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Duolingo, Inc. (DUOL) stock

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NASDAQ: DUOL Nasdaq Application Software Next results ~November 3, 2026

B Fundamentals grade

Duolingo, Inc. is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$260

Cash-flow model

Base case. Range ~$200–$330 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 90% above it.

Price used: $135.27, November 2, 2026

Duolingo, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 7 selling1 purchase and 85 sales by directors and officers, last 12 monthsInsider trades
  • Funds259 adding, 178 cuttingOf 53 active managers that changed their stake, 23 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Duolingo files

Where Duolingo stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.15bn, up 29.4% on a year earlier, slower than 35.5% a quarter earlier. That growth ranks 2 of 14 among the prepackaged software companies we cover. Free-cash-flow margin fell to 35.6% from 37.1% a year earlier. Operating margin widened to 13.7% from 9.5%. The diluted share count is up 2.1% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $253 a share, against a share price of $141. At that price, our model says the market is pricing in about 7.6% a year of cash-flow growth for five years, slower than the 35.5% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Duolingo, Inc.'s trailing-twelve-month revenue grew 29.4% year on year, with a free-cash-flow margin of 35.6%. Where it stands out: net margin of 35.9% ranks 6 of 185 application software companies we cover. Where it lags: change in growth rate of -6.1pp ranks 157 of 184 application software companies we cover.

Our discounted-cash-flow model values the business at ~$260 per share in the base case (~$200–$330 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 24.3% while net income grew 250.5%: a 226pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $135.27 is 90% below our value per share of $260.
  • Fast growth. Revenue grew 29.4% over the last 12 months, against a median of 12.0% for application software companies we cover.
  • Margins widening. Operating margin is up 4.2 points on a year ago.
  • Strong cash generation. 35.6% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Net cash. Cash exceeds long-term debt by $1.2bn.

Things to watch

  • Growth slowing. The growth rate is 6.1 points lower than a quarter earlier.
  • Share dilution. Diluted shares rose 2.1% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 63% and a beta of 0.6 against the S&P 500.
  • Heavily shorted. 20.2% of the shares available to trade are sold short (7.2 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$1.24 against an average estimate of $1.54: missed by 19.7%
Revenue
$298m, up 18.3% on a year earlier
Share reaction
-11.0% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
yoY Bookings growth growth 10% to 12% (full year ending December 31, 2026); yoY Revenue growth growth 15% to 18% (full year ending December 31, 2026)
Next report
November 3, 2026; average EPS estimate $1.58

Duolingo's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.8%
  • 1 week-2.4%
  • 1 month-6.2%
  • This year-22.9%
  • 1 year-50.0%
  • 5 years-20.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.1B
Operating margin
13.7%
Net margin
35.9%
EPS (TTM, diluted)
$8.44

Growth

Revenue growth
+29.4%
Change in growth rate
−6.1 pts
Share count change
+2.1%

Cash

Free cash flow (TTM)
$408M
FCF margin
35.6%
Stock pay % of revenue
12.6%

Earnings

Last results
August 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Insider trade
  4. Insider trade
  5. Insider trade
  6. Insider trade
  7. Announcement
  8. Leadership
  9. Results
  10. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Duolingo, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 6.3% a year of cash-flow growth for five years.That is slower than the 35.5% a year revenue growth Duolingo has delivered.

  • Priced in6.3%
  • Last 12 months29.4%
  • 3 years a year37.3%
  • 5 years a year35.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($131.06, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$260
Price used
$131.06close November 3, 2026
Implied change
▲ +96%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Duolingo, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($253M, FY2026 Q2 TTM), growing 14.6% and 17.9% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$200–~$330 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Duolingo, Inc.'s free cash flow after stock-based pay ( $253M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Duolingo, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.14 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$260 ~$200–$330 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$56 ~$46–$64 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$110 ~$87–$180 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$20 ~$13–$30 Left out: out of range vs price (0.15x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$18 ~$16–$21 Left out: out of range vs price (0.14x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$170 ~$56–$260 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Duolingo, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −22%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▼ −4%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $97$123$157$203$262$339
8.5% $80$98$123$156$198$253
10% $69$84$103$128$160$202

