Duolingo Balance Sheet

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Quarter	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020
Period Ending	Sep '25 Sep 30, 2025	Jun '25 Jun 30, 2025	Mar '25 Mar 31, 2025	Dec '24 Dec 31, 2024	Sep '24 Sep 30, 2024	Jun '24 Jun 30, 2024	Mar '24 Mar 31, 2024	Dec '23 Dec 31, 2023	Sep '23 Sep 30, 2023	Jun '23 Jun 30, 2023	Mar '23 Mar 31, 2023	Dec '22 Dec 31, 2022	Sep '22 Sep 30, 2022	Jun '22 Jun 30, 2022	Mar '22 Mar 31, 2022	Dec '21 Dec 31, 2021	Sep '21 Sep 30, 2021	Jun '21 Jun 30, 2021	Mar '21 Mar 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	1,012	976.23	884	785.79	854.41	888.24	829.71	747.61	701.74	678.67	641.09	608.18	599.97	591.16	577.33	553.92	549.44	114.64	117.46	120.49
Short-Term Investments	109.91	121.65	115.28	93.34	26.35	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash & Short-Term Investments	1,121	1,098	999.28	879.13	880.76	888.24	829.71	747.61	701.74	678.67	641.09	608.18	599.97	591.16	577.33	553.92	549.44	114.64	117.46	120.49
Cash Growth	27.33%	23.60%	20.44%	17.59%	25.51%	30.88%	29.42%	22.93%	16.96%	14.80%	11.04%	9.79%	9.20%	415.68%	391.52%	359.72%	818.14%	-	-	-
Accounts Receivable	124.49	112.92	114.18	128.92	94.22	77.72	76.42	88.98	61.71	53.41	52.51	46.73	30.2	28.21	28.57	33.16	20.74	25.13	23.35	20.45
Other Receivables	11.84	2.02	1.61	-	-	-	-	-	-	2.36	-	-	-	-	-	-	-	-	-	-
Receivables	136.33	114.93	115.8	128.92	94.22	77.72	76.42	88.98	61.71	55.77	52.51	46.73	30.2	28.21	28.57	33.16	20.74	25.13	23.35	20.45
Prepaid Expenses	14.75	17.38	15.02	13.37	16.13	12.32	10.75	7.28	9.53	7.79	7.5	7.23	7.91	6.56	6.95	7.97	6.44	5.64	1.93	3.86
Other Current Assets	94.57	93.79	89.56	80.16	67.33	63.29	60.4	53.93	46.12	42.72	40.14	35.04	30.26	29.22	27.78	24.22	19.73	17.17	16.26	13.59
Total Current Assets	1,367	1,324	1,220	1,102	1,058	1,042	977.28	897.8	819.11	784.94	741.23	697.18	668.33	655.15	640.64	619.27	596.34	162.57	158.99	158.38
Property, Plant & Equipment	103.89	100.67	65.53	66.44	68.12	68.1	62.99	30.9	31.91	33.55	34.62	35.48	36.34	37.87	37.35	36.58	16.24	14.5	14.08	14.5
Long-Term Investments	98.74	75.36	83.34	98.29	55.33	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Goodwill	35.34	10.54	10.54	10.54	10.54	4.05	4.05	4.05	4.05	4.05	4.05	4.05	-	-	-	-	-	-	-	-
Other Intangible Assets	27.97	19.92	18.87	19.9	21.9	20.59	18.6	16	13.77	10.4	8.48	8.5	7.02	6.41	5.49	4.57	4.18	3.73	3.15	2.3
Long-Term Deferred Tax Assets	240.17	0.68	0.68	0.68	0.84	0.84	0.77	0.77	0.63	0.63	0.63	0.63	0.42	0.42	-	-	-	-	-	-
Other Long-Term Assets	12.43	11.4	4.53	4.3	4.39	4.31	4.98	4.45	1.25	1.24	1.37	1.51	1.59	1.21	1.04	0.89	1.01	0.9	0.65	0.56
Total Assets	1,886	1,543	1,403	1,302	1,220	1,139	1,069	953.96	870.71	834.8	790.38	747.35	713.7	701.05	684.51	661.31	617.78	181.69	176.87	175.74
Accounts Payable	3.57	7.73	2.55	6.38	3.65	3.41	2.63	2.45	2.71	2.31	0.99	1.18	3.36	1.5	2.02	7.82	8.71	4.27	3.78	2.2
Accrued Expenses	35.16	29.49	30.54	33.79	25.23	20.35	18.67	20.99	10.65	9.2	7.09	12.2	6.78	6.62	5.03	5.47	4.52	4.71	10.55	4.7
Current Portion of Leases	4.07	2.96	-	2.58	2.62	2.46	2.75	3.94	5.09	6.05	5.52	4.9	4.64	4.53	3.96	3.34	1.54	0.63	0.98	1.11
Current Income Taxes Payable	0.02	0.02	6.38	6.59	0.04	0.04	0.36	0.79	0.06	0.06	0.93	1.07	0.15	0.09	0.14	0.11	0.03	0.01	0.08	0.07
Current Unearned Revenue	441.73	431.18	415.02	372.88	310.6	291.48	279.31	249.19	208.89	192.75	181.94	157.55	134.94	128.19	119.1	98.27	80.46	71	65.26	54.79
