DUOLNasdaqServices-Prepackaged SoftwareFiscal year ends December 31
Duolingo, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$142.11+0.35 (+0.25%)
Close on Oct 19, 2026
- Market cap
- $7.11B
- P/E (TTM)
- 16.9
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
72.2%+0.7 pts over 5 years
Operating margin
13.1%+23.0 pts over 5 years
Net margin
39.9%+49.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +38.7% | +41.1% | +45.0% | – | |
| Gross profit | +37.7% | +40.5% | +45.3% | – | |
| Operating income | +116.6% | – | – | – | |
| Net income | +367.5% | – | – | – | |
| EPS, diluted | +355.9% | – | – | – | |
| Free cash flow | +35.2% | +97.4% | +91.6% | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 19.2% | 38.1% | |
| Return on assets | – | – | 25.1% | |
| Current ratio | – | 2.41 | 2.61 | |
| Capex to revenue | – | 2.1% | 1.7% | |
| Diluted shares | – | 13M | 48M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Duolingo generated $889.78M from operations and spent $43.42M on capital expenditure, dividends and share buybacks. 98% of that went back into the business.
Generated
$889.78M
Used
$43.42M
Capital expenditure$42.55M98%Dividends$00%Share buybacks$868.00K2%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin39.9%
×Asset turnover0.63×
×Equity multiplier1.52×
=Return on equity, FY202538.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 39.9% | 0.63× | 1.52× | 38.1% |
| FY2024 | 11.8% | 0.66× | 1.52× | 12.0% |
| FY2023 | 3.0% | 0.62× | 1.42× | 2.7% |
| FY2022 | -16.1% | 0.52× | 1.34× | -11.3% |
| FY2021 | -24.0% | 0.60× | 1.94× | -27.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$414.07M
- Cash generatingOperating cash flow above zero$387.82M
- Return on assets improvedROA up on the prior year9.3% → 31.8%
- Earnings backed by cashOperating cash flow above net income$387.82M vs $414.07M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose2.61 → 2.61
- No dilutionShare count did not rise47M → 48M
- Gross margin improvedGross margin up on the prior year72.78% → 72.23%
- More efficientAsset turnover rose0.78 → 0.80