Duolingo, Inc. (DUOL)

Duolingo Income Statement

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

Quarter Ending	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Revenue	167.55	150.99	137.62	126.84	115.66	103.82	96.07	88.39	81.22	73.01	63.6	58.8	55.36	48.27	45.31	40.01	28.11
Revenue Growth (YoY)	44.87%	45.42%	43.26%	43.51%	42.40%	42.20%	51.06%	50.31%	46.71%	51.27%	40.37%	46.97%	96.93%	-	-	-	-
Cost of Revenue	45.19	40.57	36.25	33.79	31.49	27.77	26.3	23.87	21.49	19.95	18.08	16.14	15.02	12.86	13.1	11.81	8.21
Gross Profit	122.36	110.41	101.37	93.05	84.17	76.05	69.76	64.52	59.73	53.06	45.52	42.67	40.34	35.41	32.2	28.2	19.9
Selling, General & Admin	55.05	55.36	55.74	49.97	46.84	49.74	47.95	45.33	41.8	40.46	44.87	21.2	31.23	30.53	19.38	16.01	12.78
Research & Development	50.88	50.26	50.31	47.95	45.84	44.47	41.98	34.22	29.78	30.02	29.35	21.94	22.53	15.44	15.89	12.11	9.58
Other Operating Expenses	0	-1.11	1.02	0.27	0	-1.34	0.49	0.54	0	0	0	0	0.04	0	0	0	0
Operating Expenses	105.92	104.51	107.06	98.18	92.69	92.87	90.42	80.09	71.58	70.48	74.22	43.14	53.8	45.98	35.27	28.12	22.35
Operating Income	16.44	5.9	-5.69	-5.13	-8.52	-16.81	-20.65	-15.57	-11.85	-17.42	-28.7	-0.48	-13.46	-10.57	-3.07	0.08	-2.46
Other Expense / Income	-9.41	-9.23	-8.63	-7.54	-5.82	-3.6	-2.26	-0.67	0.28	-0.01	0.22	-0.3	-	-0.19	0.09	0.03	-0.23
Pretax Income	25.85	15.13	2.93	2.41	-2.7	-13.21	-18.39	-14.9	-12.13	-17.41	-28.92	-0.18	-13.46	-10.38	-3.15	0.05	-2.22
Income Tax	-1.11	3.02	0.13	-1.32	-0.12	0.72	0.05	0.14	0.03	0.11	0.05	0	0.02	0.02	0.02	0.01	0.01
Net Income	26.96	12.12	2.81	3.73	-2.58	-13.93	-18.45	-15.05	-12.15	-17.52	-28.97	-0.18	-13.47	-10.41	-3.18	0.04	-2.23
Shares Outstanding (Basic)	43	42	42	41	41	40	40	39	39	37	37	36	36	36	-	-	-
Shares Change	5.51%	4.59%	4.80%	4.83%	5.21%	7.20%	5.93%	9.11%	7.61%	4.40%	-	-	-	-	-	-	-
EPS (Basic)	0.63	0.29	0.07	0.09	-0.06	-0.35	-0.46	-0.38	-0.31	-0.28	-0.98	-0.01	-1.04	-0.81	-0.25	-	-0.18
EPS (Diluted)	0.57	0.26	0.06	0.08	-0.06	-0.35	-0.46	-0.38	-0.31	-0.28	-0.98	-0.01	-1.04	-0.81	-0.25	-	-0.18
Free Cash Flow	78.49	45.05	32.9	33.8	28.29	10.71	5.24	9.39	18.18	-0.68	3.05	-2.75	3.35	2.35	0.48	7.87	3
Free Cash Flow Per Share	1.83	1.07	0.79	0.82	0.70	0.27	0.13	0.24	0.47	-0.02	0.08	-0.08	0.09	0.07	-	-	-
Gross Margin	73.03%	73.13%	73.66%	73.36%	72.77%	73.25%	72.62%	72.99%	73.54%	72.67%	71.57%	72.56%	72.87%	73.35%	71.08%	70.49%	70.78%
Operating Margin	9.81%	3.91%	-4.14%	-4.05%	-7.37%	-16.19%	-21.50%	-17.62%	-14.59%	-23.85%	-45.13%	-0.81%	-24.30%	-21.90%	-6.77%	0.20%	-8.73%
Profit Margin	16.09%	8.03%	2.04%	2.94%	-2.23%	-13.42%	-19.20%	-17.02%	-14.96%	-23.99%	-45.55%	-0.30%	-24.34%	-21.56%	-7.01%	0.10%	-7.94%
Free Cash Flow Margin	46.85%	29.83%	23.90%	26.64%	24.46%	10.32%	5.46%	10.63%	22.39%	-0.93%	4.79%	-4.68%	6.04%	4.86%	1.07%	19.66%	10.66%
Effective Tax Rate	-4.27%	19.93%	4.26%	-54.56%	-	-	-	-	-	-	-	-	-	-	-	21.57%	-
EBITDA	27.93	17.18	4.59	4.04	-0.94	-11.77	-16.91	-13.73	-11.35	-16.65	-28.19	0.46	-12.86	-9.78	-2.53	0.67	-1.82
EBITDA Margin	16.67%	11.38%	3.33%	3.19%	-0.81%	-11.34%	-17.60%	-15.54%	-13.98%	-22.81%	-44.32%	0.78%	-23.22%	-20.26%	-5.58%	1.68%	-6.48%
Depreciation & Amortization	2.07	2.04	1.66	1.63	1.76	1.44	1.48	1.17	0.77	0.76	0.73	0.64	0.6	0.61	0.63	0.62	0.4
EBIT	25.85	15.13	2.93	2.41	-2.7	-13.21	-18.39	-14.9	-12.13	-17.41	-28.92	-0.18	-13.46	-10.38	-3.15	0.05	-2.22
EBIT Margin	15.43%	10.02%	2.13%	1.90%	-2.33%	-12.73%	-19.15%	-16.86%	-14.93%	-23.84%	-45.47%	-0.30%	-24.30%	-21.51%	-6.96%	0.13%	-7.90%

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).