Duolingo, Inc. (DUOL) operating KPIs
DUOLNasdaqServices-Prepackaged SoftwareFiscal year ends December 31
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026Score 18/3043% below fair value
$131.59−4.80 (-3.52%)
Close on Oct 30, 2026Market cap $6.16BP/E 15.7Yield –
KPIs
Operating metrics that drive Duolingo's business · fiscal year ends December 31
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| Add to chart | Metric | Q2 2026 2026-06-30 | Q1 2026 2026-03-31 | Q4 2025 2025-12-31 | Q3 2025 2025-09-30 | Q2 2025 2025-06-30 | Q1 2025 2025-03-31 | Q4 2024 2024-12-31 | Q3 2024 2024-09-30 | Q2 2024 2024-06-30 | Q1 2024 2024-03-31 | Q4 2023 2023-12-31 | Q3 2023 2023-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Daily active users (DAUs), quarterly average(M)1 | 58.7 | 56.5 | 52.7 | 50.5 | 47.7 | 46.6 | 40.5 | 37.2 | 34.1 | 31.4 | 26.9 | 24.2 | |
Growth y/y (stated)(%) | 23.0% | 21.0% | 30.0% | 36.0% | 40.0% | 49.0% | 51.0% | 54.0% | 59.0% | 54.0% | 65.0% | 63.0% | |
Monthly active users (MAUs), quarterly average(M)1 | 141 | 138 | 133 | 135 | 128 | 130 | 117 | 113 | 104 | 97.6 | 88.4 | 83.1 | |
Growth y/y (stated)(%) | 14.0% | 20.0% | 24.0% | 33.0% | 32.0% | 36.0% | 40.0% | 35.0% | 46.0% | 47.0% | |||
Paid subscribers (period end)(M)3 | 12.7 | 12.5 | 12.2 | 11.5 | 10.9 | 10.3 | 9.50 | 8.60 | 8 | 7.40 | 6.60 | 5.80 | |
Growth y/y (stated)(%) | 17.0% | 21.0% | 28.0% | 34.0% | 37.0% | 40.0% | 43.0% | 47.0% | 52.0% | 54.0% | 57.0% | 60.0% | |
Paid subscriber penetration — subscribers as % of average MAUs over the last twelve months (stated)(%) | 9.2% | 9.0% | 9.0% | 8.9% | 8.8% | 8.5% | 8.6% | 8.6% | 8.3% | 8.0% | |||
Duolingo Max — % of paid subscribers (stated on the call)(%) | 9.0% | 8.0% | 7.0% | 5.0% | |||||||||
DAU / MAU ratio (stated in MD&A)(%) | 39.6% | 37.3% | 37.2% | 35.8% | 34.7% | 32.9% | 32.9% | 32.1% | 30.4% | 29.1% | |||
Total bookings($M)3 | 289 | 309 | 337 | 282 | 268 | 272 | 272 | 212 | 190 | 198 | 191 | 154 | |
Growth y/y (stated)(%) | 8.0% | 14.0% | 24.0% | 33.0% | 41.0% | 38.0% | 42.0% | 38.0% | 38.0% | 41.0% | 51.0% | 49.0% | |
Constant-currency growth y/y (stated)(%) | 6.0% | 9.0% | 20.0% | 31.0% | 39.0% | 42.0% | 45.0% | 39.0% | 41.0% | 42.0% | 49.0% | 48.0% | |
Subscription bookings($M)1 | 250 | 268 | 297 | 240 | 227 | 232 | 237 | 176 | 157 | 162 | 158 | 121 | |
Growth y/y (stated)(%) | 10.0% | 15.0% | 25.0% | 36.0% | 45.0% | 44.0% | 50.0% | 45.0% | 47.0% | 47.0% | 57.0% | 54.0% | |
Revenue — constant-currency growth y/y (stated)(%) | 17.0% | 22.0% | 33.0% | 42.0% | 42.0% | 40.0% | 39.0% | 41.0% | 42.0% | 45.0% | 43.0% | 42.0% | |
Subscription revenue — % of total revenue (stated)(%) | 83.0% | 83.0% | 82.0% | 81.0% | 79.0% | 78.0% | 77.0% | ||||||
