Cash flow Duolingo, Inc.

Equities

DUOL

US26603R1068

Internet Services

Real-time Estimate Cboe BZX Other stock markets 20:00:59 12/05/2026 BST			5-day change	1st Jan Change
106.46 ^USD	+1.24%		+2.68%	-39.13%

02:22pm	PRESS DIGEST-Canada - May 12	RE
05-05	Duolingo Yet to See User Turnaround Despite Growth Push, Morgan Stanley Says	MT

0da1c8e410552eb0ac20a6afa.mIiTPlNuqd7RedJTgjVnW9bLMuQ83iV8z4jW9VLFra4.7djxXWtcno-wMYgp0W1TN4ClZKwMqnBMoOvlphSX2cjXw8dWPDHG5pYcvQ

Published financial data: DUOLINGO, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	251M	369M	531M	748M	1.04B
Total Revenues	251M	369M	531M	748M	1.04B
Cost of Goods Sold, Total	69.19M	99.43M	142M	204M	288M
Gross Profit	182M	270M	389M	544M	749M
Selling General & Admin Expenses, Total	134M	185M	208M	246M	305M
R&D Expenses	104M	150M	194M	235M	304M
Other Operating Expenses, Total	237M	335M	402M	481M	608M
Operating Income	-55.79M	-64.9M	-12.92M	63.81M	141M
Interest And Investment Income	-	7.24M	31.09M	42.7M	45.23M
Net Interest Expenses	-	7.24M	31.09M	42.7M	45.23M
Currency Exchange Gains (Loss)	-	-676K	278K	-2.99M	1.61M
Other Non Operating Income (Expenses)	49K	-	-	-	-
EBT, Excl. Unusual Items	-55.74M	-58.34M	18.45M	104M	188M
Merger & Related Restructuring Charges	-	-185K	-	-774K	-4.85M
Gain (Loss) On Sale Of Assets	-	-	-333K	-	-
Asset Writedown	-	-	-	-238K	-
Other Unusual Items	-4.22M	-113K	-338K	-200K	-818K
EBT, Incl. Unusual Items	-59.96M	-58.64M	17.78M	102M	182M
Income Tax Expense	177K	938K	1.71M	13.73M	-232M
Earnings From Continuing Operations	-60.14M	-59.57M	16.07M	88.57M	414M
Net Income to Company	-60.14M	-59.57M	16.07M	88.57M	414M
Net Income - (IS)	-60.14M	-59.57M	16.07M	88.57M	414M
Net Income to Common Incl Extra Items	-60.14M	-59.57M	16.07M	88.57M	414M
Net Income to Common Excl. Extra Items	-60.14M	-59.57M	16.07M	88.57M	414M
Per Share Items
Net EPS - Basic	-2.57	-1.51	0.39	2.04	9.05
Basic EPS - Continuing Operations	-2.57	-1.51	0.39	2.04	9.05
Basic Weighted Average Shares Outstanding	23.43M	39.47M	41.45M	43.5M	45.77M
Net EPS - Diluted	-2.57	-1.51	0.35	1.88	8.57
Diluted EPS - Continuing Operations	-2.57	-1.51	0.35	1.88	8.57
Diluted Weighted Average Shares Outstanding	23.43M	39.47M	46.52M	47.1M	48.31M
Normalized Basic EPS	-1.49	-0.92	0.28	1.49	2.57
Normalized Diluted EPS	-1.49	-0.92	0.25	1.37	2.43
Supplemental Items
EBITDA	-53.75M	-61.78M	-5.83M	74.66M	156M
EBITA	-55.79M	-64.9M	-9.93M	69.7M	150M
EBIT	-55.79M	-64.9M	-12.92M	63.81M	141M
EBITDAR	-50.54M	-54.52M	1.93M	85.19M	168M
Effective Tax Rate - (Ratio)	-0.3	-1.6	9.62	13.42	-127
Current Domestic Taxes	-	629K	1.5M	13.29M	-6.56M
Current Foreign Taxes	-	524K	341K	284K	1.63M
Total Current Taxes	-	1.15M	1.84M	13.58M	-4.93M
Deferred Domestic Taxes	-	-	-	-	-225M
Deferred Foreign Taxes	-	-215K	-133K	157K	-1.59M
Total Deferred Taxes	-	-215K	-133K	157K	-227M
Normalized Net Income	-34.84M	-36.46M	11.53M	64.7M	118M
Supplemental Operating Expense Items
Advertising Expense	42.96M	48.11M	52.97M	62.37M	86.87M
