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Duolingo, Inc. balance sheet

At the end of fiscal 2025, Duolingo, Inc. had total assets of $1.99bn, total liabilities of $645m and shareholders' equity of $1.35bn. It held $1.04bn in cash against $0 of debt: net cash of $1.04bn.

Balance sheet

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

Fiscal year2020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash and equivalents1205546087487861,0361,181
Receivables20334789129163131
Total current assets1586196978981,1021,4371,571
Goodwill—044113535
Total assets1766617479541,3021,9922,074
Accounts payable28126816
Deferred revenue (current)5598158249373496505
Total current liabilities66119182277422551578
Total debt0000000
Total liabilities74148205298477645664
Shareholders' equity−815135426568251,3471,410
Non-controlling interests and other (assets − liabilities − equity)183——————
Net debt (negative = net cash)−120−554−608−748−786−1,036−1,181
Shares outstanding13m——————

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Duolingo, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Duolingo, Inc.