Share of total revenue processed by Apple (stated)(%)1 | 59.6% | 60.2% | 62.2% | 61.6% | 61.3% | 61.4% | 60.7% | 59.3% | 59.3% | ||||
Processed by Google (stated)(%) | 23.2% | 22.9% | 23.3% | 23.9% | 23.3% | 23.1% | 23.7% | 23.7% | 24.9% | ||||
Adjusted EBITDA (company-defined)($M)1 | 77.3 | 83.4 | 84.3 | 80 | 78.7 | 62.8 | 52.3 | 47.5 | 48.1 | 44 | 35.2 | 22.5 | |
Growth y/y (stated)(%) | -2.0% | 33.0% | 61.0% | 68.0% | 64.0% | 43.0% | 49.0% | ||||||
Free cash flow (company-defined, current definition)($M)2 | 78.6 | 148 | 93.7 | 77.4 | 86.3 | 103 | 80.9 | 51.2 | 53.7 | 78.5 | |||
Growth y/y (stated)(%) | -9.0% | 43.0% | 16.0% | 51.0% | 61.0% | 31.0% | 84.0% | 57.0% | 60.0% | ||||
Free cash flow — definition before 2025 (legacy)($M) | 87.8 | 52.7 | 54.9 | 79.6 | 47.7 | 33.5 | |||||||
Next-quarter guidance8 | |||||||||||||
Bookings($M)2 | 307 | 284 | 302 | ||||||||||
Range — low end($M) | 330 | 269 | 244 | 252 | 245 | 195 | 179 | 187 | 167 | ||||
Range — high end($M) | 336 | 273 | 247 | 255 | 248 | 198 | 182 | 190 | 170 | ||||
Bookings growth y/y(%)2 | 8.9% | 5.8% | 11.0% | ||||||||||
Range — low end(%) | 21.3% | 27.0% | 28.1% | 27.6% | 28.0% | 26.6% | 30.0% | 32.0% | |||||
Range — high end(%) | 23.5% | 28.9% | 29.7% | 29.2% | 29.6% | 28.6% | 32.0% | 35.0% | |||||
Bookings growth y/y, constant currency(%)2 | 8.9% | 4.1% | 6.0% | ||||||||||
Range — low end(%) | 18.2% | 26.3% | 29.0% | 30.8% | |||||||||
Range — high end(%) | 20.4% | 28.2% | 30.6% | 32.4% | |||||||||
Revenue($M)2 | 302 | 296 | 289 | ||||||||||
Range — low end($M) | 273 | 257 | 239 | 221 | 203 | 187 | 175 | 164 | 145 | ||||
Range — high end($M) | 277 | 261 | 242 | 224 | 206 | 190 | 178 | 167 | 148 | ||||
Revenue growth y/y(%)2 | 11.1% | 17.1% | 25.0% | ||||||||||
Range — low end(%) | 30.3% | 33.4% | 33.7% | 31.6% | 34.1% | 35.6% | 38.0% | 40.0% | |||||
Range — high end(%) | 32.2% | 35.5% | 35.4% | 33.4% | 36.1% | 37.8% | 40.0% | 43.0% | |||||
Revenue growth y/y, constant currency(%)2 | 11.1% | 15.8% | 21.0% | ||||||||||
Range — low end(%) | 28.2% | 34.3% | 34.7% | 33.6% | |||||||||
Range — high end(%) | 30.1% | 36.4% | 36.4% | 35.4% | |||||||||
Adjusted EBITDA($M)2 | 76 | 71 | 73.6 | ||||||||||
Range — low end($M) | 75.4 | 69.4 | 58.4 | 54 | 48.6 | 40.1 | 36.8 | 35.3 | 28.7 | ||||
Range — high end($M) | 78.8 | 73.1 | 61.6 | 57 | 50.8 | 42.7 | 39.1 | 37.6 | 30.7 | ||||
Adjusted EBITDA margin(%)2 | 25.2% | 24.0% | 25.5% | ||||||||||
Range — low end(%) | 27.6% | 27.0% | 24.5% | 24.5% | 24.0% | 21.5% | 21.0% | 21.5% | 19.8% | ||||
Range — high end(%) | 28.4% | 28.0% | 25.5% | 25.5% | 24.7% | 22.5% | 22.0% | 22.5% | 20.8% | ||||
Full-year guidance8 | |||||||||||||
Bookings2 | |||||||||||||
Range — low end($M) | 1,274 | 1,151 | 1,149 | 1,118 | 1,082 | 844 | 821 | 809 | 790 | 598 | |||
