Duolingo, Inc. logo DUOL - Duolingo, Inc.

Price: -- -- | CONSENSUS: Hold DETAILS
STRONG
BUY
0
BUY 8
HOLD 13
SELL 1
STRONG
SELL
0
| PRICE TARGET: $136.17 DETAILS
HIGH: $245.00
LOW: $95.00
MEDIAN: $110.00
CONSENSUS: $136.17
UPSIDE: 17.36%
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1
Revenue
Revenue 292.0 282.9 271.7 252.3 230.7 209.6 192.6 178.3 167.6 151.0 137.6 126.8 115.7 103.8 96.1 88.4 81.2 73.0 63.6 58.8 55.4 48.3 45.3 40.0 28.1 23.2 19.4 15.6 12.5
Cost of Revenue 80.3 78.4 76.2 71.2 68.0 60.5 53.7 48.6 46.4 41.8 37.5 35.0 32.9 28.9 26.8 24.4 21.7 20.2 18.3 16.3 15.2 12.9 13.1 12.1 8.2 6.7 5.7 4.6 3.7
Gross Profit 211.7 204.4 195.5 181.1 162.7 149.1 138.9 129.7 121.1 109.2 100.1 91.8 82.8 74.9 69.3 64.0 59.5 52.9 45.3 42.5 40.2 35.4 32.2 28.0 19.9 16.5 13.8 11.0 8.7
Operating Expenses
R&D Expenses 82.1 78.7 81.9 72.8 69.6 65.6 62.2 54.6 50.4 49.8 49.9 47.5 45.4 44.2 42.0 34.2 29.8 30.0 29.3 21.9 22.5 15.4 15.9 12.1 9.6 9.3 8.6 7.4 6.3
SG&A Expenses 84.7 81.9 74.0 74.2 69.4 69.4 62.6 56.0 54.3 54.6 54.8 49.0 45.8 48.8 47.5 44.7 41.4 39.6 43.2 19.8 30.6 30.4 19.2 15.8 12.7 10.5 8.3 6.5 6.0
Other Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Expenses 166.8 160.6 155.9 147.0 139.0 135.1 124.9 110.6 104.7 104.4 104.7 96.6 91.2 93.0 89.4 79.0 71.1 69.6 72.5 41.8 53.1 45.8 35.1 27.9 22.3 19.8 16.9 14.0 12.2
Operating Income
Operating Income 44.9 43.9 39.6 34.1 23.7 14.0 14.1 19.0 16.4 4.8 (4.6) (4.8) (8.4) (18.0) (20.2) (14.9) (11.6) (16.8) (27.1) 0.7 (12.9) (10.4) (2.9) 0.1 (2.5) (3.3) (3.2) (2.9) (3.5)
Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 11.8 11.6 11.8 11.4 10.4 10.7 11.2 10.7 10.0 9.3 8.6 7.5 5.6 4.3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 59.7 58.3 50.0 49.9 38.6 26.0 28.3 31.0 27.9 17.2 4.6 4.0 (0.9) (11.8) (16.9) (13.7) (11.4) (16.7) (28.2) 0.5 (12.3) (9.8) (2.3) 0.7 (2.1) (3.0) (2.9) (2.6) (3.1)
EBIT 55.6 54.5 46.4 46.5 35.0 22.4 25.4 28.7 25.9 15.1 2.9 2.4 (2.7) (13.2) (18.4) (14.9) (12.1) (17.4) (28.9) (0.2) (12.9) (10.4) (2.9) 0.1 (2.5) (3.3) (3.2) (2.9) (3.5)
Income Before Tax 55.6 54.5 46.4 46.5 35.0 22.4 25.4 28.7 25.9 15.1 2.9 2.4 (2.7) (13.2) (18.4) (14.9) (12.1) (17.4) (28.9) (0.2) (13.5) (10.4) (3.2) 0.1 (2.2) (4.4) (3.0) (2.8) (3.4)
Income Tax Expense 12.1 12.5 (245.7) 1.7 (0.1) 8.4 2.0 4.4 (1.1) 3.0 0.1 (1.3) (0.1) 0.7 0.1 0.1 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0 0 0 0
