Duolingo Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Year	2023	2022	2021	2020	2019
Revenue	531.11	369.5	250.77	161.7	70.76
Revenue Growth (YoY)	43.74%	47.34%	55.09%	128.51%	-
Cost of Revenue	142.11	99.43	69.19	45.99	20.74
Gross Profit	389	270.06	181.59	115.71	50.02
Selling, General & Admin	207.91	184.82	137.76	78.7	31.36
Research & Development	194.35	150.44	103.83	53.02	31.56
Other Operating Expenses	0	0	0	0	1.25
Operating Expenses	402.26	335.26	241.59	131.72	64.17
Operating Income	-13.26	-65.2	-60.01	-16.01	-14.15
Other Expense / Income	-31.04	-6.56	-0.05	-0.3	-0.59
Pretax Income	17.78	-58.64	-59.96	-15.71	-13.55
Income Tax	1.71	0.94	0.18	0.07	0
Net Income	16.07	-59.57	-60.14	-15.78	-13.55
Shares Outstanding (Basic)	42	40	37	36	-
Shares Change	4.59%	7.20%	4.40%	-	-
EPS (Basic)	0.39	-1.51	-2.57	-1.24	-1.10
EPS (Diluted)	0.35	-1.51	-2.57	-1.24	-1.10
Free Cash Flow	140.03	43.53	2.96	13.69	-3.09
Free Cash Flow Per Share	3.33	1.08	0.08	0.38	-
Gross Margin	73.24%	73.09%	72.41%	71.56%	70.69%
Operating Margin	-2.50%	-17.64%	-23.93%	-9.90%	-19.99%
Profit Margin	3.03%	-16.12%	-23.98%	-9.76%	-19.15%
Free Cash Flow Margin	26.37%	11.78%	1.18%	8.47%	-4.37%
Effective Tax Rate	9.62%	-	-	-	-
EBITDA	24.87	-53.77	-57.23	-13.45	-12.3
EBITDA Margin	4.68%	-14.55%	-22.82%	-8.32%	-17.39%
Depreciation & Amortization	7.1	4.87	2.73	2.26	1.25
EBIT	17.78	-58.64	-59.96	-15.71	-13.55
EBIT Margin	3.35%	-15.87%	-23.91%	-9.71%	-19.15%

Source: Financials are provided by Nasdaq Data Link and sourced from the audited annual (10-K) and quarterly (10-Q) reports submitted to the Securities and Exchange Commission (SEC).