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$106.11$71.13$226.85$324.23$175.50$135.27
Market value$2.5bn$2.8bn$10.6bn$15.3bn$8.5bn$6.6bn
+ Net debt (− = net cash)−$554m−$608m−$748m−$786m−$1.0bn−$1.2bn
Enterprise value$1.9bn$2.2bn$9.8bn$14.5bn$7.4bn$5.4bn
Multiples
Price / sales 9.9x7.6x19.9x20.4x8.2x5.8x
Price / earnings ——n/m172.4x20.5x16.0x
Price / free cash flow n/m58.4x70.2x55.9x22.9x16.1x
EV / EBITDA ———197.2x49.6x32.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

72 /100

Strong moat

How hard Duolingo's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 27.5% of total assets over 5 years.

  • Pricing power 20 / 20

    Gross margin has been a median 72.7%, moving by 0.4 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -3.1%; its worst year was -23.8%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 6 of 6 years, at a median 27.1% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (88 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, after the close. Analysts expect revenue of $303m and EPS of $1.58 (range $1.53 to $1.63) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.61 −44% $1.2bn +16%
Next $7.64 +16% $1.4bn +13%

Next year's EPS estimate has moved −2.7% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.1% on 90 days ago. In the last 30 days, 1 analyst raised Duolingo, Inc.'s forecast and 4 cut it.

Consensus EPS forecast Duolingo, Inc., last 90 days
$6.50 $7.00 $7.50 $8.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $6.69 Current fiscal year, 60 days ago: $6.63 Current fiscal year, 30 days ago: $6.61 Current fiscal year, 7 days ago: $6.61 Current fiscal year, Now: $6.61 $6.61 Next fiscal year, 90 days ago: $7.85 Next fiscal year, 60 days ago: $7.68 Next fiscal year, 30 days ago: $7.64 Next fiscal year, 7 days ago: $7.64 Next fiscal year, Now: $7.64 $7.64

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $6.69$7.85
60 days ago $6.63$7.68
30 days ago $6.61$7.64
7 days ago $6.61$7.64
Now $6.61$7.64

