Duolingo
DUOL Nasdaq· Education Services
Last close · Oct 26, 2026
$138.60
KIRA · Stoqly’s AI analyst, in plain words
- Duolingo had $1.0B of revenue in fiscal 2025, up 38.7% on the year before. Over five years, revenue changed +45.0% a year on average.
- Its operating margin was 13.1%, up 4.7 pts: of every 100 in sales, about 13 is left after running the business.
- Duolingo made $414M of net profit in fiscal 2025.
- Free cash flow was $370M in fiscal 2025, 35.6% of revenue.
- Duolingo returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 2.6%.
- Duolingo has $1.0B more cash than debt.
Market cap
$6.9B
P/E
16.4x
Revenue
$1.0B
Net income
$414M
Free cash flow
$370M
Operating margin
13.1%
Duolingo in 30 seconds · fiscal 2025
Are sales growing?
+38.7%
Yes. Sales grew 38.7% last year.
Does it make a profit?
39.9%
Yes. It keeps 39.9% of every sale as profit.
Does profit turn into cash?
35.6%
Yes. 35.6% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
4 / 9
Mixed. It passes 4 of 9 health tests.
How is the share priced?
16.4x
One share costs 16.4 times its yearly profit per share. Typical for its sector: 17.9x.
What Duolingo does
Duolingo makes a phone app for learning languages through short, game-like lessons. It offers over 250 language courses, plus courses in math, music and chess. Anyone can use the app for free; free users see ads after lessons, while paying subscribers get no ads and extra features, some of them powered by AI. It also runs the Duolingo English Test, an online English exam that over 6,100 education programs accept for international student admissions. At the end of 2025 it had more than 130 million monthly active users, and about 12.2 million of them paid for a subscription. Subscriptions are its main source of money, bringing in $873.4 million in 2025; ads, the English test and other sales brought in $164.1 million. Most payments come through Apple's and Google's app stores, and US customers made up 38% of revenue.
Biggest risks, in its own words
- Failing to keep or add users, or to turn free users into paying subscribers.
- Strong competition, with low costs for users to switch and new rivals that could use AI to grow fast.
- Rising costs, including for AI computing, that could squeeze its profits.
- Its reliance on Apple's and Google's app stores to reach users and collect payments.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Legal name
- Duolingo, Inc.
- CIK
- 0001562088
Duolingo · DUOL
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $251M | $370M | $531M | $748M | $1.0B |
| Revenue growth | 55.1% | 47.3% | 43.7% | 40.8% | 38.7% |
| Gross margin | 72.4% | 73.1% | 73.2% | 72.8% | 72.2% |
| Operating margin | −23.9% | −17.6% | −2.5% | 8.4% | 13.1% |
| Net income | −$60.1M | −$59.6M | $16.1M | $88.6M | $414M |
| Net margin | −24.0% | −16.1% | 3.0% | 11.8% | 39.9% |
| Diluted EPS | −$2.57 | −$1.51 | $0.35 | $1.88 | $8.57 |
| Cash | |||||
| Cash from operations | $9.2M | $53.7M | $154M | $286M | $388M |
| Capital expenditure | $3.6M | $5.6M | $3.2M | $12.1M | $18.1M |
| Free cash flow | $5.6M | $48.1M | $150M | $273M | $370M |
| FCF margin | 2.2% | 13.0% | 28.3% | 36.6% | 35.6% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.9M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share count change | 84.0% | 68.4% | 17.9% | 1.2% | 2.6% |
| Debt and strength | |||||
| Cash and short-term investments | $554M | $608M | $748M | $786M | $1.0B |
| Debt incl. finance leases | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $513M | $542M | $656M | $825M | $1.3B |
| Net debt / EBITDA | — | — | — | −10.7x | −6.9x |
| Current ratio | 5.2x | 3.8x | 3.2x | 2.6x | 2.6x |
| Returns and quality | |||||
| Return on capital | — | — | — | — | 77.6% |
| Return on equity | −27.8% | −11.3% | 2.7% | 12.0% | 38.1% |
| Piotroski F-score | — | 4 | 6 | 5 | 4 |
| Altman Z'' | 7.1 | 5.7 | 5.8 | 5.3 | 6.0 |
Insiders bought, 12 months
$0.5M
1 insider
Insiders sold, 12 months
$47.5M
7 insiders
Of sales under plans
98%
$46.6M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Duolingo · DUOL
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Duolingo DUOL | $6.9B | 38.7% | 13.1% | 35.6% | 77.6% | 16.4x | 4 |
| Grand Canyon Education LOPE | $4.2B | 7.1% | 24.0% | 21.6% | 45.3% | 19.5x | 4 |
| Strategic Education STRA | $1.8B | 4.0% | 13.7% | 12.1% | 8.4% | 13.6x | 6 |
| Perdoceo Education PRDO | $2.1B | 24.2% | 23.2% | 25.6% | — | 11.9x | — |
| Universal Technical Institut... UTI | $1.2B | 14.1% | 10.0% | 6.6% | 24.0% | 36.0x | 6 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $138.60 a share, the company is worth $6.9B: 16.4 times its earnings of the last four quarters.
Duolingo grew sales faster than 4 of its 4 similar companies. Its P/E is higher than 2 of 4.
Source: SEC EDGAR XBRL filings (CIK 0001562088). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.