Other Current Liabilities	-	-	-	-	-	-	-	-	7.54	6.74	6.35	4.87	5.77	6.39	5.53	4.13	3.39	4.44	3.43	2.82
Total Current Liabilities	484.54	471.38	454.49	422.23	342.13	317.72	303.72	277.36	234.93	217.11	202.81	181.77	155.63	147.33	135.78	119.13	98.65	85.05	84.08	65.69
Long-Term Leases	93.26	93.84	54.53	54.66	54.65	54.78	53.89	21.09	20.96	21.29	22.38	23.5	24.24	25.51	28.02	29.12	8.4	7.81	7.97	8.13
Long-Term Deferred Tax Liabilities	0.3	0.3	0.3	0.29	0.31	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Liabilities	578.1	565.53	509.32	477.18	397.1	372.5	357.62	298.46	255.9	238.4	225.19	205.27	179.87	172.83	163.8	148.26	107.05	92.86	92.05	73.82
Common Stock	0.01	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Additional Paid-In Capital	1,061	1,023	984.53	950.39	962.2	930.05	898.51	869.92	841.35	825.75	798.25	772.56	750.38	726.33	703.78	683.97	664.12	30.65	26.47	30.09
Retained Earnings	246.26	-45.93	-90.71	-125.85	-139.75	-163.11	-187.47	-214.42	-226.54	-229.35	-233.07	-230.49	-216.56	-198.11	-183.07	-170.91	-153.4	-124.43	-124.25	-110.78
Total Common Equity	1,308	977.03	893.83	824.55	822.45	766.94	711.05	655.5	614.82	596.41	565.19	542.08	533.83	528.22	520.71	513.06	510.73	-93.78	-97.79	-80.69
Shareholders' Equity	1,308	977.03	893.83	824.55	822.45	766.94	711.05	655.5	614.82	596.41	565.19	542.08	533.83	528.22	520.71	513.06	510.73	88.83	84.82	101.92
Total Liabilities & Equity	1,886	1,543	1,403	1,302	1,220	1,139	1,069	953.96	870.71	834.8	790.38	747.35	713.7	701.05	684.51	661.31	617.78	181.69	176.87	175.74
Total Debt	97.32	96.81	54.53	57.24	57.27	57.23	56.64	25.04	26.05	27.35	27.9	28.41	28.88	30.03	31.99	32.46	9.94	8.44	8.95	9.24
Net Cash (Debt)	1,024	1,001	944.75	821.9	823.5	831.01	773.07	722.57	675.69	651.32	613.19	579.77	571.09	561.13	545.35	521.46	539.5	106.2	108.51	111.25
Net Cash Growth	24.36%	20.46%	22.21%	13.75%	21.88%	27.59%	26.07%	24.63%	18.32%	16.07%	12.44%	11.18%	5.86%	428.39%	402.59%	368.74%	987.10%	-	-	-
Net Cash Per Share	21.32	20.98	19.94	17.45	17.39	17.68	16.04	15.53	16.50	16.10	15.34	14.69	14.68	15.43	18.27	22.25	31.13	8.00	8.44	8.74
Filing Date Shares Outstanding	46.23	45.82	45.45	45.24	43.98	43.54	43.12	42.88	42.01	41.54	41.05	40.64	40.17	39.64	39.16	38.63	37.47	37.42	13.12	12.79
Total Common Shares Outstanding	46.11	45.79	45.42	44.94	43.94	43.5	43.06	42.53	41.97	41.53	41.02	40.36	40.09	39.59	39.08	38.27	37.45	13.27	13.12	12.79
Working Capital	882.57	852.61	765.17	679.36	716.3	723.84	673.56	620.44	584.17	567.84	538.42	515.42	512.7	507.82	504.86	500.14	497.7	77.52	74.92	92.69
Book Value Per Share	28.36	21.34	19.68	18.35	18.72	17.63	16.51	15.41	14.65	14.36	13.78	13.43	13.32	13.34	13.33	13.41	13.64	-7.07	-7.45	-6.31
Tangible Book Value	1,244	946.57	864.42	794.11	790.02	742.31	688.41	635.46	597	581.96	552.66	529.53	526.81	521.81	515.23	508.49	506.55	-97.51	-100.94	-82.99
Tangible Book Value Per Share	26.98	20.67	19.03	17.67	17.98	17.06	15.99	14.94	14.22	14.01	13.47	13.12	13.14	13.18	13.18	13.29	13.53	-7.35	-7.69	-6.49
Machinery	12.29	11.77	10.07	8.42	8.86	6.89	5.93	5.87	5.89	5.68	5.38	5.2	4.94	4.4	3.86	3.05	2.7	2.36	2.03	1.96
Leasehold Improvements	32.59	26.92	26.75	26.94	26.45	25.93	20.62	18.19	17.39	17.13	16.69	15.98	15.6	15.31	12.06	10.26	9.86	9.34	8.31	7.54

Updated Nov 5, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q