DUOL

Updated: Mar 25, 2026 01:26 AM

Duolingo Inc

Market Cap: $4.68B P/S: 17x Ownership — Insider: 0.9% | Institutional: 94.5% | Retail: 4.5% TECHNOLOGY SOFTWARE - APPLICATION

Duolingo Inc (DUOL) is a leading innovator in the education technology sector, renowned for its engaging language-learning platform that employs a freemium model and gamification to attract over 500 million users worldwide. Founded in 2011, the company has established itself as a significant player in the market through continuous investment in AI-driven personalized learning solutions, aimed at enhancing user acquisition and retention across more than 30 languages. Duolingo's commitment to accessible education and user-centric design positions it favorably in a rapidly evolving landscape, making it an appealing opportunity for institutional investors seeking exposure in the dynamic edtech space.

Revenue

Revenue, Profit & Income — explained by Jerry the Goat Farmer
Total RevenueEvery single dollar that wanders onto Jerry's farm. Cheese sales, milk money, goat yoga memberships, and that one weird guy who pays $50 to just watch the goats. Jerry doesn't ask questions.
Gross ProfitThe money left after feeding the goats but before reality sets in. Jerry feels rich for exactly 11 minutes.
Net IncomeWhat Jerry actually gets to keep after the Jerrynment, cousin Larry, the feed store, and his ex-wife's lawyer all take their cut. This number is often... humbling.
Using alias: revenuea -> totalRevenue [annual] [income]
Using alias: profita -> grossProfit [annual] [income]
Using alias: incomea -> netIncome [annual] [income]


Data Completeness:
------------------------------------------------------------
  ✅ totalRevenue                        7/7 dates (100%)
  ✅ grossProfit                         7/7 dates (100%)
  ✅ netIncome                           7/7 dates (100%)

Plot for DUOL (in B)
  reports: annualReports
  showing last 25 entries
  Legend: totalRevenue, grossProfit, netIncome

               -1.04B                     -0.52B                      0.00B                      0.52B                      1.04B
               |                          |                          |                          |                          |

  2019-12-31 |                                                      |  0.07B
  2020-12-31 |                                                      |  0.16B
  2021-12-31 |                                                    |  0.25B
  2022-12-31 |                                                    |  0.37B
  2023-12-31 |                                                       |  0.53B
  2024-12-31 |                                                       |  0.75B
  2025-12-31 |                                                       | 1.04B

               |                          |                          |                          |                          |
               -1.04B                     -0.52B                      0.00B                      0.52B                      1.04B

Costs

Operating Costs — explained by Jerry the Goat Farmer
Cost of Goods & Services SoldThe unglamorous stuff: hay, feed, vet bills for when Sergio the goat eats another iPhone. These goats don't feed themselves, and they definitely don't apologize.
Selling, General & AdministrativeThe "CHEESE HAPPENS" billboard on the highway, the accountant (cousin Larry, who definitely cheated in Monopoly as a kid), office supplies, and the therapy Jerry needs after dealing with cousin Larry.
Research & DevelopmentJerry's experimental ghost pepper goat cheese that made three customers cry. Also the goat treadmill. The goats refuse to use the goat treadmill.
Using alias: rnda -> researchAndDevelopment [annual] [income]
Using alias: sgaa -> sellingGeneralAndAdministrative [annual] [income]
Using alias: cogsa -> costofGoodsAndServicesSold [annual] [income]


Data Completeness:
------------------------------------------------------------
  ✅ researchAndDevelopment              7/7 dates (100%)
  ✅ sellingGeneralAndAdministrative     7/7 dates (100%)
  ✅ costofGoodsAndServicesSold          7/7 dates (100%)

Plot for DUOL (in M)
  reports: annualReports
  showing last 25 entries
  Legend: researchAndDevelopment, sellingGeneralAndAdministrative, costofGoodsAndServicesSold

               0.00M                     76.58M                     153.16M                    229.74M                    306.32M
               |                          |                          |                          |                          |

  2019-12-31 |  31.56M
  2020-12-31 |  53.02M
  2021-12-31 |  103.83M
  2022-12-31 |  150.44M
  2023-12-31 |  194.35M
  2024-12-31 |  235.30M
  2025-12-31 |  306.32M

               |                          |                          |                          |                          |
               0.00M                     76.58M                     153.16M                    229.74M                    306.32M

