Duolingo, Inc.

	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19
Total revenue	1.04	0.75	0.53	0.37	0.25	0.16	0.07
Cost of revenue	0.29	0.21	0.15	0.10	0.07	0.05	0.02
Gross profit	0.74	0.54	0.38	0.27	0.25	0.12	0.05
Total operating expenses +	0.60	0.48	0.40	0.33	0.24	0.13	0.06
Selling, general and administrative	0.18	0.16	0.13	0.12	0.08	0.04	0.02
Research and development	0.30	0.23	0.19	0.15	0.10	0.05	0.03
Other operating expenses	0.12	0.09	0.07	0.06	0.06	0.03	0.01
Operating income	0.14	0.06	-0.01	-0.06	0.06	-0.02	-0.01
Non-operating income (net)	0.04	0.04	0.03	0.01	-0.12	0.00	0.00
Income before tax	0.18	0.10	0.02	-0.06	-0.06	-0.02	-0.01
Income tax expense	-0.23	0.01	0.00	0.00	0.00	0.00	0.00
Net income	0.41	0.09	0.02	-0.06	-0.06	-0.02	-0.01

Show Quarterly Income Statement

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21	Jun-21	Mar-21	Dec-20	Sep-20	Jun-20	Mar-20	Dec-19	Sep-19	Jun-19	Mar-19
Total revenue	0.29	0.28	0.27	0.25	0.23	0.21	0.19	0.18	0.17	0.15	0.14	0.13	0.12	0.10	0.10	0.09	0.08	0.07	0.06	0.06	0.06	0.05	0.05	0.04	0.03	0.02	0.02	0.02	0.01
Cost of revenue	0.08	0.08	0.08	0.07	0.07	0.06	0.05	0.05	0.05	0.04	0.04	0.04	0.03	0.03	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00
Gross profit	0.21	0.20	0.20	0.18	0.16	0.15	0.14	0.13	0.12	0.11	0.10	0.09	0.08	0.07	0.07	0.06	0.06	0.05	0.05	0.04	0.04	0.04	0.03	0.03	0.02	0.02	0.01	0.01	0.01
Total operating expenses +	0.17	0.16	0.16	0.15	0.14	0.14	0.12	0.11	0.10	0.10	0.10	0.10	0.09	0.09	0.09	0.08	0.07	0.07	0.07	0.04	0.05	0.05	0.04	0.03	0.02	0.02	0.02	0.01	0.01
Selling, general and administrative	0.05	0.05	0.04	0.05	0.04	0.05	0.04	0.04	0.04	0.04	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.01	0.01	0.02	0.01	0.01	0.01
Research and development	0.08	0.08	0.08	0.07	0.07	0.07	0.06	0.05	0.05	0.05	0.05	0.05	0.05	0.04	0.04	0.03	0.03	0.03	0.03	0.02	0.02	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.01
Other operating expenses	0.04	0.03	0.03	0.03	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Operating income	0.04	0.04	0.04	0.03	0.02	0.01	0.01	0.02	0.02	0.00	0.00	0.00	-0.01	-0.02	-0.02	-0.01	-0.01	-0.02	-0.03	0.00	-0.01	-0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Non-operating income (net)	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Income before tax	0.06	0.05	0.05	0.05	0.04	0.02	0.03	0.03	0.03	0.02	0.00	0.00	0.00	-0.01	-0.02	-0.01	-0.01	-0.02	-0.03	0.00	-0.01	-0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Income tax expense	0.01	0.01	-0.25	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net income	0.04	0.04	0.29	0.04	0.04	0.01	0.02	0.02	0.03	0.01	0.00	0.00	0.00	-0.01	-0.02	-0.02	-0.01	-0.02	-0.03	0.00	-0.01	-0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00

about 20 hours ago

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	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19
Total cash and short-term investments +	1.14	0.88	0.75	0.61	0.55	0.12	0.06
Cash and cash equivalents	1.04	0.79	0.75	0.61	0.55	0.12	0.06
Short-term investments	0.10	0.09	0.00
Accounts receivable, net	0.18	0.13	0.09	0.05	0.06	0.03	0.02
Inventories			0.00	0.04	0.00	0.01	0.00
Other current assets	0.02	0.09	0.06	0.04	0.01	0.00	0.00
Total current assets	1.44	1.10	0.90	0.70	0.62	0.16	0.08
Total non-current assets +	0.56	0.20	0.06	0.05	0.04	0.02	0.02
Property, plant and equipment, net				0.01	0.01	0.01	0.01
Goodwill	0.04	0.01	0.00	0.00	0.00
Intangible assets	0.03	0.02	0.02	0.01	0.00	0.00	0.00
Long-term investments	0.14	0.10	0.00
Other non-current assets
Total assets	1.99	1.30	0.95	0.75	0.66	0.18	0.10

