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Income Statement
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Balance Sheet
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Cashflow Statement
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Profitability
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Ratios
Duolingo's Income Statement
| Chart | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|
| Revenue |
|
$250.77 M | $369.50 M | $531.11 M | $748.02 M | $1.04 B |
| Cost of Revenue |
|
$69.19 M | $99.43 M | $142.11 M | $203.65 M | $288.13 M |
| Gross Profit |
|
$181.59 M | $270.06 M | $389.00 M | $544.38 M | $749.46 M |
| Research & Development |
|
$103.83 M | $150.44 M | $194.35 M | $235.30 M | $306.32 M |
| Selling,General & Administrative |
|
$137.76 M | $184.82 M | $207.91 M | $246.49 M | $307.56 M |
| Operating Expense |
|
$241.59 M | $335.26 M | $402.26 M | $481.78 M | $613.89 M |
| Operating Income |
|
-$60.01 M | -$65.20 M | -$13.26 M | $62.60 M | $135.57 M |
| Net Income |
|
-$60.14 M | -$59.57 M | $16.07 M | $88.57 M | $414.07 M |
Duolingo's Assets vs Liabilities & Equity
Duolingo's Balance Sheet
| Chart | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents |
|
$553.92 M | $608.18 M | $747.61 M | $877.65 M | $1.14 B |
| Inventories |
|
- | - | - | - | - |
| Total Current Assets |
|
$619.27 M | $697.18 M | $897.80 M | $1.10 B | $1.30 B |
| Property,Plant and Equipment |
|
$36.58 M | $35.48 M | $30.90 M | $66.44 M | - |
| Goodwill |
|
- | $4.05 M | $4.05 M | $10.54 M | $35.34 M |
| Total Assets |
|
$1.28 B | $1.44 B | $1.85 B | $2.40 B | $1.99 B |
| Total Liabilities |
|
$767.53 M | $902.45 M | $1.20 B | $1.58 B | $645.18 M |
| Retained Earnings |
|
-$170.91 M | -$230.49 M | -$214.42 M | -$125.85 M | $288.22 M |
| Total Shareholder Equity |
|
$513.06 M | $542.08 M | $655.50 M | $824.55 M | $1.35 B |
| Common Stock |
|
$4.00 K | $4.00 K | $4.00 K | $4.00 K | $5.00 K |
Duolingo's Cash flow
| Chart | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|
| Depreciation & Amortization |
|
$2.73 M | $4.87 M | $7.10 M | $10.85 M | $14.39 M |
| Dividends Payout |
|
- | - | - | - | - |
| Capital Expenditures (Capex) |
|
-$6.21 M | -$10.12 M | -$13.68 M | -$12.12 M | - |
| Free Cash Flow (FCF) |
|
$2.96 M | $43.53 M | $139.93 M | $273.40 M | $387.82 M |
Duolingo's Profitability
| Chart | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|
| Gross Profit |
|
$181.59 M | $270.06 M | $389.00 M | $544.38 M | $749.46 M |
| Gross Profit Margin (%) |
|
72.41% | 73.09% | 73.24% | 72.78% | 72.23% |
| Operating Income |
|
-$60.01 M | -$65.20 M | -$13.26 M | $62.60 M | $135.57 M |
| Operating Income Margin (%) |
|
-23.93% | -17.64% | -2.50% | 8.37% | 13.07% |
| Net Income |
|
-$60.14 M | -$59.57 M | $16.07 M | $88.57 M | $414.07 M |
| Net Income Margin (%) |
|
-23.98% | -16.12% | 3.03% | 11.84% | 39.91% |
| EBITDA |
|
-$57.28 M | -$60.33 M | -$6.16 M | $73.45 M | $196.80 M |
| EBITDA Margin (%) |
|
-22.84% | -16.33% | -1.16% | 9.82% | 14.45% |
Duolingo's Ratios
| Chart | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|
| Return on Equity (ROE) |
|
-11.72% | -10.99% | 2.45% | 10.74% | 30.74% |
| Return on Assets (ROA) |
|
-4.70% | -4.12% | 0.87% | 3.69% | 20.78% |
| Debt to Equity |
|
6.33% | 5.24% | 3.82% | 6.63% | 6.96% |
| Debt to total asset |
|
2.53% | 1.97% | 1.35% | 2.27% | 4.71% |
| Enterprise value to revenue |
|
14.11 | 6.03 | 18.51 | 17.88 | -0.91 |
| Enterprise value to EBITDA |
|
-61.79 | -36.93 | -1,594.90 | 182.09 | -6.95 |
| Enterprise value |
|
$3.54 B | $2.23 B | $9.83 B | $13.37 B | -$942.61 M |
| Tax Rate (%) |
|
-0.30% | -1.60% | 9.62% | 13.42% | -127.00% |
Frequently Asked Questions