Range — high end($M) | 1,298 | 1,157 | 1,157 | 1,127 | 1,098 | 847 | 828 | 818 | 802 | 601 | |||
Bookings growth y/y2 | |||||||||||||
Range — low end(%) | 10.0% | 32.2% | 32.0% | 28.4% | 24.3% | 35.6% | 31.9% | 30.0% | 40.0% | ||||
Range — high end(%) | 12.0% | 32.9% | 32.9% | 29.4% | 26.1% | 36.1% | 33.0% | 31.0% | 40.0% | ||||
Bookings growth y/y, constant currency2 | |||||||||||||
Range — low end(%) | 8.0% | 31.2% | 31.6% | 29.8% | 26.2% | ||||||||
Range — high end(%) | 10.0% | 31.9% | 32.5% | 30.9% | 28.1% | ||||||||
Revenue2 | |||||||||||||
Range — low end($M) | 1,197 | 1,028 | 1,011 | 987 | 963 | 741 | 731 | 727 | 718 | 525 | |||
Range — high end($M) | 1,221 | 1,032 | 1,019 | 996 | 979 | 744 | 738 | 736 | 730 | 528 | |||
Revenue growth y/y2 | |||||||||||||
Range — low end(%) | 15.0% | 37.4% | 35.2% | 31.9% | 28.7% | 39.5% | 37.7% | 37.0% | 42.0% | ||||
Range — high end(%) | 18.0% | 37.9% | 36.2% | 33.2% | 30.8% | 40.1% | 39.0% | 38.0% | 43.0% | ||||
Revenue growth y/y, constant currency2 | |||||||||||||
Range — low end(%) | 14.0% | 37.4% | 35.5% | 33.2% | 30.1% | ||||||||
Range — high end(%) | 16.0% | 38.0% | 36.6% | 34.4% | 32.2% | ||||||||
Adjusted EBITDA2 | |||||||||||||
Range — low end($M) | 299 | 297 | 288 | 271 | 260 | 188 | 176 | 167 | 154 | 87.2 | |||
Range — high end($M) | 305 | 300 | 296 | 284 | 274 | 190 | 185 | 177 | 171 | 89.2 | |||
Adjusted EBITDA margin(%)2 | 26.5% | 25.7% | 25.0% | ||||||||||
Range — low end(%) | 28.9% | 28.5% | 27.5% | 27.0% | 25.4% | 24.0% | 23.0% | 21.5% | 16.6% | ||||
Range — high end(%) | 29.1% | 29.0% | 28.5% | 28.0% | 25.6% | 25.0% | 24.0% | 23.5% | 16.9% | ||||
Gross margin guidance — next quarter(%)1 | 71.0% | 71.0% | 71.0% | ||||||||||
Gross margin reported for the quarter (stated)(%) | 72.6% | 73.0% | 72.8% | 72.5% | 72.4% | 71.1% | 71.9% | 72.9% | 73.4% | 73.0% | 73.1% | 73.7% | |
Dilution from equity grants guidance — low end (year)(%)1 | 3.5% | 3.5% | 3.5% | 1.0% | 1.0% | ||||||||
High end(%) | 4.0% | 4.0% | 4.0% | 1.5% | 1.5% | ||||||||
Deferred cost of revenues (prepaid app-store / payment fees on deferred subscriptions)($M) | 103 | 105 | 103 | 94.6 | 93.8 | 89.6 | 80.2 | 67.3 | 63.3 | 60.4 | 53.9 | 46.1 | |
Total estimated fully diluted shares outstanding (letter)(M) | 50.7 | 49.7 | 49.8 | 49.9 | 49.8 | 49.6 | 49.5 | 49.6 | 49.4 | 49 | 49 | 48.8 | |
Revenue (GAAP)($M)3 | 299 | 292 | 283 | 272 | 252 | 231 | 210 | 193 | 178 | 168 | 151 | 138 | |
Subscription($M) | 258 | 251 | 242 | 230 | 211 | 191 | 174 | 158 | 144 | 132 | 118 | 106 | |
Advertising($M) | 21.1 | 20.6 | 20.2 | 21 | 20.6 | 17.9 | 14.3 | 14.4 | 13.3 | 13 | 13.5 | 11.7 | |
Duolingo English Test($M) | 10.1 | 11.3 | 10.3 | 9.60 | 10.1 | 12 | 11.4 | 10.8 | 10.7 | 12.8 | 10.8 | 10.6 | |
Gross profit($M) | 217 | 213 | 206 | 197 | 183 | 164 | 151 | 140 | 131 | 122 | 110 | 101 | |
