Duolingo, Inc. (DUOL) Balance Sheet
DUOL balance sheet, 2025
December 31, 2025 · U.S. dollars$1.99B assets = $645.2M liabilities + $1.35B equity
Both columns are drawn to the same scale: what DUOL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
DUOL financial health
Descriptive bands, not a rating. Fiscal 2025.
DUOL balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $95.1M2019 | $1.99B2025 | +66.0%/yr | |
| Total liabilities | $41.3M2019 | $645.2M2025 | +58.1%/yr | |
| Shareholders’ equity | $53.7M2019 | $1.35B2025 | +71.1%/yr | |
| Cash & short-term investments | $59.8M2019 | $1.14B2025 | +63.4%/yr | |
| Total debt | $10.2M2019 | $93.8M2025 | +44.7%/yr | |
| Net cash (debt) | $49.6M2019 | $1.05B2025 | +$997.1M | |
| Working capital | $46.8M2019 | $885.5M2025 | +$838.6M | |
| Book value per share | $1.502019 | $27.882025 | +62.8%/yr | |
| Current ratio | 2.462019 | 2.612025 | +0.15 | |
| Debt / equity | 0.192019 | 0.072025 | −0.12 | |
| Shares outstanding | 35.9M2019 | 48.3M2025 | +5.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DUOL assets
DUOL liabilities and equity
DUOL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
DUOL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $1.14B | $877.6M | $747.6M | $608.2M | $553.9M | $120.5M | $59.8M |
| Cash & equivalents | $1.04B | $785.8M | $747.6M | $608.2M | $553.9M | $120.5M | $59.8M |
| Short-term investments | $104.1M | $91.9M | $0 | — | — | — | — |
| Receivables | $176.9M | $128.9M | $142.9M | $81.8M | $57.4M | $34.0M | $16.9M |
| Inventory | $0 | $0 | $1 | $35.0M | $2 | $13.6M | $1 |
| Other current assets | $119.2M | $95.0M | $7.3M | $0 | $8.0M | $0 | $2.1M |
| Total current assets | $1.44B | $1.10B | $897.8M | $697.2M | $619.3M | $158.4M | $78.9M |
| Property, plant & equipment (net) | $116.7M | $66.4M | $30.9M | $35.5M | $36.6M | $14.5M | $13.8M |
| Goodwill & intangible assets | $63.6M | $30.4M | $20.0M | $12.5M | $4.6M | $2.3M | $1.8M |
| Long-term investments | $135.1M | $98.3M | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $240.2M | $5.0M | $5.2M | $2.1M | $894,000 | $562,000 | $524,000 |
| Total assets | $1.99B | $1.30B | $954.0M | $747.3M | $661.3M | $175.7M | $95.1M |
| Liabilities | |||||||
| Accounts payable | $8.0M | $6.4M | $2.4M | $1.2M | $7.8M | $2.2M | $3.8M |
| Short-term debt | $0 | $2.6M | $3.9M | $4.9M | $3.3M | $1.1M | $974,000 |
| Deferred revenue | $496.2M | $372.9M | $249.2M | $157.6M | $98.3M | $54.8M | $26.3M |
| Total current liabilities | $551.1M | $422.2M | $277.4M | $181.8M | $119.1M | $65.7M | $32.1M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $93.8M | $54.7M | $25.0M | $28.4M | $32.5M | $9.2M | $10.2M |
| Other long-term liabilities | $94.0M | $54.9M | $21.1M | $23.5M | $29.1M | $8.1M | $9.2M |
| Total liabilities | $645.2M | $477.2M | $298.5M | $205.3M | $148.3M | $73.8M | $41.3M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $5,000 | $4,000 | $4,000 | $4,000 | $4,000 | $1,000 | $1,000 |
| Retained earnings (deficit) | $288.2M | −$125.8M | −$214.4M | −$230.5M | −$170.9M | −$110.8M | −$95.0M |
| Accumulated other comprehensive income | — | — | $0 | $0 | −$661.3M | −$182.6M | −$137.7M |
| Total shareholders' equity | $1.35B | $824.5M | $655.5M | $542.1M | $513.1M | $101.9M | $53.7M |
| Key figures | |||||||
| Total debt | $93.8M | $57.2M | $25.0M | $28.4M | $32.5M | $9.2M | $10.2M |