Cash

Cash, Debt & Cash Flow — explained by Jerry the Goat Farmer
Cash & Short-Term InvestmentsThe coffee can buried behind the barn, $47 in a savings account, and some cryptocurrency Jerry bought drunk in 2021. He's afraid to check on it.
Short/Long-Term DebtThe barn loan that'll follow Jerry to the grave (long-term) and the $200 he owes the feed store guy who's starting to give him looks (short-term).
Operating Cash FlowReal cash moving in and out. Not "my customer promised to pay me" money. Actual dollars. Jerry has trust issues now.
Using alias: casha -> cashAndShortTermInvestments [annual] [balance]
Using alias: debta -> shortLongTermDebtTotal [annual] [balance]
Using alias: paychecka -> operatingCashflow [annual] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ cashAndShortTermInvestments         7/7 dates (100%)
  ✅ shortLongTermDebtTotal              7/7 dates (100%)
  ✅ operatingCashflow                   7/7 dates (100%)

Plot for DUOL (in B)
  reports: annualReports
  showing last 25 entries
  Legend: cashAndShortTermInvestments, shortLongTermDebtTotal, operatingCashflow

               0.00B                      0.26B                      0.52B                      0.78B                      1.04B
               |                          |                          |                          |                          |

  2019-12-31 |  0.06B
  2020-12-31 |  0.12B
  2021-12-31 |  0.55B
  2022-12-31 |  0.61B
  2023-12-31 |  0.75B
  2024-12-31 |  0.79B
  2025-12-31 |  1.04B

               |                          |                          |                          |                          |
               0.00B                      0.26B                      0.52B                      0.78B                      1.04B

FCF

Free Cash Flow — explained by Jerry the Goat Farmer
Operating Cash FlowReal cash moving in and out. Not "my customer promised to pay me" money. Actual dollars. Jerry has trust issues now.
Capital ExpendituresBig, expensive purchases Jerry justifies at 2am: the industrial milking machine, new fencing, and a hot tub "for the goats" that somehow only Jerry uses.
Using alias: paychecka -> operatingCashflow [annual] [cashflow]
Using alias: capexa -> capitalExpenditures [annual] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ operatingCashflow                   7/7 dates (100%)
  ✅ capitalExpenditures                 7/7 dates (100%)

Plot for DUOL (in M)
  reports: annualReports
  showing last 25 entries
  Legend: operatingCashflow, capitalExpenditures

               0.00M                     96.96M                     193.91M                    290.87M                    387.82M
               |                          |                          |                          |                          |

  2019-12-31 |  5.25M
  2020-12-31 |  17.71M
  2021-12-31 |  9.17M
  2022-12-31 |  53.66M
  2023-12-31 |  153.61M
  2024-12-31 |  285.51M
  2025-12-31 |  387.82M

               |                          |                          |                          |                          |
               0.00M                     96.96M                     193.91M                    290.87M                    387.82M

Assets

Assets, Liabilities & Equity — explained by Jerry the Goat Farmer
🐐 Assets = Liabilities + Equity

Translation: What Jerry owns = What Jerry owes + What's actually Jerry's

Or as Jerry mutters every April during tax season:
"Everything I have equals everything I owe plus whatever scraps are left for me, a humble goat man just trying to make cheese in this cruel world."
Total AssetsEverything Jerry owns: 12 acres of land, a barn that's "rustic" (rotting), 47 goats, Sergio (appraised at $800, priceless to Jerry), the cheese cave, and a 2004 Ford F-150 held together by duct tape and prayer.
Total LiabilitiesEverything Jerry owes: bank loans, the feed store tab, back taxes, and a moral debt to his neighbor for "borrowing" that tractor in 2019. They both know he's not returning it.
Total Shareholder EquityIf Jerry sold absolutely everything, paid off every debt, and finally returned that tractor... this is what he'd have left. His actual net worth. Some days it's a retirement fund. Other days it's "enough for a bus ticket and a fresh start."
Using alias: assetsa -> totalAssets [annual] [balance]
Using alias: liabila -> totalLiabilities [annual] [balance]
Using alias: equitya -> totalShareholderEquity [annual] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ totalAssets                         7/7 dates (100%)
  ✅ totalLiabilities                    7/7 dates (100%)
  ✅ totalShareholderEquity              7/7 dates (100%)

Plot for DUOL (in B)
  reports: annualReports
  showing last 25 entries
  Legend: totalAssets, totalLiabilities, totalShareholderEquity