Net Income 43.5 42.0 292.2 44.8 35.1 13.9 23.4 24.4 27.0 12.1 2.8 3.7 (2.6) (13.9) (18.4) (15.0) (12.2) (17.5) (29.0) (0.2) (13.5) (10.4) (3.2) 0.0 (2.2) (4.4) (3.0) (2.8) (3.4)
Per Share Data
EPS (Basic) 0.93 0.90 6.36 0.98 0.78 0.31 0.53 0.56 0.63 0.28 0.07 0.09 -0.06 -0.35 -0.46 -0.38 -0.31 -0.46 -0.77 -0.00 -0.36 -0.29 -0.09 0.00 -0.06 -0.12 -0.08 -0.08 -0.09
EPS (Diluted) 0.89 0.84 5.95 0.91 0.72 0.28 0.49 0.51 0.57 0.25 0.06 0.08 -0.06 -0.35 -0.46 -0.38 -0.31 -0.46 -0.77 -0.00 -0.36 -0.29 -0.09 0.00 -0.06 -0.12 -0.08 -0.08 -0.09
Shares Outstanding 46.8 46.6 46.0 45.6 45.1 44.9 43.7 43.3 42.8 42.5 41.7 41.2 40.6 40.4 39.8 39.3 38.6 38.3 37.5 37.4 37.4 35.9 35.9 35.9 35.9 35.9 35.9 35.9 35.9
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2019 Q4
Current Assets
Cash & Cash Equivalents 1,138.6 1,036.4 1,011.5 976.2 884.0 785.8 854.4 888.2 829.7 747.6 701.7 678.7 641.1 608.2 600.0 591.2 577.3 553.9 549.4 114.6 117.5 120.5 59.8
Short-Term Investments 113.0 104.1 109.9 121.7 115.3 91.9 26.4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Receivables 130.2 176.9 134.4 206.7 203.7 209.1 161.5 141.0 136.8 142.9 107.8 98.5 92.6 81.8 60.5 57.4 56.4 57.4 40.5 42.3 39.4 34.0 16.9
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 124.2 119.2 111.3 19.4 16.6 14.9 16.1 12.3 10.7 7.3 9.5 7.8 7.5 7.2 7.9 6.6 7.0 8.0 6.4 5.6 1.9 3.9 2.1
Total Current Assets 1,506.0 1,436.6 1,367.1 1,324.0 1,219.7 1,101.6 1,058.4 1,041.6 977.3 897.8 819.1 784.9 741.2 697.2 668.3 655.1 640.6 619.3 596.3 162.6 158.8 158.4 78.9
Non-Current Assets
Property, Plant & Equipment 116.9 116.7 103.9 100.7 65.5 66.4 68.1 68.1 63.0 30.9 31.9 33.5 34.6 35.5 36.3 37.9 37.3 36.6 16.2 14.5 14.1 14.5 13.8
Goodwill 35.3 35.3 35.3 10.5 10.5 10.5 10.5 4.0 4.0 4.0 4.0 4.0 4.0 4.0 0 0 0 0 0 0 0 0 0
Intangible Assets 28.3 28.3 28.0 19.9 18.9 19.9 21.9 20.6 18.6 16.0 13.8 10.4 8.5 8.5 7.0 6.4 5.5 4.6 4.2 3.7 3.2 2.3 1.8
Long-Term Investments 140.2 135.1 98.7 75.4 83.3 101.0 58.1 2.7 2.7 2.7 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 13.4 12.8 12.4 11.4 4.5 1.6 1.7 1.6 2.2 1.7 1.3 1.2 1.4 1.5 1.6 1.2 1.0 0.9 1.0 0.9 0.9 0.6 0.5
Total Non-Current Assets 552.0 555.6 518.5 218.6 183.5 200.1 161.1 97.9 91.4 66.4 51.6 49.9 49.1 59.8 45.4 45.9 43.9 42.0 21.4 19.1 18.1 17.4 16.1