Selling and Marketing Expenses	54.95M	66.97M	75.79M	90.49M	126M
General and Administrative Expenses	75.38M	110M	124M	144M	166M
Research And Development Expense From Footnotes	104M	150M	194M	235M	306M
Net Rental Expense, Total	3.21M	7.26M	7.76M	10.53M	12.85M
Stock-Based Comp., COGS (Total)	8K	38K	55K	68K	96K
Stock-Based Comp., R&D Exp. (Total)	9.3M	26.37M	45.12M	60.08M	84.87M
Stock-Based Comp., S&M Exp. (Total)	881K	2.54M	3.91M	4.91M	6.36M
Stock-Based Comp., G&A Exp. (Total)	30.62M	44.87M	46.14M	45.42M	46.11M
Total Stock-Based Compensation	40.8M	73.82M	95.22M	110M	137M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	554M	608M	748M	786M	1.04B
Short Term Investments	-	-	-	93.34M	104M
Total Cash And Short Term Investments	554M	608M	748M	879M	1.14B
Accounts Receivable, Total	33.16M	46.73M	88.98M	129M	163M
Other Receivables	-	-	-	-	16.17M
Total Receivables	33.16M	46.73M	88.98M	129M	179M
Prepaid Expenses	7.97M	7.23M	5.13M	13.37M	14.48M
Other Current Assets, Total	24.22M	35.04M	56.08M	80.16M	103M
Total Current Assets	619M	697M	898M	1.1B	1.44B
Gross Property Plant And Equipment	41.68M	43.7M	43.16M	82.85M	138M
Accumulated Depreciation	-5.1M	-8.22M	-12.27M	-16.41M	-21.57M
Net Property Plant And Equipment	36.58M	35.48M	30.9M	66.44M	117M
Long-term Investments	-	-	-	98.29M	135M
Goodwill	-	4.05M	4.05M	10.54M	35.34M
Other Intangibles, Total	4.57M	8.5M	16M	19.9M	28.31M
Deferred Tax Assets Long-Term	-	633K	766K	675K	227M
Other Long-Term Assets, Total	894K	1.51M	4.45M	4.3M	12.82M
Total Assets	661M	747M	954M	1.3B	1.99B
Liabilities
Accounts Payable, Total	7.82M	1.18M	2.45M	6.38M	8M
Accrued Expenses, Total	5.47M	10.09M	16.67M	33.79M	38.48M
Current Portion of Leases	3.34M	4.9M	3.94M	2.58M	7.2M
Current Income Taxes Payable	113K	1.07M	792K	6.59M	1.26M
Unearned Revenue Current, Total	98.27M	158M	249M	373M	496M
Other Current Liabilities	4.12M	6.97M	4.32M	-	-
Total Current Liabilities	119M	182M	277M	422M	551M
Long-Term Leases	29.12M	23.5M	21.09M	54.66M	93.78M
Deferred Tax Liability Non Current	-	-	-	291K	249K
Total Liabilities	148M	205M	298M	477M	645M
Preferred Stock Convertible	-	-	-	-	-
Total Preferred Equity	-	-	-	-	-
Common Stock, Total	4K	4K	4K	4K	5K
Additional Paid In Capital	684M	773M	870M	950M	1.06B
Retained Earnings	-171M	-230M	-214M	-126M	288M
Total Common Equity	513M	542M	656M	825M	1.35B
Total Equity	513M	542M	656M	825M	1.35B
Total Liabilities And Equity	661M	747M	954M	1.3B	1.99B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	38.63M	40.64M	42.88M	45.24M	46.95M
ECS Total Common Shares Outstanding	38.27M	40.36M	42.53M	44.94M	46.63M
Book Value / Share	13.41	13.43	15.41	18.35	28.89
Tangible Book Value	508M	530M	635M	794M	1.28B
Tangible Book Value Per Share	13.29	13.12	14.94	17.67	27.52
Total Debt	32.46M	28.41M	25.04M	57.24M	101M
Net Debt	-521M	-580M	-723M	-822M	-1.04B
Debt Equivalent Oper. Leases	25.7M	58.11M	62.07M	84.26M	103M
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	3.05M	5.2M	5.87M	8.42M	13.1M
Full Time Employees	500	600	720	830	900

