Duolingo Financial Statements
NASDAQ: DUOLTechnologyComputer Software: Prepackaged SoftwareUSD
At close: Oct 9, 4:00 PM ET · Delayed 15 min
Duolingo revenue and earnings
In fiscal 2025, Duolingo generated $1.04 billion in revenue, up 38.7% from fiscal 2024, its 5th consecutive year of revenue growth. Net income was $414.1 million (+367.5% year over year), for a net margin of 39.9% versus a median of -9.8% in the prior 5 years. Gross margin was 72.2% (down from 72.8%) and operating margin 13.1%.
Diluted earnings per share came in at $8.57, up from $1.88. Over the last 5 fiscal years, DUOL's revenue has grown at a 45.0% compound annual rate.
Summary generated from market data by MetaCap's automated system. Methodology
Duolingo income statement (annual)
| Fiscal year (USD) | FY 20252025-12-31 | FY 20242024-12-31 | FY 20232023-12-31 | FY 20222022-12-31 | FY 20212021-12-31 | FY 20202020-12-31 |
|---|---|---|---|---|---|---|
| Revenue | 1.04B | 748.02M | 531.11M | 369.50M | 250.77M | 161.70M |
| Revenue growth (YoY) | +38.71% | +40.84% | +43.74% | +47.34% | +55.09% | — |
| Cost of Revenue | 288.13M | 203.65M | 142.10M | 99.43M | 69.19M | 45.99M |
| Gross Profit | 749.46M | 544.38M | 389.00M | 270.06M | 181.59M | 115.71M |
| Operating Expenses | 613.89M | 481.78M | 402.26M | 335.26M | 241.59M | 131.72M |
| Research & Development | 306.32M | 235.30M | 194.35M | 150.44M | 103.83M | 53.02M |
| Selling, General & Admin | 307.56M | 246.49M | 207.91M | 184.81M | 137.76M | 78.70M |
| Operating Income | 135.57M | 62.59M | -13.26M | -65.19M | -60.01M | -16.01M |
| Other Income (Expense) | 1.61M | -2.99M | -55.00K | -676.00K | 30.00K | 72.00K |
| Pretax Income | 182.41M | 102.31M | 17.78M | -58.64M | -59.96M | -15.71M |
| Income Tax | -231.66M | 13.73M | 1.71M | 938.00K | 177.00K | 68.00K |
| Net Income | 414.06M | 88.57M | 16.07M | -59.57M | -60.13M | -15.78M |
| Net Income growth (YoY) | +367.48% | +451.28% | — | — | — | — |
| EPS (Basic) | 9.05 | 2.04 | 0.39 | -1.51 | -2.57 | -1.24 |
| EPS (Diluted) | 8.57 | 1.88 | 0.35 | -1.51 | -2.57 | -1.24 |
| Shares Outstanding (Basic) | — | — | — | 39.47M | 23.43M | 12.73M |
| Shares Outstanding (Diluted) | 48.31M | 47.10M | 46.52M | 39.47M | 23.43M | 12.73M |
| EBITDA | 149.96M | 73.45M | -6.16M | -60.33M | -57.28M | -13.76M |
| Gross Margin | 72.23% | 72.78% | 73.24% | 73.09% | 72.41% | 71.56% |
| Operating Margin | 13.07% | 8.37% | -2.50% | -17.64% | -23.93% | -9.90% |
| Net Margin | 39.91% | 11.84% | 3.03% | -16.12% | -23.98% | -9.76% |
This table shows 6 annual periods of Duolingo's income statement, from FY 2025 back to FY 2020, across 19 line items including revenue, cost of revenue, gross profit. Values in USD; B = billions, M = millions. Fiscal periods follow DUOL's reporting calendar. What is a income statement?