Total current liabilities +	0.55	0.42	0.28	0.18	0.12	0.07	0.03
Accounts payable	0.01	0.01	0.00	0.00	0.01	0.00	0.00
Short-term debt	0.00	0.01	0.00	0.00	0.00	0.00	0.00
Current portion of long-term debt
Deferred revenue
Other current liabilities	0.05	0.04	0.02	0.02	0.01	0.01	0.00
Total non-current liabilities +	0.09	0.05	0.02	0.02	0.03	0.01	0.01
Long-term debt
Capital lease obligations	0.09	0.05	0.03	0.03	0.03	0.01	0.01
Other non-current liabilities		1.10	0.90	0.02	0.03
Total liabilities	0.65	0.48	0.30	0.21	0.15	0.07	0.04

Total stockholders' equity +	1.35	0.82	0.66	0.54	0.51	0.10	0.05
Common stock and paid-in capital	1.06	0.95	0.87	0.77	0.68	0.21	0.15
Retained earnings	0.29	-0.13	-0.21	-0.23	-0.17	-0.11	-0.10
Common shares outstanding	48	47	47	39	38	36	36

Show Quarterly Balance Sheet

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21	Jun-21	Mar-21	Dec-20	Sep-20	Jun-20	Mar-20	Dec-19	Sep-19	Jun-19	Mar-19
Total cash and short-term investments +	1.25	1.14	1.12	1.10	1.00	0.88	0.88	0.89	0.83	0.75	0.70	0.68	0.64	0.61	0.60	0.59	0.58	0.55	0.55	0.11	0.12	0.12	0.00	0.00	0.06	0.06	0.00	0.00	0.00
Cash and cash equivalents	1.14	1.04	1.01	0.98	0.88	0.79	0.85	0.89	0.83	0.75	0.70	0.68	0.64	0.61	0.60	0.59	0.58	0.55	0.55	0.11	0.12	0.12			-0.06	0.06
Short-term investments	0.11	0.10	0.11	0.12	0.12	0.09	0.03																		0.12
Accounts receivable, net	0.13	0.18	0.13	0.11	0.11	0.21	0.16	0.14	0.14	0.14	0.11	0.10	0.09	0.08	0.06	0.06	0.06	0.06	0.04	0.04	0.04	0.03				0.02
Inventories							-0.02			0.00		0.04	0.04	0.04			0.00	0.00	0.00		0.00
Other current assets	0.12	0.12	0.11	0.11	0.11	0.01	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00				0.00
Total current assets	1.51	1.44	1.37	1.32	1.22	1.10	1.06	1.04	0.98	0.90	0.82	0.78	0.74	0.70	0.67	0.66	0.64	0.62	0.60	0.16	0.16	0.16			0.06	0.08
Total non-current assets +	0.55	0.56	0.52	0.22	0.18	0.20	0.16	0.10	0.09	0.07	0.05	0.05	0.05	0.06	0.05	0.05	0.04	0.04	0.02	0.02	0.02	0.02			0.05	0.02
Property, plant and equipment, net												0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.02	0.01	0.01
Goodwill	0.04	0.04	0.04	0.01	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Intangible assets	0.03	0.03	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00				0.00
Long-term investments	0.14	0.14	0.10	0.08	0.08	0.10	0.06
Other non-current assets
Total assets	2.06	1.99	1.89	1.54	1.40	1.30	1.22	1.14	1.07	0.96	0.87	0.83	0.79	0.76	0.71	0.70	0.68	0.66	0.62	0.18	0.18	0.18			0.05	0.10

Total current liabilities +	0.57	0.55	0.48	0.47	0.45	0.42	0.34	0.32	0.30	0.28	0.23	0.22	0.20	0.18	0.16	0.15	0.14	0.12	0.10	0.09	0.08	0.07				0.03
Accounts payable	0.01	0.01	0.00	0.01	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.00	0.00	0.00				0.00
Short-term debt		0.09	0.00	0.00		0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00				0.00
Current portion of long-term debt
Deferred revenue
Other current liabilities	0.05	0.05	0.04	0.03	0.04	0.04	0.03	0.02	0.02	0.02	0.02	0.02	0.01	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01				0.00
Total non-current liabilities +	0.09	0.09	0.09	0.09	0.05	0.05	0.05	0.05	0.05	0.03	0.02	0.02	0.02	0.03	0.02	0.03	0.03	0.03	0.01	0.01	0.01	0.01				0.01
Long-term debt
Capital lease obligations	0.09	0.09	0.09	0.09	0.05	0.05	0.05	0.05	0.05	0.03	0.02	0.02	0.02	0.03	0.02	0.03	0.03	0.03	0.01	0.01	0.01	0.01
Other non-current liabilities					1.22	1.10	1.06	1.04				0.02	0.02	0.02	0.02	0.03	0.03	0.03	0.01	0.01
Total liabilities	0.67	0.65	0.58	0.57	0.51	0.48	0.40	0.37	0.36	0.31	0.26	0.24	0.23	0.21	0.18	0.17	0.16	0.15	0.11	0.09	0.09	0.07				0.04

