DUOL

MKT CAP:$5B

Duolingo, Inc.

Market Cap

$5B

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$100.51-$75.97 (-43.05%)

Apr 17, 2026

Company Details

Duolingo, Inc. develops a language-learning website and mobile app in the United States and China. The company offers courses in 40 different languages, including Spanish, English, French, Japanese, German, Italian, Chinese, Portuguese, and...

CEO

Luis Alfonso von Ahn Arellano

IPO Date

Jul 28, 2021

Website

www.duolingo.com

Key Metrics TTM

Revenue

$1.0B

+38.7% YoY

Net Income

$414M

EPS (Diluted)

$8.48

Free Cash Flow

$377M

Revenue / Share

$22.25

Gross Margin

72.2%

Operating Margin

13.1%

Net Margin

39.9%

FCF Margin

36.3%

P/S

4.7x

P/E

11.7x

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Feb 26, 2026

$1.0B+38.7%EPS $8.57

Q4 2025

Feb 26, 2026

$283M+35.0%EPS $0.90

Q3 2025

Nov 5, 2025

$272M+41.1%EPS $5.95

Q2 2025

Aug 6, 2025

$252M+41.5%EPS $0.91

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$81M	$60M	-$12M
Q2 22	$88M	$65M	-$15M
Q3 22	$96M	$70M	-$20M
Q4 22	$104M	$76M	-$18M
Q1 23	$116M	$84M	-$9M
Q2 23	$127M	$93M	-$5M
Q3 23	$138M	$101M	-$5M
Q4 23	$151M	$110M	$5M
Q1 24	$168M	$122M	$16M
Q2 24	$178M	$131M	$19M
Q3 24	$193M	$140M	$14M
Q4 24	$210M	$151M	$14M
Q1 25	$231M	$164M	$24M
Q2 25	$252M	$183M	$33M
Q3 25	$272M	$197M	$35M
Q4 25	$283M	$206M	$43M

Valuation

Quarter	P/S	P/E
Q1 22	17.6x	—
Q2 22	15.9x	—
Q3 22	14.3x	—
Q4 22	13.2x	—
Q1 23	12.0x	—
Q2 23	11.0x	—
Q3 23	10.0x	—
Q4 23	9.1x	302.4x
Q1 24	8.3x	106.5x
Q2 24	7.7x	73.4x
Q3 24	7.0x	56.0x
Q4 24	6.5x	54.9x
Q1 25	6.0x	50.2x
Q2 25	5.5x	41.5x
Q3 25	5.0x	12.6x
Q4 25	4.7x	11.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$21M	$18M
Q2 22	$13M	$9M
Q3 22	$9M	$5M
Q4 22	$12M	$11M
Q1 23	$30M	$28M
Q2 23	$37M	$34M
Q3 23	$38M	$33M
Q4 23	$49M	$45M
Q1 24	$84M	$78M
Q2 24	$62M	$54M
Q3 24	$56M	$51M
Q4 24	$83M	$81M
Q1 25	$106M	$104M
Q2 25	$91M	$89M
Q3 25	$84M	$79M
Q4 25	$107M	$103M

