3	-9.02	-10.39	-4.56	-2.62
Investment in Securities	-47.18	-189.6	-	-	-
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	-41.62	-49.36	-11.48	-	-0.87
Other Financing Activities	-0.5	-	-	-	-7.34
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%
Free Cash Flow 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
Cash Income Tax Paid	14.41	7.62	2.32	0.62	0.13
Levered Free Cash Flow	264.8	212.55	115.82	65.23	23.58
Unlevered Free Cash Flow	264.8	212.55	115.82	65.23	23.58
Change in Working Capital	48.97	75.92	34.9	34.54	25.78

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