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Duolingo (DUOL) Financials

Duolingo logo
$370.00 +33.66 (+10.01%)
Closing price 04/23/2025 04:00 PM Eastern
Extended Trading
$374.50 +4.50 (+1.22%)
As of 04/23/2025 07:58 PM Eastern
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Annual Income Statements for Duolingo

Annual Income Statements for Duolingo

This table shows Duolingo's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024
Net Income / (Loss) Attributable to Common Shareholders
-16 -60 -60 16 89
Consolidated Net Income / (Loss)
-16 -60 -60 16 89
Net Income / (Loss) Continuing Operations
-16 -60 -60 16 89
Total Pre-Tax Income
-16 -60 -59 18 102
Total Operating Income
-16 -60 -65 -13 63
Total Gross Profit
116 182 270 389 544
Total Revenue
162 251 369 531 748
Operating Revenue
162 251 369 531 748
Total Cost of Revenue
46 69 99 142 204
Operating Cost of Revenue
46 69 99 142 204
Total Operating Expenses
132 242 335 402 482
Selling, General & Admin Expense
44 79 119 133 160
Marketing Expense
35 59 67 76 90
Research & Development Expense
53 104 150 194 235
Other Operating Expenses / (Income)
-0.16 -0.32 -0.13 -0.59 -1.27
Total Other Income / (Expense), net
0.30 0.05 6.56 31 40
Interest & Investment Income
0.23 0.02 7.24 31 43
Other Income / (Expense), net
0.07 0.03 -0.68 -0.06 -2.99
Income Tax Expense
0.07 0.18 0.94 1.71 14
Basic Earnings per Share
($1.24) ($2.57) ($1.51) $0.39 $2.04
Weighted Average Basic Shares Outstanding
- 38.63M 40.64M 42.88M 45.24M
Diluted Earnings per Share
($1.24) ($2.57) ($1.51) $0.35 $1.88
Weighted Average Diluted Shares Outstanding
- 38.63M 40.64M 42.88M 45.24M
Weighted Average Basic & Diluted Shares Outstanding
- 38.63M 40.64M 42.88M 45.24M

Quarterly Income Statements for Duolingo

This table shows Duolingo's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Net Income / (Loss) Attributable to Common Shareholders
-18 -14 -2.58 3.73 2.81 12 27 24 23 14
Consolidated Net Income / (Loss)
-18 -14 -2.58 3.73 2.81 12 27 24 23 14
Net Income / (Loss) Continuing Operations
-18 -14 -2.58 3.73 2.81 12 27 24 23 14
Total Pre-Tax Income
-18 -13 -2.70 2.41 2.93 15 26 29 25 22
Total Operating Income
-20 -18 -8.52 -4.87 -4.67 4.80 16 19 14 14
Total Gross Profit
70 76 84 93 101 110 122 131 140 151
Total Revenue
96 104 116 127 138 151 168 178 193 210
Operating Revenue
96 104 116 127 138 151 168 178 193 210
Total Cost of Revenue
26 28 31 34 36 41 45 47 52 59
Operating Cost of Revenue
26 28 31 34 36 41 45 47 52 59
Total Operating Expenses
90 94 93 98 106 106 106 112 127 137
Selling, General & Admin Expense
30 32 30 32 33 37 35 37 38 50
Marketing Expense
18 19 17 18 22 19 20 20 26 25
Research & Development Expense
42 44 46 48 50 50 51 55 63 66
Total Other Income / (Expense), net
1.77 4.94 5.82 7.28 7.60 10 9.41 10 12 8.47
Interest & Investment Income
2.26 4.27 5.64 7.54 8.63 9.28 10 11 11 11
Other Income / (Expense), net
-0.49 0.67 0.18 -0.27 -1.02 1.05 -0.62 -0.71 0.57 -2.23
Income Tax Expense
0.05 0.72 -0.12 -1.32 0.13 3.02 -1.11 4.36 2.03 8.45
Basic Earnings per Share
($0.46) ($0.36) ($0.06) $0.09 $0.07 $0.29 $0.63 $0.56 $0.53 $0.32
Weighted Average Basic Shares Outstanding
40.17M 40.64M 41.05M 41.54M 42.01M 42.88M 43.12M 43.54M 43.98M 45.24M
Diluted Earnings per Share
($0.46) ($0.36) ($0.06) $0.08 $0.06 $0.27 $0.57 $0.51 $0.49 $0.31
Weighted Average Diluted Shares Outstanding
40.17M 40.64M 41.05M 41.54M 42.01M 42.88M 43.12M 43.54M 43.98M 45.24M
Weighted Average Basic & Diluted Shares Outstanding
40.17M 40.64M 41.05M 41.54M 42.01M 42.88M 43.12M 43.54M 43.98M 45.24M