Total Assets 2,058.0 1,992.2 1,885.6 1,542.6 1,403.1 1,301.7 1,219.5 1,139.4 1,068.7 964.2 870.7 834.8 790.4 757.0 713.7 701.0 684.5 661.3 617.8 181.7 176.9 175.7 95.1
Current Liabilities
Account Payables 7.5 8.0 3.6 7.7 2.5 6.4 3.6 3.4 2.6 2.4 2.7 2.3 1.0 1.2 3.4 1.5 2.0 7.8 8.7 4.3 3.8 2.2 3.8
Short-Term Debt 0 0 4.1 3.0 0 2.6 2.6 2.5 2.8 3.9 5.1 6.1 5.5 4.9 4.6 4.5 4.0 3.3 1.5 0.6 1.0 1.1 1.0
Deferred Revenue 513.3 496.2 441.7 431.2 415.0 372.9 310.6 291.5 279.3 249.2 208.9 192.8 181.9 157.6 134.9 128.2 119.1 98.3 80.5 71.0 65.3 54.8 26.3
Other Current Liabilities 0 0 35.2 29.5 0 33.8 25.2 20.3 18.7 16.5 15.5 13.2 11.5 12.8 8.8 10.3 9.7 7.5 6.8 8.5 13.5 6.6 0.2
Total Current Liabilities 574.1 551.1 484.5 471.4 454.5 422.2 342.1 317.7 303.7 277.4 234.9 217.1 202.8 181.8 155.6 147.3 135.8 119.1 98.6 85.1 84.1 65.7 32.1
Non-Current Liabilities
Long-Term Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Tax Liabilities 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0 0 10.3 0 0 0 9.6 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Non-Current Liabilities 92.1 94.0 93.6 94.1 54.8 54.9 55.0 54.8 53.9 31.4 21.0 21.3 22.4 33.1 24.2 25.5 28.0 29.1 8.4 7.8 8.0 8.1 9.2
Total Liabilities 666.2 645.2 578.1 565.5 509.3 477.2 397.1 372.5 357.6 308.7 255.9 238.4 225.2 214.9 179.9 172.8 163.8 148.3 107.0 92.9 92.0 73.8 41.3
Stockholders' Equity
Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Retained Earnings 331.7 288.2 246.3 (45.9) (90.7) (125.8) (139.8) (163.1) (187.5) (214.4) (226.5) (229.3) (233.1) (230.5) (216.6) (198.1) (183.1) (170.9) (153.4) (124.4) (124.3) (110.8) (95.0)
Accumulated Other Comprehensive Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Stockholders' Equity 1,391.8 1,347.0 1,307.5 977.0 893.8 824.5 822.5 766.9 711.1 655.5 614.8 596.4 565.2 542.1 533.8 528.2 520.7 513.1 510.7 88.8 84.8 101.9 53.7
Total Liabilities & Equity 2,058.0 1,992.2 1,885.6 1,542.6 1,403.1 1,301.7 1,219.5 1,139.4 1,068.7 964.2 870.7 834.8 790.4 757.0 713.7 701.0 684.5 661.3 617.8 181.7 176.9 175.7 95.1
Debt Metrics
Total Debt 91.9 93.8 97.3 96.8 54.5 57.2 57.3 57.2 56.6 25.0 26.1 27.3 27.9 28.4 28.9 30.0 32.0 32.5 9.9 8.4 9.0 9.2 10.2
Net Debt (1,046.7) (942.6) (914.2) (879.4) (829.5) (728.6) (797.1) (831.0) (773.1) (722.6) (675.7) (651.3) (613.2) (579.8) (571.1) (561.1) (545.3) (521.5) (539.5) (106.2) (108.5) (111.2) (49.6)
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1
