Duolingo Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Year Ending	TTM	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	583	531.11	369.5	250.77	161.7	70.76
Revenue Growth (YoY)	44.33%	43.74%	47.34%	55.09%	128.51%	-
Cost of Revenue	155.8	142.11	99.43	69.19	45.99	20.74
Gross Profit	427.2	389	270.06	181.59	115.71	50.02
Selling, General & Admin	215.89	207.57	184.52	137.76	78.7	31.36
Research & Development	199.39	194.35	150.44	103.83	53.02	31.56
Operating Expenses	415.27	401.93	334.96	241.59	131.72	62.92
Operating Income	11.92	-12.92	-64.9	-60.01	-16.01	-12.9
Interest & Investment Income	35.49	31.09	7.24	0.02	0.23	-
Currency Exchange Gain (Loss)	-0.43	0.28	-0.68	0.03	-	-
Other Non Operating Income (Expenses)	-	-	-	-	0.07	0.57
EBT Excluding Unusual Items	46.98	18.45	-58.34	-59.96	-15.71	-12.33
Merger & Restructuring Charges	-	-	-0.19	-	-	-
Gain (Loss) on Sale of Assets	-0.43	-0.33	-	-	-	-
Asset Writedown	-	-	-	-	-	-1.23
Other Unusual Items	-0.23	-0.34	-0.11	-	-	-
Pretax Income	46.33	17.78	-58.64	-59.96	-15.71	-13.55
Income Tax Expense	0.72	1.71	0.94	0.18	0.07	-
Net Income	45.61	16.07	-59.57	-60.14	-15.78	-13.55
Net Income to Common	45.61	16.07	-59.57	-60.14	-15.78	-13.55
Shares Outstanding (Basic)	42	41	39	23	13	-
Shares Outstanding (Diluted)	48	47	39	23	13	-
Shares Change (YoY)	20.58%	17.87%	68.44%	84.00%	-	-
EPS (Basic)	1.09	0.39	-1.51	-2.57	-1.24	-
EPS (Diluted)	0.95	0.35	-1.51	-2.57	-1.24	-
Free Cash Flow	203.6	150.42	48.09	5.58	14.33	-1.62
Free Cash Flow Per Share	4.22	3.23	1.22	0.24	1.13	-
Gross Margin	73.28%	73.24%	73.09%	72.41%	71.56%	70.69%
Operating Margin	2.05%	-2.43%	-17.56%	-23.93%	-9.90%	-18.23%
Profit Margin	7.82%	3.03%	-16.12%	-23.98%	-9.76%	-19.15%
Free Cash Flow Margin	34.92%	28.32%	13.02%	2.23%	8.86%	-2.29%
EBITDA	19.33	-5.83	-60.03	-57.28	-14.39	-12.37
EBITDA Margin	3.32%	-1.10%	-16.25%	-22.84%	-8.90%	-17.48%
D&A For EBITDA	7.41	7.1	4.87	2.73	1.62	0.53
EBIT	11.92	-12.92	-64.9	-60.01	-16.01	-12.9
EBIT Margin	2.05%	-2.43%	-17.56%	-23.93%	-9.90%	-18.23%
Effective Tax Rate	1.56%	9.62%	-	-	-	-
Advertising Expenses	-	52.97	48.11	42.96	27.35	-

Source: S&P Capital IQ. Standard template.