Annual Cash Flow Statements for Duolingo

This table details how cash moves in and out of Duolingo's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024
Net Change in Cash & Equivalents
61 433 54 142 38
Net Cash From Operating Activities
18 9.17 54 154 286
Net Cash From Continuing Operating Activities
18 9.17 54 154 285
Net Income / (Loss) Continuing Operations
-16 -60 -60 16 89
Consolidated Net Income / (Loss)
-16 -60 -60 16 89
Depreciation Expense
2.26 2.73 4.87 7.10 11
Amortization Expense
- - 0.00 0.00 -0.55
Non-Cash Adjustments To Reconcile Net Income
17 41 74 96 110
Changes in Operating Assets and Liabilities, net
14 26 35 35 76
Net Cash From Investing Activities
-4.01 -6.21 -14 -14 -217
Net Cash From Continuing Investing Activities
-4.01 -6.21 -14 -14 -217
Purchase of Property, Plant & Equipment
-3.38 -3.59 -5.56 -3.19 -12
Acquisitions
0.00 0.00 -4.05 0.00 -6.60
Purchase of Investments
- - 0.00 0.00 -193
Sale of Property, Plant & Equipment
- 0.00 0.00 0.10 0.00
Sale and/or Maturity of Investments
- - 0.00 0.00 3.71
Other Investing Activities, net
-0.64 -2.62 -4.56 -10 -9.02
Net Cash From Financing Activities
47 430 15 2.14 -30
Net Cash From Continuing Financing Activities
47 430 15 2.14 -30
Other Financing Activities, net
2.03 12 15 2.14 -30
Cash Income Taxes Paid
0.00 0.13 0.62 2.32 7.62

Quarterly Cash Flow Statements for Duolingo

This table details how cash moves in and out of Duolingo's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Net Change in Cash & Equivalents
8.81 8.21 33 38 23 49 82 59 -34 -69
Net Cash From Operating Activities
8.76 12 30 37 38 49 84 62 56 83
Net Cash From Continuing Operating Activities
8.76 12 30 37 38 49 84 62 56 83
Net Income / (Loss) Continuing Operations
-18 -14 -2.58 3.73 2.81 12 27 24 23 14
Consolidated Net Income / (Loss)
-18 -14 -2.58 3.73 2.81 12 27 24 23 14
Depreciation Expense
1.48 1.44 1.76 1.63 1.66 2.04 2.07 2.24 2.88 3.66
Amortization Expense
- - - - - - - - - -0.54
Non-Cash Adjustments To Reconcile Net Income
20 21 21 24 26 25 25 27 29 30
Changes in Operating Assets and Liabilities, net
5.23 3.46 9.45 8.09 7.34 10 29 9.05 1.08 36
Net Cash From Investing Activities
-3.52 -4.95 -1.31 -3.37 -4.75 -4.15 -5.02 -8.66 -93 -110
Net Cash From Continuing Investing Activities
-3.52 -4.95 -1.31 -3.37 -4.75 -4.15 -5.02 -8.66 -93 -110
Purchase of Property, Plant & Equipment
-2.08 -0.29 -0.68 -0.83 -0.76 -0.92 -1.41 -5.56 -3.18 -1.96
Purchase of Investments
- - - - - - - - - -112
Other Investing Activities, net
-1.44 -0.60 -0.73 -2.54 -3.99 -3.22 -3.61 -3.09 -1.85 -0.48
Net Cash From Financing Activities
3.56 1.55 4.62 3.78 -9.83 3.56 3.61 4.80 3.19 -42
Net Cash From Continuing Financing Activities
3.56 1.55 4.62 3.78 -9.83 3.56 3.61 4.80 3.19 -42
Other Financing Activities, net
3.56 1.55 4.62 3.78 -9.83 3.56 3.61 4.80 3.19 -42
Cash Income Taxes Paid
- 0.01 0.03 1.91 0.26 0.13 0.00 4.93 1.87 0.82