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-60.14M	-59.57M	16.07M	88.57M	414M
Depreciation & Amortization - CF	2.03M	3.12M	4.1M	4.96M	5.2M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	3M	5.89M	9.2M
Depreciation & Amortization, Total	2.03M	3.12M	7.1M	10.85M	14.39M
Amortization of Deferred Charges, Total - (CF)	693K	1.75M	-	-	-
(Gain) Loss From Sale Of Asset	-	-	333K	-	-
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-551K	-1.85M
Asset Writedown & Restructuring Costs	-	-	-	238K	-
Stock-Based Compensation (CF)	40.8M	73.82M	95.22M	110M	137M
Other Operating Activities, Total	-	-	-	-	-225M
Change In Accounts Receivable	-12.71M	-13.56M	-42.25M	-39.92M	-33.9M
Change In Accounts Payable	5.62M	-6.66M	1.26M	3.93M	1.62M
Change in Unearned Revenues	43.48M	59.28M	91.64M	124M	123M
Change in Other Net Operating Assets	-10.61M	-4.52M	-15.76M	-11.79M	-42.07M
Cash from Operations	9.17M	53.66M	154M	286M	388M
Capital Expenditure	-3.59M	-5.56M	-3.19M	-12.12M	-18.1M
Cash Acquisitions	-	-4.05M	-	-6.6M	-33.1M
Sale (Purchase) of Intangible assets	-2.62M	-4.56M	-10.39M	-9.02M	-9.3M
Investment in Marketable and Equity Securities, Total	-	-	-	-190M	-47.18M
Cash from Investing	-6.21M	-14.17M	-13.58M	-217M	-108M
Issuance of Common Stock	439M	14.78M	13.62M	19.36M	12.57M
Repurchase of Common Stock	-868K	-	-11.48M	-49.36M	-41.62M
Issuance of Preferred Stock	-	-	-	-	-
Other Financing Activities, Total	-7.34M	-	-	-	-500K
Cash from Financing	430M	14.78M	2.14M	-30M	-29.55M
Net Change in Cash	433M	54.26M	142M	38.18M	251M
Supplemental Items
Cash Income Tax Paid (Refund)	132K	615K	2.32M	7.62M	14.4M
Levered Free Cash Flow	26.21M	65.42M	116M	214M	265M
Unlevered Free Cash Flow	26.21M	65.42M	116M	214M	265M
Change In Net Working Capital	-23.76M	-37.41M	-35.37M	-73.96M	-52.1M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-8.33	-5.76	-0.95	3.54	5.36
Return on Total Capital	-10.62	-7.27	-1.29	5.11	7.58
Return On Equity %	-19.56	-11.29	2.68	11.97	38.14
Return on Common Equity	-27.82	-11.29	2.68	11.97	38.14
Margin Analysis
Gross Profit Margin %	72.41	73.09	73.24	72.78	72.23
SG&A Margin	53.25	49.94	39.08	32.82	29.37
EBITDA Margin %	-21.44	-16.72	-1.1	9.98	15
EBITA Margin %	-22.25	-17.56	-1.87	9.32	14.5
EBIT Margin %	-22.25	-17.56	-2.43	8.53	13.61
Income From Continuing Operations Margin %	-23.98	-16.12	3.03	11.84	39.91
Net Income Margin %	-23.98	-16.12	3.03	11.84	39.91
Net Avail. For Common Margin %	-23.98	-16.12	3.03	11.84	39.91
Normalized Net Income Margin	-13.89	-9.87	2.17	8.65	11.33
Levered Free Cash Flow Margin	10.45	17.7	21.85	28.61	25.52
Unlevered Free Cash Flow Margin	10.45	17.7	21.85	28.61	25.52
Asset Turnover
