Overview
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- TickerDUOL on Nasdaq1
- IndustryServices-Prepackaged Software1
- HeadquartersPittsburgh1
- Websitewww.duolingo.com
- Incorporated inDE5
- Business address5900 Penn Ave, Second Floor, Pittsburgh, Pa 152065
- Filer categoryLarge accelerated filer5
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
72.2%Gross margin4
13.1%Operating margin4
39.9%Net margin4
38.7%Revenue growth, 20254
30.7%Return on equity4
$369.7MFree cash flow4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
License and Service brought in 84% of the revenue Duolingo Inc broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| License and Service | $404.7M | $607.5M | $873.4M |
| Advertising | $49.9M | $54.9M | $79.7M |
| English Test | $41.2M | $45.6M | $42.0M |
| IAPs | $34.7M | $38.7M | $40.5M |
| Product And Service, Other, Miscellaneous | $682.0K | $1.3M | $1.9M |
Regions
Outside the United States brought in 62% of the revenue Duolingo Inc broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| Outside the United States | $292.4M | $436.5M | $645.4M |
| United States | $238.8M | $311.5M | $392.2M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue23¢$288.1M
- Research and development25¢$306.3M
- Income tax19¢$231.7M
- Profit33¢$414.1M
Out of $1.0B in revenue.4
Where each dollar of operating cash went, fiscal 2025
- Capital spending5¢$18.1M
- Kept or used elsewhere95¢$369.7M
Out of $387.8M of cash from operations.4
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenues | $1.0B | $748.0M | $531.1M |
| Cost of revenues | $288.1M | $203.6M | $142.1M |
| Gross profit | $749.5M | $544.4M | $389.0M |
| Research and development | $306.3M | $235.3M | $194.4M |
| Sales and marketing | $125.7M | $90.5M | $75.8M |
| General and administrative | $181.9M | $156.0M | $132.1M |
| Total operating expenses | $613.9M | $481.8M | $402.3M |
| Income from operations | $135.6M | $62.6M | -$13.3M |
| Other income | $3.4M | $1.3M | $590.0K |
| Other expense | -$1.8M | -$4.3M | -$645.0K |
| Other income (expense), net | $1.6M | -$3.0M | -$55.0K |
| Income (loss) before interest income and income taxes | $137.2M | $59.6M | -$13.3M |
| Interest income | $45.2M | $42.7M | $31.1M |
| Income before income taxes | $182.4M | $102.3M | $17.8M |
| (Benefit from) provision for income taxes | -$231.7M | $13.7M | $1.7M |
| Net income | $414.1M | $88.6M | $16.1M |
| Comprehensive income | $414.1M | $88.6M | $16.1M |
| Net income per share attributable to Class A and Class B common stockholders, basic (in usd per share) | $9.05 | $2.04 | $0.39 |
| Net income per share attributable to Class A and Class B common stockholders, diluted (in usd per share) | $8.57 | $1.88 | $0.35 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2025-05-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $1.0B | $785.8M | |||
| Short-term investments | $104.1M | $91.9M | |||
| Accounts receivable | $162.8M | $128.9M | |||
| Deferred cost of revenues | $102.7M | $80.2M | |||
| Income tax receivable | $14.1M | $27.0K | |||
| Prepaid expenses and other current assets | $16.6M | $14.8M | |||
| Total current assets | $1.4B | $1.1B | |||
| Operating lease right-of-use assets | $80.4M | $35.6M | $47.5M | ||
| Long-term investments | $135.1M | $98.3M | |||
| Intangible assets, net | $28.3M | $19.9M | |||
| Property and equipment, net | $36.3M | $18.9M | |||
| Goodwill | $35.3M | $10.5M | |||
| Restricted cash | $2.7M | $2.7M | |||
| Deferred tax assets, net | $227.3M | $675.0K | |||
| Other assets | $10.1M | $1.6M | |||
| Total assets | $2.0B | $1.3B | |||