Research and development($M) | 92.2 | 83 | 79.6 | 82.7 | 73.7 | 70.4 | 66.4 | 62.9 | 55.1 | 50.9 | 50.3 | 50.3 | |
Sales and marketing($M)1 | 40 | 39.2 | 34.4 | 35.1 | 29.6 | 26.7 | 24.8 | 25.6 | 20.2 | 19.9 | 19.1 | 22.3 | |
Advertising expense($M) | 28.2 | 28.1 | 24.2 | 25.5 | 19.6 | 17.5 | 16.8 | 18.1 | 13.4 | 14 | 13.4 | 16.2 | |
General and administrative($M) | 50.6 | 46.3 | 48.5 | 44 | 46 | 43.4 | 45.5 | 38.4 | 37 | 35.1 | 36.2 | 33.4 | |
Operating income($M) | 33.9 | 44.5 | 43.5 | 35.2 | 33.4 | 23.6 | 13.9 | 13.6 | 18.7 | 16.4 | 4.80 | -4.70 | |
Net income($M) | 33.2 | 43.5 | 42 | 292 | 44.8 | 35.1 | 13.9 | 23.4 | 24.4 | 27 | 12.1 | 2.80 | |
Stock-based compensation($M) | 38.2 | 34.6 | 36.3 | 35.6 | 34.6 | 31 | 29.8 | 29 | 26.7 | 25 | 25 | 25.4 | |
Operating cash flow($M) | 88.3 | 151 | 107 | 84.2 | 90.7 | 106 | 83.3 | 56.3 | 62.4 | 83.5 | 49.2 | 37.6 | |
Capital expenditure($M) | 6.90 | 0.10 | 10.7 | 4.90 | 1.20 | 1.30 | 2 | 3.20 | 5.60 | 1.40 | 0.90 | 0.80 | |
Change in deferred revenue (cash flow)($M) | -8.20 | 17.1 | 54.5 | 10.6 | 16.2 | 42.1 | 62.3 | 19.1 | 12.2 | 30.1 | 40.3 | 16.1 | |
Deferred revenue (balance)($M) | 505 | 513 | 496 | 442 | 431 | 415 | 373 | 311 | 292 | 279 | 249 | 209 | |
Italic numbers are calculated by StockData from reported figures (hover for the formula). Numbers with a dotted underline are read from the text of earnings releases and presentations; hover to see the exact sentence. Tick a row to add it to the chart above (up to 8 lines).
Methodology and excluded metrics
- Latest reported quarter: Q2 2026 (shareholder letter of Aug 5, 2026); latest full year FY2025. Q3 2026 results are due in early November 2026.
- Operating metrics (DAUs, MAUs, paid subscribers, bookings) come from the 'Key Operating Metrics' tables of the 10-Q / 10-K (Q4 user metrics from the 10-K, Q4 bookings from the Q4 release / letter), extended to 2019–Q1 2021 with the IPO prospectus and the prior-year columns of 2021 filings.
- Text figures (italic-free, with a quote on hover) were read by an LLM from shareholder letters and earnings-call transcripts and kept only when the verbatim quote contains the number; bounds ('over', 'more than', 'nearly') are excluded.
- investors.duolingo.com is blocked (Akamai 403), so official call transcripts are not used; transcripts are from The Motley Fool (missing Q2 2021 and Q1 2025).
- No parent-only statements under U.S. GAAP (10-K has no Schedule I), so no consolidated − parent split. Duolingo UK Limited (Companies House 16394151) has not yet filed its first accounts (due Dec 31, 2026).
- The only arithmetic shown is period splitting in the database group (Q4 = full year − nine months; quarterly cash flow = year-to-date − prior year-to-date), in italic with the formula.
