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Duolingo, Inc. (DUOL)
NASDAQ: DUOL · Real-Time Price · USD
128.00
-7.27 (-5.37%)
At close: Nov 3, 2026, 4:00 PM EST
142.75
+14.75 (11.52%)
After-hours: Nov 3, 2026, 7:59 PM EST

Duolingo Cash Flow Statement

Millions USD. Fiscal year is Jan - Dec.

Operating Activities

Fiscal Quarter
Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021
Period Ending
Sep '26 Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21
Net Income
145.74410.77422.39414.07386.02117.1896.7588.5786.7866.2345.6116.07-9.98-31.23-50-59.57-63.16-73.69-58.82-60.14
Depreciation & Amortization
16.5315.814.9914.3914.2413.5712.3710.859.248.027.417.16.56.325.864.873.973.042.362.73
Other Amortization
----------------0.210.40.55-
Loss (Gain) From Sale of Assets
--------0.020.430.43-0.32-0.1-0.1-----
Asset Writedown & Restructuring Costs
2.130.58--0.24---------------
Loss (Gain) From Sale of Investments
-1.38-1.48-1.62-1.85-2-1.57-1.1-0.55-0.01-----------
Stock-Based Compensation
156.6144.68141.07137.44130.96124.36116.51110.48105.69102.1799.1395.2290.8585.9180.3173.8267.8768.0552.8440.8
Other Operating Activities
38.03-203.89-215.69-225.19-239.490.240.240.24---0.33--------
Change in Accounts Receivable
-33.9-18.06-10.9-33.9-30.27-35.17-37.73-39.92-32.47-24.32-23.91-42.25-31.51-25.2-23.94-13.57-9.46-3.08-5.23-12.71
Change in Accounts Payable
1.627.213.061.620.63.790.493.930.380.941.211.26-1.390.72-1.2-6.66-4.75-2.76-1.765.62
Change in Unearned Revenue
123.3273.9398.23123.32131.13139.7135.71123.69101.7298.7297.3791.6473.9464.5662.8459.2854.4857.253.8443.48
Change in Other Net Operating Assets
-12.931.01-18.56-42.07-27.54-26.18-15.61-11.79-19.98-19.45-19.72-15.76-12.7-13.84-11.14-4.52-6.68-10.92-19.1-10.61
Operating Cash Flow
435.75430.55432.96387.82363.89335.92307.63285.51251.36232.75207.52153.61116.0387.1462.6353.6642.4838.2324.679.17
Operating Cash Flow Growth (YoY)
19.75%28.17%40.74%35.83%44.77%44.33%48.24%85.86%116.64%167.10%231.33%186.29%173.14%127.92%153.84%485.13%242.06%336.69%36.23%-48.22%

Investing Activities

Fiscal Quarter
Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021
Period Ending
Sep '26 Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21
Capital Expenditures
-18.1-22.62-16.92-18.1-9.33-7.65-12.01-12.12-11.08-8.66-3.92-3.19-2.56-3.88-4.92-5.56-5.79-4.8-4.07-3.59
Cash Acquisitions
-33.1-33.1-33.1-33.1-33.6-6.6-6.6-6.6-6.6----4.05-4.05-4.05-4.05----
Sale (Purchase) of Intangibles
-9.3-10.43-10.85-9.3-6.96-6.79-6.73-9.02-11.77-13.92-13.37-10.39-7.77-5.22-4.08-4.56-4.54-3.49-2.8-2.62
Investment in Securities
-47.18-37.18-53.01-47.18-124.97-195.45-197.53-189.6-81.67-----------
Other Investing Activities
28.02-------------------
Investing Cash Flow
-79.66-103.33-113.88-107.68-174.86-216.47-222.86-217.33-111.11-22.58-17.29-13.58-14.38-13.14-13.04-14.17-10.34-8.29-6.87-6.21

Financing Activities

Fiscal Quarter
Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021
Period Ending
Sep '26 Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21
Issuance of Common Stock
12.577.9511.3712.5717.4617.9118.8719.3615.1613.6312.6113.6211.613.5114.1714.7818.38445.03441.87438.67
Repurchase of Common Stock
-41.62-130.02-75.39-41.62-49.36-49.36-49.36-49.36--11.48-11.48-11.48-11.48-------0.87
Other Financing Activities
-98.98-0.5-0.5-0.5-------------1.550.2-7.34
Financing Cash Flow
-128.03-122.57-64.52-29.55-31.9-31.45-30.49-3015.162.141.132.140.1213.5114.1714.7818.38446.58442.07430.47

Net Cash Flow

Fiscal Quarter
Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021
Period Ending
Sep '26 Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21
Net Cash Flow
228.07204.66254.57250.6157.1387.9954.2838.18155.41212.31191.36142.17101.7787.5163.7654.2650.53476.52459.87433.43

Free Cash Flow

Fiscal Quarter
Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021
Period Ending
Sep '26 Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21
Free Cash Flow
417.66407.93416.04369.73354.56328.27295.62273.4240.28224.09203.6150.42113.4783.2657.7248.0936.6933.4320.65.58
Free Cash Flow Growth (YoY)
17.80%24.27%40.74%35.23%47.56%46.49%45.20%81.75%111.76%169.14%252.76%212.77%209.29%149.03%180.18%761.28%329.74%497.66%32.93%-61.04%
Free Cash Flow Margin
35.33%35.63%37.86%35.63%36.77%37.09%36.44%36.55%34.85%35.32%34.92%28.32%23.45%18.82%14.29%13.02%10.83%10.92%7.45%2.23%
Free Cash Flow Per Share
8.468.338.597.657.386.886.245.805.084.774.223.232.772.061.441.220.940.920.690.24
Levered Free Cash Flow
269.93300.2312.47264.8271.66264.17237.63212.55175.41169.02153.49115.8294.5277.1267.4965.2353.9760.2139.5723.58
Unlevered Free Cash Flow
269.93300.2312.47264.8271.66264.17237.63212.55175.41169.02153.49115.8294.5277.1267.4965.2353.9760.2139.5723.58

Additional Metrics

Fiscal Quarter
Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021
Period Ending
Sep '26 Jun '26 Mar '26 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21
Cash Income Tax Paid
14.413.4514.3414.4112.5514.417.717.626.925.312.292.322.21.950.640.620.650.680.130.13
Change in Working Capital
78.1164.0971.8348.9773.9182.1482.8675.9249.6555.954.9534.928.3426.2426.5734.5433.5940.4427.7525.78
SEC Filings: 10-K · 10-Q