Duolingo Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2019
Period Ending	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	2019
Revenue	748.02	531.11	369.5	250.77	161.7	Upgrade
Revenue Growth (YoY)	40.84%	43.74%	47.34%	55.09%	128.51%	Upgrade
Cost of Revenue	203.65	142.11	99.43	69.19	45.99	Upgrade
Gross Profit	544.38	389	270.06	181.59	115.71	Upgrade
Selling, General & Admin	245.51	207.57	184.82	137.76	78.7	Upgrade
Research & Development	235.06	194.35	150.44	103.83	53.02	Upgrade
Operating Expenses	480.57	401.93	335.26	241.59	131.72	Upgrade
Operating Income	63.81	-12.92	-65.2	-60.01	-16.01	Upgrade
Interest & Investment Income	42.7	31.09	7.24	0.02	0.23	Upgrade
Currency Exchange Gain (Loss)	-2.99	0.28	-0.68	0.03	-	Upgrade
Other Non Operating Income (Expenses)	-	-	-	-	0.07	Upgrade
EBT Excluding Unusual Items	103.52	18.45	-58.64	-59.96	-15.71	Upgrade
Merger & Restructuring Charges	-0.77	-	-	-	-	Upgrade
Gain (Loss) on Sale of Assets	-	-0.33	-	-	-	Upgrade
Asset Writedown	-0.24	-	-	-	-	Upgrade
Other Unusual Items	-0.2	-0.34	-	-	-	Upgrade
Pretax Income	102.31	17.78	-58.64	-59.96	-15.71	Upgrade
Income Tax Expense	13.73	1.71	0.94	0.18	0.07	Upgrade
Net Income	88.57	16.07	-59.57	-60.14	-15.78	Upgrade
Net Income to Common	88.57	16.07	-59.57	-60.14	-15.78	Upgrade
Net Income Growth	451.28%	-	-	-	-	Upgrade
Shares Outstanding (Basic)	44	41	39	23	13	Upgrade
Shares Outstanding (Diluted)	47	47	39	23	13	Upgrade
Shares Change (YoY)	1.24%	17.87%	68.44%	84.00%	-	Upgrade
EPS (Basic)	2.04	0.39	-1.51	-2.57	-1.24	Upgrade
EPS (Diluted)	1.88	0.35	-1.51	-2.57	-1.24	Upgrade
EPS Growth	437.14%	-	-	-	-	Upgrade
Free Cash Flow	273.4	150.42	48.09	5.58	14.33	Upgrade
Free Cash Flow Per Share	5.80	3.23	1.22	0.24	1.13	Upgrade
Gross Margin	72.78%	73.24%	73.09%	72.41%	71.56%	Upgrade
Operating Margin	8.53%	-2.43%	-17.64%	-23.93%	-9.90%	Upgrade
Profit Margin	11.84%	3.02%	-16.12%	-23.98%	-9.76%	Upgrade
Free Cash Flow Margin	36.55%	28.32%	13.02%	2.23%	8.86%	Upgrade
EBITDA	74.66	-5.83	-60.33	-57.28	-14.39	Upgrade
EBITDA Margin	9.98%	-1.10%	-16.33%	-22.84%	-8.90%	Upgrade
D&A For EBITDA	10.85	7.1	4.87	2.73	1.62	Upgrade
EBIT	63.81	-12.92	-65.2	-60.01	-16.01	Upgrade
EBIT Margin	8.53%	-2.43%	-17.64%	-23.93%	-9.90%	Upgrade
Effective Tax Rate	13.42%	9.62%	-	-	-	Upgrade
Advertising Expenses	62.37	52.97	48.11	42.96	27.35	Upgrade

Updated Feb 28, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q