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Duolingo, Inc.

DUOL Technology Software Application

Duolingo, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.0 billion, up 38.7% from fiscal 2024.

Revenue
+13.7%
EPS
−90.9%
Free cash flow
+15.6%
Total debt
−9.69%

Quarter to September 2026, against a year earlier

157.17 4.10 −2.54%
Market cap
$7.4B
P/E
50.7×
Fwd P/E
48.1×
Dividend yield
—
F-score
3/9
Altman Z
8.95
Beneish M
−1.63
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Subscription
  • Advertising
  • Duolingo English Test
  • IAPs
  • Other

Every year since 2020 →

Insider Decisions last twelve months

Bought, $m 0.50
Sold, $m 42.45
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — — — — — — — —
Sell — — 4 — — 3 — — 3 5 1 2
Insider Ownership 15.15%

Capital & Financial Ratios $m

Size
Market Cap 7,350.00
Revenue ttm 1,182.30
Net income ttm 145.74
Free cash flow ttm 435.75
Net debt Q (1,289.68)
Valuation
P/E 50.70 (above 35: high)
Forward P/E 48.10 (above 35: high)
Price / sales 6.23
Forward P/S Powerpack
Price / FCF 18.28
Price / book 4.97
Financial health
Current ratio Q 2.75 (at or above 1.5: strong)
Debt / equity Q 0.06 (at or below 0.5: strong)
Interest coverage Q (0.54)
Growth
Revenue growth Q +13.73% (above 0%: growing)
Operating income growth Q −31.18% (below 0%: shrinking)
EPS, this year −67.71% (below 0%: weak)
EPS, next year A +22.81% (at or above 15%: strong)
Revenue, next year A +16.42% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A −20.41% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.1×, against a ten-year median of 11.8×; over the ten years it ranged from 3.1× in 2026 to 27.8× in 2025.
P/S against its own 10 years 14.25%
10-year low 10-year high
P/B against its own 10 years 20.06%
10-year low 10-year high
EV/Sales against its own 10 years 14.63%
10-year low 10-year high
EV/FCF against its own 10 years 14.40%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 748 878 1,140 1,374
Receivables 89 129 177 143
Inventory — — — —
Other — — — —
898 1,102 1,437 1,652
2023 2024 2025 Q'26
Payables 2 6 8 14
ST’ Debt — — — —
Other — — — —
277 422 551 600

Compound Annual Growth %

10y 5y 3y
Sales — 45.03% 41.08%
Cash Flow — 85.39% 93.35%
Earnings — 0.00% 0.00%
Book Value — 0.00% 35.45%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.55 Actual 0.54

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.79 0.94 Beat by 0.15
Q1 FY26 0.79 0.89 Beat by 0.10
Q2 FY26 0.61 0.66 Beat by 0.05
Q3 FY26 0.55 0.54 Miss by 0.01
Q4 FY26 0.53 — Reports 25 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.89 0.66 0.54 — —
’25 0.72 0.91 5.95 0.94 8.57
’24 0.57 0.51 0.49 0.31 1.88
’23 (0.06) 0.08 0.06 0.26 0.35
’22 (0.31) (0.38) (0.46) (0.35) (1.51)
’21 (1.04) (0.01) (0.98) (0.46) (2.57)
’20 (0.18) 0.00 (0.25) (0.81) (1.24)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 292 298 309 — —
’25 231 252 272 283 1,038
’24 168 178 193 210 748
’23 116 127 138 151 531
’22 81 88 96 104 369
’21 55 59 64 73 251
’20 28 40 45 48 162
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 151 88 89 — —
’25 106 91 84 107 388
’24 84 62 56 83 286
’23 30 37 38 49 154
’22 21 13 9 12 54
’21 5 (1) 5 0 9
’20 5 8 1 4 18
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 148 79 89 — —
’25 103 86 77 94 360
’24 78 54 51 81 264
’23 28 34 33 45 140
’22 18 9 5 11 44
’21 3 (3) 3 (1) 3
’20 3 8 0 2 14
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 7.6% a year for ten years.

Implied
7.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — — 71 162 251 369 531 748 1,038 1,182 +56.4% 1,208 1,369 1,560 +14.6%
Gross margin, % — — — 70.69 71.56 72.41 73.09 73.24 72.78 72.23 72.81 +1.5 pt
EBT — — — (14) (16) (60) (59) 18 102 182 191 n/m
EBT margin, % — — — (19.15) (9.71) (23.91) (15.87) 3.35 13.68 17.58 16.15 +36.7 pt
Net income — 0 — (14) (16) (60) (60) 16 89 414 146 n/m
Per share, $
Per share, $ Revenue — — — 5.72 12.70 10.70 9.36 12.81 17.19 22.67 25.24 +25.8%
Earnings — — — (1.10) (1.24) (2.57) (1.51) 0.39 2.04 9.05 3.10 n/m
Cash flow — — — 0.17 1.39 0.39 1.36 3.71 6.56 8.47 9.30 +91.1%
Capex — — — (0.42) (0.32) (0.26) (0.26) (0.33) (0.49) (0.60) 0.00 +5.9%
Free cash flow — — — (0.25) 1.08 0.13 1.10 3.38 6.08 7.87 9.30 n/m
Book value — — — (6.79) (6.34) 21.89 13.73 15.81 18.95 29.43 31.63 n/m
Shares, m — — — 12 13 23 39 41 44 46 47 +24.4%
Valuation, ×
Valuation, × P/E — — — 0.00 0.00 0.00 0.00 549.62 162.12 19.50 50.70 104.5
P/S — — — 8.81 8.81 9.92 7.58 16.73 18.86 7.74 6.23 11.2
P/B — — — 0.00 0.00 4.85 5.16 13.55 17.11 5.96 4.97 6.7
EV/Sales — — — 8.30 8.30 7.82 5.99 15.36 17.76 6.73 5.14 10.0
EV/FCF — — — 503.71 503.71 661.83 50.88 58.26 50.24 19.38 15.08 264.0
Cash, $m
Cash, $m Operating cash flow — — — 2 18 9 54 154 286 388 436 +137.7%
Capex — — — (5) (4) (6) (10) (14) (21) (27) (33) +31.7%
Free cash flow — — — (3) 14 3 44 140 264 360 436 n/m
Balance, $m
Balance, $m Working capital — — — 47 93 500 515 620 679 885 1,052 +63.2%
Net debt — — — (51) (112) (525) (585) (727) (823) (1,047) (1,290) +65.7%
Shareholders’ equity — — — (84) (81) 513 542 656 825 1,347 1,482 n/m
Returns, %
Returns, % ROA — — — (28.52) (11.65) (14.37) (8.46) 1.89 7.85 25.14 7.19 +53.7 pt
ROIC — — — 0.00 0.00 0.00 0.00 0.00 2,506.21 28.21 47.59 +28.2 pt
ROE — — — 16.46 19.16 (27.82) (11.29) 2.68 11.97 38.14 10.45 +21.7 pt
People
People Employees — — — — 400 500 600 720 830 900 — +17.6%
Revenue/emp, $m — — — 0.00 0.40 0.50 0.62 0.74 0.90 1.15 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Duolingo is an education technology company whose main product is a learning app. Its core subject is language learning, but the app also offers math, music and chess courses. Lessons are designed for smartphones, with short exercises, points and streaks that encourage learners to return. Users can also access the learning product through a web browser.

