DUOL (Duolingo, Inc.) Stock Financials & Earnings | Market Cap Arena

DUOL (Duolingo, Inc.) Stock Financials & Earnings | Market Cap Arena

DUOLDuolingo, Inc.

Mkt Cap$5B

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

Revenue (TTM)$1.0B

Net Income (TTM)$414M

EPS (TTM)$8.42

Free Cash Flow (TTM)$377M

Gross Margin72.2%

Op. Margin13.1%

Net Margin39.9%

FCF Margin36.3%

P/S Ratio (TTM)4.3x

P/E Ratio (TTM)10.9x

YoY Rev Growth+38.7%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
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

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	11.2x	—
Q2 23	10.2x	—
Q3 23	9.3x	—
Q4 23	8.5x	280.9x
Q1 24	7.7x	99.0x
Q2 24	7.1x	68.1x
Q3 24	6.5x	52.0x
Q4 24	6.0x	51.0x
Q1 25	5.6x	46.6x
Q2 25	5.1x	38.5x
Q3 25	4.7x	11.7x
Q4 25	4.3x	10.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
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

CapEx

Quarter	CapEx
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

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
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 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 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

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
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%	18.4%	59.5
Q4 25	35.0%	20.6%	55.6

Revenue Segments

Quarter	Advertising	English Test	In-App Purchases	License and Service	Product And Service, Other Miscellaneous
Q1 24	$13M	$13M	$10M	$132M	$234K
Q2 24	$13M	$11M	$10M	$144M	$286K
Q3 24	$14M	$11M	$9M	$158M	$389K
Q4 24	$14M	$11M	$9M	$174M	$384K
Q1 25	$18M	$12M	$9M	$191M	$446K
Q2 25	$21M	$10M	$10M	$211M	$506K
Q3 25	$21M	$10M	$11M	$229M	$458K
Q4 25	$20M	$10M	—	$242M	$527K

War Chest

Quarter	Cash	Short-term Investments	Total
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

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	41M	+0.6%
Q2 23	47M	+15.4%
Q3 23	47M	+0.2%
Q4 23	49M	+4.4%
Q1 24	47M	-3.4%
Q2 24	48M	+0.9%
Q3 24	50M	+3.8%
Q4 24	45M	-9.4%
Q1 25	50M	+10.2%
Q2 25	50M	+0.6%
Q3 25	50M	+0.0%
Q4 25	50M	+0.0%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 19	—	—
FY 20	—	—
FY 21	$502K	500
FY 22	$616K	600
FY 23	$738K	720
FY 24	$901K	830
FY 25	$1M	830