Asset Turnover	0.6	0.52	0.62	0.66	0.63
Fixed Assets Turnover	9.82	10.26	16	15.37	11.33
Receivables Turnover (Average Receivables)	9.35	9.25	7.83	6.87	7.11
Short Term Liquidity
Current Ratio	5.2	3.84	3.24	2.61	2.61
Quick Ratio	4.93	3.6	3.02	2.39	2.39
Operating Cash Flow to Current Liabilities	0.08	0.3	0.55	0.68	0.7
Days Sales Outstanding (Average Receivables)	39.02	39.46	46.63	53.31	51.32
Average Days Payable Outstanding	26.42	16.51	4.65	7.93	9.11
Long Term Solvency
Total Debt/Equity	6.33	5.24	3.82	6.94	7.5
Total Debt / Total Capital	5.95	4.98	3.68	6.49	6.97
LT Debt/Equity	5.68	4.34	3.22	6.63	6.96
Long-Term Debt / Total Capital	5.34	4.12	3.1	6.2	6.48
Total Liabilities / Total Assets	22.42	27.47	31.29	36.66	32.39
Total Debt / EBITDA	-0.64	-0.52	12.95	0.67	0.6
Net Debt / EBITDA	10.32	10.64	-373.81	-9.65	-6.17
Total Debt / (EBITDA - Capex)	-0.6	-0.47	-19.9	0.78	0.67
Net Debt / (EBITDA - Capex)	9.63	9.65	574.38	-11.25	-6.91
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	55.09	47.34	43.74	40.84	38.71
Gross Profit, 1 Yr. Growth %	56.93	48.72	44.04	39.94	37.67
EBITDA, 1 Yr. Growth %	273.63	28.29	-90.29	-1.38K	108.44
EBITA, 1 Yr. Growth %	248.43	29.31	-84.28	-802.16	115.84
EBIT, 1 Yr. Growth %	248.43	29.31	-80.09	-593.82	121.35
Earnings From Cont. Operations, 1 Yr. Growth %	281.18	-0.93	-126.97	451.28	367.48
Net Income, 1 Yr. Growth %	281.18	-0.93	-126.97	451.28	367.48
Normalized Net Income, 1 Yr. Growth %	254.84	16.35	-131.62	461.13	81.68
Diluted EPS Before Extra, 1 Yr. Growth %	107.26	-41.25	-123.18	437.14	355.85
Accounts Receivable, 1 Yr. Growth %	62.17	40.9	90.41	44.9	26.3
Net Property, Plant and Equip., 1 Yr. Growth %	152.26	-3.02	-12.92	115.04	75.62
Total Assets, 1 Yr. Growth %	276.3	13.01	27.65	36.46	53.04
Tangible Book Value, 1 Yr. Growth %	-712.73	4.14	20	24.97	61.61
Common Equity, 1 Yr. Growth %	-735.83	5.66	20.92	25.79	63.36
Cash From Operations, 1 Yr. Growth %	-48.22	485.13	186.29	85.86	35.83
Capital Expenditures, 1 Yr. Growth %	6.22	55.1	-42.63	279.69	49.36
Levered Free Cash Flow, 1 Yr. Growth %	31.72	120.17	77.36	84.47	24.58
Unlevered Free Cash Flow, 1 Yr. Growth %	31.72	120.17	77.36	84.47	24.58
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	88.25	51.17	45.53	42.28	39.77
Gross Profit, 2 Yr. CAGR %	90.53	52.77	46.36	41.98	38.8
EBITDA, 2 Yr. CAGR %	108.46	107.22	-68.11	11.25	402.47
EBITA, 2 Yr. CAGR %	107.98	101.33	-59.09	4.81	282.83
EBIT, 2 Yr. CAGR %	107.98	101.33	-53.6	-1.07	226.37
Earnings From Cont. Operations, 2 Yr. CAGR %	110.63	94.33	-48.31	21.93	407.65
Net Income, 2 Yr. CAGR %	110.63	94.33	-48.31	21.93	407.65
Normalized Net Income, 2 Yr. CAGR %	112.65	92.71	-44.53	32.87	225.26
