Duolingo, Inc. (DUOL)

Duolingo Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	885.15	748.02	531.11	369.5	250.77	161.7
Revenue Growth (YoY)	39.51%	40.84%	43.74%	47.34%	55.09%	128.51%
Cost of Revenue	247.44	203.65	142.11	99.43	69.19	45.99
Gross Profit	637.72	544.38	389	270.06	181.59	115.71
Selling, General & Admin	278.54	245.51	207.57	184.82	137.76	78.7
Research & Development	273.1	235.06	194.35	150.44	103.83	53.02
Operating Expenses	551.64	480.57	401.93	335.26	241.59	131.72
Operating Income	86.08	63.81	-12.92	-65.2	-60.01	-16.01
Interest & Investment Income	43.79	42.7	31.09	7.24	0.02	0.23
Currency Exchange Gain (Loss)	1	-2.99	0.28	-0.68	0.03	-
Other Non Operating Income (Expenses)	-	-	-	-	-	0.07
EBT Excluding Unusual Items	130.87	103.52	18.45	-58.64	-59.96	-15.71
Merger & Restructuring Charges	-1.03	-0.77	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-0.33	-	-	-
Asset Writedown	-0.24	-0.24	-	-	-	-
Other Unusual Items	-0.4	-0.2	-0.34	-	-	-
Pretax Income	129.2	102.31	17.78	-58.64	-59.96	-15.71
Income Tax Expense	12.02	13.73	1.71	0.94	0.18	0.07
Net Income	117.18	88.57	16.07	-59.57	-60.14	-15.78
Net Income to Common	117.18	88.57	16.07	-59.57	-60.14	-15.78
Net Income Growth	76.93%	451.28%	-	-	-	-
Shares Outstanding (Basic)	45	44	41	39	23	13
Shares Outstanding (Diluted)	48	47	47	39	23	13
Shares Change (YoY)	1.53%	1.24%	17.87%	68.44%	84.00%	-
EPS (Basic)	2.62	2.04	0.39	-1.51	-2.57	-1.24
EPS (Diluted)	2.46	1.88	0.35	-1.51	-2.57	-1.24
EPS Growth	73.11%	437.14%	-	-	-	-
Free Cash Flow	328.27	273.4	150.42	48.09	5.58	14.33
Free Cash Flow Per Share	6.88	5.80	3.23	1.22	0.24	1.13
Gross Margin	72.05%	72.78%	73.24%	73.09%	72.41%	71.56%
Operating Margin	9.72%	8.53%	-2.43%	-17.64%	-23.93%	-9.90%
Profit Margin	13.24%	11.84%	3.02%	-16.12%	-23.98%	-9.76%
Free Cash Flow Margin	37.09%	36.55%	28.32%	13.02%	2.23%	8.86%
EBITDA	99.65	74.66	-5.83	-60.33	-57.28	-14.39
EBITDA Margin	11.26%	9.98%	-1.10%	-16.33%	-22.84%	-8.90%
D&A For EBITDA	13.57	10.85	7.1	4.87	2.73	1.62
EBIT	86.08	63.81	-12.92	-65.2	-60.01	-16.01
EBIT Margin	9.72%	8.53%	-2.43%	-17.64%	-23.93%	-9.90%
Effective Tax Rate	9.30%	13.42%	9.62%	-	-	-
Advertising Expenses	-	62.37	52.97	48.11	42.96	27.35

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q