| Deferred revenues | $496.2M | $372.9M | $249.2M | ||
| Accounts payable | $8.0M | $6.4M | |||
| Income tax payable | $1.3M | $6.6M | |||
| Accrued expenses and other current liabilities | $45.7M | $36.4M | |||
| Total current liabilities | $551.1M | $422.2M | |||
| Long-term obligation under operating leases | $93.8M | $54.7M | |||
| Deferred tax liabilities, net | $249.0K | $291.0K | |||
| Total liabilities | $645.2M | $477.2M | |||
| Class A common stock, $0.0001 par value; 2,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 40,368 and 38,730 issued and outstanding at December 31, 2025 and December 31, 2024, respectively Class B common stock, $0.0001 par value; 30,000 shares authorized as of December 31, 2025 and December 31, 2024; 6,260 and 6,206 issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $5.0K | $4.0K | |||
| Additional paid-in capital | $1.1B | $950.4M | |||
| Retained earnings (Accumulated deficit) | $288.2M | -$125.8M | |||
| Total stockholders equity | $1.3B | $824.5M | $655.5M | $542.1M | |
| Total liabilities and stockholders' equity | $2.0B | $1.3B |
| Period ending | 2025-12-31 | 2025-05-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $1.0B | $785.8M | |||
| Short-term investments | $104.1M | $91.9M | |||
| Accounts receivable | $162.8M | $128.9M | |||
| Deferred cost of revenues | $102.7M | $80.2M | |||
| Income tax receivable | $14.1M | $27.0K | |||
| Prepaid expenses and other current assets | $16.6M | $14.8M | |||
| Total current assets | $1.4B | $1.1B | |||
| Operating lease right-of-use assets | $80.4M | $35.6M | $47.5M | ||
| Long-term investments | $135.1M | $98.3M | |||
| Intangible assets, net | $28.3M | $19.9M | |||
| Property and equipment, net | $36.3M | $18.9M | |||
| Goodwill | $35.3M | $10.5M | |||
| Restricted cash | $2.7M | $2.7M | |||
| Deferred tax assets, net | $227.3M | $675.0K | |||
| Other assets | $10.1M | $1.6M | |||
| Total assets | $2.0B | $1.3B | |||
| Deferred revenues | $496.2M | $372.9M | $249.2M | ||
| Accounts payable | $8.0M | $6.4M | |||
| Income tax payable | $1.3M | $6.6M | |||
| Accrued expenses and other current liabilities | $45.7M | $36.4M | |||
| Total current liabilities | $551.1M | $422.2M | |||
| Long-term obligation under operating leases | $93.8M | $54.7M | |||
| Deferred tax liabilities, net | $249.0K | $291.0K | |||
| Total liabilities | $645.2M | $477.2M | |||
| Class A common stock, $0.0001 par value; 2,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 40,368 and 38,730 issued and outstanding at December 31, 2025 and December 31, 2024, respectively Class B common stock, $0.0001 par value; 30,000 shares authorized as of December 31, 2025 and December 31, 2024; 6,260 and 6,206 issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $5.0K | $4.0K | |||
| Additional paid-in capital | $1.1B | $950.4M | |||
| Retained earnings (Accumulated deficit) | $288.2M | -$125.8M | |||
| Total stockholders equity | $1.3B | $824.5M | $655.5M | $542.1M | |
| Total liabilities and stockholders' equity | $2.0B | $1.3B |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $414.1M | $88.6M | $16.1M |
| Deferred income taxes | -$225.2M | $0 | $0 |
| Stock-based compensation expense | $137.4M | $110.5M | $95.2M |
| Depreciation and amortization | $14.4M | $10.9M | $7.1M |
| Accretion on marketable securities, net | -$1.9M | -$551.0K | $0 |
| Other | $0 | $238.0K | $333.0K |
| Deferred revenue | $123.3M | $123.7M | $91.6M |
| Accounts receivable | -$33.9M | -$39.9M | -$42.2M |
| Deferred cost of revenues | -$22.5M | -$26.2M | -$18.9M |
