Duolingo DUOL
Duolingo is an education app that teaches users new languages, math, music and chess. It was founded in 2011.
- Ticker
- DUOL
- Headquarters
- Pittsburgh, Pennsylvania
- CEO
- Luis von Ahn
- IPO year
- 2021
- Sector
- Education app
- Website
- www.duolingo.com/info
- Management
- Team & leadership ↗
Notes & Takes
"Duolingo stock has sold off more than 70% since spring of 2025 from AI fears and slowing growth. While the AI fears seem unwarranted the valuation was way too rich to justify the previous high. The company is founder led by Luis von Ahn, who shows long term conviction in bringing a new form of education to the world.
I like the CEO and I think Duolingo the company, will do well long term. I think their product offering is strong but the business model is not as strong. Why push users to sign up for 12 months? Because those who sign up monthly cancel their subscription.
If they can build a compelling advertising business I'd be far more interested."
Company Financials
Quarterly Headlines
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Duolingo Q2 2026
Jun 30, 2026
- 58.7 mill daily active users up 23%
- 12.7 mill paid subscribers at year end up 17%
- Revenue up 18% with net income of $33 mill down 25% margin of 11.1%
- Adjusted EBITDA of $77 mill or 25%.9% margin
- Net cash provided by operating activities of $88 mill
- Free cash flow of $78 mill
- $1.1 bill in cash and ST investments with no debt
- $44 mill of share repurchases
- **Guiding for revenue of $1.2 bill up 16% YoY with adjusted EBITDA of $320 mill which is a 26.5% margin **
Duolingo Q1 2026
Mar 31, 2026
- 56.5 million daily active users up 21%
- 12.5 million paid subscribers at year end up 21%
- Revenue up 27% with net income of $43.5 million and adjusted EBITDA of $83.4 million
- Cash provided by operating activities of $150 million and FCF of $147 million
- Medium term goal is to reach 100 DAU by 2028
- Speaking practice is now a part of the core product at Duolingo
- Repurchased 514,000 shares for $50 million
- Cash of $1.1 bill with no debt
- Guiding for revenue of 16% and adjusted EBITDA margins of 25% or $300 million
Duolingo Q4 2025
Dec 31, 2025
- Monthly active users of 133 million up 14%
- Daily active users up 52 million up 32%
- Paid subscribers of 12.2 million up 28%
- Revenues of $282 million up 35%
- Net income of $42 million
- Net cash from operating activities of $107 million
- Adjusted EBITDA $84 mill - a 29.8% margin
- $1 billion in cash with no debt
- Authorized a share repurchase program for $400 million
- Guiding for 2026 - bookings growth of 10% to 12%, revenue growth of 15% to 18% and adjusted EBITDA of 25% or $300 million
Duolingo Q3 2025
Sep 30, 2025
- Monthly active users of 135 million up 20%
- Daily active users of 50 million
- 11.5 million paid subscribers up 34%
- Revenue of $271 million up 41%
- Operating income of $35 million up 159%
- Chess is our fastest growing subject
- We expect fully diluted share count to increase 1% in 2025
- Cash of $1.1 billion with no debt
Duolingo Q2 2025
Jun 30, 2025
- Monthly active users of 128 million up 24%
- Daily active users of 47 million
- 10.9 million paid subscribers
- Revenue of $252 million up 41%
- Operating income of $33 million up 78%
- Our new chess course has grown faster than any other subject we’ve launched
- Max, our highest subscription tier, has seen significant traction since rolling out less than 1 year ago
- We expect full year gross margins to decline 1% which is less of a decline than we anticipated. AI related costs came in below what we expected
- We expect fully diluted share count to increase 1% in 2025
- Cash and ST investments of $876 million with no debt