               -2.40B                     -1.20B                      0.00B                      1.20B                      2.40B
               |                          |                          |                          |                          |

  2019-12-31 |                                                     |  0.18B
  2020-12-31 |                                                     |  0.26B
  2021-12-31 |                                                       |  1.28B
  2022-12-31 |                                                       |  1.44B
  2023-12-31 |                                                       |  1.85B
  2024-12-31 |                                                       | 2.40B
  2025-12-31 |                                                       |  1.99B

               |                          |                          |                          |                          |
               -2.40B                     -1.20B                      0.00B                      1.20B                      2.40B

Buffet

Using alias: incomea -> netIncome [annual] [income]
Using alias: debta -> shortLongTermDebtTotal [annual] [balance]
Using alias: equitya -> totalShareholderEquity [annual] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ netIncome                           7/7 dates (100%)
  ✅ shortLongTermDebtTotal              7/7 dates (100%)
  ✅ totalShareholderEquity              7/7 dates (100%)

Plot for DUOL (in B)
  reports: annualReports
  showing last 25 entries
  Legend: netIncome, shortLongTermDebtTotal, totalShareholderEquity

               -1.35B                     -0.67B                      0.00B                      0.67B                      1.35B
               |                          |                          |                          |                          |

  2019-12-31 |                                                    |  -0.08B
  2020-12-31 |                                                    |  -0.08B
  2021-12-31 |                                                     |  0.51B
  2022-12-31 |                                                     |  0.54B
  2023-12-31 |                                                       |  0.66B
  2024-12-31 |                                                       |  0.82B
  2025-12-31 |                                                       | 1.35B

               |                          |                          |                          |                          |
               -1.35B                     -0.67B                      0.00B                      0.67B                      1.35B

Revenue-q

Using alias: revenue -> totalRevenue [quarterly] [income]
Using alias: profit -> grossProfit [quarterly] [income]
Using alias: income -> netIncome [quarterly] [income]


Data Completeness:
------------------------------------------------------------
  ✅ totalRevenue                        24/24 dates (100%)
  ✅ grossProfit                         24/24 dates (100%)
  ✅ netIncome                           24/24 dates (100%)

Plot for DUOL (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: totalRevenue, grossProfit, netIncome

               -292.19M                   -146.10M                     0.00M                     146.10M                    292.19M
               |                          |                          |                          |                          |

  2020-03-31 |                                                      |  28.11M
  2020-06-30 |                                                       |  40.01M
  2020-09-30 |                                                      |  45.30M
  2020-12-31 |                                                     |  48.27M
  2021-03-31 |                                                     |  55.36M
  2021-06-30 |                                                      |  58.80M
  2021-09-30 |                                                  |  63.59M
  2021-12-31 |                                                    |  73.01M
  2022-03-31 |                                                     |  81.22M
  2022-06-30 |                                                    |  88.39M
  2022-09-30 |                                                    |  96.06M
  2022-12-31 |                                                    |  103.82M
  2023-03-31 |                                                      |  115.66M
  2023-06-30 |                                                       |  126.84M
  2023-09-30 |                                                       |  137.62M
  2023-12-31 |                                                       |  150.99M
  2024-03-31 |                                                       |  167.55M
  2024-06-30 |                                                       |  178.33M
  2024-09-30 |                                                       |  192.59M
  2024-12-31 |                                                       |  209.55M
  2025-03-31 |                                                       |  230.74M
  2025-06-30 |                                                       |  252.26M
  2025-09-30 |                                                       | 292.19M
  2025-12-31 |                                                       |  282.87M

               |                          |                          |                          |                          |
               -292.19M                   -146.10M                     0.00M                     146.10M                    292.19M

Costs-q

Using alias: rnd -> researchAndDevelopment [quarterly] [income]
Using alias: sga -> sellingGeneralAndAdministrative [quarterly] [income]
Using alias: cogs -> costofGoodsAndServicesSold [quarterly] [income]


Data Completeness:
------------------------------------------------------------
  ✅ researchAndDevelopment              24/24 dates (100%)
  ✅ sellingGeneralAndAdministrative     24/24 dates (100%)
  ✅ costofGoodsAndServicesSold          24/24 dates (100%)

Plot for DUOL (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: researchAndDevelopment, sellingGeneralAndAdministrative, costofGoodsAndServicesSold

               0.00M                     20.68M                     41.35M                     62.03M                     82.71M
               |                          |                          |                          |                          |