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.54 $1.24 −19.7%
Mar 2026 $1.63 $1.45 −10.8%
Dec 2025 $1.68 $1.59 −5.2%
Sept 2025 $1.59 $6.80 +326.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • YoY Revenue growth full year ending December 31, 2026 15% growth to 18% growth Maintained
    “We continue to manage the business to the full-year targets we provided earlier this year of 10-12% year-over-year bookings growth and 15-18% year-over-year revenue growth.” source
  • Revenue FY 2026 about $1,207m
    “Revenue $302 $1,207” source
  • YoY Revenue growth full year ending December 31, 2026 about 16.3% growth
    “For revenue , our outlook calls for Q3 growth of approximately 11.1% compared to the prior year and approximately 16.3% for the full year.” source
  • Revenue Q3 2026 about $302m
    “Revenue $302 $1,207” source
  • YoY Revenue growth third quarter ending September 30, 2026 about 11.1% growth
    “For revenue , our outlook calls for Q3 growth of approximately 11.1% compared to the prior year and approximately 16.3% for the full year.” source
  • Gross margin full year ending December 31, 2026 about 71.6%
    “We expect a gross margin of approximately 71.0% in Q3 and approximately 71.6% for the full year, better than the trajectory we outlined on our Q1 call based on AI cost trends.” source
Show 13 more items
  • Gross margin third quarter ending September 30, 2026 about 71%
    “We expect a gross margin of approximately 71.0% in Q3 and approximately 71.6% for the full year, better than the trajectory we outlined on our Q1 call based on AI cost trends.” source
  • YoY Bookings growth full year ending December 31, 2026 10% growth to 12% growth Maintained
    “We continue to manage the business to the full-year targets we provided earlier this year of 10-12% year-over-year bookings growth and 15-18% year-over-year revenue growth.” source
  • Adjusted EBITDA margin full year ending December 31, 2026 about 26.5% Non-GAAP Raised
    “We are raising our full-year Adjusted EBITDA margin outlook by nearly one point to approximately 26.5%, reflecting flow through from stronger-than-expected gross margin performance.” source
  • Bookings FY 2026 about $1,285m
    “Bookings (1) $307 $1,285” source
  • YoY Bookings growth full year ending December 31, 2026 about 10.9% growth
    “For bookings , we expect Q3 growth of approximately 8.9% compared to the prior year, and approximately 10.9% for the full year.” source
  • Adjusted EBITDA full year ending December 31, 2026 about $320m Non-GAAP
    “For the full year, we expect Adjusted EBITDA of approximately $320.0 million, or a 26.5% margin.” source
  • Stock-based compensation (% of revenue) 2026 about 15%
    “We expect stock-based compensation to be around 15.0% of revenue in 2026, with absolute expense increasing through the year.” source
  • Dilution from equity grants 2026 3.5% to 4% Maintained
    “We continue to expect dilution from equity grants of approximately 3.5-4.0%, before the effect of any share repurchases.” source
  • Effective tax rate the year 23% to 25%
    “We assume an effective tax rate of approximately 23-25% for the year.” source
  • Bookings Q3 2026 about $307m
    “Bookings (1) $307 $1,285” source
  • YoY Bookings growth third quarter ending September 30, 2026 about 8.9% growth
    “For bookings , we expect Q3 growth of approximately 8.9% compared to the prior year, and approximately 10.9% for the full year.” source
  • Adjusted EBITDA third quarter ending September 30, 2026 about $76m Non-GAAP
    “For Q3, we expect Adjusted EBITDA of approximately $76.0 million, or a 25.2% margin.” source
  • Adjusted EBITDA margin third quarter ending September 30, 2026 about 25.2% Non-GAAP
    “For Q3, we expect Adjusted EBITDA of approximately $76.0 million, or a 25.2% margin.” source

How earlier guidance turned out

  • Gross margin, Q2 guided about 71% Above range: 72.620906%
  • Revenue, Q2 2026 guided about $296m Above range: $298m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Duolingo, Inc.'s revenue by +14.6% next year and +17.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+12.6%, weight 53%) , management guidance (+12.5%, weight 20%) and the company's own record (+20.0%, weight 27%) . How the weights are set.

Analyst recommendations

24 analysts, Oct 2026
Buy625%
Hold1667%
Sell28%

Monthly trend

  1. Oct 2026241624
  2. Sep 2026241624
  3. Aug 2026241624
  4. Jul 2026221924

Counts of recommendations published by analysts covering Duolingo, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
20.2%
of tradable shares
Days to cover
7.21
at average volume
Short interest, 1 month
+8%
to October 15, 2026
Held by institutions
99%
of shares
Held by insiders
1.5%
of shares
Employees
900
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −50.0%

$270.64 on October 31, 2025 to $135.27

ThenNowEffect
Revenue (last 12 months) $885m $1.1bn +29.4%
Net margin 13.2% 35.9% +171.0%
P/E multiple 110.2x 16.0x −85.4%
Share count 48m 49m −2.0%

Biggest factor: p/e multiple.

Last 3 years −15.1%

$159.33 on November 3, 2023 to $135.27

ThenNowEffect
Revenue (last 12 months) $442m $1.1bn +158.8%
P/S multiple 15.1x 5.8x −61.9%
Share count 42m 49m −14.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
DUOL−33%+219%+43%−46%−23%
Industry peers (median)−50%+19%+2%−20%−14%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
DUOL50%58%58%33%55%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
DUOL−41%−26%−36%−69%−51%
S&P 500−25%−10%−8%−19%−9%

Worst fall since July 28, 2021: 83% from May 14, 2025 to April 10, 2026. Getting back needed a 501% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$90.03 – $264.93
From 52-week high
−48.9%
vs 50-day average
−6.7%
vs 200-day average
+9.3%
Volatility (1 year)
63%
Beta vs S&P 500
0.63

