Duolingo, Inc. (DUOL) Income Statement
DUOL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsDUOL revenue and net income
Where DUOL's revenue goes
2025Each bar shows an amount and its share of revenue. DUOL kept 39.9% of revenue as net income.
DUOL profit margins
DUOL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +38.7% | +41.1% | +45.0% | — |
| Gross profit | +38.0% | +40.9% | +45.2% | — |
| Operating income | +122.2% | — | — | — |
| Net income | +367.5% | — | — | — |
| EPS (diluted) | +89.2% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
DUOL quarterly EPS vs estimates
Duolingo beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 3, 2026 (estimate $0.55).
DUOL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.04B | $748.0M | $531.1M | $369.5M | $250.8M | $161.7M | $70.8M |
| Cost of revenue | $293.9M | $209.2M | $147.2M | $103.4M | $69.2M | $46.5M | $21.4M |
| Gross profit | $743.7M | $538.8M | $383.9M | $266.1M | $250.8M | $115.2M | $49.4M |
| Research & development | $303.0M | $232.9M | $192.7M | $148.9M | $103.8M | $53.0M | $31.6M |
| Sales, general & admin | $307.6M | $246.5M | $207.9M | $184.8M | $137.8M | $78.7M | $31.4M |
| Total operating expenses | $602.5M | $475.3M | $396.9M | $330.6M | $241.6M | $130.9M | $62.3M |
| Operating income | $141.2M | $63.6M | −$12.9M | −$64.6M | $60.0M | −$15.7M | −$12.9M |
| Interest income | $45.2M | $42.7M | $26.1M | $7.2M | $19,000 | $231,000 | — |
| Interest expense | — | — | — | $7.2M | $49,000 | $303,000 | $0 |
| Income before taxes | $182.4M | $102.3M | $17.8M | −$58.6M | −$60.0M | −$15.7M | −$13.6M |
| Income taxes | −$231.7M | $13.7M | $1.7M | $938,000 | $177,000 | $68,000 | $1.2M |
| Net income | $414.1M | $88.6M | $16.1M | −$59.6M | −$60.1M | −$15.8M | −$13.6M |
| EBITDA | $196.8M | $113.2M | $24.9M | −$53.8M | $2.8M | −$13.5M | −$11.6M |
| EPS (diluted) | $3.52 | $1.86 | $0.33 | −$1.50 | −$2.48 | −$1.19 | −$0.18 |
| Gross margin | 71.7% | 72.0% | 72.3% | 72.0% | 100.0% | 71.2% | 69.8% |
| Operating margin | 13.6% | 8.5% | −2.4% | −17.5% | 23.9% | −9.7% | −18.2% |
| Net margin | 39.9% | 11.8% | 3.0% | −16.1% | −24.0% | −9.8% | −19.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $298.5M | $292.0M | $282.9M | $271.7M | $252.3M | $230.7M | $209.6M | $192.6M | $178.3M | $167.6M | $151.0M | $137.6M |
| Cost of revenue | $81.7M | $80.3M | $78.4M | $76.2M | $71.2M | $68.0M | $60.5M | $53.7M | $48.6M | $46.4M | $41.8M | $37.5M |
| Gross profit | $216.7M | $211.7M | $204.4M | $195.5M | $181.1M | $162.7M | $149.1M | $138.9M | $129.7M | $121.1M | $109.2M | $100.1M |
| Research & development | $92.2M | $82.1M | $78.7M | $81.9M | $72.8M | $69.6M | $65.6M | $62.2M | $54.6M | $50.4M | $49.8M | $49.9M |
| Sales, general & admin | $90.6M | $85.6M | $82.9M | $44.0M | $75.5M | $70.1M | $70.3M | $64.0M | $57.1M | $55.0M | $55.4M | $55.7M |
| Total operating expenses | $182.8M | $166.8M | $160.6M | $155.9M | $147.0M | $139.0M | $135.1M | $124.9M | $110.6M | $104.7M | $104.4M | $104.7M |
| Operating income | $33.9M | $44.9M | $43.9M | $39.6M | $34.1M | $23.7M | $14.0M | $14.1M | $19.0M | $16.4M | $4.8M | −$4.6M |
| Interest income | $11.8M | $11.8M | $11.6M | $11.8M | $11.4M | $10.4M | $10.7M | $11.2M | $10.7M | $10.0M | $9.3M | $8.6M |
| Income before taxes | $45.4M | $55.6M | $54.5M | $46.4M | $46.5M | $35.0M | $22.4M | $25.4M | $28.7M | $25.9M | $15.1M | $2.9M |
| Income taxes | $12.2M | $12.1M | $12.5M | −$245.7M | $1.7M | −$125,000 | $8.4M | $2.0M | $4.4M | −$1.1M | $3.0M | $125,000 |
| Net income | $33.2M | $43.5M | $42.0M | $292.2M | $44.8M | $35.1M | $13.9M | $23.4M | $24.4M | $27.0M | $12.1M | $2.8M |
| EBITDA | $38.6M | $59.7M | $58.3M | $50.0M | $49.9M | $38.6M | $26.0M | $28.3M | $31.0M | $27.9M | $17.2M | $4.6M |
| EPS (diluted) | $0.66 | $0.89 | $0.94 | $0.95 | $0.91 | $0.72 | $0.31 | $0.47 | $0.51 | $0.57 | $0.25 | $0.06 |
| Gross margin | 72.6% | 72.5% | 72.3% | 71.9% | 71.8% | 70.5% | 71.1% | 72.1% | 72.7% | 72.3% | 72.3% | 72.7% |
| Operating margin | 11.4% | 15.4% | 15.5% | 14.6% | 13.5% | 10.3% | 6.7% | 7.3% | 10.7% | 9.8% | 3.2% | −3.3% |
| Net margin | 11.1% | 14.9% | 14.8% | 107.5% | 17.8% | 15.2% | 6.6% | 12.1% | 13.7% | 16.1% | 8.0% | 2.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in DUOL's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
DUOL financial results
In fiscal year 2025 (ended December 31, 2025), Duolingo reported revenue of $1.0 billion, up 38.7% from the year before. It had net income of $414.1 million (up 367.5%), a net profit margin of 39.9%. Diluted earnings per share came to $3.52. Over five years revenue grew at an average rate of 45.0% a year.
See the DUOL stock overview for the latest quote and news, or the DUOL chart for price history and technical indicators.
DUOL income statement FAQ
What is Duolingo's annual revenue?
Duolingo reported total revenue of $1.0 billion for fiscal year 2025, which ended on December 31, 2025. That was up 38.7% from $748.0 million the previous year.
Is Duolingo profitable?
Yes. Duolingo reported net income of $414.1 million in fiscal 2025, a net profit margin of 39.9%; its operating margin was 13.6%.
What is Duolingo's gross margin?
Duolingo's gross margin was 71.7% in fiscal 2025: for every $100 of revenue, Duolingo kept $72 after the direct cost of its products and services.
How much does Duolingo spend on research and development?
Duolingo spent $303.0 million on research and development in fiscal 2025, 29.2% of revenue.
How fast is Duolingo growing?
Revenue grew 45.0% a year on average over the last five fiscal years, from $161.7 million to $1.0 billion.
What are Duolingo's earnings per share?
Duolingo earned $3.52 per diluted share in fiscal 2025, compared with $1.86 a year earlier.
When will Duolingo report its next earnings?
Duolingo is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 after the market closes.
When does Duolingo's fiscal year end?
Duolingo's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.