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Nasdaq · Technology

Duolingo, Inc. (DUOL)

As-reported financials and SEC filings for Duolingo, Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Duolingo, Inc.

Duolingo, Inc. develops a mobile education platform primarily focused on language learning, offering over 250 language courses to more than 130 million monthly active users. The company provides a freemium app that uses gamification and AI-driven features to engage learners and improve educational outcomes. Duolingo also offers the Duolingo English Test, an online English proficiency assessment accepted by thousands of educational institutions worldwide.

Snapshot

Revenue
$1.04B
Revenue growth (YoY)
38.7%
Net income
$414.1M
Diluted EPS
$8.57
Gross margin
72.2%
Operating margin
13.1%
Net margin
39.9%
FCF margin
35.6%
ROE
30.7%
net income / fiscal-year-end equity
P/E
18.8×
trailing when available, otherwise FY EPS
Market cap
$7.40B
Long-term debt / equity
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Duolingo

  • Revenue grew 38.7% to $1.0B in FY2025, slower than the 40.8% the year before.
  • Operating margin turned positive at 13.1% in FY2025, from a 23.9% operating loss in FY2021.
  • Most recent quarter Q2 FY2026: revenue $298M, up 18.3% from Q2 FY2025.
  • Free cash flow was $370M in FY2025, 35.6% of revenue.
  • Net income rose 367.5% to $414M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Duolingo’s fundamentals sit among the 332 software companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin72.2%
59th percentile of 264
Operating margin13.1%
75th percentile of 303
Net margin39.9%
96th percentile of 307
FCF margin35.6%
94th percentile of 285
Revenue growth (YoY)+38.7%
90th percentile of 325
ROE30.7%
87th percentile of 285
P/E18.8×
35th percentile of 169
Short interest4.50d
64th percentile of 330

Duolingo’s net margin of 39.9% ranks in the 96th percentile of the 307 software companies reporting it. Duolingo’s FCF margin of 35.6% ranks in the 94th percentile of the 285 software companies reporting it. Duolingo’s revenue growth of +38.7% ranks in the 90th percentile of the 325 software companies reporting it.

No reported insider purchases (code P) in the last 90 days; 5 insider sales totaling $874,387. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 of the superinvestors we track (plus 7 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
2
+7 quant / multi-strat
Initiated / added
4
1 new, 3 added
Reduced / exited
4
4 trimmed, 0 exited
Combined position
$607.0M
reported long value
InvestorAs ofPosition valueSharesChange
AQR Capital ManagementquantQ2 2026$268.3M2.3MAdded
Two Sigma InvestmentsquantQ2 2026$187.4M1.6MAdded
Whale Rock Capital ManagementQ2 2026$54.3M471.8KHeld
Point72 Asset ManagementquantQ2 2026$24.7M215.1KNew
Renaissance TechnologiesquantQ2 2026$24.3M211.5KReduced
D. E. ShawquantQ2 2026$22.6M196.7KReduced
Gotham Asset ManagementQ2 2026$16.8M145.6KAdded
Millennium ManagementquantQ2 2026$8.3M72.0KReduced
Citadel AdvisorsquantQ2 2026$299,8572.6KReduced

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
5
$874K
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-18
filed 2026-08-19
Glance NatalieChief Engineering OfficerSell1.0K$138.19$143K
2026-08-18
filed 2026-08-19
Glance NatalieChief Engineering OfficerSell502$137.01$69K
2026-08-17
filed 2026-08-19
Glance NatalieChief Engineering OfficerSell2.8K$129.13$355K
2026-08-17
filed 2026-08-19
Meese RobertChief Business OfficerSell1.4K$129.13$175K
2026-08-17
filed 2026-08-19
Chen Stephen C.General CounselSell1.0K$129.13$132K
2026-05-18
filed 2026-05-19
Glance NatalieChief Engineering OfficerSell2.1K$113.21$233K
2026-05-18
filed 2026-05-19
Glance NatalieChief Engineering OfficerSell1.3K$114.19$148K
2026-05-18
filed 2026-05-19
Chen Stephen C.General CounselSell1.3K$113.27$145K
2026-05-18
filed 2026-05-19
Chen Stephen C.General CounselSell700$114.22$80K
2026-05-15
filed 2026-05-19
Glance NatalieChief Engineering OfficerSell1.9K$112.16$216K
2026-05-15
filed 2026-05-19
Meese RobertChief Business OfficerSell1.4K$112.16$159K
2026-05-15
filed 2026-05-19
Chen Stephen C.General CounselSell820$112.16$92K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
7.1M
settled 2026-08-14
Change vs prior
-2.4%
vs previous settlement
Days to cover
4.50
at avg daily volume
Avg daily volume
1.6M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-147.1M-2.4%4.50
2026-07-317.3M-3.1%7.23
2026-07-157.5M+0.7%7.63
2026-06-307.4M-6.0%4.54
2026-06-157.9M+3.9%5.01
2026-05-297.6M-2.2%6.36
2026-05-157.8M+2.4%3.17
2026-04-307.6M-2.9%4.77

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$1.04B$748.0M$531.1M$369.5M$250.8M
Gross profit$749.5M$544.4M$389.0M$270.1M$181.6M
Operating income$135.6M$62.6M$-13.3M$-65.2M$-60.0M
Net income$414.1M$88.6M$16.1M$-59.6M$-60.1M
Diluted EPS$8.57$1.88$0.35$-1.51$-2.57

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$1.04B$785.8M$747.6M$608.2M$553.9M
Current assets$1.44B$1.10B$897.8M$697.2M$619.3M
Total assets$1.99B$1.30B$954.0M$747.3M$661.3M
Current liabilities$551.1M$422.2M$277.4M$181.8M$119.1M
Long-term debt
Total liabilities$645.2M$477.2M$298.5M$205.3M$148.3M
Total equity$1.35B$824.5M$655.5M$542.1M$513.1M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$387.8M$285.5M$153.6M$53.7M$9.2M
Capital expenditure$18.1M$12.1M$3.2M$5.6M$3.6M
Free cash flow$369.7M$273.4M$150.4M$48.1M$5.6M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$298.5M18.3%$33.2M$0.66
Q1 FY2026$292.0M26.5%$43.5M$0.89
Q4 FY2025$282.9M35.0%$42.0M$0.89
Q3 FY2025$271.7M41.1%$292.2M$5.95
Q2 FY2025$252.3M41.5%$44.8M$0.91
Q1 FY2025$230.7M37.7%$35.1M$0.72
Q4 FY2024$209.6M38.8%$13.9M$0.30
Q3 FY2024$192.6M39.9%$23.4M$0.49

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorTechnology
SIC industryServices-Prepackaged Software
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2012
SEC CIK1562088

Selected SEC filings

10-K2026-02-27
View on EDGAR →
10-Q2026-08-06
View on EDGAR →
10-Q2026-05-05
View on EDGAR →
8-K2026-08-19
View on EDGAR →
8-K2026-08-10
View on EDGAR →
8-K2026-08-05
View on EDGAR →
8-K2026-06-05
View on EDGAR →

Largest software peers

All software stocksAll Technology companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.