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±14.4%
After a week
4 up, 8 down
typical move ±15.7%
After a month
5 up, 7 down
typical move ±21.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −11.0% −0.4% −2.3% +15.3%
May 4, 2026 −6.5% +0.4% −5.5% −3.5%
February 26, 2026 −9.5% −1.0% −9.1% −14.6%
January 12, 2026 −6.1% 0.0% −15.9% −38.1%
November 5, 2025 −26.1% −0.7% −28.8% −23.8%
August 6, 2025 +14.8% +0.7% −3.6% −20.3%
May 1, 2025 +24.9% +2.2% +29.3% +35.3%
February 27, 2025 −19.3% −0.1% −29.4% −18.5%
November 6, 2024 +4.2% +3.3% +6.7% +21.6%
August 7, 2024 +8.4% +1.6% +19.4% +26.2%
May 8, 2024 −19.4% +0.6% −28.7% −24.1%
February 28, 2024 +22.8% +0.2% +9.1% +13.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Duolingo, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Duolingo, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Duolingo, Inc.
$400M $600M $800M $1B $1.2B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $483.9M Revenue (TTM), FY23 Q4: $531.1M Revenue (TTM), FY24 Q1: $583M Revenue (TTM), FY24 Q2: $634.5M Revenue (TTM), FY24 Q3: $689.5M Revenue (TTM), FY24 Q4: $748M Revenue (TTM), FY25 Q1: $811.2M Revenue (TTM), FY25 Q2: $885.2M Revenue (TTM), FY25 Q3: $964.3M Revenue (TTM), FY25 Q4: $1B Revenue (TTM), FY26 Q1: $1.1B Revenue (TTM), FY26 Q2: $1.1B $1.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $483.9M
FY23 Q4 $531.1M
FY24 Q1 $583M
FY24 Q2 $634.5M
FY24 Q3 $689.5M
FY24 Q4 $748M
FY25 Q1 $811.2M
FY25 Q2 $885.2M
FY25 Q3 $964.3M
FY25 Q4 $1B
FY26 Q1 $1.1B
FY26 Q2 $1.1B
Revenue growth, TTM YoY Duolingo, Inc.
25% 30% 35% 40% 45% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 42.9% Revenue growth, TTM YoY, FY23 Q4: 43.7% Revenue growth, TTM YoY, FY24 Q1: 44.3% Revenue growth, TTM YoY, FY24 Q2: 43.4% Revenue growth, TTM YoY, FY24 Q3: 42.5% Revenue growth, TTM YoY, FY24 Q4: 40.8% Revenue growth, TTM YoY, FY25 Q1: 39.1% Revenue growth, TTM YoY, FY25 Q2: 39.5% Revenue growth, TTM YoY, FY25 Q3: 39.9% Revenue growth, TTM YoY, FY25 Q4: 38.7% Revenue growth, TTM YoY, FY26 Q1: 35.5% Revenue growth, TTM YoY, FY26 Q2: 29.4% 29.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 42.9%
FY23 Q4 43.7%
FY24 Q1 44.3%
FY24 Q2 43.4%
FY24 Q3 42.5%
FY24 Q4 40.8%
FY25 Q1 39.1%
FY25 Q2 39.5%
FY25 Q3 39.9%
FY25 Q4 38.7%
FY26 Q1 35.5%
FY26 Q2 29.4%
Operating margin (TTM) Duolingo, Inc.
-10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -7.5% Operating margin (TTM), FY23 Q4: -2.5% Operating margin (TTM), FY24 Q1: 2.0% Operating margin (TTM), FY24 Q2: 5.6% Operating margin (TTM), FY24 Q3: 7.8% Operating margin (TTM), FY24 Q4: 8.4% Operating margin (TTM), FY25 Q1: 8.6% Operating margin (TTM), FY25 Q2: 9.5% Operating margin (TTM), FY25 Q3: 11.0% Operating margin (TTM), FY25 Q4: 13.1% Operating margin (TTM), FY26 Q1: 14.2% Operating margin (TTM), FY26 Q2: 13.7% 13.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -7.5%
FY23 Q4 -2.5%
FY24 Q1 2.0%
FY24 Q2 5.6%
FY24 Q3 7.8%
FY24 Q4 8.4%
FY25 Q1 8.6%
FY25 Q2 9.5%
FY25 Q3 11.0%
FY25 Q4 13.1%
FY26 Q1 14.2%
FY26 Q2 13.7%
FCF margin (TTM) Duolingo, Inc.
20% 25% 30% 35% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 23.4% FCF margin (TTM), FY23 Q4: 28.3% FCF margin (TTM), FY24 Q1: 34.9% FCF margin (TTM), FY24 Q2: 35.3% FCF margin (TTM), FY24 Q3: 34.9% FCF margin (TTM), FY24 Q4: 36.5% FCF margin (TTM), FY25 Q1: 36.4% FCF margin (TTM), FY25 Q2: 37.1% FCF margin (TTM), FY25 Q3: 36.8% FCF margin (TTM), FY25 Q4: 35.6% FCF margin (TTM), FY26 Q1: 37.9% FCF margin (TTM), FY26 Q2: 35.6% 35.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 23.4%
FY23 Q4 28.3%
FY24 Q1 34.9%
FY24 Q2 35.3%
FY24 Q3 34.9%
FY24 Q4 36.5%
FY25 Q1 36.4%
FY25 Q2 37.1%
FY25 Q3 36.8%
FY25 Q4 35.6%
FY26 Q1 37.9%