Annual Balance Sheets for Duolingo

This table presents Duolingo's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024
Total Assets
176 661 747 954 1,302
Total Current Assets
158 619 697 898 1,102
Cash & Equivalents
120 554 608 748 786
Short-Term Investments
- - - 0.00 92
Accounts Receivable
20 33 47 89 129
Prepaid Expenses
3.86 7.97 7.23 7.28 15
Other Current Assets
14 24 35 54 80
Plant, Property, & Equipment, net
6.43 8.21 13 12 19
Total Noncurrent Assets
11 34 37 44 181
Long-Term Investments
- - - 0.00 98
Goodwill
- 0.00 4.05 4.05 11
Intangible Assets
2.30 4.57 8.50 16 20
Noncurrent Deferred & Refundable Income Taxes
- 0.00 0.63 0.77 0.68
Other Noncurrent Operating Assets
8.64 29 24 24 52
Total Liabilities & Shareholders' Equity
176 661 747 954 1,302
Total Liabilities
74 148 205 298 477
Total Current Liabilities
66 119 182 277 422
Accounts Payable
2.20 7.82 1.18 2.45 6.38
Accrued Expenses
8.63 13 22 25 36
Current Deferred Revenue
55 98 158 249 373
Current Deferred & Payable Income Tax Liabilities
0.07 0.11 1.07 0.79 6.59
Total Noncurrent Liabilities
8.13 29 24 21 55
Noncurrent Deferred & Payable Income Tax Liabilities
- - - 0.00 0.29
Other Noncurrent Operating Liabilities
8.13 29 24 21 55
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
-81 513 542 656 825
Total Preferred & Common Equity
-81 513 542 656 825
Total Common Equity
-81 513 542 656 825
Common Stock
30 684 773 870 950
Retained Earnings
-111 -171 -230 -214 -126

Quarterly Balance Sheets for Duolingo

This table presents Duolingo's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Total Assets
714 790 835 871 1,069 1,139 1,220
Total Current Assets
668 741 785 819 977 1,042 1,058
Cash & Equivalents
600 641 679 702 830 888 854
Short-Term Investments
- - - - - - 26
Accounts Receivable
30 53 53 62 76 78 94
Prepaid Expenses
7.91 7.50 7.79 9.53 11 12 16
Other Current Assets
30 40 43 46 60 63 67
Plant, Property, & Equipment, net
13 13 13 12 13 18 19
Total Noncurrent Assets
32 36 37 40 78 80 142
Long-Term Investments
- - - - - - 55
Goodwill
- 4.05 4.05 4.05 4.05 4.05 11
Intangible Assets
7.02 8.48 10 14 19 21 22
Noncurrent Deferred & Refundable Income Taxes
0.42 0.63 0.63 0.63 0.77 0.84 0.84
Other Noncurrent Operating Assets
25 23 22 21 55 54 53
Total Liabilities & Shareholders' Equity
714 790 835 871 1,069 1,139 1,220
Total Liabilities
180 225 238 256 358 372 397
Total Current Liabilities
156 203 217 235 304 318 342
Accounts Payable
3.36 0.99 2.31 2.71 2.63 3.41 3.65
Accrued Expenses
17 19 22 23 21 23 28
Current Deferred Revenue
135 182 193 209 279 291 311
Current Deferred & Payable Income Tax Liabilities
0.15 0.93 0.06 0.06 0.36 0.04 0.04
Total Noncurrent Liabilities
24 22 21 21 54 55 55
Noncurrent Deferred & Payable Income Tax Liabilities
- - - - - - 0.31
Other Noncurrent Operating Liabilities
24 22 21 21 54 55 55
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
534 565 596 615 711 767 822
Total Preferred & Common Equity
534 565 596 615 711 767 822
Total Common Equity
534 565 596 615 711 767 822
Common Stock
750 798 826 841 899 930 962
Retained Earnings
-217 -233 -229 -227 -187 -163 -140

Annual Metrics and Ratios for Duolingo

This table displays calculated financial ratios and metrics derived from Duolingo's official financial filings.