| Net cash (debt) | $1.05B | $820.4M | $722.6M | $579.8M | $521.5M | $111.2M | $49.6M |
| Working capital | $885.5M | $679.4M | $620.4M | $515.4M | $500.1M | $92.7M | $46.8M |
| Tangible book value | $1.28B | $794.1M | $635.5M | $529.5M | $508.5M | $99.6M | $51.9M |
| Book value per share | $27.88 | $17.51 | $14.09 | $13.73 | $13.41 | $2.84 | $1.50 |
| Shares outstanding | 48.3M | 47.1M | 46.5M | 39.5M | 38.3M | 35.9M | 35.9M |
| Current ratio | 2.61 | 2.61 | 3.24 | 3.84 | 5.20 | 2.41 | 2.46 |
| Quick ratio | 2.39 | 2.38 | 3.21 | 3.80 | 5.13 | 2.35 | 2.39 |
| Debt / equity | 0.07 | 0.07 | 0.04 | 0.05 | 0.06 | 0.09 | 0.19 |
| Equity / assets | 67.6% | 63.3% | 68.7% | 72.5% | 77.6% | 58.0% | 56.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.31B | $1.25B | $1.14B | $1.12B | $1.10B | $999.3M | $877.6M | $880.8M | $888.2M | $829.7M | $747.6M | $701.7M |
| Cash & equivalents | $1.18B | $1.14B | $1.04B | $1.01B | $976.2M | $884.0M | $785.8M | $854.4M | $888.2M | $829.7M | $747.6M | $701.7M |
| Short-term investments | $133.0M | $113.0M | $104.1M | $109.9M | $121.7M | $115.3M | $91.9M | $26.4M | — | — | — | — |
| Receivables | $133.7M | $130.2M | $176.9M | $134.4M | $206.7M | $203.7M | $209.1M | $161.5M | $141.0M | $136.8M | $142.9M | $107.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$16.1M | $0 | $0 | $1 | $0 |
| Other current assets | $123.6M | $124.2M | $119.2M | $111.3M | $19.4M | $16.6M | $14.9M | $32.3M | $12.3M | $10.7M | $7.3M | $9.5M |
| Total current assets | $1.57B | $1.51B | $1.44B | $1.37B | $1.32B | $1.22B | $1.10B | $1.06B | $1.04B | $977.3M | $897.8M | $819.1M |
| Property, plant & equipment (net) | $42.6M | $116.9M | $116.7M | $103.9M | $100.7M | $65.5M | $66.4M | $68.1M | $68.1M | $63.0M | $30.9M | $31.9M |
| Goodwill & intangible assets | $62.9M | $63.7M | $63.6M | $63.3M | $30.5M | $29.4M | $30.4M | $32.4M | $24.6M | $22.6M | $20.0M | $17.8M |
| Long-term investments | $102.7M | $140.2M | $135.1M | $98.7M | $75.4M | $83.3M | $98.3M | $55.3M | $0 | $0 | $0 | $0 |
| Other non-current assets | $294.6M | $231.3M | $240.2M | $252.6M | $12.1M | $5.2M | $5.0M | $5.2M | $5.1M | $5.7M | $15.5M | $1.9M |
| Total assets | $2.07B | $2.06B | $1.99B | $1.89B | $1.54B | $1.40B | $1.30B | $1.22B | $1.14B | $1.07B | $964.2M | $870.7M |
| Liabilities | ||||||||||||
| Accounts payable | $16.2M | $7.5M | $8.0M | $3.6M | $7.7M | $2.5M | $6.4M | $3.6M | $3.4M | $2.6M | $2.4M | $2.7M |
| Short-term debt | — | — | $93.8M | $4.1M | $3.0M | — | $2.6M | $2.6M | $2.5M | $2.8M | $3.9M | $5.1M |
| Deferred revenue | $505.1M | $513.3M | $496.2M | $441.7M | $431.2M | $415.0M | $372.9M | $310.6M | $291.5M | $279.3M | $249.2M | $208.9M |
| Total current liabilities | $577.8M | $574.1M | $551.1M | $484.5M | $471.4M | $454.5M | $422.2M | $342.1M | $317.7M | $303.7M | $277.4M | $234.9M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $86.1M | $91.9M | $93.8M | $93.3M | $93.8M | $54.5M | $54.7M | $54.7M | $54.8M | $53.9M | $25.0M | $21.0M |
| Other long-term liabilities | $86.4M | $92.1M | $94.0M | $93.6M | $94.1M | $54.8M | $54.9M | $55.0M | $54.8M | $53.9M | $31.4M | $21.0M |
| Total liabilities | $664.2M | $666.2M | $645.2M | $578.1M | $565.5M | $509.3M | $477.2M | $397.1M | $372.5M | $357.6M | $308.7M | $255.9M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $5,000 | $5,000 | $5,000 | $5,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 |