FY26 Q2 35.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 162 251 369 531 748 1,038 1,145
Gross profit 116 182 270 389 544 749 833
EBITDA −14 −57 −60 −6 73 150 168
Operating income −16 −60 −65 −13 63 136 157
Net income −16 −60 −60 16 89 414 411
Diluted EPS −$1.24 −$2.57 −$1.51 $0.35 $1.88 $8.57 $8.44
Growth (year on year)
Revenue — +55.1% +47.3% +43.7% +40.8% +38.7% +29.4%
EBITDA — — — — — +104.2% +77.8%
Operating income — — — — — +116.6% +86.1%
Net income — — — — +451.3% +367.5% +250.5%
Diluted EPS — — — — +437.1% +355.9% +243.4%
Margins
Gross margin 71.6% 72.4% 73.1% 73.2% 72.8% 72.2% 72.7%
EBITDA margin −8.5% −22.8% −16.3% −1.2% 9.8% 14.5% 14.6%
Operating margin −9.9% −23.9% −17.6% −2.5% 8.4% 13.1% 13.7%
Net margin −9.8% −24.0% −16.1% 3.0% 11.8% 39.9% 35.9%
Free-cash-flow margin 8.9% 2.2% 13.0% 28.3% 36.5% 35.6% 35.6%
Cash flow
Cash from operations 18 9 54 154 286 388 431
Capital spending 3 4 6 3 12 18 23
Free cash flow 14 6 48 150 273 370 408
Stock-based pay 17 41 74 95 110 137 145
Free cash flow after stock pay −3 −35 −26 55 163 232 263
Balance sheet
Cash 120 554 608 748 786 1,036 1,181
Total debt 0 0 0 0 0 0 0
Net debt (negative = net cash) −120 −554 −608 −748 −786 −1,036 −1,181
Diluted shares 13m 23m 39m 47m 47m 48m 49m
Returned to shareholders
Buybacks 0 1 0 0 — — —
Total returned 0 1 0 0 — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $2.1bn
Short-term assets $1.6bnLonger-term assets $503m
What it owes, and who funded it · $2.1bn
Short-term liabilities $578mLonger-term liabilities $86mShareholders' equity $1.4bn
  • Short-term assets cover short-term liabilities $1.6bn of assets due within a year against $578m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.6bn short-term assets against $86m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Duolingo, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+2.1%
year over year
R&D spending
29.5%
of revenue
Days sales outstanding
42 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated DUOL MANH BLKB FIVN APPF TTAN Median
Revenue, last 12 months $1.1bn $1.2bn $1.2bn $1.2bn $1.1bn $1.1bn $482m
Revenue growth, last 12 months 29.4% 8.4% 2.2% 8.9% 20.0% 22.9% 12.0%
Revenue growth, 3-year average 37.3% 9.2% 2.2% 12.4% 23.8% — 11.1%
Revenue growth, latest quarter 18.3% 11.0% 4.1% 10.3% 18.6% 20.9% 11.9%
Gross margin 72.7% 55.9% 59.9% 54.9% 59.9% 71.1% 69.2%
Operating margin 13.7% 24.1% 20.1% 3.9% 18.8% −13.0% 1.1%
Operating margin, 3-year average 9.6% 25.0% 3.5% −2.1% 17.3% −21.4% −0.8%
Net margin 35.9% 18.4% 12.9% 4.9% 15.6% −12.1% 2.1%
Cash from operations / revenue 37.6% 33.8% 29.5% 20.7% 26.1% 13.2% 18.2%
Free-cash-flow margin 35.6% 32.8% 28.6% 17.4% 25.9% 12.8% 15.0%
Free-cash-flow margin, 3-year average 36.0% 30.2% 23.8% 13.3% 24.2% — 16.2%
Stock pay / revenue 12.6% 10.4% 7.8% 11.0% 6.8% 20.6% 9.3%
Change in share count 2.1% −3.0% −4.1% 1.4% −2.1% — 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 29.4% 12.0% 28 of 184
Change in growth rate Growth -6.1pp +0.2pp 157 of 184
Gross margin Profitability 72.7% 69.8% 67 of 160
Operating margin Profitability 13.7% 1.1% 44 of 181
Net margin Profitability 35.9% 2.1% 6 of 185
Free-cash-flow margin Cash generation 35.6% 15.2% 16 of 180
Stock pay as % of revenue Cash generation 12.6% 9.3% 114 of 177
Change in share count Balance sheet 2.1% 1.7% 85 of 163
Days sales outstanding Balance sheet 42 days 57 days 54 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Licenses and services $873M 84.2% ▲ 43.8%
Other $164M 15.8% ▲ 16.8%
Advertising $79.7M 48.6% ▲ 45.2%
English Test $42M 25.6% ▼ 8.0%
IA Ps $40.5M 24.7% ▲ 4.7%
Product and Service Other Miscellaneous $1.9M 1.2% ▲ 49.8%
Geography
Region Revenue Share YoY
Outside the US $645M 62.2% ▲ 47.9%
United States $392M 37.8% ▲ 25.9%

