BYJU'S vs Duolingo: Revenue, Profit and Business Model
BYJU'S had ~$614.6M of annual revenue in FY2022 and a net loss of ~$956.4M. Duolingo had $1B of annual revenue in FY2025 and $414.1M of net income.
Latest financial snapshot
Financial summary
BYJU'S
BYJU'S reported fast growth up to the pandemic and then stopped reporting on time. Consolidated operating revenue rose from Rs 1,306 crore in FY2019 to Rs 2,381 crore in FY2020, with a loss of a little over Rs 262 crore. The FY2021 accounts, delayed by a change in how multi-year course sales were recognised, showed revenue of Rs 2,428 crore and a loss of about Rs 4,564 crore. The FY2022 accounts, filed about 22 months late in January 2024, showed revenue of Rs 5,298 crore and a loss of Rs 8,245 crore. Accounts for FY2023 onward have not been filed. In November 2021 the company raised a $1.2 billion term loan in the US; lenders declared it in default in 2023, and a $200 million rights issue in early 2024 valued the company at roughly $225 million to $250 million, around 1% of its $22 billion peak. BYJU'S was once India's most valuable startup with a valuation of $22 billion, but it has since faced severe financial restructuring and massive valuation markdowns.
Duolingo
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 and profit by year
BYJU'S
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2022 | ~$614.6M | ~-$956.4M | -155.6% | +118.2% | Source |
| FY2021 | ~$281.6M | ~-$529.4M | -188.0% | +2.0% | Source |
| FY2020 | ~$276.2M | ~-$30.4M | -11.0% | +82.3% | Source |
| FY2019 | ~$151.5M | ~-$1M | -0.7% | +166.5% | Source |
| FY2018 | ~$56.8M | — | — | — | Source |
Duolingo
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $1B | $414.1M | 39.9% | +38.7% | Source |
| FY2024 | $748M | $74.7M | 10.0% | +40.8% | Source |
| FY2023 | $531.1M | $16.1M | 3.0% | +43.7% | Source |
| FY2022 | $369.5M | -$59.6M | -16.1% | +47.3% | Source |
| FY2021 | $250.8M | -$60.1M | -24.0% | +55.1% | Source |
| FY2020 | $161.7M | -$15.8M | -9.8% | — | Source |
Where the revenue comes from
BYJU'S
- Tablets and SD cards with course content
70.4% (FY2020)
Multi-year learning packages sold by a field sales team, often financed through loans. ~$194 million (₹1,676 crore) in FY2020.
- Reference books
23.5% (FY2020)
Printed study material sold with the courses.
- Tuition and service fees
Not formally reported
The remainder of FY2020 operating revenue.
- Acquired businesses
Not formally reported
After 2020-21 the group also earned classroom fees through Aakash, subscriptions through Epic and course fees through WhiteHat Jr and Great Learning.
Duolingo
- Subscriptions
Largest revenue line
Super Duolingo, Duolingo Max and Family plans provide ad-free learning, unlimited hearts and AI features.
- Advertising
Smaller share
Ads shown to free learners monetize the non-paying audience.
- Duolingo English Test
Smaller share
Fees for the online English proficiency exam used in admissions.
- In-app purchases
Smaller share
Purchases such as gems and streak repairs.
Business model and strategy
BYJU'S
How it makes money
BYJU'S made most of its money selling multi-year learning packages, not app subscriptions. Free lessons in the app generated leads, and a large field sales team visited families to sell courses bundled with tablets and SD cards, often paid for through loans arranged with NBFC lenders. In FY2020, sales of tablets and SD cards loaded with course content brought in Rs 1,676 crore, or 70.4% of operating revenue;
Growth strategy
There is no growth strategy in the usual sense. Since July 2024 the business has been run by an insolvency professional whose job is to preserve value and sell the company or its assets. Steps so far include selling surplus inventory and equipment, pursuing the Aakash stake and inviting bids for the remaining brands.
Competitive advantage
At its peak BYJU'S had three advantages no Indian rival matched: a library of animated K-12 and test-prep lessons, a household brand built on Shah Rukh Khan ads and the Indian cricket team jersey sponsorship from 2019, and billions of dollars of venture capital that let it buy competitors such as Toppr, WhiteHat Jr and Aakash. Most of that advantage is gone.
Duolingo
How it makes money
Duolingo runs a freemium model. All core lessons are free, which builds a very large audience (133.1M MAUs in Q4 2025). The company then converts its most engaged learners into paying subscribers: Super Duolingo removes ads and gives unlimited hearts, while the higher-priced Duolingo Max adds AI features such as Video Call and Explain My Answer, and Family plans bundle up to six users.
Growth strategy
Duolingo is growing in three ways: adding daily learners through product experiments and events (a June 2026 Streak Revival brought back 15.4M learners), pushing subscribers up to higher tiers like Duolingo Max with AI conversation features, and expanding into new subjects.
Competitive advantage
Duolingo's edge is engagement. Its product teams run continuous A/B tests on lesson design, streaks, notifications and leagues, and the company reported an all-time-high current user retention rate in Q2 2026. Billions of exercises completed each month feed its Birdbrain personalization models, and the Duo brand drives low-cost organic user growth that subscription-only rivals struggle to match.
Questions about BYJU'S vs Duolingo
Which company has higher revenue — BYJU'S or Duolingo, Inc.?
BYJU'S had ~$614.6M (FY2022), while Duolingo, Inc. had $1.0B (FY2025). By latest annual revenue, Duolingo, Inc. is the larger business, with BYJU'S showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of BYJU'S vs Duolingo, Inc.?
Duolingo, Inc. has a market capitalisation of $6.6B. A public market cap figure for BYJU'S was not available (it may be privately held).
How does revenue per employee compare for BYJU'S and Duolingo, Inc.?
Duolingo, Inc. generates $1.15M / employee in revenue per employee. A comparable figure for BYJU'S requires matching employee and revenue data from the same reporting period.
How do BYJU'S and Duolingo, Inc. make money?
BYJU'S and Duolingo, Inc. generate revenue in fundamentally different ways. BYJU'S: BYJU'S made most of its money selling multi-year learning packages, not app subscriptions. Duolingo, Inc.: Duolingo runs a freemium model.
Is BYJU'S bigger than Duolingo, Inc.?
By last reported revenue, Duolingo, Inc. ($1.0B (FY2025)) is the larger company compared to BYJU'S (~$614.6M (FY2022)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the BYJU'S vs Duolingo overview