Duolingo, Inc. operates as a mobile learning platform in the United States, the United Kingdom, and internationally.
Profile & Fundamentals
Duolingo: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Duolingo Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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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
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
- Market Cap
- USD 7.4B
- P/E
- 18.0x
- 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
Latest: 50.0M | Max: 50.0M | Min: 35.9M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
79.90%
40.0M latest reported shares
Insider Ownership
1.50%
Latest reported insider stake
Short Float
0.19%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| 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 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| Baillie Gifford & Co Limited. | 4,824,298 | 10.31% | 2026-06-30 |
| BlackRock Inc | 3,986,466 | 8.52% | 2026-03-31 |
| Vanguard Capital Management, LLC | 1,723,132 | 3.68% | 2026-03-31 |
| Vanguard Portfolio Management, LLC | 1,632,650 | 3.49% | 2026-03-31 |
| Two Sigma Investments LLC | 1,629,242 | 3.48% | 2026-06-30 |
| Fidelity International Ltd | 1,622,805 | 3.47% | 2026-03-31 |
| iShares Core S&P Mid-Cap ETF | 1,410,590 | 3.02% | 2026-08-31 |
| Federated Hermes Inc | 1,371,817 | 2.93% | 2026-06-30 |
| Bank of America Corp | 1,332,301 | 2.85% | 2026-03-31 |
| State Treasurer State Of Michigan | 1,306,107 | 2.79% | 2026-06-30 |
| Vanguard MStar Total Stk Mkt Idx Invest | 1,214,710 | 2.6% | 2026-08-31 |
| State Street Corp | 1,183,644 | 2.53% | 2026-03-31 |
| Jupiter Merian Glb Eq Abs Rt I USD Acc | 1,110,254 | 2.37% | 2026-06-30 |
| UBS Group AG | 1,098,062 | 2.35% | 2026-03-31 |
| FMR Inc | 1,093,339 | 2.34% | 2026-03-31 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
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.
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
Latest: USD 1.0B | Max: USD 1.0B | Min: USD -60.1M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 21x
Profitability & Margins
Margins and Operating Efficiency
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, operating margins are positioned to expand sustainably over the multi-year cycle.
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, operating margins are positioned to expand sustainably over the multi-year cycle.
Profitability Margins
Latest: 71.7% | Max: 100.0% | Min: -24.0%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
71.7%
Gross profit / revenue
Operating Margin
13.6%
Operating income / revenue
Net Margin
39.9%
Net income / revenue
FCF Margin
35.6%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2019-12-31 | 70,760,000 | -13,554,000 | -1,618,000 |
| 2020-12-31 | 161,696,000 | -15,776,000 | 14,332,000 |
| 2021-12-31 | 250,772,000 | -60,135,000 | 5,584,000 |
| 2022-12-31 | 369,495,000 | -59,574,000 | 48,094,000 |
| 2023-12-31 | 531,109,000 | 16,067,000 | 150,423,000 |
| 2024-12-31 | 748,024,000 | 88,574,000 | 273,397,000 |
| 2025-12-31 | 1,037,589,000 | 414,065,000 | 369,727,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| 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 |
Profitability Margins
Matching annual reporting dates. Values are percentages.
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| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2019-12-31 | 69.82 | -18.23 | -19.15 | -2.29 |
| 2020-12-31 | 71.22 | -9.73 | -9.76 | 8.86 |
| 2021-12-31 | 100 | 23.93 | -23.98 | 2.23 |
| 2022-12-31 | 72.01 | -17.47 | -16.12 | 13.02 |
| 2023-12-31 | 72.29 | -2.43 | 3.03 | 28.32 |
| 2024-12-31 | 72.03 | 8.5 | 11.84 | 36.55 |
| 2025-12-31 | 71.68 | 13.61 | 39.91 | 35.63 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-29.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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