From Duolingo, Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.6B
Institutions reporting
432
Shares held vs prior quarter
▲ 3.3%
Positions opened / closed
114 / 55

Top buyers and sellers, Q2 2026: 259 institutions bought and 178 sold ; the biggest buyer was AQR Capital Management LLC (+2.2M shares) and the biggest seller Jane Street Group, LLC (−498K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Baillie Gifford & Co $555M 4.8M 12.1% ▼ 1.1%
Blackrock, Inc. $445M 3.9M 9.7% ▼ 3.0%
AQR Capital Management LLC $268M 2.3M 5.8% ▲ 2019.6%
Vanguard Capital Management LLC $201M 1.7M 4.4% ▲ 1.3%
Two Sigma Investments, LP $187M 1.6M 4.1% ▲ 16.7%
Fil Ltd $184M 1.6M 4.0% ▼ 1.2%
Vanguard Portfolio Management LLC $184M 1.6M 4.0% ▼ 1.8%
Federated Hermes, Inc. $158M 1.4M 3.4% ▲ 9.5%
State Of Michigan Retirement System $150M 1.3M 3.3% ▲ 9.5%
State Street Corp $141M 1.2M 3.1% ▲ 3.9%
Bank Of America Corp $137M 1.2M 3.0% ▼ 10.7%
FMR LLC $130M 1.1M 2.8% ▲ 3.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Duolingo, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $498,800 1 trade by 1 insider, last 12 months Insider sales History → $47.5M 85 trades by 7 insiders · 98% under pre-set plans
Net ▼ $47M net selling
Insider Date Trade Shares Price Value
Von Ahn Luis President & CEO, Co-Founder October 7, 2026 Sell pre-set plan 5,114 $153.26 $783,777
Von Ahn Luis President & CEO, Co-Founder October 7, 2026 Sell pre-set plan 29,871 $152.47 $4.6M
Von Ahn Luis President & CEO, Co-Founder October 7, 2026 Sell pre-set plan 55,036 $151.52 $8.3M
Von Ahn Luis President & CEO, Co-Founder October 7, 2026 Sell pre-set plan 20,025 $150.63 $3M
Von Ahn Luis President & CEO, Co-Founder September 24, 2026 Sell pre-set plan 38,758 $150.45 $5.8M
Von Ahn Luis President & CEO, Co-Founder September 24, 2026 Sell pre-set plan 7,024 $151.42 $1.1M
Von Ahn Luis President & CEO, Co-Founder September 24, 2026 Sell pre-set plan 900 $152.29 $137,061
Von Ahn Luis President & CEO, Co-Founder September 22, 2026 Sell pre-set plan 200 $150.00 $30,000
Von Ahn Luis President & CEO, Co-Founder September 22, 2026 Sell pre-set plan 3,414 $152.02 $518,996
Von Ahn Luis President & CEO, Co-Founder September 21, 2026 Sell pre-set plan 33,257 $150.46 $5M
Von Ahn Luis President & CEO, Co-Founder September 21, 2026 Sell pre-set plan 4,109 $151.07 $620,747
Von Ahn Luis President & CEO, Co-Founder September 16, 2026 Sell pre-set plan 1,020 $151.54 $154,571

