Saturday 17 October 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. In the quarter to June 2026, revenue grew 18.3%, EPS fell 27.6%, free cash flow fell 8.91% and total debt fell 8.21%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.

141.76 7.17 −4.81%

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Market cap: $7.0B
P/E: 16.0×
Fwd P/E: 38.6×
Dividend yield: —
F-score: 3/9
Altman Z: 8.95
Beneish M: −1.63
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.50

Total sells 47.47

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	1	—	—	—	—	—	—	—
Sell	6	—	—	4	—	—	3	—	—	3	5	1

Insider Ownership 14.89%

Capital & Financial Ratios $m

Market Cap 6,970.00

Revenue 1,145.00

Net Income 410.77

Free Cash Flow 397.50

Net Debt (1,227.73)

Current Ratio 2.72

Debt/Equity 0.06

P/E ratio 15.96

Fwd P/E 38.60

P/S ratio 5.78

P/B ratio 4.70

Past 5Y EPS Growth —

This Y EPS Growth (67.74%)

Next Y EPS Growth 22.29%

Next Y revenue growth 16.33%

Next 5Y EPS Growth (20.97%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 10.75%

10-year low 10-year high

P/B against its own 10 years 15.86%

10-year low 10-year high

EV/Sales against its own 10 years 10.98%

10-year low 10-year high

EV/FCF against its own 10 years 10.75%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	748	878	1,140	1,314
Receivables	89	129	177	134
Inventory	—	—	—	—
Other	—	—	—	—
	898	1,102	1,437	1,571

	2023	2024	2025	Q'26
Payables	2	6	8	16
ST’ Debt	—	—	—	—
Other	—	—	—	—
	277	422	551	578

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	292	298	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.89	0.66	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	—	—	94.51	60.50	68.93	145.05	166.27	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	—	—	205.00	113.36	245.87	378.48	544.93
People
People	Employees	—	—	—	—	400	500	600	720	830	900
	Revenue/emp, $m	—	—	—	0.00	0.40	0.50	0.62	0.74	0.90	1.15
Income, $m
Income, $m	Revenue	—	—	—	71	162	251	369	531	748	1,038
	Gross margin, %	—	—	—	70.69	71.56	72.41	73.09	73.24	72.78	72.23
	EBT	—	—	—	(14)	(16)	(60)	(59)	18	102	182
	EBT margin, %	—	—	—	(19.15)	(9.71)	(23.91)	(15.87)	3.35	13.68	17.58
	Net income	—	0	—	(14)	(16)	(60)	(60)	16	89	414
	Depreciation	—	—	—	1	2	3	5	7	10	13
Per share, $
Per share, $	Revenue	—	—	—	5.72	12.70	10.70	9.36	12.81	17.19	22.67
	Earnings	—	—	—	(1.10)	(1.24)	(2.57)	(1.51)	0.39	2.04	9.05
	Cash flow	—	—	—	0.17	1.39	0.39	1.36	3.71	6.56	8.47
	Capex	—	—	—	(0.42)	(0.32)	(0.26)	(0.26)	(0.33)	(0.49)	(0.60)
	Free cash flow	—	—	—	(0.25)	1.08	0.13	1.10	3.38	6.08	7.87
	Book value	—	—	—	(6.79)	(6.34)	21.89	13.73	15.81	18.95	29.43
	Shares, m	—	—	—	12	13	23	39	41	44	46
Valuation, ×
Valuation, ×	P/E	—	—	—	0.00	0.00	0.00	0.00	549.62	162.12	19.50
	P/S	—	—	—	8.51	8.51	9.92	7.58	16.73	18.86	7.74
	P/B	—	—	—	0.00	0.00	4.85	5.16	13.55	17.11	5.96
	EV/Sales	—	—	—	8.00	8.00	7.82	5.99	15.36	17.76	6.73
	EV/FCF	—	—	—	485.44	485.44	661.83	50.88	58.26	50.24	19.38
Cash, $m
Cash, $m	Operating cash flow	—	—	—	2	18	9	54	154	286	388
	Capex	—	—	—	(5)	(4)	(6)	(10)	(14)	(21)	(27)
	Free cash flow	—	—	—	(3)	14	3	44	140	264	360
Balance, $m
Balance, $m	Working capital	—	—	—	47	93	500	515	620	679	885
	Total debt	—	—	—	9	8	29	24	21	55	94
	Net debt	—	—	—	(51)	(112)	(525)	(585)	(727)	(823)	(1,047)
	Shareholders’ equity	—	—	—	(84)	(81)	513	542	656	825	1,347
Returns, %
Returns, %	ROA	—	—	—	(28.52)	(11.65)	(14.37)	(8.46)	1.89	7.85	25.14
	ROIC	—	—	—	0.00	0.00	0.00	0.00	0.00	2,506.21	28.21
	ROE	—	—	—	16.46	19.16	(27.82)	(11.29)	2.68	11.97	38.14

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
APPF AppFolio, Inc.	$7.7B	48.0×	34.3×	+19.34% (above 0%: growing)	+17.00% (above 0%: growing)	+67.60% (above 0%: growing)	63.51%	18.84%	Compare
TTAN ServiceTitan Inc.	$7.3B	— (loss-making)	— (loss-making)	+20.91% (above 0%: growing)	n/m	+47.10% (above 0%: growing)	71.41%	(9.41%)	Compare
DUOL Duolingo, Inc.	$7.0B	16.0×	38.6×	+18.31% (above 0%: growing)	−27.55% (below 0%: shrinking)	−8.91% (below 0%: shrinking)	72.62%	11.37%
NICE Nice	$6.7B	16.1×	12.7×	+7.65% (above 0%: growing)	−53.16% (below 0%: shrinking)	+141.20% (above 0%: growing)	64.04%	13.29%	Compare
RNG Ringcentral, Inc.	$6.7B	58.5×	26.0×	+5.90% (above 0%: growing)	+213.33% (above 0%: growing)	+24.80% (above 0%: growing)	71.89%	7.65%	Compare
CVLT CommVault Systems, Inc.	$6.6B	94.4×	50.7×	+11.40% (above 0%: growing)	−3.77% (below 0%: shrinking)	+71.47% (above 0%: growing)	81.66%	8.19%	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
LYFT Lyft, Inc.	$6.5B	2.4×	23.6×	+16.08% (above 0%: growing)	+30.00% (above 0%: growing)	−1.89% (below 0%: shrinking)	49.75%	2.58%	Compare
YOU CLEAR Secure, Inc.	$6.1B	29.4×	30.7×	+26.56% (above 0%: growing)	+92.31% (above 0%: growing)	+60.26% (above 0%: growing)	68.57%	29.86%	Compare
Median of peers	$6.6B	38.7×	28.4×	+17.71%	+23.50%	+63.93%	69.99%	7.92%

All 237 Software Application stocks →

Duolingo, Inc. (DUOL) key facts

Strength: Duolingo, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.0 billion, up 38.7% from fiscal 2024.
Duolingo, Inc. (DUOL) is a Software Application company in the Technology sector, listed on Nasdaq.
As of October 16, 2026, DUOL traded at $141.76, a market capitalization of $7.0 billion.
Return on equity was 38.1% and debt-to-equity 0.06.
Its Piotroski F-score is 3 out of 9 and its Altman Z-score is 8.95 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.