Capital Expenditures

Quarter	CapEx
Q1 22	$2M
Q2 22	$3M
Q3 22	$4M
Q4 22	$895.0K
Q1 23	$1M
Q2 23	$3M
Q3 23	$5M
Q4 23	$4M
Q1 24	$5M
Q2 24	$9M
Q3 24	$5M
Q4 24	$2M
Q1 25	$1M
Q2 25	$1M
Q3 25	$5M
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+46.7%	+35.3%
Q2 22	+50.3%	+74.5%
Q3 22	+51.1%	+25.9%
Q4 22	+42.2%	+34.9%
Q1 23	+42.4%	+33.4%
Q2 23	+43.5%	+27.3%
Q3 23	+43.3%	+22.4%
Q4 23	+45.4%	+19.9%
Q1 24	+44.9%	+21.7%
Q2 24	+40.6%	+21.2%
Q3 24	+39.9%	+25.8%
Q4 24	+38.8%	+33.8%
Q1 25	+37.7%	+37.1%
Q2 25	+41.5%	+37.1%
Q3 25	+41.1%	+32.1%
Q4 25	+35.0%	+22.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$15M	18.0%
Q2 22	$18M	20.5%
Q3 22	$20M	21.3%
Q4 22	$21M	19.9%
Q1 23	$21M	18.2%
Q2 23	$24M	18.7%
Q3 23	$25M	18.5%
Q4 23	$25M	16.6%
Q1 24	$25M	14.9%
Q2 24	$27M	15.0%
Q3 24	$29M	15.0%
Q4 24	$30M	14.2%
Q1 25	$31M	13.4%
Q2 25	$35M	13.7%
Q3 25	$36M	13.1%
Q4 25	$36M	12.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$30M	$27M	$15M
Q2 22	$34M	$30M	$15M
Q3 22	$42M	$30M	$18M
Q4 22	$44M	$31M	$19M
Q1 23	$46M	$30M	$17M
Q2 23	$48M	$32M	$18M
Q3 23	$50M	$33M	$22M
Q4 23	$50M	$36M	$19M
Q1 24	$51M	$35M	$20M
Q2 24	$55M	$37M	$20M
Q3 24	$63M	$38M	$26M
Q4 24	$66M	$46M	$25M
Q1 25	$70M	$43M	$27M
Q2 25	$74M	$46M	$30M
Q3 25	$83M	$44M	$35M
Q4 25	$80M	$48M	$34M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	46.7%	-13.6%	33.1
Q2 22	50.3%	-15.7%	34.6
Q3 22	51.1%	-19.4%	31.6
Q4 22	42.2%	-16.1%	26.1
Q1 23	42.4%	-5.8%	36.6
Q2 23	43.5%	-2.5%	41.0
Q3 23	43.3%	-2.2%	41.1
Q4 23	45.4%	4.5%	50.0
Q1 24	44.9%	11.0%	55.9
Q2 24	40.6%	11.7%	52.3
Q3 24	39.9%	8.5%	48.5
Q4 24	38.8%	8.4%	47.2
Q1 25	37.7%	11.8%	49.5
Q2 25	41.5%	14.6%	56.1
Q3 25	41.1%	14.2%	55.3
Q4 25	35.0%	16.7%	51.7

Rule of 40

Revenue Segments

Quarter	Advertising	English Test	In-App Purchases	License and Service	Product And Service, Other Miscellaneous
Q1 24	$13M	$13M	$10M	$132M	$234.0K
Q2 24	$13M	$11M	$10M	$144M	$286.0K
Q3 24	$14M	$11M	$9M	$158M	$389.0K
Q4 24	$14M	$11M	$9M	$174M	$384.0K
Q1 25	$18M	$12M	$9M	$191M	$446.0K
Q2 25	$21M	$10M	$10M	$211M	$506.0K
Q3 25	$21M	$10M	$11M	$229M	$458.0K
Q4 25	$20M	$10M	—	$242M	$527.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$577M	$0	$577M
Q2 22	$591M	$0	$591M
Q3 22	$600M	$0	$600M
Q4 22	$608M	$0	$608M
Q1 23	$641M	$0	$641M
Q2 23	$679M	$0	$679M
Q3 23	$702M	$0	$702M
Q4 23	$748M	$0	$748M
Q1 24	$830M	$0	$830M
Q2 24	$888M	$0	$888M
Q3 24	$854M	$26M	$881M
Q4 24	$786M	$92M	$878M
Q1 25	$884M	$115M	$999M
Q2 25	$976M	$122M	$1.1B
Q3 25	$1.0B	$110M	$1.1B
Q4 25	$1.0B	$104M	$1.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	39M	+1.3%	+20.6%
Q2 22	39M	+1.8%	+9.4%
Q3 22	40M	+1.2%	+34.6%
Q4 22	40M	+1.5%	+6.0%
Q1 23	41M	+0.6%	+5.3%
Q2 23	47M	+15.4%	+19.3%
Q3 23	47M	+0.2%	+18.1%
Q4 23	49M	+4.4%	+21.4%
Q1 24	47M	-3.4%	+16.6%
Q2 24	48M	+0.9%	+1.9%
Q3 24	50M	+3.8%	+5.7%
Q4 24	45M	-9.4%	-8.3%
Q1 25	48M	+7.9%	+2.4%
Q2 25	49M	+1.0%	+2.6%
Q3 25	49M	+0.3%	-0.9%
Q4 25	47M	-5.1%	+3.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$162.4K	500
Q2 22	$176.8K	500
Q3 22	$192.1K	500
Q4 22	$173.0K	600
Q1 23	$192.8K	600
Q2 23	$211.4K	600
Q3 23	$229.4K	600
Q4 23	$209.7K	720
Q1 24	$232.7K	720
Q2 24	$247.7K	720
Q3 24	$267.5K	720
Q4 24	$252.5K	830
Q1 25	$278.0K	830
Q2 25	$303.9K	830
Q3 25	$327.4K	830
Q4 25	$340.8K	830

Revenue / Employee