| Prepaid expenses and other current assets | -$15.8M | -$7.6M | -$48.0K |
| Accounts payable | $1.6M | $3.9M | $1.3M |
| Accrued expenses and other current liabilities | $255.0K | $16.9M | $3.4M |
| Noncurrent assets and liabilities | -$4.0M | $5.2M | -$264.0K |
| Net cash provided by operating activities | $387.8M | $285.5M | $153.6M |
| Purchases of investments | -$162.9M | -$193.3M | $0 |
| Maturities and paydowns of investments | $115.7M | $3.7M | $0 |
| Capitalized software expense and purchases of intangible assets | -$9.3M | -$9.0M | -$10.5M |
| Purchase of property and equipment | -$18.1M | -$12.1M | -$3.2M |
| Proceeds from sale of capitalized software | $0 | $0 | $100.0K |
| Acquisitions of companies, net of $0 and $5 cash acquired, respectively | -$33.1M | -$6.6M | $0 |
| Net cash used for investing activities | -$107.7M | -$217.3M | -$13.6M |
| Proceeds from exercise of stock options | $12.6M | $19.4M | $13.6M |
| Taxes paid related to net-share settlement of share-based compensation awards | -$41.6M | -$49.4M | -$11.5M |
| Payment of earn-out related to a previous acquisition | -$500.0K | $0 | $0 |
| Net cash used for financing activities | -$29.5M | -$30.0M | $2.1M |
| Net increase in cash, cash equivalents and restricted cash | $250.6M | $38.2M | $142.2M |
| Cash paid for income taxes | $14.4M | $7.6M | $2.3M |
| Property and equipment included in Current liabilities | $4.5M | $0 | $165.0K |
| Landlord incentive included in Other assets | $6.8M | $0 | $0 |
| Right of use assets obtained in exchange for new operating lease liabilities | $39.2M | $33.0M | $0 |
| Right of use assets disposed of or adjusted for modifying operating leases liabilities | $0 | $1.3M | $2.0M |
| Cash acquired during acquisition | $0 | $5.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led Duolingo Inc, and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
2025
- Chief executive officerAhn Luis Von Jul 27, 2021 to now14
- PresidentAhn Luis Von Jul 27, 2021 to now14
- Chief financial officerGillian Munson Mar 27, 2026 to now15
- Chief financial officerMatthew Skaruppa Jul 27, 2021 to Mar 27, 202616
Board members and other officers (13)
- SVP, EngineeringNatalie Glance Jul 27, 2021 to now17
- Chief Business OfficerRobert Meese Jul 27, 2021 to now18
- Chief Technology Officer,Severin Hacker Jul 27, 2021 to now19
- Board memberSallie Krawcheck Aug 12, 2026 to now20
- Board memberMario Schlosser Jul 2, 2024 to now21
- Board memberAhn Luis Von Jul 27, 2021 to now14
- Board memberAmy Bohutinsky Jul 27, 2021 to now22
- Board memberGillian Munson Jul 27, 2021 to now23
- Board memberJames H. Shelton Jul 27, 2021 to now24
- Board memberLaela Sturdy Jul 27, 2021 to Jun 20, 202325
- Board memberSara Clemens Jul 27, 2021 to now26
- Board memberSeverin Hacker Jul 27, 2021 to now19
- Board memberWilliam B. Gordon Jul 27, 2021 to now27
Timeline
Filings
720 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 37 major events, 432 insider forms, 58 large holders, 172 other. The latest 20:
- Oct 13, 20264 EDGAR
- Oct 13, 20264 EDGAR
- Oct 13, 20264 EDGAR
- Oct 13, 20264 EDGAR
- Oct 9, 20264 EDGAR
- Oct 7, 2026144 EDGAR
- Sep 28, 20264 EDGAR
- Sep 24, 2026144 EDGAR
- Sep 23, 20264 EDGAR
- Sep 22, 2026144 EDGAR
- Sep 21, 2026144 EDGAR
- Sep 21, 2026144 EDGAR
- Sep 18, 20264 EDGAR
- Sep 16, 2026144 EDGAR
- Sep 16, 2026144 EDGAR
- Sep 15, 20264 EDGAR
- Sep 14, 2026144 EDGAR
- Sep 10, 20264 EDGAR
- Sep 8, 2026144 EDGAR
- Aug 19, 20264 EDGAR
The 720 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 58 such filings since October 2021, the latest 10:
- Aug 12, 2026SCHEDULE 13G/A
