Duolingo, Inc.
Financial Performance
Duolingo Revenue & Financials
Revenue
$1B (FY2025)
Market Cap
$6.6B
Net Income
$414.1M
Employees
900
What is Duolingo's revenue?
Duolingo had $1B in revenue for fiscal year 2025, up 38.7% from 2024. Net income was $414.1M.
- Latest revenue
- $1B (FY2025)
- Year-over-year
- +38.7%
- Growth rate (CAGR)
- 45% over 5 years
- Peak revenue
- $1B (FY2025)
- Years of data
- 6
- Employees
- 900
Financial Analysis
Revenue grew from $531.1M in 2023 to $748.0M in 2024 and $1.038B in 2025, while net income reached $414.1M in FY2025, helped by a low tax rate. Growth slowed in 2026: revenue rose 26.6% in Q1 and 18.3% in Q2 to $298.5M, while total bookings rose only 8% to $289.1M. Q2 EPS was $0.66 versus $0.91 a year earlier, mostly because the tax rate normalized. Management guided 2026 revenue growth of 15-18% (about 16% point estimate), bookings growth of 10-12%, adjusted EBITDA of about $320M, and free cash flow above $375M.
Revenue Trend Analysis
YoY Change
+38.7%
5-Year CAGR
+45%
Peak Year
2025
Trend
Consistent Growth
Duolingo, Inc. has 6 full fiscal year figures on this page, compounding at +45% annually over 5 years. The most recent year saw a 38.7% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $1B. Of 5 comparable year-over-year steps, 5 showed growth and 0 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $1B | $135.6Mfiling | $414.1M | +38.7% | sec.gov Full-year revenue of $1037.6M reported in the FY2025 Form 10-K. |
| FY2024 | $748M | $62.6Mfiling | $74.7M | +40.8% | sec.gov Full-year revenue of $748.0M reported in the FY2025 Form 10-K. |
| FY2023 | $531.1M | -$13.3Mfiling | $16.1M | +43.7% | sec.gov Full-year revenue of $531.1M reported in the FY2025 Form 10-K. |
| FY2022 | $369.5M | -$65.2M | -$59.6M | +47.3% | Duolingo, Inc. annual report (Form 10-K, SEC EDGAR, filed 2025-02-28) Fiscal year ended 2022-12-31. |
| FY2021 | $250.8M | -$60M | -$60.1M | +55.1% | Duolingo, Inc. annual report (Form 10-K, SEC EDGAR, filed 2024-02-29) Fiscal year ended 2021-12-31. |
| FY2020 | $161.7M | -$16M | -$15.8M | — | Duolingo, Inc. annual report (Form 10-K, SEC EDGAR, filed 2023-03-01) Fiscal year ended 2020-12-31. |
Click any row to see year details.
Duolingo, Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $387.8M | $18.1M | $2B | $645.2M | $1.3B | $369.7M | Form 10-K |
| FY2024ended Dec 31, 2024 | $285.5M | $12.1M | $1.3B | $477.2M | $824.5M | $273.4M | Form 10-K |
| FY2023ended Dec 31, 2023 | $153.6M | $3.2M | $954M | $298.5M | $655.5M | $150.4M | Form 10-K |
| FY2022ended Dec 31, 2022 | $53.7M | $5.6M | $747.3M | $205.3M | $542.1M | $48.1M | Form 10-K |
| FY2021ended Dec 31, 2021 | $9.2M | $3.6M | $661.3M | $148.3M | $513.1M | $5.6M | Form 10-K |
| FY2020ended Dec 31, 2020 | $17.7M | $3.4M | $175.7M | $73.8M | -$80.7M | $14.3M | Form 10-K |
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Duolingo Revenue and Financial FAQ
What was Duolingo's revenue in 2025?
Duolingo reported $1.038B in FY2025 revenue, up from $748.0M in 2024 and $531.1M in 2023.
What was Duolingo's net income in 2025?
FY2025 net income was $414.1M.
What were Duolingo's Q2 2026 results?
Q2 2026 revenue was $298.5M, up 18.3%; total bookings were $289.1M, up 8%; and diluted EPS was $0.66 versus $0.91 a year earlier, mainly due to a higher tax rate.
What is Duolingo's 2026 guidance?
Management guided 15-18% revenue growth (about 16% point estimate), 10-12% bookings growth, adjusted EBITDA of about $320M and free cash flow above $375M.
Why did Duolingo stock fall in 2026?
Investors focused on slowing bookings growth and AI competition. Shares dropped about 12% after Q2 results and were down roughly 51% over one year by mid-September 2026.
Is Duolingo profitable?
Yes. Unlike many massive tech startups that burn cash endlessly, Duolingo became highly profitable shortly after its 2021 IPO. Their massive organic marketing (the unhinged TikTok strategy) means they spend incredibly little on traditional advertising to acquire millions of new users.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Duolingo Revenue & Financials." CorpDigest, https://corpdigest.com/company/duolingo/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Duolingo reported $1B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/duolingo/financials" target="_blank" rel="noopener">CorpDigest — Duolingo financials</a></div>Related Financial Audits
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