Not shown because recent periods are missing (25)
- Learners & paid subscribers (key) › Paid subscribers (period end) › Family Plan — % of paid subscribers (stated on the call)
- Learners & paid subscribers (key) › Current User Retention Rate — CURR (stated)
- Bookings, profitability & cash (company metrics) › Total bookings › Subscription bookings › Constant-currency growth y/y (stated)
- Bookings, profitability & cash (company metrics) › Revenue — constant-currency growth y/y (stated) › Reported growth y/y (stated)
- Bookings, profitability & cash (company metrics) › Revenue — constant-currency growth y/y (stated) › Subscription revenue — constant-currency growth y/y (stated)
- Bookings, profitability & cash (company metrics) › Revenue — constant-currency growth y/y (stated) › Subscription revenue — reported growth y/y (stated)
- Bookings, profitability & cash (company metrics) › Subscription revenue per average paid subscriber — growth y/y (stated)
- Bookings, profitability & cash (company metrics) › Share of total revenue processed by Apple (stated) › Processed by Stripe — web payments (stated when ≥ 10%)
- Guidance (forward-looking) › Full-year guidance › Bookings
- Guidance (forward-looking) › Full-year guidance › Bookings growth y/y
- Guidance (forward-looking) › Full-year guidance › Bookings growth y/y, constant currency
- Guidance (forward-looking) › Full-year guidance › Revenue
- Guidance (forward-looking) › Full-year guidance › Revenue growth y/y
- Guidance (forward-looking) › Full-year guidance › Revenue growth y/y, constant currency
- Guidance (forward-looking) › Full-year guidance › Adjusted EBITDA
- Guidance (forward-looking) › Gross margin guidance — next quarter › Gross margin guidance — full year
- Guidance (forward-looking) › Stock-based compensation guidance — % of revenue (year)
- Guidance (forward-looking) › Effective tax rate guidance — low end (year) › High end
- Guidance (forward-looking) › Effective tax rate guidance — low end (year)
- Guidance (forward-looking) › FX sensitivity — bookings impact of a 1% move in the dollar (stated; horizon varies)
- Product, AI & learning (stated in letters / calls) › Chess course — daily active users (stated)
- Product, AI & learning (stated in letters / calls) › Course units published in the quarter (stated)
- Product, AI & learning (stated in letters / calls) › Super Duolingo subscribers per Duolingo Max subscriber (stated)
- Commitments, facilities & capital › Operating lease commitments (non-cancelable minimum rent) › Leases signed, not yet commenced
- Financial context (from the financial database) › Revenue (GAAP) › In-app purchases
Data updated 2026-10-23.
Every KPI on its own page
Full history, chart, sources and a citation for each metric
Learners & paid subscribers (key)
Bookings, profitability & cash (company metrics)
- Total bookings ($M)26 periods
- Revenue — constant-currency growth y/y (stated) (%)15 periods
- Subscription revenue — % of total revenue (stated) (%)10 periods
- Share of total revenue processed by Apple (stated) (%)19 periods
- Adjusted EBITDA (company-defined) ($M)30 periods
- Free cash flow (company-defined, current definition) ($M)10 periods
Guidance (forward-looking)
Commitments, facilities & capital
- Other purchase commitments — hosting, web services & AI (total) ($M)5 periods
- Operating lease commitments (non-cancelable minimum rent) ($M)5 periods
- Leased office space — Pittsburgh HQ (sq ft)5 periods
- Deferred cost of revenues (prepaid app-store / payment fees on deferred subscriptions) ($M)22 periods
- Income before taxes — U.S. ($M)5 periods
- Share repurchases — shares bought in the month6 periods
- Total estimated fully diluted shares outstanding (letter) (M)18 periods
Language report, English Test & social impact (official blog)
Financial context (from the financial database)
- Revenue (GAAP) ($M)25 periods
- Gross profit ($M)25 periods
- Research and development ($M)25 periods
- Sales and marketing ($M)25 periods
- General and administrative ($M)25 periods
- Operating income ($M)25 periods
- Net income ($M)25 periods
- Stock-based compensation ($M)25 periods
- Operating cash flow ($M)24 periods
- Capital expenditure ($M)24 periods
- Change in deferred revenue (cash flow) ($M)24 periods
- Deferred revenue (balance) ($M)26 periods