Total stockholders' equity +	1.39	1.35	1.31	0.98	0.89	0.82	0.82	0.77	0.71	0.66	0.61	0.60	0.57	0.54	0.53	0.53	0.52	0.51	0.51	0.09	0.08	0.10			0.05	0.05
Common stock and paid-in capital	1.06	1.06	1.06	1.02	0.98	0.95	0.96	0.93	0.90	0.87	0.84	0.83	0.80	0.77	0.75	0.73	0.70	0.68	0.66	0.21	0.21	0.21	0.00	0.00	0.05	0.15	0.00	0.00	0.00
Retained earnings	0.33	0.29	0.25	-0.05	-0.09	-0.13	-0.14	-0.16	-0.19	-0.21	-0.23	-0.23	-0.23	-0.23	-0.22	-0.20	-0.18	-0.17	-0.15	-0.12	-0.12	-0.11				-0.10
Common shares outstanding	49	50	49	49	48	50	48	48	47	49	47	47	41	40	40	39	39	38	37	37	37	36	36	36	36	36	36	36	36

about 20 hours ago

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	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19
Operating cash flow +	0.39	0.29	0.15	0.05	0.01	0.02	0.00
Net income
Depreciation, depletion and amortization	0.01	0.01	0.01	0.00	0.00	0.00	0.00
Stock-based compensation	0.14	0.11	0.10	0.07	0.04	0.02	0.00
Change in inventory					0.00	0.00	0.00
Other working capital changes	0.24	0.16	0.05	-0.03	-0.03	-0.01	0.00
Cash flow from investing +	-0.11	-0.22	-0.01	-0.01	-0.01	0.00	0.00
Capital expenditures	-0.02	-0.01	0.00	-0.01	0.00	0.00	0.00
Others incl. marketable securities changes	-0.09	-0.21	-0.01	-0.01	0.00	0.00	0.01
Cash flow from financing +	-0.03	-0.03	0.00	0.01	0.43	0.05	0.03
Dividend payout
Common stock repurchases			-0.01	0.01	-0.01	0.00	0.00
Net Debt Issuance	-0.03	-0.03	0.01	0.00	0.44	0.05	0.03

Change in cash	0.25	0.04	0.14	0.05	0.43	0.06	0.04

Show Quarterly Cash Flow

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21	Jun-21	Mar-21	Dec-20	Sep-20	Jun-20	Mar-20
Operating cash flow +	0.15	0.11	0.08	0.09	0.11	0.08	0.06	0.06	0.08	0.05	0.04	0.04	0.03	0.01	0.01	0.01	0.02	0.00	0.00	0.00	0.01	0.00	0.00	0.01	0.00
Net income
Depreciation, depletion and amortization	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Stock-based compensation	0.03	0.04	0.04	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.01	0.02	0.00	0.00	0.01	0.00	0.00	0.00
Change in inventory											0.00	0.00						0.00	0.00	-0.01	0.01	0.00	0.00	0.00	0.00
Other working capital changes	0.11	0.07	0.05	0.05	0.07	0.05	0.02	0.03	0.06	0.02	0.01	0.01	0.01	-0.01	-0.01	-0.01	0.00	-0.02	-0.01	0.00	-0.01	-0.01	0.00	0.01	0.00
Cash flow from investing +	-0.02	-0.04	-0.05	0.00	-0.01	-0.11	-0.09	-0.01	-0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital expenditures	0.00	-0.01	0.00	0.00	0.00	0.00	0.00	-0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Others incl. marketable securities changes	-0.02	-0.03	-0.05	0.00	-0.01	-0.11	-0.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash flow from financing +	-0.03	-0.04	0.00	0.00	0.00	-0.04	0.00	0.00	0.00	0.00	-0.01	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.43	0.00	-0.01	0.04	0.00	0.01	0.00
Dividend payout
Common stock repurchases	-0.02				0.00						-0.01	0.00	0.00	0.00	0.00	0.00	0.01	0.00	0.00	0.00	-0.01	0.00	0.00	0.00
Net Debt Issuance	-0.01	-0.04	0.00	0.00	0.00	-0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.43	0.00	0.00	0.04	0.00	0.01	0.00

Change in cash	0.10	0.02	0.04	0.09	0.10	-0.07	-0.03	0.06	0.08	0.05	0.02	0.04	0.03	0.01	0.01	0.01	0.02	0.00	0.43	0.00	0.00	0.04	0.00	0.02	0.00

about 20 hours ago

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Duolingo, Inc.

Income Statement - Duolingo, Inc. (DUOL)

Income Statement - Duolingo, Inc. (DUOL)

Balance Sheet - Duolingo, Inc. (DUOL)

Balance Sheet - Duolingo, Inc. (DUOL)

Cash Flow - Duolingo, Inc. (DUOL)

Cash Flow - Duolingo, Inc. (DUOL)