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	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	964.27	748.02	531.11	369.5	250.77	161.7
Revenue Growth (YoY)	39.86%	40.84%	43.74%	47.34%	55.09%	128.51%
Cost of Revenue	270.06	203.65	142.11	99.43	69.19	45.99
Gross Profit	694.21	544.38	389	270.06	181.59	115.71
Selling, General & Admin	292.45	245.51	207.57	184.82	137.76	78.7
Research & Development	290.13	235.06	194.35	150.44	103.83	53.02
Operating Expenses	582.58	480.57	401.93	335.26	241.59	131.72
Operating Income	111.63	63.81	-12.92	-65.2	-60.01	-16.01
Interest & Investment Income	44.33	42.7	31.09	7.24	0.02	0.23
Currency Exchange Gain (Loss)	-0.07	-2.99	0.28	-0.68	0.03	-
Other Non Operating Income (Expenses)	-	-	-	-	-	0.07
EBT Excluding Unusual Items	155.9	103.52	18.45	-58.64	-59.96	-15.71
Merger & Restructuring Charges	-4.83	-0.77	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-0.33	-	-	-
Asset Writedown	-0.24	-0.24	-	-	-	-
Other Unusual Items	-0.57	-0.2	-0.34	-	-	-
Pretax Income	150.26	102.31	17.78	-58.64	-59.96	-15.71
Income Tax Expense	-235.76	13.73	1.71	0.94	0.18	0.07
Net Income	386.02	88.57	16.07	-59.57	-60.14	-15.78
Net Income to Common	386.02	88.57	16.07	-59.57	-60.14	-15.78
Net Income Growth	344.80%	451.28%	-	-	-	-
Shares Outstanding (Basic)	45	44	41	39	23	13
Shares Outstanding (Diluted)	48	47	47	39	23	13
Shares Change (YoY)	1.47%	1.24%	17.87%	68.44%	84.00%	-
EPS (Basic)	8.53	2.04	0.39	-1.51	-2.57	-1.24
EPS (Diluted)	8.04	1.88	0.35	-1.51	-2.57	-1.24
EPS Growth	338.81%	437.14%	-	-	-	-
Free Cash Flow	354.56	273.4	150.42	48.09	5.58	14.33
Free Cash Flow Per Share	7.38	5.80	3.23	1.22	0.24	1.13
Gross Margin	71.99%	72.78%	73.24%	73.09%	72.41%	71.56%
Operating Margin	11.58%	8.53%	-2.43%	-17.64%	-23.93%	-9.90%
Profit Margin	40.03%	11.84%	3.02%	-16.12%	-23.98%	-9.76%
Free Cash Flow Margin	36.77%	36.55%	28.32%	13.02%	2.23%	8.86%
EBITDA	125.88	74.66	-5.83	-60.33	-57.28	-14.39
EBITDA Margin	13.05%	9.98%	-1.10%	-16.33%	-22.84%	-8.90%
D&A For EBITDA	14.24	10.85	7.1	4.87	2.73	1.62
EBIT	111.63	63.81	-12.92	-65.2	-60.01	-16.01
EBIT Margin	11.58%	8.53%	-2.43%	-17.64%	-23.93%	-9.90%
Effective Tax Rate	-	13.42%	9.62%	-	-	-
Advertising Expenses	-	62.37	52.97	48.11	42.96	27.35

Updated Nov 5, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q