Anyone can complete the app’s courses without paying. Learners who want additional features can buy a subscription. Duolingo uses data from exercises and tests of product changes to adapt lessons and develop features. Its AI systems help adjust exercise difficulty, generate course content and support features such as Video Call.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Subscription 873 84.18%
Advertising 80 7.68%
Duolingo English Test 42 4.05%
IAPs 40 3.90%
Other 2 0.19%
Gross margin 72.23%
Operating margin 13.07%
Pre-tax margin 17.58%

Revenue by segment since 2020

Duolingo, Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
YMM Full Truck Alliance Co. Ltd. Sponsored ADR $8.3B 15.2× 11.9× +10.22% (above 0%: growing) +11.76% (above 0%: growing) +10,172.78% (above 0%: growing) 72.62% 43.95% Compare
APPF AppFolio, Inc. $8.3B 48.8× 44.1× +18.58% (above 0%: growing) +38.30% (above 0%: growing) +14.46% (above 0%: growing) 64.29% 19.42% Compare
TTAN ServiceTitan Inc. $7.9B — (loss-making) — (loss-making) +20.91% (above 0%: growing) n/m +47.10% (above 0%: growing) 71.41% (9.41%) Compare
YOU CLEAR Secure, Inc. $7.6B 28.9× 24.5× +27.77% (above 0%: growing) +156.72% (above 0%: growing) −94.18% (below 0%: shrinking) 68.55% 28.32% Compare
IDCC InterDigital, Inc. $7.4B 23.5× 35.8× +17.46% (above 0%: growing) +18.71% (above 0%: growing) −64.24% (below 0%: shrinking) 100.00% 51.37% Compare
DUOL Duolingo, Inc. $7.4B 50.7× 48.1× +13.73% (above 0%: growing) −90.88% (below 0%: shrinking) +15.63% (above 0%: growing) 72.86% 7.83%
LYFT Lyft, Inc. $6.8B 2.6× 29.7× +16.08% (above 0%: growing) n/m −1.89% (below 0%: shrinking) 49.75% 2.58% Compare
NAVN Navan, Inc. $6.6B — (loss-making) — (loss-making) +35.38% (above 0%: growing) n/m +618.65% (above 0%: growing) 74.09% (10.98%) Compare
CVLT CommVault Systems, Inc. $6.5B 81.0× 62.1× +13.11% (above 0%: growing) +113.79% (above 0%: growing) −3.69% (below 0%: shrinking) 81.15% 9.72% Compare
Median of peers $7.5B 26.2× 32.8× +18.02% +38.30% +6.29% 72.02% 14.57%

All 230 Software Application stocks →

From the latest earnings call

Updated

  • CEO Luis von Ahn said Duolingo is prioritizing teaching and user growth while gradually placing more emphasis on monetization without compromising the free experience.
  • Gilian Munson said AI costs were lower than expected and that the fourth-quarter gross margin outlook includes the planned transition of Duolingo Max.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 85.25%
Held by the ten largest 49.18%
Holder Shares Stake Change
Baillie Gifford 4.82m 10.31% −51.51k
BlackRock 3.87m 8.27% −119.39k
Vanguard 3.67m 7.84% −2.47k
AQR Capital Management 2.32m 4.96% +2.21m
Two Sigma 1.63m 3.48% +233.70k
Fidelity International (FIL) 1.60m 3.43% −19.25k
FEDERATED HERMES, INC. 1.37m 2.93% +118.79k
STATE OF MICHIGAN RETIREMENT SYSTEM 1.31m 2.79% +112.80k
State Street 1.23m 2.63% +45.75k
Bank of America 1.19m 2.54% −141.92k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 17 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 767.50k (44.24m) 126.25
2024 767.25k 129.01m 233.24
2023 766.50k 139.90m 163.19
2022 765.25k (31.65m) 51.17
2021 74.43m 78.01m 76.33
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Duolingo, Inc. (DUOL) Latest News

5 Nov

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3 Nov

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29 Oct

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8 Oct

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DUOL metrics, ten years each

stockrow.com/DUOL · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com