Duolingo Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	1,099	1,038	748.02	531.11	369.5	250.77
Revenue Growth (YoY)	35.45%	38.71%	40.84%	43.74%	47.34%	55.09%
Cost of Revenue	300.36	288.13	203.65	142.11	99.43	69.19
Gross Profit	798.46	749.46	544.38	389	270.06	181.59
Selling, General & Admin	323.05	307.56	246.49	207.91	184.82	137.76
Research & Development	318.91	306.32	235.3	194.35	150.44	103.83
Total Operating Expenses	641.95	613.89	481.78	402.26	335.26	241.59
Operating Income	156.5	135.57	62.6	-13.26	-65.2	-60.01
Interest Income	46.63	45.23	42.7	31.09	7.24	0.02
Other Non-Operating Income (Expense)	-0.18	1.61	-2.99	-0.06	-0.68	0.03
Total Non-Operating Income (Expense)	46.45	46.84	39.71	31.04	6.56	0.05
Pretax Income	202.95	182.41	102.31	17.78	-58.64	-59.96
Provision for Income Taxes	-219.44	-231.66	13.73	1.71	0.94	0.18
Net Income	422.39	414.07	88.57	16.07	-59.57	-60.14
Net Income to Common	422.39	414.07	88.57	16.07	-59.57	-60.14
Net Income Growth	336.56%	367.48%	451.28%	-	-	-
Shares Outstanding (Basic)	46	46	44	41	39	23
Shares Outstanding (Diluted)	49	48	47	47	39	23
Shares Change (YoY)	2.09%	2.56%	1.24%	17.87%	68.44%	84.00%
EPS (Basic)	9.15	9.05	2.04	0.39	-1.51	-2.57
EPS (Diluted)	8.69	8.57	1.88	0.35	-1.51	-2.57
EPS Growth	328.08%	355.85%	437.14%	-	-	-
Shares Outstanding	46.84	46.63	44.94	42.53	40.36	38.27
Free Cash Flow	416.04	369.73	273.4	150.42	48.09	5.58
Free Cash Flow Growth	12.53%	35.23%	81.75%	212.77%	761.28%	-61.04%
Free Cash Flow Per Share	8.58	7.65	5.80	3.23	1.22	0.24
Gross Margin	72.67%	72.23%	72.78%	73.24%	73.09%	72.41%
Operating Margin	14.24%	13.07%	8.37%	-2.50%	-17.64%	-23.93%
Profit Margin	38.44%	39.91%	11.84%	3.03%	-16.12%	-23.98%
FCF Margin	37.86%	35.63%	36.55%	28.32%	13.02%	2.23%
EBITDA	171.5	149.96	73.45	-6.16	-60.33	-57.28
EBITDA Margin	15.61%	14.45%	9.82%	-1.16%	-16.33%	-22.84%
EBIT	156.5	135.57	62.6	-13.26	-65.2	-60.01
EBIT Margin	14.24%	13.07%	8.37%	-2.50%	-17.64%	-23.93%
Effective Tax Rate	-108.12%	-127.00%	13.42%	9.62%	-1.60%	-0.30%

Updated May 4, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q