Operating Activities
Net Income 43.5 42.0 292.2 44.8 35.1 13.9 23.4 24.4 27.0 12.1 2.8 3.7 (2.6) (13.9) (18.4) (15.0) (12.2) (17.5) (29.0) (0.2) (13.5) (10.4) (3.2) 0.0 (2.2)
Depreciation & Amortization 4.2 3.8 3.6 3.4 3.6 3.7 2.9 2.2 2.1 2.0 1.7 1.6 1.8 1.4 1.5 1.2 0.8 0.8 0.7 0.6 0.6 0.6 0.6 0.6 0.4
Stock-Based Compensation 34.6 36.3 35.6 34.6 31.0 29.8 29.0 26.7 26.1 25.0 25.4 23.7 21.7 20.6 20.5 18.1 15.1 14.7 20.7 2.9 2.6 12.5 1.7 1.7 1.2
Change in Working Capital 59.3 11.3 (7.1) 8.3 36.4 36.3 1.1 9.0 29.5 10.0 7.3 8.1 9.5 3.5 5.2 8.4 17.4 2.5 12.1 (4.3) 15.4 1.0 1.7 6.1 5.4
Other Non-Cash Items (0.3) (0.4) (0.4) (0.5) (0.6) (0.3) (0.0) 0 (1.1) 0.0 0.4 0 (0.7) 0 0 0 (0.5) 0 0 0 0 0 0 0.0 0
Operating Cash Flow 150.8 107.3 84.2 90.7 105.6 83.3 56.3 62.4 83.5 49.2 37.6 37.2 29.6 11.6 8.8 12.7 20.6 0.4 4.5 (0.9) 5.1 3.7 0.8 8.5 4.7
Investing Activities
Capital Expenditure (0.1) (10.7) (4.9) (1.2) (1.3) (2.0) (3.2) (5.6) (1.4) (0.9) (0.8) (0.8) (0.7) (0.3) (2.1) (1.9) (1.3) (0.5) (1.1) (1.1) (0.8) (1.3) (0.4) (0.6) (1.6)
Acquisitions 0 0.5 (33.6) 0 0 0 (6.6) 0 0 0 0 0 0 (4.0) 0 0 0 0 0 0 0 0 0 0 0
Purchases of Investments (56.2) (63.8) (50.8) (21.7) (26.6) (111.6) (81.7) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sales/Maturities of Investments 42.4 33.7 39.6 23.8 18.7 3.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Investing Activities 0 0 0 0 0 0 0 0 0 0 0 0 0.1 0 0 0 0 0 0 0 0 (0.5) 0 0 0
Investing Cash Flow (16.7) (43.2) (51.7) (2.3) (10.5) (110.4) (93.3) (8.7) (5.0) (4.1) (4.8) (3.4) (1.3) (4.9) (3.5) (3.3) (2.4) (1.1) (1.5) (1.9) (1.8) (1.3) (0.4) (0.6) (1.7)
Financing Activities
Net Debt Issuance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Stock Repurchased (24.3) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (8.2) 0 0 0 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities (9.4) (42.1) 0 0 0 (49.4) 0 0 0 0 (11.5) 0 0 0 0 0 0 0 0 0 0 0.9 0.7 0 0
Financing Cash Flow (31.9) (39.2) 2.7 3.8 3.1 (41.6) 3.2 4.8 3.6 3.6 (9.8) 3.8 4.6 1.6 3.6 4.4 5.2 5.2 431.8 (0.1) (6.4) 35.8 0.7 10.1 0.3
Cash Position
Net Change in Cash 102.2 24.8 35.3 92.2 98.2 (68.6) (33.8) 58.5 82.1 45.9 23.1 37.6 32.9 8.2 8.8 13.8 23.4 4.5 434.8 (2.8) (3.0) 38.2 1.2 0 (59.8)
Cash at Beginning 1,036.4 1,011.5 976.2 884.0 785.8 854.4 888.2 829.7 747.6 701.7 678.7 641.1 608.2 600.0 591.2 577.3 553.9 549.4 114.6 117.5 120.5 82.3 81.1 0 59.8
