Growth & profitability
- Revenue has grown 45.0% per year over the past 5 years.
- Operating margin has expanded, at 13.1% in the latest year.
- Free cash flow has grown 91.6% per year over the past 5 years.
DUOL Financials Duolingo, Inc.
6 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $1.0B | $414M | 72.2% | 13.1% | $370M | — | $1.0B |
| 2024 | $748M | $88M | 72.8% | 8.4% | $273M | — | $786M |
| 2023 | $531M | $16M | 73.2% | -2.5% | $150M | — | $748M |
| 2022 | $369M | -$60M | 73.1% | -17.6% | $48M | — | $608M |
| 2021 | $251M | -$60M | 72.4% | -23.9% | $6M | — | $554M |
| 2020 | $162M | -$16M | 71.6% | -9.9% | $14M | — | $120M |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $292M | $43M | 73.0% | 15.3% | $151M | — | $1.1B |
| Dec '25 | $283M | $42M | 72.8% | 15.4% | $97M | — | $1.0B |
| Sep '25 | $272M | $292M | 72.5% | 12.9% | $79M | — | $1.0B |
| Jun '25 | $252M | $45M | 72.4% | 13.2% | $89M | — | $976M |
| Mar '25 | $231M | $35M | 71.1% | 10.2% | $104M | — | $884M |
| Dec '24 | $210M | $14M | 71.9% | 6.6% | $81M | — | $786M |
| Sep '24 | $193M | $23M | 72.9% | 7.0% | $53M | — | $854M |
| Jun '24 | $178M | $24M | 73.4% | 10.5% | $57M | — | $888M |
| Mar '24 | $168M | $27M | 73.0% | 9.8% | $82M | — | $830M |
| Dec '23 | $151M | $12M | 73.1% | 3.2% | $48M | — | $748M |
| Sep '23 | $138M | $3M | 73.7% | -3.4% | $37M | — | $702M |
| Jun '23 | $127M | $4M | 73.4% | -3.8% | $36M | — | $679M |
| Mar '23 | $116M | -$3M | 72.8% | -7.4% | $29M | — | $641M |
| Dec '22 | $104M | -$14M | 73.3% | -17.5% | $11M | — | $608M |
| Sep '22 | $96M | -$18M | 72.6% | -21.0% | $7M | — | $600M |
| Jun '22 | $88M | -$15M | 73.0% | -17.0% | $11M | — | $591M |
| Mar '22 | $81M | -$12M | 73.5% | -14.6% | $19M | — | $577M |
| Dec '21 | $73M | -$18M | 72.7% | -23.9% | -$91000 | — | $554M |
| Sep '21 | $64M | -$29M | 71.6% | -45.1% | $3M | — | $549M |
| Jun '21 | $59M | -$176000 | 72.6% | -0.8% | -$2M | — | $115M |
Valuation over time
How the market has priced DUOL against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has fallen from 554.9× (Jan '24) to 14.1× (Jun '26).
- The price-to-sales ratio has fallen from 18.9× (Mar '23) to 5.6× (Jun '26).
P/E
P/S
Frequently asked questions
Is DUOL growing its revenue and profit?
Over the past 5 years, Duolingo, Inc.'s revenue has grown 45.0% per year. These are computed facts, not advice.
How much debt does DUOL have?
As of FY2025, Duolingo, Inc. reported — of total debt against $1.0B of cash.
What is DUOL's profit margin?
In FY2025, gross margin was 72.2%, operating margin 13.1%, and net margin 39.9%.
What is DUOL's P/E ratio?
As of Jun '26, Duolingo, Inc. traded at a price-to-earnings ratio of about 14.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.