DUOL · Nasdaq
Duolingo, Inc.: financial statements
Financially weak · see the checkFigures in USD, fiscal years
Revenue and net income
Operating and free cash flow
Margins
Returns
Income statement
| USD | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Last year |
|---|---|---|---|---|---|---|---|
| Revenue | $162M | $251M | $369M | $531M | $748M | $1.0B | +39% |
| Gross profit | $116M | $182M | $270M | $389M | $544M | $749M | +38% |
| Selling, general & admin | $78.7M | $138M | $185M | $208M | $246M | $308M | +25% |
| Operating income | -$16.0M | -$60.0M | -$65.2M | -$13.3M | $62.6M | $136M | +117% |
| EBITDA | -$13.8M | -$57.3M | -$60.3M | -$6.2M | $73.4M | $150M | +104% |
| Interest expense | $0 | $0 | $0 | $0 | — | — | |
| Profit before tax | -$15.7M | -$60.0M | -$58.6M | $17.8M | $102M | $182M | +78% |
| Income tax | $68.0K | $177K | $938K | $1.7M | $13.7M | -$232M | -1787% |
| Net income | -$15.8M | -$60.1M | -$59.6M | $16.1M | $88.6M | $414M | +367% |
Cash flow
| USD | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Last year |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $17.7M | $9.2M | $53.7M | $154M | $286M | $388M | +36% |
| Capital expenditure | $3.4M | $3.6M | $5.6M | $3.2M | $12.1M | $18.1M | +49% |
| Free cash flow | $14.3M | $5.6M | $48.1M | $150M | $273M | $370M | +35% |
| Depreciation & amortization | $2.3M | $2.7M | $4.9M | $7.1M | $10.9M | $14.4M | +33% |
Balance sheet
| USD | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Last year |
|---|---|---|---|---|---|---|---|
| Cash | $120M | $554M | $608M | $748M | $786M | $1.0B | +32% |
| Current assets | $158M | $619M | $697M | $898M | $1.1B | $1.4B | +30% |
| Total assets | $176M | $661M | $747M | $954M | $1.3B | $2.0B | +53% |
| Current liabilities | $65.7M | $119M | $182M | $277M | $422M | $551M | +31% |
| Total liabilities | $73.8M | $148M | $205M | $298M | $477M | $645M | +35% |
| Shareholders' equity | -$80.7M | $513M | $542M | $656M | $825M | $1.3B | +63% |
| Net debt | -$120M | -$554M | -$608M | -$748M | -$786M | -$1.0B | -32% |
Ratios
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Last year | |
|---|---|---|---|---|---|---|---|
| Gross margin | 71.6% | 72.4% | 73.1% | 73.2% | 72.8% | 72.2% | |
| Operating margin | -9.9% | -23.9% | -17.6% | -2.5% | 8.4% | 13.1% | |
| Net margin | -9.8% | -24.0% | -16.1% | 3.0% | 11.8% | 39.9% | |
| SG&A as share of revenue | 48.7% | 54.9% | 50.0% | 39.1% | 33.0% | 29.6% | |
| Return on equity | — | -11.7% | -11.0% | 2.5% | 10.7% | 30.7% | |
| Return on assets | -9.0% | -9.1% | -8.0% | 1.7% | 6.8% | 20.8% | |
| Return on invested capital | — | — | — | — | — | 61.3% | |
| Net debt / EBITDA | — | — | — | — | -10.7x | -6.9x | |
| Current ratio | 2.41 | 5.20 | 3.84 | 3.24 | 2.61 | 2.61 | |
| Quick ratio | 2.41 | 5.20 | 3.84 | 3.24 | 2.61 | 2.61 |
Data source: SEC EDGAR, company annual reports. Lines a company does not report are left empty. Free cash flow is operating cash flow minus capital expenditure. Ratios use the same formulas as the EdgeScore check.
For information and education only. Not investment advice. Data may contain errors.