Metric 2020 2021 2022 2023 2024
Growth Metrics
- - - - -
Revenue Growth
0.00% 55.09% 47.34% 43.74% 40.84%
EBITDA Growth
0.00% -318.41% -6.55% 89.81% 1,224.17%
EBIT Growth
0.00% -276.29% -9.83% 79.79% 547.72%
NOPAT Growth
0.00% -274.79% -8.65% 73.74% 552.23%
Net Income Growth
0.00% -281.18% 0.93% 126.97% 451.28%
EPS Growth
0.00% -107.26% 41.25% 123.18% 437.14%
Operating Cash Flow Growth
0.00% -48.22% 485.13% 186.29% 85.86%
Free Cash Flow Firm Growth
0.00% 0.00% -3.50% 168.74% 709.16%
Invested Capital Growth
0.00% -120.04% -61.75% -39.34% -64.36%
Revenue Q/Q Growth
0.00% 0.00% 9.10% 9.75% 8.49%
EBITDA Q/Q Growth
0.00% 0.00% -1.20% 79.38% 10.90%
EBIT Q/Q Growth
0.00% 0.00% -2.19% 63.67% 10.79%
NOPAT Q/Q Growth
0.00% 0.00% -1.14% 52.72% 10.97%
Net Income Q/Q Growth
0.00% 0.00% 5.68% 260.99% 2.06%
EPS Q/Q Growth
0.00% 0.00% 10.65% 225.00% 2.17%
Operating Cash Flow Q/Q Growth
0.00% -26.16% 26.31% 32.39% 13.59%
Free Cash Flow Firm Q/Q Growth
0.00% 0.00% 0.00% 407.05% 50.18%
Invested Capital Q/Q Growth
0.00% 0.00% 0.06% -5.97% -33.22%
Profitability Metrics
- - - - -
Gross Margin
71.56% 72.41% 73.09% 73.24% 72.78%
EBITDA Margin
-8.46% -22.83% -16.51% -1.17% 9.35%
Operating Margin
-9.90% -23.93% -17.64% -2.50% 8.37%
EBIT Margin
-9.86% -23.92% -17.83% -2.51% 7.97%
Profit (Net Income) Margin
-9.76% -23.98% -16.12% 3.03% 11.84%
Tax Burden Percent
100.43% 100.30% 101.60% 90.38% 86.58%
Interest Burden Percent
98.55% 99.97% 89.02% -133.52% 171.63%
Effective Tax Rate
0.00% 0.00% 0.00% 9.62% 13.42%
Return on Invested Capital (ROIC)
0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)
0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)
-15.48% -19.56% -11.29% 2.68% 11.97%
Cash Return on Invested Capital (CROIC)
0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)
-9.07% -14.33% -9.35% -1.57% 5.29%
Return on Assets (ROA)
-8.98% -14.37% -8.46% 1.89% 7.85%
Return on Common Equity (ROCE)
12.26% -13.75% -11.29% 2.68% 11.97%
Return on Equity Simple (ROE_SIMPLE)
19.55% -11.72% -10.99% 2.45% 10.74%
Net Operating Profit after Tax (NOPAT)
-11 -42 -46 -12 54
NOPAT Margin
-6.93% -16.75% -12.35% -2.26% 7.24%
Net Nonoperating Expense Percent (NNEP)
-3.79% -5.38% -2.40% 4.14% 3.99%
Return On Investment Capital (ROIC_SIMPLE)
- - -8.42% -1.83% 6.57%
Cost of Revenue to Revenue
28.44% 27.59% 26.91% 26.76% 27.22%
SG&A Expenses to Revenue
27.09% 31.45% 32.11% 25.00% 21.42%
R&D to Revenue
32.79% 41.41% 40.72% 36.59% 31.46%
Operating Expenses to Revenue
81.46% 96.34% 90.73% 75.74% 64.41%
Earnings before Interest and Taxes (EBIT)
-16 -60 -66 -13 60
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-14 -57 -61 -6.22 70
Valuation Ratios
- - - - -
Price to Book Value (P/BV)
0.00 7.75 5.27 14.54 17.30
Price to Tangible Book Value (P/TBV)
0.00 7.82 5.40 15.00 17.96
Price to Revenue (P/Rev)
3.22 15.86 7.73 17.95 19.07
Price to Earnings (P/E)
0.00 0.00 0.00 593.19 161.01
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield
0.00% 0.00% 0.00% 0.17% 0.62%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)
3.61 13.65 6.09 16.54 17.76
Enterprise Value to EBITDA (EV/EBITDA)
0.00 0.00 0.00 0.00 190.03
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 0.00 0.00 222.87
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 0.00 0.00 245.14
Enterprise Value to Operating Cash Flow (EV/OCF)
32.92 373.20 41.92 57.18 46.53
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 626.33 117.08
Leverage & Solvency
- - - - -
Debt to Equity
0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity
0.00 0.00 0.00 0.00 0.00
Financial Leverage
-1.18 -1.10 -1.10 -1.13 -1.16
Leverage Ratio
1.72 1.36 1.34 1.42 1.52
Compound Leverage Factor
1.70 1.36 1.19 -1.90 2.62
Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
179.17% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
-79.17% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA
0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA
0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA
0.00 0.00 0.00 0.00 0.00
Debt to NOPAT
0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT
0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT
0.00 0.00 0.00 0.00 0.00
Altman Z-Score
4.60 16.72 8.95 20.14 19.15
Noncontrolling Interest Sharing Ratio
179.17% 29.69% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - -
Current Ratio
2.41 5.20 3.84 3.24 2.61
Quick Ratio
2.15 4.93 3.60 3.02 2.38
Cash Flow Metrics
- - - - -
Free Cash Flow to Firm (FCFF)
0.00 -20 -20 14 113
Operating Cash Flow to CapEx
524.53% 255.72% 964.69% 4,969.72% 2,356.50%
Free Cash Flow to Firm to Interest Expense
0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense
0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00
Efficiency Ratios
- - - - -
Asset Turnover
0.92 0.60 0.52 0.62 0.66
Accounts Receivable Turnover
7.91 9.35 9.25 7.83 6.87
Inventory Turnover
0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
25.15 34.26 34.89 42.90 48.68
Accounts Payable Turnover
20.94 13.82 22.11 78.42 46.14
Days Sales Outstanding (DSO)
46.16 39.02 39.46 46.63 53.16
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
17.43 26.42 16.51 4.65 7.91
Cash Conversion Cycle (CCC)
28.73 12.60 22.95 41.98 45.25
Capital & Investment Metrics
- - - - -
Invested Capital
-19 -41 -66 -92 -151
Invested Capital Turnover
-8.71 -8.44 -6.91 -6.71 -6.14
Increase / (Decrease) in Invested Capital
0.00 -22 -25 -26 -59
Enterprise Value (EV)
583 3,422 2,249 8,783 13,285
Market Capitalization
521 3,976 2,857 9,531 14,261
Book Value per Share
($15.80) $13.69 $13.49 $15.60 $18.23
Tangible Book Value per Share
($16.25) $13.57 $13.18 $15.12 $17.55
Total Capital
102 513 542 656 825
Total Debt
0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt
0.00 0.00 0.00 0.00 0.00
Net Debt
-120 -554 -608 -748 -976
Capital Expenditures (CapEx)
3.38 3.59 5.56 3.09 12
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-28 -54 -93 -127 -198
Debt-free Net Working Capital (DFNWC)
93 500 515 620 679
Net Working Capital (NWC)
93 500 515 620 679
Net Nonoperating Expense (NNE)
4.57 18 14 -28 -34
Net Nonoperating Obligations (NNO)
-120 -554 -608 -748 -976
Total Depreciation and Amortization (D&A)
2.26 2.73 4.87 7.10 10
Debt-free, Cash-free Net Working Capital to Revenue
-17.19% -21.45% -25.11% -23.95% -26.51%
Debt-free Net Working Capital to Revenue
57.32% 199.44% 139.49% 116.82% 90.82%
Net Working Capital to Revenue
57.32% 199.44% 139.49% 116.82% 90.82%
Earnings Adjustments
- - - - -
Adjusted Basic Earnings per Share
$0.00 ($2.57) ($1.51) $0.39 $2.04
Adjusted Weighted Average Basic Shares Outstanding
0.00 38.63M 40.64M 42.88M 45.24M
Adjusted Diluted Earnings per Share
$0.00 ($2.57) ($1.51) $0.35 $1.88
Adjusted Weighted Average Diluted Shares Outstanding
0.00 38.63M 40.64M 42.88M 45.24M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 38.63M 40.64M 42.88M 45.24M
Normalized Net Operating Profit after Tax (NOPAT)
-11 -42 -46 -12 54
Normalized NOPAT Margin
-6.93% -16.75% -12.35% -2.26% 7.24%
Pre Tax Income Margin
-9.71% -23.91% -15.87% 3.35% 13.68%
Debt Service Ratios
- - - - -
EBIT to Interest Expense
0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense
0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00
Payout Ratios
- - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio
0.00% -1.44% 0.00% 0.00% 0.00%

