Duolingo, Inc. (DUOL) — Financial statements
Income statement, balance sheet, and cash flow for Duolingo, Inc. — annual and quarterly history with growth and margin analysis.
| Metric (USD Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 1,038↑38.7% | 748↑40.8% | 531↑43.7% | 369↑47.3% | 251 | |
| Cost of Revenue | 288↑41.5% | 204↑43.3% | 142↑42.9% | 99↑43.7% | 69 | |
| Gross Profit | 749↑37.7% | 544↑39.9% | 389↑44.0% | 270↑48.7% | 182 | |
| Operating Expenses | ||||||
| R&D Expenses | 306↑30.2% | 235↑21.1% | 194↑29.2% | 150↑44.9% | 104 | |
| General & Administrative Expenses | 182↑16.6% | 156↑18.1% | 132↑12.1% | 118↑50.0% | 79 | |
| Selling & Marketing Expenses | 126↑38.9% | 90↑19.4% | 76↑13.2% | 67↑13.2% | 59 | |
| SG&A Expenses | 308↑24.8% | 246↑18.6% | 208↑12.5% | 185↑34.2% | 138 | |
| Other Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Operating Expenses | 614↑27.4% | 482↑19.8% | 402↑20.0% | 335↑38.8% | 242 | |
| Total Costs & Expenses | 902↑31.6% | 685↑25.9% | 544↑25.2% | 435↑39.9% | 311 | |
| Operating Results | ||||||
| Operating Income | 136↑116.6% | 63↑572.1% | -13↑79.7% | -65↓8.6% | -60 | |
| Depreciation & Amortization | 14↑32.6% | 11↑53.0% | 7↑45.7% | 5↑78.7% | 3 | |
| EBITDA | 150↑104.2% | 73↑1291.6% | -6↑89.8% | -60↓5.3% | -57 | |
| EBIT | 136↑116.6% | 63↑572.1% | -13↑79.7% | -65↓8.6% | -60 | |
| Interest & Other Income | ||||||
| Net Interest Income | 45↑5.9% | 43↑37.3% | 31↑329.7% | 7↑37978.9% | 0.02 | |
| Interest Income | 45↑5.9% | 43↑37.3% | 31↑329.7% | 7↑37978.9% | 0.02 | |
| Interest Expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Non-Operating Income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other Income / Expenses | 47↑18.0% | 40↑28.0% | 31↑373.2% | 7↑13285.7% | 0.05 | |
| Income Before Tax | 182↑78.3% | 102↑475.5% | 18↑130.3% | -59↑2.2% | -60 | |
| Income Tax Expense | -232↓1787.0% | 14↑703.0% | 2↑82.3% | 0.94↑429.9% | 0.18 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | 414↑367.5% | 89↑451.3% | 16↑127.0% | -60↑0.9% | -60 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | 414↑367.5% | 89↑451.3% | 16↑127.0% | -60↑0.9% | -60 | |
| Bottom-Line Net Income | 414↑367.5% | 89↑451.3% | 16↑127.0% | -60↑0.9% | -60 | |
| EPS (Basic) | 9.05↑343.6% | 2.04↑482.9% | 0.35↑123.2% | -1.51↑3.8% | -1.57 | |
| EPS (Diluted) | 8.57↑355.9% | 1.88↑437.1% | 0.35↑123.2% | -1.51↑3.8% | -1.57 | |
| Weighted Average Shares | 46↑5.2% | 44↓6.5% | 47↑17.9% | 39↑3.1% | 38 | |
| Weighted Average Diluted Shares | 48↑2.6% | 47↑1.2% | 47↑17.9% | 39↑3.1% | 38 | |
* All figures in Millions of USD, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.