  2020-03-31 |  9.58M
  2020-06-30 |  12.11M
  2020-09-30 |  15.89M
  2020-12-31 |  20.83M
  2021-03-31 |  22.53M
  2021-06-30 |  21.94M
  2021-09-30 |  29.61M
  2021-12-31 |  30.02M
  2022-03-31 |  29.78M
  2022-06-30 |  34.22M
  2022-09-30 |  41.98M
  2022-12-31 |  44.47M
  2023-03-31 |  45.84M
  2023-06-30 |  47.95M
  2023-09-30 |  50.30M
  2023-12-31 |  50.26M
  2024-03-31 |  50.88M
  2024-06-30 |  55.15M
  2024-09-30 |  62.88M
  2024-12-31 |  66.39M
  2025-03-31 |  70.39M
  2025-06-30 |  73.67M
  2025-09-30 |  82.71M
  2025-12-31 |  79.56M

               |                          |                          |                          |                          |
               0.00M                     20.68M                     41.35M                     62.03M                     82.71M

Cash-q

Using alias: cash -> cashAndShortTermInvestments [quarterly] [balance]
Using alias: debt -> shortLongTermDebtTotal [quarterly] [balance]
Using alias: paycheck -> operatingCashflow [quarterly] [cashflow]


Data Completeness:
------------------------------------------------------------
  ⚠️  cashAndShortTermInvestments         22/24 dates (92%)
  ⚠️  shortLongTermDebtTotal              21/24 dates (88%)
  ✅ operatingCashflow                   24/24 dates (100%)

Plot for DUOL (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: cashAndShortTermInvestments, shortLongTermDebtTotal, operatingCashflow

               -1.04B                     -0.52B                      0.00B                      0.52B                      1.04B
               |                          |                          |                          |                          |

  2020-03-31 |                                                    |  -0.06B ⊗
  2020-06-30 |                                                       |  0.01B ⊗⊗
  2020-09-30 |                                                       |  0.00B ⊗⊗
  2020-12-31 |                                                       |  0.12B
  2021-03-31 |                                                       |  0.12B
  2021-06-30 |                                                      |  0.11B
  2021-09-30 |                                                       |  0.55B
  2021-12-31 |                                                       |  0.55B
  2022-03-31 |                                                       |  0.58B
  2022-06-30 |                                                       |  0.59B
  2022-09-30 |                                                       |  0.60B
  2022-12-31 |                                                       |  0.61B
  2023-03-31 |                                                       |  0.64B
  2023-06-30 |                                                       |  0.68B
  2023-09-30 |                                                       |  0.70B
  2023-12-31 |                                                       |  0.75B
  2024-03-31 |                                                       |  0.83B
  2024-06-30 |                                                       |  0.89B
  2024-09-30 |                                                       |  0.85B
  2024-12-31 |                                                       |  0.79B
  2025-03-31 |                                                       |  0.88B
  2025-06-30 |                                                       |  0.98B
  2025-09-30 |                                                       |  1.01B
  2025-12-31 |                                                       | 1.04B

               |                          |                          |                          |                          |
               -1.04B                     -0.52B                      0.00B                      0.52B                      1.04B

FCF-q

Using alias: paycheck -> operatingCashflow [quarterly] [cashflow]
Using alias: capex -> capitalExpenditures [quarterly] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ operatingCashflow                   24/24 dates (100%)
  ✅ capitalExpenditures                 24/24 dates (100%)

Plot for DUOL (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: operatingCashflow, capitalExpenditures

               -107.28M                    -53.64M                     0.00M                     53.64M                     107.28M
               |                          |                          |                          |                          |

  2020-03-31 |                                                       |  4.72M
  2020-06-30 |                                                       |  8.46M
  2020-09-30 |                                                       |  0.85M
  2020-12-31 |                                                       |  3.68M
  2021-03-31 |                                                       |  5.12M
  2021-06-30 |                                                      |  1.86M
  2021-09-30 |                                                       |  4.51M
  2021-12-31 |                                                       |  1.11M
  2022-03-31 |                                                       |  20.63M
  2022-06-30 |                                                       |  12.66M
  2022-09-30 |                                                       |  8.76M
  2022-12-31 |                                                       |  11.61M
  2023-03-31 |                                                       |  29.60M
  2023-06-30 |                                                       |  37.17M
  2023-09-30 |                                                       |  37.65M
  2023-12-31 |                                                       |  49.19M
  2024-03-31 |                                                       |  83.51M
  2024-06-30 |                                                       |  62.39M
  2024-09-30 |                                                       |  56.27M
  2024-12-31 |                                                       |  83.34M
  2025-03-31 |                                                       |  105.63M
  2025-06-30 |                                                       |  90.67M
  2025-09-30 |                                                       |  84.24M
  2025-12-31 |                                                       | 107.28M

               |                          |                          |                          |                          |
               -107.28M                    -53.64M                     0.00M                     53.64M                     107.28M