Quarterly Metrics and Ratios for Duolingo

This table displays calculated financial ratios and metrics derived from Duolingo's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Growth Metrics
- - - - - - - - - -
Revenue Growth
51.06% 42.20% 42.40% 43.51% 43.26% 45.42% 44.87% 40.59% 39.94% 38.79%
EBITDA Growth
31.99% 3.69% 42.25% 75.71% 78.95% 149.19% 372.12% 678.34% 521.68% 87.26%
EBIT Growth
28.59% -0.41% 31.43% 67.04% 72.43% 133.45% 289.73% 450.54% 348.43% 99.26%
NOPAT Growth
29.75% -4.23% 28.09% 28.55% 68.32% 130.22% 387.45% 310.90% 379.34% 124.96%
Net Income Growth
36.33% 20.48% 78.76% 124.76% 115.22% 186.98% 1,144.00% 553.72% 732.21% 14.77%
EPS Growth
53.06% 33.33% 80.65% 121.05% 113.04% 175.00% 1,050.00% 537.50% 716.67% 14.81%
Operating Cash Flow Growth
94.17% 2,587.04% 43.52% 193.53% 329.84% 323.79% 182.10% 67.86% 49.45% 69.42%
Free Cash Flow Firm Growth
-28.47% 0.00% -72.43% -65.72% 22.43% 138.21% 349.61% 365.23% 140.46% 127.55%
Invested Capital Growth
-70.87% -61.75% -34.06% -30.69% -31.41% -39.34% -56.33% -47.45% -30.74% -64.36%
Revenue Q/Q Growth
8.69% 8.08% 11.40% 9.66% 8.50% 9.71% 10.97% 6.43% 8.00% 8.80%
EBITDA Q/Q Growth
-33.10% 16.31% 59.02% 46.78% -15.35% 295.52% 126.74% 13.10% -15.90% -13.17%
EBIT Q/Q Growth
-32.61% 15.33% 52.32% 38.43% -10.91% 202.74% 170.44% 13.75% -21.40% -17.59%
NOPAT Q/Q Growth
-34.11% 9.97% 53.07% -26.10% 40.54% 185.87% 346.47% -7.49% -21.25% -30.84%
Net Income Q/Q Growth
-22.60% 24.48% 81.46% 244.27% -24.64% 331.67% 122.46% -9.66% -4.07% -40.47%
EPS Q/Q Growth
-21.05% 21.74% 83.33% 233.33% -25.00% 350.00% 111.11% -10.53% -3.92% -36.73%
Operating Cash Flow Q/Q Growth
-30.82% 32.53% 155.03% 25.55% 1.30% 30.66% 69.77% -25.30% -9.81% 48.12%
Free Cash Flow Firm Q/Q Growth
-61.31% -5.92% 6.33% -11.43% 38.19% 83.04% 100.69% -8.36% -28.57% 73.21%
Invested Capital Q/Q Growth
-5.08% 0.06% -14.83% -8.38% -5.66% -5.97% -28.83% -2.22% 6.31% -33.22%
Profitability Metrics
- - - - - - - - - -
Gross Margin
72.62% 73.25% 72.77% 73.36% 73.66% 73.13% 73.03% 73.45% 72.91% 71.88%
EBITDA Margin
-19.96% -15.45% -5.68% -2.76% -2.93% 5.23% 10.68% 11.35% 8.84% 7.05%
Operating Margin
-20.99% -17.48% -7.37% -3.84% -3.39% 3.18% 9.81% 10.49% 7.05% 6.62%
EBIT Margin
-21.50% -16.84% -7.21% -4.05% -4.14% 3.87% 9.44% 10.09% 7.34% 5.56%
Profit (Net Income) Margin
-19.20% -13.42% -2.23% 2.94% 2.04% 8.03% 16.09% 13.66% 12.13% 6.64%
Tax Burden Percent
100.29% 105.42% 95.70% 154.56% 95.74% 80.07% 104.27% 84.81% 92.01% 62.22%
Interest Burden Percent
89.06% 75.56% 32.36% -46.95% -51.50% 258.73% 163.43% 159.58% 179.52% 191.78%
Effective Tax Rate
0.00% 0.00% 0.00% -54.56% 4.26% 19.93% -4.27% 15.19% 7.99% 37.78%
Return on Invested Capital (ROIC)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)
-12.09% -11.29% -9.21% -5.55% -1.74% 2.68% 7.15% 9.72% 12.08% 11.97%
Cash Return on Invested Capital (CROIC)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)
-10.94% -8.84% -3.95% -2.33% -2.53% 2.42% 5.92% 6.49% 4.84% 3.69%
Return on Assets (ROA)
-9.77% -7.04% -1.22% 1.69% 1.25% 5.01% 10.09% 8.78% 8.00% 4.40%
Return on Common Equity (ROCE)
-12.09% -11.29% -9.21% -5.55% -1.74% 2.68% 7.15% 9.72% 12.08% 11.97%
Return on Equity Simple (ROE_SIMPLE)