Diluted EPS Before Extra, 2 Yr. CAGR %	-	10.35	-63.1	11.58	394.83
Accounts Receivable, 2 Yr. CAGR %	82.06	51.16	63.8	66.1	35.28
Net Property, Plant and Equip., 2 Yr. CAGR %	62.69	56.41	-8.1	36.85	94.33
Total Assets, 2 Yr. CAGR %	163.76	106.22	20.11	31.98	44.51
Tangible Book Value, 2 Yr. CAGR %	143.49	152.6	11.79	22.46	42.11
Common Equity, 2 Yr. CAGR %	147.18	159.19	13.03	23.33	43.35
Cash From Operations, 2 Yr. CAGR %	106.43	74.07	309.29	130.68	58.89
Capital Expenditures, 2 Yr. CAGR %	-2.47	28.36	-5.67	47.59	138.14
Levered Free Cash Flow, 2 Yr. CAGR %	-	81.3	121.84	81.14	51.21
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	81.3	121.84	81.14	51.21
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	73.49	48.65	43.95	41.08
Gross Profit, 3 Yr. CAGR %	-	75.43	49.81	44.19	40.53
EBITDA, 3 Yr. CAGR %	-	70.93	-26.02	9.23	37.15
EBITA, 3 Yr. CAGR %	-	71.36	-14.73	5.52	33.35
EBIT, 3 Yr. CAGR %	-	71.36	-6.9	2.07	29.39
Earnings From Cont. Operations, 3 Yr. CAGR %	-	63.81	0.61	13.78	90.84
Net Income, 3 Yr. CAGR %	-	63.81	0.61	13.78	90.84
Normalized Net Income, 3 Yr. CAGR %	-	67.9	5.51	19.97	47.48
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	-34.4	-9.9	78.38
Accounts Receivable, 3 Yr. CAGR %	-	67.16	63.25	57.24	51.61
Net Property, Plant and Equip., 3 Yr. CAGR %	-	36.92	28.68	22.01	48.71
Total Assets, 3 Yr. CAGR %	-	98.84	75.75	25.33	38.66
Tangible Book Value, 3 Yr. CAGR %	-	83.45	97.1	16.02	34.32
Common Equity, 3 Yr. CAGR %	-	86.2	101.02	17.13	35.45
Cash From Operations, 3 Yr. CAGR %	-	192.14	105.47	214.6	93.35
Capital Expenditures, 3 Yr. CAGR %	-	13.84	-1.86	50.05	48.18
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	79.98	108.61	59.52
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	79.98	108.61	59.52
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	60.26	45.03
Gross Profit, 5 Yr. CAGR %	-	-	-	61.19	45.3
EBITDA, 5 Yr. CAGR %	-	-	-	43.27	61
EBITA, 5 Yr. CAGR %	-	-	-	40.13	56.52
EBIT, 5 Yr. CAGR %	-	-	-	37.68	54.56
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	45.56	92.23
Net Income, 5 Yr. CAGR %	-	-	-	45.56	92.23
Normalized Net Income, 5 Yr. CAGR %	-	-	-	53.05	64.3
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-	-	47.2
Accounts Receivable, 5 Yr. CAGR %	-	-	-	66.73	51.43
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	36.89	51.75
Total Assets, 5 Yr. CAGR %	-	-	-	68.77	62.51
Tangible Book Value, 5 Yr. CAGR %	-	-	-	56.07	72.93
Common Equity, 5 Yr. CAGR %	-	-	-	57.91	75.59
Cash From Operations, 5 Yr. CAGR %	-	-	-	165.8	85.39
Capital Expenditures, 5 Yr. CAGR %	-	-	-	26.3	39.91
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	67.8
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	67.8