Duolingo, Inc.

DUOL 10-K · FY 2025
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DUOL FY 2025 request

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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 1,037,589 748,024 +38.7%
Show Product Lines breakouts
Advertising 79,725 54,907 +45.2%
Duolingo English Test 42,006 45,640 -8.0%
IAPs 40,479 38,653 +4.7%
License And Service 873,442 607,531 +43.8%
Other 1,937 1,293 +49.8%
Product And Service Other 164,147 140,493 +16.8%
Show Geography breakouts
Non Us 645,375 436,485 +47.9%
US 392,214 311,539 +25.9%
Cost of Revenue 288,132 203,645 +41.5%
Gross Profit 749,457 544,379 +37.7%
Research & Development 306,323 235,298 +30.2%
Sales & Marketing 125,677 90,494 +38.9%
General & Administrative 181,887 155,992 +16.6%
Operating Expenses 613,887 481,784 +27.4%
Operating Income 135,570 62,595 +116.6%
Other Income 3,382 1,267 +166.9%
Other Expenses -1,773 -4,253 +58.3%
Non-Operating Income (Expense) 1,609 -2,986 +153.9%
Income Loss From Continuing Operations Before Interest Income Income Taxes Noncontrolling Interests 137,179 59,609 +130.1%
Interest Income Operating 45,231 42,697 +5.9%
Income Before Taxes 182,410 102,306 +78.3%
Income Tax Expense (Benefit) -231,655 13,732 -1787.0%
Net Income 414,065 88,574 +367.5%
Show Equity Components breakouts
Retained Earnings 414,065 88,574 +367.5%
Show Statement Class Of Stock breakouts
Class A and Class B Common Stock 414,065 88,574 +367.5%
Comprehensive Income 414,065 88,574 +367.5%
EPS (Basic) 9.05 2.04 +343.6%
EPS (Diluted) 8.57 1.88 +355.9%
Wtd Avg Shares (Basic) (FY) — — —
Show Statement Class Of Stock breakouts
Class A and Class B Common Stock 45,773 43,504 +5.2%
Wtd Avg Shares (Diluted) 48,308 47,101 +2.6%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 1,036,389 785,791 +31.9%
Debt Securities Held To Maturity Amortized Cost After Allowance For Credit Loss Current 104,078 91,854 +13.3%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Short Term Investments 2,324 15,659 -85.2%
Fair Value Inputs Level1 · Short Term Investments 2,324 15,659 -85.2%
Fair Value Inputs Level2 101,754 76,195 +33.5%
Fair Value Inputs Level2 · Asset Backed Securities 347 697 -50.2%
Fair Value Inputs Level2 · Corporate Debt Securities 93,997 55,013 +70.9%
Fair Value Inputs Level2 · US Treasury Securities 7,410 8,964 -17.3%
Accounts Receivable 162,827 128,923 +26.3%
Capitalized Contract Cost Net Current 102,663 80,162 +28.1%
Income Tax Receivable 14,067 27 +52000.0%
Prepaid Expenses & Other Current Assets 16,582 14,831 +11.8%
Total Current Assets 1,436,606 1,101,588 +30.4%
Non-Current Assets
Operating Lease Right-of-Use Assets 80,380 47,495 +69.2%
Long Term Investments 135,098 98,292 +37.4%
Property, Plant & Equipment 36,297 18,943 +91.6%
Goodwill 35,335 10,538 +235.3%
Restricted Cash Noncurrent 2,735 2,735 0.0%
Deferred Tax Assets 227,339 675 +33579.9%
Other Non-Current Assets 10,083 1,563 +545.1%
Total Assets 1,992,182 1,301,728 +53.0%
Intangible Assets 28,057 — —
Other Assets
Intangible Assets Net Excluding Goodwill 28,309 19,899 +42.3%
Current Liabilities
Deferred Revenue (Current) 496,205 372,884 +33.1%
Accounts Payable 7,998 6,381 +25.3%
Accrued Income Taxes Current 1,257 6,591 -80.9%
Accrued Liabilities 45,688 36,375 +25.6%
Total Current Liabilities 551,148 422,231 +30.5%
Non-Current Liabilities
Operating Lease Liabilities 93,779 54,656 +71.6%
Deferred Tax Liabilities 249 291 -14.4%
Total Liabilities 645,176 477,178 +35.2%
Stockholders' Equity
Common Stock 5 4 +25.0%
Additional Paid-In Capital 1,058,783 950,393 +11.4%
Retained Earnings 288,218 -125,847 +329.0%
Total Stockholders' Equity 1,347,006 824,550 +63.4%
Show Equity Components breakouts
Additional Paid In Capital 1,058,783 950,393 +11.4%
Common Stock 5 4 +25.0%
Retained Earnings 288,218 -125,847 +329.0%
Total Liabilities & Equity 1,992,182 1,301,728 +53.0%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Deferred Income Taxes And Tax Credits -225,185 — —
Stock-Based Compensation 137,437 110,477 +24.4%
Depreciation & Amortization 14,391 10,854 +32.6%
Accretion Amortization Of Discounts And Premiums Investments -1,851 -551 -235.9%
Change in Deferred Revenue 123,321 123,692 -0.3%
Change in Accounts Receivable -33,904 -39,917 +15.1%
Increase Decrease In Capitalized Contract Costs Net -22,501 -26,231 +14.2%
Change in Prepaid & Other Assets -15,791 -7,570 -108.6%
Change in Accounts Payable 1,617 3,934 -58.9%
Increase Decrease In Accrued Liabilities 255 16,850 -98.5%
Increase Decrease In Other Noncurrent Assets And Liabilities Net -4,031 5,163 -178.1%
Net Cash from Operations 387,823 285,513 +35.8%
Deferred Income Taxes -226,729 157 -144513.4%
Investing Activities
Payments To Acquire Investments -162,926 -193,300 +15.7%
Proceeds From Sale Maturity And Collections Of Investments 115,747 3,705 +3024.1%
Payments For Software And Purchases Of Intangible Assets -9,303 -9,024 -3.1%
Capital Expenditures -18,096 -12,116 -49.4%
Payments To Acquire Businesses Net Of Cash Acquired -33,100 -6,595 -401.9%
Net Cash from Investing -107,678 -217,330 +50.5%
Landlord Incentives Incurred But Not Yet Paid 6,809 — —
Right Of Use Asset Obtained In Exchange For Operating Lease Liability 39,202 33,039 +18.7%
Financing Activities
Proceeds From Stock Options Exercised 12,570 19,356 -35.1%
Tax Withholding for Share Compensation -41,617 -49,358 +15.7%
Payment For Contingent Consideration Liability Financing Activities -500 — —
Net Cash from Financing -29,547 -30,002 +1.5%
Supplemental
Income Taxes Paid 14,405 7,620 +89.0%
Unpaid Capital Expenditures 4,453 — —
Income Taxes Paid 14,357 7,620 +88.4%
Other Cash Flow
Net Change in Cash 250,598 38,181 +556.3%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 1,039,124 788,526 +31.8%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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