-11.83% 0.00% -8.85% -5.24% -1.62% 0.00% 6.41% 8.64% 10.55% 0.00%
Net Operating Profit after Tax (NOPAT)
-14 -13 -5.96 -7.52 -4.47 3.84 17 16 12 8.64
NOPAT Margin
-14.69% -12.24% -5.16% -5.93% -3.25% 2.54% 10.23% 8.89% 6.48% 4.12%
Net Nonoperating Expense Percent (NNEP)
-0.75% -0.21% 0.56% 1.77% 1.12% 1.22% 1.33% 1.08% 1.33% 0.61%
Return On Investment Capital (ROIC_SIMPLE)
- -2.34% - - - 0.59% - - - 1.05%
Cost of Revenue to Revenue
27.38% 26.75% 27.23% 26.64% 26.34% 26.87% 26.97% 26.55% 27.09% 28.12%
SG&A Expenses to Revenue
31.47% 30.35% 26.15% 25.41% 24.27% 24.43% 20.96% 20.72% 19.93% 23.76%
R&D to Revenue
43.70% 42.83% 39.64% 37.80% 36.55% 33.29% 30.37% 30.92% 32.65% 31.68%
Operating Expenses to Revenue
93.61% 90.74% 80.14% 77.20% 77.05% 69.95% 63.22% 62.96% 65.86% 65.26%
Earnings before Interest and Taxes (EBIT)
-21 -17 -8.34 -5.13 -5.69 5.85 16 18 14 12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-19 -16 -6.58 -3.50 -4.04 7.89 18 20 17 15
Valuation Ratios
- - - - - - - - - -
Price to Book Value (P/BV)
7.07 5.27 10.25 9.84 11.21 14.54 13.30 11.73 14.93 17.30
Price to Tangible Book Value (P/TBV)
7.16 5.40 10.48 10.08 11.54 15.00 13.74 12.12 15.54 17.96
Price to Revenue (P/Rev)
11.14 7.73 14.34 13.26 14.24 17.95 16.22 14.18 17.81 19.07
Price to Earnings (P/E)
0.00 0.00 0.00 0.00 0.00 593.19 207.38 135.86 141.49 161.01
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.17% 0.48% 0.74% 0.71% 0.62%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)
9.37 6.09 12.76 11.73 12.79 16.54 14.80 12.78 16.45 17.76
Enterprise Value to EBITDA (EV/EBITDA)
0.00 0.00 0.00 0.00 0.00 0.00 472.81 193.17 179.93 190.03
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 0.00 0.00 0.00 0.00 795.85 238.76 210.82 222.87
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 0.00 0.00 0.00 0.00 749.14 252.20 232.26 245.14
Enterprise Value to Operating Cash Flow (EV/OCF)
74.73 41.92 82.28 59.55 53.33 57.18 41.58 34.85 45.13 46.53
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 0.00 0.00 626.33 158.97 113.92 150.12 117.08
Leverage & Solvency
- - - - - - - - - -
Debt to Equity
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage
-1.10 -1.10 -1.12 -1.13 -1.13 -1.13 -1.15 -1.15 -1.14 -1.16
Leverage Ratio
1.27 1.34 1.36 1.37 1.38 1.42 1.46 1.45 1.45 1.52
Compound Leverage Factor
1.14 1.01 0.44 -0.64 -0.71 3.68 2.38 2.31 2.61 2.92
Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score
13.41 9.16 16.32 15.71 17.13 20.20 16.97 15.66 19.70 19.03
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - -
Current Ratio
4.29 3.84 3.65 3.62 3.49 3.24 3.22 3.28 3.09 2.61
Quick Ratio
4.05 3.60 3.42 3.37 3.25 3.02 2.98 3.04 2.85 2.38
Cash Flow Metrics
- - - - - - - - - -
Free Cash Flow to Firm (FCFF)
13 13 13 12 16 30 60 55 39 68
Operating Cash Flow to CapEx
421.31% 3,975.34% 5,095.35% 4,494.20% 4,960.47% 5,323.92% 5,906.22% 1,121.48% 1,770.52% 4,250.08%
Free Cash Flow to Firm to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios
- - - - - - - - - -
Asset Turnover
0.51 0.52 0.55 0.58 0.61 0.62 0.63 0.64 0.66 0.66
Accounts Receivable Turnover
13.30 9.25 9.96 10.84 10.53 7.83 9.04 9.68 8.84 6.87
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
31.95 34.89 34.98 34.13 38.41 42.90 44.76 41.05 43.77 48.68
