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Profile & Fundamentals

Duolingo Profile & Fundamentals

Name: Duolingo financial chart data preview
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Company and Market Context

Company Profile & Ownership

Duolingo, Inc. operates as a mobile learning platform in the United States, the United Kingdom, and internationally. The company offers 250 language courses, including Spanish, English, French, German, Italian, Portuguese, Japanese, and Chinese through its Duolingo app. It also provides a digital English language proficiency assessment exam. The company was incorporated in 2011 and is headquartered in Pittsburgh, Pennsylvania.

Company profile record

Duolingo Inc

Common Stock · Consumer Discretionary · Education Services

Official website

Company

Company / asset: Duolingo Inc
Security type: Common Stock
Sector: Consumer Discretionary
Industry: Education Services
HQ: 🇺🇸 United States
Head office: 5900 Penn Avenue, Pittsburgh, PA, United States, 15206

Leadership & scale

Chief executive: Dr. Luis Alfonso von Ahn Arellano Ph.D.
CEO year born: 1979
Full-time employees: 900
Fiscal year end: December
IPO date: 2021-07-28

Fundamentals snapshot

Updated 2026-09-16

Market Cap: USD 7.1B
P/E: 17.3x
Revenue (Q2 26): USD 298.5M
Profit (Q2 26): USD 33.2M
Dividend Yield: --
Revenue (FY 25): USD 1.0B
Shares in public float: 40M
Insider ownership: 1.5%

Reporting & identifiers

Symbol: DUOL.NASDAQ
Listing: 🇺🇸 United States | Dividend Tax: 30%
Ticker Currency: USD
Income Statement Currency: USD
Balance Sheet Currency: USD
Cash Flow Currency: USD
EPS Currency: USD
Contract Type: SPOT
ISIN: US26603R1068
Asset ID: equity_80fd811f-6852-5205-a17a-a955c166c782

Ownership

Shares Outstanding

Shares outstanding

Annual reported shares outstanding. Values in shares.

Top holders

Baillie Gifford & Co Limited.4,824,298 shares · 10.31% · Reported 2026-06-30
BlackRock Inc3,986,466 shares · 8.52% · Reported 2026-03-31
Vanguard Capital Management, LLC1,723,132 shares · 3.68% · Reported 2026-03-31
Vanguard Portfolio Management, LLC1,632,650 shares · 3.49% · Reported 2026-03-31
Two Sigma Investments LLC1,629,242 shares · 3.48% · Reported 2026-06-30
Fidelity International Ltd1,622,805 shares · 3.47% · Reported 2026-03-31
iShares Core S&P Mid-Cap ETF1,410,590 shares · 3.02% · Reported 2026-08-31

View more holders (8)

Federated Hermes Inc1,371,817 shares · 2.93% · Reported 2026-06-30
Bank of America Corp1,332,301 shares · 2.85% · Reported 2026-03-31
State Treasurer State Of Michigan1,306,107 shares · 2.79% · Reported 2026-06-30
Vanguard MStar Total Stk Mkt Idx Invest1,216,206 shares · 2.60% · Reported 2026-07-31
State Street Corp1,183,644 shares · 2.53% · Reported 2026-03-31
Jupiter Merian Glb Eq Abs Rt I USD Acc1,110,254 shares · 2.37% · Reported 2026-06-30
UBS Group AG1,098,062 shares · 2.35% · Reported 2026-03-31
FMR Inc1,093,339 shares · 2.34% · Reported 2026-03-31

Earnings, Profitability & Valuation

Earnings & Revenue

AI Review

Duolingo's financial trajectory reflects a transition from hyper-growth momentum into a disciplined, self-funding cash generator. Trailing revenue reached $1.15 billion through mid-2026, though quarterly growth slowed to 18.3% as management intentionally removed monetization friction to expand its global user base. Headline fiscal 2025 net income of $414 million was heavily distorted by a one-off $256.7 million tax benefit, masking normalized operating profit of $141 million. Beneath headline accounting adjustments lies exceptional cash generation, with trailing free cash flow reaching $405 million. While recent quarterly bookings of $289 million lagged recognized revenue as deferred subscription balances were drawn down, core recurring cash generation remains robust, demonstrating that underlying business unit economics remain uncompromised.

Revenue, Net Income, and Free Cash Flow

Revenue
Free cash flow
Net income

Annual reported financial results, converted using the statement's recorded USD conversion. Missing values are omitted. Values in USD.

Valuation

Historical P/E Ratio

Published P/E

Published valuation snapshots. Trailing four-quarter earnings where available; annual earnings otherwise. Non-positive earnings are omitted. Values in times earnings.

Profitability & Margins

AI Review

Gross profit margins have displayed remarkable structural stability, consistently anchoring between 71.7% and 72.6% despite rising usage of artificial intelligence features. While mobile app store processing fees impose an ongoing distribution cost, shifting conversational features toward efficient open-source models has lowered compute costs per user, defending underlying product profitability. Operating margins expanded structurally from negative territory in 2023 to nearly 14% before temporarily moderating in mid-2026 as product engineering investments expanded. However, free cash flow margins remain elite above 35%, benefiting from upfront annual cash collections. As automated curriculum tools reduce production expenses, are positioned to expand sustainably over the multi-year cycle.

Profitability Margins

Gross margin
Operating margin
Net margin
Free cash flow margin

Annual gross, operating, net income and free cash flow divided by revenue for matching reporting dates. Values in percent.

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Reported Data Tables — chart preview

The following tables contain the same values as the financial charts above. Monetary values are USD; margins are percentages. Missing inputs are not estimated. Use is subject to the iPulse AI Terms of Service and applicable source rights.

Source: eodhd. Statement snapshots with chart transformations and ratios calculated by iPulse AI. Snapshot retrieved 2026-09-17.

Annual earnings and profitability
Period end	Revenue	Free cash flow	Net income	Gross margin	Operating margin	Net margin	Free cash flow margin
2019-12-31	70,760,000	-1,618,000	-13,554,000	69.82	-18.23	-19.15	-2.29
2020-12-31	161,696,000	14,332,000	-15,776,000	71.22	-9.73	-9.76	8.86
2021-12-31	250,772,000	5,584,000	-60,135,000	100	23.93	-23.98	2.23
2022-12-31	369,495,000	48,094,000	-59,574,000	72.01	-17.47	-16.12	13.02
2023-12-31	531,109,000	150,423,000	16,067,000	72.29	-2.43	3.03	28.32
2024-12-31	748,024,000	273,397,000	88,574,000	72.03	8.5	11.84	36.55
2025-12-31	1,037,589,000	369,727,000	414,065,000	71.68	13.61	39.91	35.63

Published valuation snapshots
Period end	P/E (times earnings)	Earnings basis
2025-12-31	21.11	Trailing four quarters
2024-12-31	181.2	Trailing four quarters
2023-12-31	691.83	Trailing four quarters

Shares outstanding — chart values
Reporting date	Shares outstanding
2019-01-01	35,892,200
2020-01-01	35,892,200
2021-01-01	38,272,000
2022-01-01	40,361,000
2023-01-01	49,000,000
2024-01-01	49,500,000
2025-01-01	49,800,000
2026-01-01	50,031,000

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