- Aug 12, 2026SCHEDULE 13G
- Jul 31, 2026SCHEDULE 13G
- May 14, 2026SCHEDULE 13G/A
- May 6, 2026SCHEDULE 13G/A
- Mar 26, 2026SCHEDULE 13G/A
- Nov 4, 2025SCHEDULE 13G/A
- Nov 3, 2025SCHEDULE 13G/A
- Aug 13, 2025SCHEDULE 13G
- Aug 8, 2025SCHEDULE 13G
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Baillie Gifford & Co | 4,824,298 | $554.9M | 0.5% | −51,512 |
| BlackRock, Inc. | 3,867,080 | $444.8M | 0.0% | −119,386 |
| Aqr Capital Management LLC | 2,332,543 | $268.3M | 0.1% | +2,222,495 |
| Vanguard Capital Management LLC | 1,745,689 | $200.8M | 0.0% | +22,557 |
| Two Sigma Investments, LP | 1,629,242 | $187.4M | 0.1% | +233,698 |
| FIL Ltd | 1,603,554 | $184.4M | 0.1% | −19,251 |
| Vanguard Portfolio Management LLC | 1,603,280 | $184.4M | 0.0% | −29,370 |
| Federated Hermes, Inc. | 1,371,817 | $157.8M | 0.2% | +118,791 |
| State Of Michigan Retirement System | 1,306,107 | $150.2M | 0.7% | +112,800 |
| State Street Corp | 1,229,391 | $141.4M | 0.0% | +45,747 |
| Bank Of America Corp /de/ | 1,190,378 | $136.9M | 0.0% | −141,923 |
| Fmr LLC | 1,131,136 | $130.1M | 0.0% | +37,797 |
| UBS Group AG | 1,026,002 | $118.0M | 0.0% | −72,060 |
| PeakShares LLC | 1,000 | $115.0M | 0.1% | No change |
| Geode Capital Management, LLC | 769,071 | $88.5M | 0.0% | −49,257 |
| Goldman Sachs Group Inc | 624,532 | $71.8M | 0.0% | +272,081 |
| Quinn Opportunity Partners LLC | 555,664 | $63.9M | 3.0% | +58,302 |
| Morgan Stanley | 506,166 | $58.2M | 0.0% | −447,603 |
| Gilder Gagnon Howe & Co LLC | 502,344 | $57.8M | 0.6% | −6,206 |
| Whale Rock Capital Management LLC | 471,764 | $54.3M | 0.4% | No change |
| Amundi | 471,288 | $54.2M | 0.0% | +22,220 |
| Bnp Paribas Financial Markets | 463,923 | $53.4M | 0.0% | −19,096 |
| Charles Schwab Investment Management Inc | 358,498 | $41.2M | 0.0% | +51,645 |
| Squarepoint Ops LLC | 324,472 | $37.3M | 0.1% | +302,434 |
| Norges Bank | 321,546 | $37.0M | 0.0% | New |
13F reports cover disclosed long positions in U.S. stocks only.
Members of Congress who traded it
3 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| Aug 13, 2025 | Lisa C. McClainRepublican, House | Sale | $1,001 - $15,000 | +76.4% | Report |
| Jun 24, 2025 | Lisa C. McClainRepublican, House | Sale | $1,001 - $15,000 | +93.7% | Report |
| Jun 17, 2025 | Lisa C. McClainRepublican, House | Buy | $1,001 - $15,000 | −99.4% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
Links
- Websitewww.duolingo.com1
- Instagramwww.instagram.com/duolingo1
- WikidataQ124637557
- SEC EDGARCIK 1562088
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1WikidataDuolingo Inc on Wikidata
- 2SEC EDGARDuolingo Inc filings on SEC EDGAR
- 3Company websiteDuolingo Inc logo
- 4SEC EDGARDuolingo Inc 10-K for fiscal 2025
- 5SEC EDGARDuolingo Inc filings on SEC EDGAR
- 6SEC EDGARDuolingo Inc 10-K for fiscal 2020
- 7SEC EDGARDuolingo Inc 10-K for fiscal 2021
- 8SEC EDGARDuolingo Inc 10-K for fiscal 2022
- 9SEC EDGARDuolingo Inc 10-Q for fiscal 2025
- 10SEC EDGARDuolingo Inc 10-Q for fiscal 2025
- 11SEC EDGARDuolingo Inc 10-Q for fiscal 2026
- 12SEC EDGARDuolingo Inc 10-K for fiscal 2020
- 13SEC EDGARDuolingo Inc 10-Q for fiscal 2025
- 14
- 15
- 16
- 17SEC EDGARNatalie Glance, SVP, Engineering
- 18SEC EDGARRobert Meese, Chief Business Officer
- 19
- 20SEC EDGARSallie Krawcheck, Board member
- 21SEC EDGARMario Schlosser, Board member
- 22SEC EDGARAmy Bohutinsky, Board member
- 23SEC EDGARGillian Munson, Board member
- 24SEC EDGARJames H. Shelton, Board member
- 25SEC EDGARLaela Sturdy, Board member
- 26SEC EDGARSara Clemens, Board member
- 27SEC EDGARWilliam B. Gordon, Board member