Accounts Payable Turnover
15.18 22.11 72.86 62.67 42.57 78.42 86.29 59.32 58.26 46.14
Days Sales Outstanding (DSO)
27.45 39.46 36.63 33.67 34.66 46.63 40.36 37.72 41.27 53.16
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
24.05 16.51 5.01 5.82 8.57 4.65 4.23 6.15 6.27 7.91
Cash Conversion Cycle (CCC)
3.40 22.95 31.62 27.84 26.08 41.98 36.13 31.56 35.01 45.25
Capital & Investment Metrics
- - - - - - - - - -
Invested Capital
-66 -66 -76 -82 -87 -92 -119 -121 -114 -151
Invested Capital Turnover
-6.46 -6.91 -6.10 -6.09 -6.32 -6.71 -5.99 -6.23 -6.88 -6.14
Increase / (Decrease) in Invested Capital
-27 -25 -19 -19 -21 -26 -43 -39 -27 -59
Enterprise Value (EV)
3,175 2,249 5,153 5,189 6,188 8,783 8,628 8,110 11,343 13,285
Market Capitalization
3,775 2,857 5,794 5,868 6,890 9,531 9,458 8,998 12,279 14,261
Book Value per Share
$13.47 $13.49 $13.91 $14.53 $14.80 $15.60 $16.58 $17.79 $18.89 $18.23
Tangible Book Value per Share
$13.29 $13.18 $13.60 $14.18 $14.37 $15.12 $16.06 $17.21 $18.15 $17.55
Total Capital
534 542 565 596 615 656 711 767 822 825
Total Debt
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt
-600 -608 -641 -679 -702 -748 -830 -888 -936 -976
Capital Expenditures (CapEx)
2.08 0.29 0.58 0.83 0.76 0.92 1.41 5.56 3.18 1.96
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-87 -93 -103 -111 -118 -127 -156 -164 -164 -198
Debt-free Net Working Capital (DFNWC)
513 515 538 568 584 620 674 724 716 679
Net Working Capital (NWC)
513 515 538 568 584 620 674 724 716 679
Net Nonoperating Expense (NNE)
4.33 1.22 -3.38 -11 -7.28 -8.28 -9.81 -8.49 -11 -5.27
Net Nonoperating Obligations (NNO)
-600 -608 -641 -679 -702 -748 -830 -888 -936 -976
Total Depreciation and Amortization (D&A)
1.48 1.44 1.76 1.63 1.66 2.04 2.07 2.24 2.88 3.12
Debt-free, Cash-free Net Working Capital to Revenue
-25.77% -25.11% -25.42% -25.05% -24.29% -23.95% -26.79% -25.91% -23.85% -26.51%
Debt-free Net Working Capital to Revenue
151.38% 139.49% 133.29% 128.36% 120.71% 116.82% 115.53% 114.08% 103.89% 90.82%
Net Working Capital to Revenue
151.38% 139.49% 133.29% 128.36% 120.71% 116.82% 115.53% 114.08% 103.89% 90.82%
Earnings Adjustments
- - - - - - - - - -
Adjusted Basic Earnings per Share
($0.46) ($0.36) ($0.06) $0.09 $0.07 $0.29 $0.63 $0.56 $0.53 $0.32
Adjusted Weighted Average Basic Shares Outstanding
40.17M 40.64M 41.05M 41.54M 42.01M 42.88M 43.12M 43.54M 43.98M 45.24M
Adjusted Diluted Earnings per Share
($0.46) ($0.36) ($0.06) $0.08 $0.06 $0.27 $0.57 $0.51 $0.49 $0.31
Adjusted Weighted Average Diluted Shares Outstanding
40.17M 40.64M 41.05M 41.54M 42.01M 42.88M 43.12M 43.54M 43.98M 45.24M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
40.17M 40.64M 41.05M 41.54M 42.01M 42.88M 43.12M 43.54M 43.98M 45.24M
Normalized Net Operating Profit after Tax (NOPAT)
-14 -13 -5.96 -3.41 -4.47 3.84 12 16 12 8.64
Normalized NOPAT Margin
-14.69% -12.24% -5.16% -2.68% -3.25% 2.54% 6.87% 8.89% 6.48% 4.12%
Pre Tax Income Margin
-19.15% -12.73% -2.33% 1.90% 2.13% 10.02% 15.43% 16.10% 13.18% 10.67%
Debt Service Ratios
- - - - - - - - - -
EBIT to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios
- - - - - - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Frequently Asked Questions About Duolingo's Financials

