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	Jun '25 Jun 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	117.18	88.57	16.07	-59.57	-60.14	-15.78
Depreciation & Amortization	13.57	10.85	7.1	4.87	2.73	2.26
Stock-Based Compensation	124.36	110.48	95.22	73.82	40.8	17.03
Other Adjustments	-1.57	-0.31	0.33	-	-	-
Change in Receivables	-35.17	-39.92	-42.25	-13.57	-12.71	-10.45
Changes in Accounts Payable	3.79	3.93	1.26	-6.66	5.62	-1.62
Changes in Accrued Expenses	10.7	16.85	3.44	8.72	3.71	6.21
Changes in Unearned Revenue	139.7	123.69	91.64	59.28	43.48	28.49
Changes in Other Operating Activities	-36.88	-28.64	-19.2	-13.24	-14.32	-8.44
Operating Cash Flow	335.92	285.51	153.61	53.66	9.17	17.71
Operating Cash Flow Growth	44.33%	85.86%	186.29%	485.13%	-48.22%	-
Capital Expenditures	-7.65	-12.12	-3.19	-5.56	-3.59	-3.38
Purchases of Intangible Assets	-6.79	-9.02	-10.49	-4.56	-2.62	-0.64
Proceeds from Sale of Intangible Assets	-	-	0.1	-	-	-
Purchases of Investments	-241.62	-193.3	-	-	-	-
Proceeds from Sale of Investments	-	3.71	-	-	-	-
Payments for Business Acquisitions	-	-6.6	-	-4.05	-	-
Investing Cash Flow	-216.47	-217.33	-13.58	-14.17	-6.21	-4.01
Issuance of Common Stock	17.91	19.36	13.62	14.78	438.67	2.03
Repurchase of Common Stock	-	-	-	-	-8.2	-
Net Common Stock Issued (Repurchased)	17.91	19.36	13.62	14.78	430.47	2.03
Issuance of Preferred Stock	-	-	-	-	-	44.92
Net Preferred Stock Issued (Repurchased)	-	-	-	-	-	44.92
Other Financing Activities	-	-49.36	-11.48	-	-	-
Financing Cash Flow	-31.45	-30	2.14	14.78	430.47	46.95
Net Cash Flow	87.99	38.18	142.17	54.26	433.43	60.65
Beginning Cash & Cash Equivalents	890.98	750.35	608.18	553.92	120.49	59.84
Ending Cash & Cash Equivalents	978.97	788.53	750.35	608.18	553.92	120.49
Free Cash Flow	328.27	273.4	150.42	48.09	5.58	14.33
Free Cash Flow Growth	20.07%	81.75%	212.77%	761.28%	-61.04%	-
FCF Margin	37.09%	36.55%	28.32%	13.02%	2.23%	8.86%
Free Cash Flow Per Share	6.86	5.80	3.23	1.22	0.24	1.13
Levered Free Cash Flow	240.41	208.67	98.35	-11.22	-21.9	7.99
Unlevered Free Cash Flow	199.79	169.2	68.98	-18.84	-22.56	7.44

Updated Jun 30, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.