Duolingo, Inc. (DUOL) Financial Statements — Income, Balance Sheet, Cash Flow

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Financial Statements — DUOL

Balance Sheet

(in billions USD)

Metric	Q2 2026	Q1 2026	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022	Q3 2021	Q2 2021
Cash & Equivalents	1.18	1.14	1.01	0.98	0.88	0.85	0.89	0.83	0.70	0.68	0.64	0.60	0.59	0.58	0.55	0.11
Accounts Receivable	0.13	0.13	0.12	0.11	0.11	0.09	0.08	0.08	0.06	0.05	0.05	0.03	0.03	0.03	0.02	0.03
Total Current Assets	1.57	1.51	1.37	1.32	1.22	1.06	1.04	0.98	0.82	0.78	0.74	0.67	0.66	0.64	0.60	0.16
Property, Plant & Equipment	0.04	0.04	0.02	0.02	0.02	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Goodwill	0.04	0.04	0.04	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	--	--	--	--	--
Intangible Assets	0.03	0.03	0.03	0.02	0.02	0.02	0.02	0.02	0.01	0.01	0.01	--	--	--	--	--
Total Non-current Assets*	0.50	0.55	0.52	0.22	0.18	0.16	0.10	0.09	0.05	0.05	0.05	0.05	0.05	0.04	0.02	0.02
Total Assets	2.07	2.06	1.89	1.54	1.40	1.22	1.14	1.07	0.87	0.83	0.79	0.71	0.70	0.68	0.62	0.18
Accounts Payable	0.02	0.01	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.00
Total Current Liabilities	0.58	0.57	0.48	0.47	0.45	0.34	0.32	0.30	0.23	0.22	0.20	0.16	0.15	0.14	0.10	0.09
Total Non-current Liabilities*	0.09	0.09	0.09	0.09	0.05	0.05	0.05	0.05	0.02	0.02	0.02	0.02	0.03	0.03	0.01	0.01
Total Liabilities	0.66	0.67	0.58	0.57	0.51	0.40	0.37	0.36	0.26	0.24	0.23	0.18	0.17	0.16	0.11	0.09
Retained Earnings	0.36	0.33	0.25	(0.05)	(0.09)	(0.14)	(0.16)	(0.19)	(0.23)	(0.23)	(0.23)	(0.22)	(0.20)	(0.18)	(0.15)	(0.12)
Total Stockholder Equity	1.41	1.39	1.31	0.98	0.89	0.82	0.77	0.71	0.61	0.60	0.57	0.53	0.53	0.52	0.51	(0.09)

* Derived from reported values

Income Statement

(in millions USD) (except per-share rows)

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
Total Revenue	298.45	291.97	282.87	271.71	252.27	230.74	209.55	192.59	178.33	167.55	150.99	137.62	126.84	115.66	103.82	96.07	88.39	81.22	73.01	63.60
Cost of Revenue	81.71	78.87	77.00	74.80	69.68	66.65	58.93	52.18	47.35	45.19	40.57	36.25	33.79	31.49	27.77	26.30	23.87	21.49	19.95	18.08
Gross Profit	216.74	213.10	205.87	196.91	182.58	164.10	150.63	140.41	130.98	122.36	110.41	101.37	93.05	84.17	76.05	69.76	64.52	59.73	53.06	45.52
Research & Development	92.20	82.97	79.56	82.71	73.67	70.39	66.40	62.88	55.15	50.88	50.26	50.31	47.95	45.84	44.47	41.98	34.22	29.78	30.02	29.35
Selling, General & Admin	50.59	46.35	48.49	43.96	45.99	43.45	45.53	38.39	36.96	35.11	36.24	33.40	32.24	30.24	30.71	30.23	30.06	26.86	25.95	29.61
Total Operating Expenses	182.80	168.57	162.42	161.75	149.22	140.50	136.74	126.84	112.28	105.92	105.62	106.04	97.92	92.69	94.21	89.93	79.55	71.58	70.48	74.22
Operating Income	33.95	44.53	43.45	35.16	33.36	23.59	13.88	13.57	18.70	16.44	4.80	(4.67)	(4.86)	(8.52)	(18.15)	(20.16)	(15.03)	(11.85)	(17.41)	(28.70)
Pretax Income	45.37	55.55	54.50	46.45	46.45	35.01	22.35	25.39	28.71	25.85	15.13	2.93	2.41	(2.70)	(13.21)	(18.39)	(14.90)	(12.13)	(17.41)	(28.92)
Tax Provision	12.21	12.09	12.55	(245.75)	1.67	(0.12)	8.45	2.03	4.36	(1.10)	3.02	0.13	(1.31)	(0.12)	0.72	0.05	0.14	0.03	0.11	0.05
Net Income	33.16	43.46	41.95	292.20	44.78	35.14	13.91	23.36	24.35	26.96	12.12	2.81	3.73	(2.58)	(13.93)	(18.44)	(15.04)	(12.15)	(17.52)	(28.97)
Basic EPS	0.71	0.93	0.93	6.36	0.98	0.78	0.32	0.53	0.56	0.63	0.29	0.07	0.09	(0.06)	(0.36)	(0.46)	(0.38)	(0.31)	(0.28)	(0.98)
Diluted EPS	0.66	0.89	0.99	5.95	0.91	0.72	0.31	0.49	0.51	0.57	0.27	0.06	0.08	(0.06)	(0.36)	(0.46)	(0.38)	(0.31)	(0.28)	(0.98)

Cash Flow Statement

(in millions USD)

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
Operating Cash Flow	88.26	150.77	107.28	84.24	90.68	105.63	83.34	56.27	62.39	83.51	49.19	37.65	37.17	29.60	11.61	8.76	12.66	20.63	0.43	4.51
Capital Expenditures	6.90	0.13	10.73	4.86	1.20	1.31	1.96	3.18	5.56	1.41	0.92	0.76	0.83	0.68	0.29	2.08	1.86	1.33	0.52	1.09
Free Cash Flow*	81.36	150.64	96.55	79.38	89.48	104.32	81.38	53.09	56.83	82.10	48.27	36.89	36.34	28.92	11.32	6.68	10.80	19.30	(0.09)	3.43
Investing Cash Flow	8.28	(16.75)	(43.18)	(51.67)	(2.27)	(10.55)	(110.36)	(93.29)	(8.66)	(5.02)	(4.15)	(4.75)	(3.37)	(1.31)	(4.94)	(3.52)	(3.27)	(2.44)	(1.11)	(1.46)
Financing Cash Flow	(54.21)	(31.85)	(39.25)	2.75	3.83	3.12	(41.60)	3.19	4.80	3.61	3.56	(9.82)	3.78	4.62	1.55	3.56	4.44	5.23	5.16	431.76

* Derived from reported values