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Duolingo, Inc. cash flow statement

In fiscal 2025, Duolingo, Inc.'s operations generated $388m of cash; it spent $18.1m on capital projects, leaving free cash flow of $370m.

Cash flow statement

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 from operations18954154286388431
Depreciation and amortisation2357111411
Stock-based pay17417495110137145
Capital spending3463121823
Free cash flow14648150273370408
Free cash flow after stock pay−3−35−2655163232263
Share buybacks0100———

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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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.