| Retained earnings (deficit) | $364.8M | $331.7M | $288.2M | $246.3M | −$45.9M | −$90.7M | −$125.8M | −$139.8M | −$163.1M | −$187.5M | −$214.4M | −$226.5M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | $0 | $0 | — |
| Total shareholders' equity | $1.41B | $1.39B | $1.35B | $1.31B | $977.0M | $893.8M | $824.5M | $822.5M | $766.9M | $711.1M | $655.5M | $614.8M |
| Key figures | ||||||||||||
| Total debt | $86.1M | $91.9M | $93.8M | $97.3M | $96.8M | $54.5M | $57.2M | $57.3M | $57.2M | $56.6M | $25.0M | $26.1M |
| Net cash (debt) | $1.23B | $1.16B | $1.05B | $1.02B | $1.00B | $944.7M | $820.4M | $823.5M | $831.0M | $773.1M | $722.6M | $675.7M |
| Working capital | $993.3M | $931.8M | $885.5M | $882.6M | $852.6M | $765.2M | $679.4M | $716.3M | $723.8M | $673.6M | $620.4M | $584.2M |
| Tangible book value | $1.35B | $1.33B | $1.28B | $1.24B | $946.6M | $864.4M | $794.1M | $790.0M | $742.3M | $688.4M | $635.5M | $597.0M |
| Book value per share | $28.18 | $28.41 | $27.05 | $26.61 | $19.94 | $18.43 | $16.66 | $17.15 | $16.05 | $15.02 | $13.38 | $13.10 |
| Shares outstanding | 50.0M | 49.0M | 49.8M | 49.1M | 49.0M | 48.5M | 49.5M | 48.0M | 47.8M | 47.4M | 49.0M | 46.9M |
| Current ratio | 2.72 | 2.62 | 2.61 | 2.82 | 2.81 | 2.68 | 2.61 | 3.09 | 3.28 | 3.22 | 3.24 | 3.49 |
| Quick ratio | 2.51 | 2.41 | 2.39 | 2.59 | 2.77 | 2.65 | 2.57 | 3.05 | 3.24 | 3.18 | 3.21 | 3.45 |
| Debt / equity | 0.06 | 0.07 | 0.07 | 0.07 | 0.10 | 0.06 | 0.07 | 0.07 | 0.07 | 0.08 | 0.04 | 0.04 |
| Equity / assets | 68.0% | 67.6% | 67.6% | 69.3% | 63.3% | 63.7% | 63.3% | 67.4% | 67.3% | 66.5% | 68.0% | 70.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
DUOL financial position
At the end of fiscal 2025 (December 31, 2025), Duolingo had total assets of $2.0 billion (up 53.0% from a year earlier), total liabilities of $645.2 million and shareholders' equity of $1.3 billion. It held $1.1 billion in cash and short-term investments against $93.8 million of debt, a net cash position of $1.0 billion. Its current ratio was 2.61. In the latest quarter (ended June 30, 2026) total assets were $2.1 billion and equity $1.4 billion.
Related: DUOL income statement, DUOL cash flow statement, DUOL key metrics. See the DUOL stock overview for the latest quote and news.
DUOL balance sheet FAQ
What are Duolingo's total assets?
Duolingo reported total assets of $2.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.3 billion a year earlier.
How much debt does Duolingo have?
Duolingo had $93.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.07.
How much cash does Duolingo have?
Duolingo held $1.1 billion in cash and short-term investments at the end of fiscal 2025; with $93.8 million of debt that is net cash of $1.0 billion.
What is Duolingo's book value?
Duolingo's shareholders' equity (book value) was $1.3 billion at the end of fiscal 2025, or $27.88 per share.
What is Duolingo's current ratio?
Duolingo had current assets of $1.4 billion and current liabilities of $551.1 million, a current ratio of 2.61 (it can cover its short-term obligations).
How much goodwill does Duolingo have?
Duolingo carried $63.6 million of goodwill and intangible assets, 3.2% of total assets, at the end of fiscal 2025.