Friday 6 November 2026 Export DUOL’s income statement to Excel — free account

Duolingo, Inc.

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%

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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 Segments Valuation Filings

Duolingo, Inc. (DUOL) revenue by segment, product and region

Where the money comes from and where it goes

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 product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Subscription	873 84.18%	608 81.22%	405 76.20%	274 74.02%	181 72.06%	118 72.67%
Advertising	80 7.68%	55 7.34%	50 9.39%	45 12.11%	39 15.35%	27 16.72%
Duolingo English Test	42 4.05%	46 6.10%	41 7.76%	33 8.85%	25 9.83%	15 9.37%
IAPs	40 3.90%	39 5.17%	35 6.53%	18 4.85%	—	—
Other	2 0.19%	1 0.17%	1 0.13%	1 0.17%	—	—
Other	164	140	126	96	—	—
Revenue	1,038	748	531	369	251	162

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Rest of World	645 62.20%	436 58.35%	292 55.05%	201 54.45%	116 46.44%	75 46.68%
United States	392 37.80%	312 41.65%	239 44.95%	168 45.55%	109 43.53%	71 43.90%
United Kingdom	—	—	—	—	25 10.03%	15 9.43%
Revenue	1,038	748	531	369	251	162

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.