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 4 trades and filings

No trades in Duolingo, Inc. disclosed in the last 12 months; 4 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded August 13, 2025, filed September 12, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded August 4, 2025, filed September 12, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded June 24, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 26, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 4, 2026
  • February 26, 2026
  • January 12, 2026
  • November 5, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on Duolingo, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Duolingo, Inc. in brief

What does Duolingo, Inc. do?
Duolingo, Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Duolingo, Inc.'s stock ticker?
Duolingo, Inc. trades under the ticker DUOL on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Duolingo, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Duolingo, Inc. reported revenue of $1.1B, 29.4% higher than a year earlier, according to its SEC filings.
What is Duolingo, Inc.'s free cash flow?
Duolingo, Inc.'s free-cash-flow margin is 35.6% of revenue over the trailing twelve months, ranking 16 of the 180 application software companies we cover.
What is Duolingo, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Duolingo, Inc.'s free cash flow after stock-based pay gives ~$260 per share in the base case, and ~$200–$330 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Duolingo, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Baillie Gifford & Co, Blackrock, Inc. and AQR Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Duolingo, Inc.'s market cap?
On November 2, 2026, Duolingo, Inc.'s market capitalisation was about $6.6B, with a price-to-earnings ratio of 16.0 and net debt of -$1.2B. Market figures come from third-party market data and may be delayed.
Who are Duolingo, Inc.'s competitors?
In our Application Software peer group, the companies closest to Duolingo, Inc. are Manhattan Associates Inc, Blackbaud Inc, Five9, Inc., Appfolio Inc and Servicetitan, Inc. The side-by-side comparison below sets their revenue, margins and growth against Duolingo, Inc.'s.
Are insiders buying or selling Duolingo, Inc. stock?
Over the last 12 months, Duolingo, Inc.'s directors and officers reported 1 open-market purchases and 85 sales on Form 4. The insider trading page charts every trade.
When is Duolingo, Inc.'s next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Duolingo, Inc. announces its own schedule.