Duolingo Cash Flow 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
Net Income	422.39	414.07	88.57	16.07	-59.57	-60.14
Depreciation & Amortization	14.99	14.39	10.85	7.1	4.87	2.73
Stock-Based Compensation	141.07	137.44	110.48	95.22	73.82	40.8
Other Adjustments	22.18	-227.04	-0.31	0.33	-	-
Change in Receivables	-10.9	-33.9	-39.92	-42.25	-13.57	-12.71
Changes in Accounts Payable	3.06	1.62	3.93	1.26	-6.66	5.62
Changes in Accrued Expenses	12.42	0.26	16.85	3.44	8.72	3.71
Changes in Unearned Revenue	98.23	123.32	123.69	91.64	59.28	43.48
Changes in Other Operating Activities	-30.98	-42.32	-28.64	-19.2	-13.24	-14.32
Operating Cash Flow	432.96	387.82	285.51	153.61	53.66	9.17
Operating Cash Flow Growth	40.74%	35.83%	85.86%	186.29%	485.13%	-48.22%
Capital Expenditures	-16.92	-18.1	-12.12	-3.19	-5.56	-3.59
Purchases of Intangible Assets	-10.85	-9.3	-9.02	-10.49	-4.56	-2.62
Proceeds from Sale of Intangible Assets	-	-	0.1	-	-	-
Purchases of Investments	-192.48	-162.93	-193.3	-	-	-
Proceeds from Sale of Investments	139.46	115.75	3.71	-	-	-
Payments for Business Acquisitions	-	-33.1	-6.6	-	-4.05	-
Investing Cash Flow	-113.88	-107.68	-217.33	-13.58	-14.17	-6.21
Issuance of Common Stock	11.37	12.57	19.36	13.62	14.78	438.67
Repurchase of Common Stock	-24.33	-	-	-	-	-8.2
Net Common Stock Issued (Repurchased)	-12.96	12.57	19.36	13.62	14.78	430.47
Other Financing Activities	-9.44	-42.12	-49.36	-11.48	-	-
Financing Cash Flow	-64.52	-29.55	-30	2.14	14.78	430.47
Net Cash Flow	254.57	250.6	38.18	142.17	54.26	433.43
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%
FCF Margin	37.86%	35.63%	36.55%	28.32%	13.02%	2.23%
Free Cash Flow Per Share	8.58	7.65	5.80	3.23	1.22	0.24
Levered Free Cash Flow	458.41	493.23	203.15	97.12	-12.16	-22.51
Unlevered Free Cash Flow	406.52	386.91	168.77	69.07	-18.82	-22.56

SEC Filings: 10-K · 10-Q