Cash at End 1,138.6 1,036.4 1,011.5 976.2 884.0 785.8 854.4 888.2 829.7 747.6 701.7 678.7 641.1 608.2 600.0 591.2 577.3 553.9 549.4 114.6 117.5 120.5 82.3 0 0
Free Cash Flow 150.6 96.6 79.4 89.5 104.3 81.4 53.1 56.8 82.1 48.3 36.9 36.3 28.9 11.3 6.7 10.8 19.3 (0.1) 3.4 (2.0) 4.3 2.3 0.5 7.9 3.1
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1
Income Statement
Revenue 292.0 282.9 271.7 252.3 230.7 209.6 192.6 178.3 167.6 151.0 137.6 126.8 115.7 103.8 96.1 88.4 81.2 73.0 63.6 58.8 55.4 48.3 45.3 40.0 28.1 23.2 19.4 15.6 12.5
Gross Profit 211.7 204.4 195.5 181.1 162.7 149.1 138.9 129.7 121.1 109.2 100.1 91.8 82.8 74.9 69.3 64.0 59.5 52.9 45.3 42.5 40.2 35.4 32.2 28.0 19.9 16.5 13.8 11.0 8.7
Operating Income 44.9 43.9 39.6 34.1 23.7 14.0 14.1 19.0 16.4 4.8 (4.6) (4.8) (8.4) (18.0) (20.2) (14.9) (11.6) (16.8) (27.1) 0.7 (12.9) (10.4) (2.9) 0.1 (2.5) (3.3) (3.2) (2.9) (3.5)
Net Income 43.5 42.0 292.2 44.8 35.1 13.9 23.4 24.4 27.0 12.1 2.8 3.7 (2.6) (13.9) (18.4) (15.0) (12.2) (17.5) (29.0) (0.2) (13.5) (10.4) (3.2) 0.0 (2.2) (4.4) (3.0) (2.8) (3.4)
EPS (Diluted) 0.89 0.84 5.95 0.91 0.72 0.28 0.49 0.51 0.57 0.25 0.06 0.08 -0.06 -0.35 -0.46 -0.38 -0.31 -0.46 -0.77 -0.00 -0.36 -0.29 -0.09 0.00 -0.06 -0.12 -0.08 -0.08 -0.09
Balance Sheet
Cash & Equivalents 1,138.6 1,036.4 1,011.5 976.2 884.0 785.8 854.4 888.2 829.7 747.6 701.7 678.7 641.1 608.2 600.0 591.2 577.3 553.9 549.4 114.6 117.5 120.5 59.8
Total Assets 2,058.0 1,992.2 1,885.6 1,542.6 1,403.1 1,301.7 1,219.5 1,139.4 1,068.7 964.2 870.7 834.8 790.4 757.0 713.7 701.0 684.5 661.3 617.8 181.7 176.9 175.7 95.1
Total Debt 91.9 93.8 97.3 96.8 54.5 57.2 57.3 57.2 56.6 25.0 26.1 27.3 27.9 28.4 28.9 30.0 32.0 32.5 9.9 8.4 9.0 9.2 10.2
Stockholders' Equity 1,391.8 1,347.0 1,307.5 977.0 893.8 824.5 822.5 766.9 711.1 655.5 614.8 596.4 565.2 542.1 533.8 528.2 520.7 513.1 510.7 88.8 84.8 101.9 53.7
Cash Flow
Operating Cash Flow 150.8 107.3 84.2 90.7 105.6 83.3 56.3 62.4 83.5 49.2 37.6 37.2 29.6 11.6 8.8 12.7 20.6 0.4 4.5 (0.9) 5.1 3.7 0.8 8.5 4.7
Capital Expenditure (0.1) (10.7) (4.9) (1.2) (1.3) (2.0) (3.2) (5.6) (1.4) (0.9) (0.8) (0.8) (0.7) (0.3) (2.1) (1.9) (1.3) (0.5) (1.1) (1.1) (0.8) (1.3) (0.4) (0.6) (1.6)
Free Cash Flow 150.6 96.6 79.4 89.5 104.3 81.4 53.1 56.8 82.1 48.3 36.9 36.3 28.9 11.3 6.7 10.8 19.3 (0.1) 3.4 (2.0) 4.3 2.3 0.5 7.9 3.1