To the full analysis
Duolingo stock: growth
DUOLDuolingo reported $1.04B in revenue for fiscal 2025, up 38.7% on the prior year, up 45% a year on average over up to five years.
Daily figure as of 13 Nov 2026
Revenue (Annual rate)
56.4%
per year from 2019 to 2025, per share 50.2%
Earnings (Annual rate)
no data
Free cash flow (Annual rate)
no data
Growth per year by period
What reaches shareholders is growth per share: buybacks lift it, new shares dilute it.
| since 2020 | since 2019 | |
|---|---|---|
| Revenue | 45.0% | 56.4% |
| Revenue per share | 38.1% | 50.2% |
| Earnings | no data | no data |
| Earnings per share | no data | no data |
| Free cash flow | 91.6% | no data |
| Free cash flow per share | 82.5% | no data |
Fiscal years at a glance
How revenue and earnings grow
- Revenue
- Earnings
- Free cash flow
Figures as a table
| Year | Revenue | Earnings | Free cash flow |
|---|---|---|---|
| 2019 | $70.76M | −$13.55M | −$1.62M |
| 2020 | $161.7M | −$15.78M | $14.33M |
| 2021 | $250.77M | −$60.14M | $5.58M |
| 2022 | $369.5M | −$59.57M | $48.09M |
| 2023 | $531.11M | $16.07M | $150.42M |
| 2024 | $748.02M | $88.57M | $273.4M |
| 2025 | $1.04B | $414.07M | $369.73M |
Revenue by segment
How Duolingo, Inc. makes its money and how that has shifted. Names are as the company reports them.
- License and Service84%
- Advertising8%
- English Test4%
- Other4%
“Other” combines smaller and former segments with revenue the company does not assign to a segment. Names as reported, with abbreviations spelled out for the largest companies.
Figures as a table
| 2024 | 2025 | Share 2025 | |
|---|---|---|---|
| License and Service | $607.53M | $873.44M | 84.2% |
| Advertising | $54.91M | $79.73M | 7.7% |
| English Test | $45.64M | $42.01M | 4% |
| Other | $39.95M | $42.42M | 4.1% |
| Total revenue | $748.02M | $1.04B | 100% |
Revenue by region
Where Duolingo, Inc. generates its revenue.
- