Duolingo Income 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
Revenue	1,038	748.02	531.11	369.5	250.77
Revenue Growth (YoY)	38.71%	40.84%	43.74%	47.34%	55.09%
Cost of Revenue	288.13	203.65	142.11	99.43	69.19
Gross Profit	749.46	544.38	389	270.06	181.59
Selling, General & Admin	307.56	246.49	207.91	184.82	137.76
Research & Development	306.32	235.3	194.35	150.44	103.83
Total Operating Expenses	613.89	481.78	402.26	335.26	241.59
Operating Income	135.57	62.6	-13.26	-65.2	-60.01
Interest Income	45.23	42.7	31.09	7.24	0.02
Other Non-Operating Income (Expense)	1.61	-2.99	-0.06	-0.68	0.03
Total Non-Operating Income (Expense)	46.84	39.71	31.04	6.56	0.05
Pretax Income	182.41	102.31	17.78	-58.64	-59.96
Provision for Income Taxes	-231.66	13.73	1.71	0.94	0.18
Net Income	414.07	88.57	16.07	-59.57	-60.14
Net Income to Common	414.07	88.57	16.07	-59.57	-60.14
Net Income Growth	367.48%	451.28%	-	-	-
Shares Outstanding (Basic)	46	44	41	39	23
Shares Outstanding (Diluted)	48	47	47	39	23
Shares Change (YoY)	2.56%	1.24%	17.87%	68.44%	84.00%
EPS (Basic)	9.05	2.04	0.39	-1.51	-2.57
EPS (Diluted)	8.57	1.88	0.35	-1.51	-2.57
EPS Growth	355.85%	437.14%	-	-	-
Shares Outstanding	46.63	44.94	42.53	40.36	38.27
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 Per Share	7.65	5.80	3.23	1.22	0.24
Gross Margin	72.23%	72.78%	73.24%	73.09%	72.41%
Operating Margin	13.07%	8.37%	-2.50%	-17.64%	-23.93%
Profit Margin	39.91%	11.84%	3.03%	-16.12%	-23.98%
FCF Margin	35.63%	36.55%	28.32%	13.02%	2.23%
EBITDA	149.96	73.45	-6.16	-60.33	-57.28
EBITDA Margin	14.45%	9.82%	-1.16%	-16.33%	-22.84%
EBIT	135.57	62.6	-13.26	-65.2	-60.01
EBIT Margin	13.07%	8.37%	-2.50%	-17.64%	-23.93%
Effective Tax Rate	-127.00%	13.42%	9.62%	-1.60%	-0.30%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.

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