DuolingoDUOLRevenue: is the business selling more than it used to?
$1.0B+39% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $1.0B in 2025, compounding +41% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $1.1B, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
DuolingoDUOLNet income: how much of that revenue becomes profit?
$414M+369% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Net income was $414M in 2025, against $88M the year before. Earnings per share moved +251% over the last twelve months.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
DuolingoDUOLHow fast is it growing, year by year?
+38.7%revenue growth, FY 2025
Off the axis: 2024 earnings +449.4% · 2025 earnings +369.0% - rebounds off a collapsed prior year.
→Revenue grew +39% in 2025 against a five-year average of +45%. 2024's +449% earnings rebound off a collapsed base and 2025's +369% earnings rebound off a collapsed base sits off the axis.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
DuolingoDUOLRevenue per share: is your slice growing as fast as the company?
$21.48revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Revenue per share reached $21.48 in 2025, compounding +32% a year against +41% for DUOL as a whole. Dilution absorbed about 9.2 points of that growth. Free cash flow per share stands at $7.65.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
DuolingoDUOLFree cash flow: what is left in real cash after everything?
$370M+35% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow was $370M in 2025, compounding +97% a year since 2022. That is the most cash the business has ever thrown off in a year. The trailing twelve months stand at $408M.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
DuolingoDUOLWhere does each dollar of revenue actually go?
→Of $1.0B in 2025 sales, $414M reaches net profit - 40 cents on the dollar. The largest single deduction is running the company ($614M).
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
DuolingoDUOLHow much of every sales dollar ends up as free cash?
→36 cents of every sales dollar became free cash in 2025, up 23 points since 2022.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
DuolingoDUOLWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The biggest claim on each sales dollar is research and development, at 30% of revenue (stock compensation 13%, capital spending 2%). That share has fallen since 2022, so the cost of competing is easing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
DuolingoDUOLMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Operating margin widened 31 points to 13% since 2022. After everything, 40 cents of each sales dollar reaches net profit.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
DuolingoDUOLWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→ROE of 29% sits well above ROCE of 9%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
DuolingoDUOLWhat has the market paid for DUOL over time?
18.2xP/E today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 18.2x earnings, the market is paying 85% less than DUOL's own 3-year median of 124.5x. Pessimism is priced in - the question is whether it is deserved. Today's multiple is the lowest in the charted history.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
DuolingoDUOLWhat cash return does the business throw off per dollar of market value?
15.9%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys 15.9% of annual free cash flow, more than its 5-year median of 2.2% - the cash is cheaper than usual.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
DuolingoDUOLCould it handle its debt if things went wrong?
→Debt isn't clearly tagged in DUOL's filings, so treat the balance sheet with extra care rather than assuming zero.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
DuolingoDUOLIs the company's own capital growing?
→The company's own capital grew from $656M in 2023 to $1.4B (+115%). The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
DuolingoDUOLHow much goes back, and how much leaks out as stock comp?
→DUOL returned no cash to shareholders in the latest filed year: everything is being retained or reinvested.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
DuolingoDUOLHow fast is your ownership being diluted - or concentrated?
→The share count grew 2.6% in 2025, averaging 7.2% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
DuolingoDUOLDoes DUOL earn more on its capital than that capital costs?
→DUOL earns 9.4% on the capital it employs, below the 10% most investors treat as the cost of capital. That is the highest in DUOL's filed history.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
DuolingoDUOLDUOL has issued or retired shares - did shareholders end up better off?
→DUOL's share count rose +279% from 2020 to 2025 while revenue per share grew +69%. Holders are further ahead than before, though the gain per share is smaller than the growth in the business.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
DuolingoDUOLAre the people running it buying or selling?
→Insiders bought $498,792 and sold $4M on the open market, a net sale of $3M. A further 30 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30