When does Duolingo's fiscal year end?

According to the most recent income statement we have on file, Duolingo's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Duolingo's net income changed over the last 4 years?

Duolingo's net income appears to be on a downward trend, with a most recent value of $88.57 million in 2024, falling from -$15.78 million in 2020. The previous period was $16.07 million in 2023.

What is Duolingo's operating income?
Duolingo's total operating income in 2024 was $62.60 million, based on the following breakdown:
  • Total Gross Profit: $544.38 million
  • Total Operating Expenses: $481.78 million
How has Duolingo revenue changed over the last 4 years?

Over the last 4 years, Duolingo's total revenue changed from $161.70 million in 2020 to $748.02 million in 2024, a change of 362.6%.

How much debt does Duolingo have?

Duolingo's total liabilities were at $477.18 million at the end of 2024, a 59.9% increase from 2023, and a 546.4% increase since 2020.

How much cash does Duolingo have?

In the past 4 years, Duolingo's cash and equivalents has ranged from $120.49 million in 2020 to $785.79 million in 2024, and is currently $785.79 million as of their latest financial filing in 2024.

How has Duolingo's book value per share changed over the last 4 years?

Over the last 4 years, Duolingo's book value per share changed from -15.80 in 2020 to 18.23 in 2024, a change of -215.3%.



This page (NASDAQ:DUOL) was last updated on 4/24/2025 by MarketBeat.com Staff
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