Assets-q

Using alias: assets -> totalAssets [quarterly] [balance]
Using alias: liabil -> totalLiabilities [quarterly] [balance]
Using alias: equity -> totalShareholderEquity [quarterly] [balance]


Data Completeness:
------------------------------------------------------------
  ⚠️  totalAssets                         22/24 dates (92%)
  ⚠️  totalLiabilities                    21/24 dates (88%)
  ⚠️  totalShareholderEquity              22/24 dates (92%)

Plot for DUOL (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: totalAssets, totalLiabilities, totalShareholderEquity

               -2.62B                     -1.31B                      0.00B                      1.31B                      2.62B
               |                          |                          |                          |                          |

  2020-03-31 |                                                       |  0.05B ⊗
  2020-12-31 |                                                     |  0.26B
  2021-03-31 |                                                     |  0.27B
  2021-06-30 |                                                     |  0.28B
  2021-09-30 |                                                       |  0.62B
  2021-12-31 |                                                       |  0.66B
  2022-03-31 |                                                       |  0.68B
  2022-06-30 |                                                       |  0.70B
  2022-09-30 |                                                       |  0.71B
  2022-12-31 |                                                       |  0.75B
  2023-03-31 |                                                       |  0.79B
  2023-06-30 |                                                       |  0.83B
  2023-09-30 |                                                       |  0.87B
  2023-12-31 |                                                       |  0.95B
  2024-03-31 |                                                       |  1.07B
  2024-06-30 |                                                       |  2.18B
  2024-09-30 |                                                       |  2.28B
  2024-12-31 |                                                       |  2.40B
  2025-03-31 |                                                       | 2.62B
  2025-06-30 |                                                       |  1.54B
  2025-09-30 |                                                       |  1.89B
  2025-12-31 |                                                       |  1.99B

               |                          |                          |                          |                          |
               -2.62B                     -1.31B                      0.00B                      1.31B                      2.62B

Buffet-q

Using alias: income -> netIncome [quarterly] [income]
Using alias: debt -> shortLongTermDebtTotal [quarterly] [balance]
Using alias: equity -> totalShareholderEquity [quarterly] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ netIncome                           24/24 dates (100%)
  ⚠️  shortLongTermDebtTotal              21/24 dates (88%)
  ⚠️  totalShareholderEquity              22/24 dates (92%)

Plot for DUOL (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: netIncome, shortLongTermDebtTotal, totalShareholderEquity

               -1.35B                     -0.67B                      0.00B                      0.67B                      1.35B
               |                          |                          |                          |                          |

  2020-03-31 |                                                      |  0.05B ⊗
  2020-06-30 |                                                       |  0.00B ⊗⊗
  2020-09-30 |                                                      | -0.00B ⊗⊗
  2020-12-31 |                                                    |  -0.08B
  2021-03-31 |                                                   |  -0.10B
  2021-06-30 |                                                   |  -0.09B
  2021-09-30 |                                                      |  0.51B
  2021-12-31 |                                                      |  0.51B
  2022-03-31 |                                                      |  0.52B
  2022-06-30 |                                                      |  0.53B
  2022-09-30 |                                                      |  0.53B
  2022-12-31 |                                                      |  0.54B
  2023-03-31 |                                                      |  0.57B
  2023-06-30 |                                                       |  0.60B
  2023-09-30 |                                                       |  0.61B
  2023-12-31 |                                                       |  0.66B
  2024-03-31 |                                                       |  0.71B
  2024-06-30 |                                                       |  0.77B
  2024-09-30 |                                                       |  0.82B
  2024-12-31 |                                                       |  0.82B
  2025-03-31 |                                                       |  0.89B
  2025-06-30 |                                                       |  0.98B
  2025-09-30 |                                                       |  1.31B
  2025-12-31 |                                                       | 1.35B

               |                          |                          |                          |                          |
               -1.35B                     -0.67B                      0.00B                      0.67B                      1.35B

Price History

Volume

Advanced Chart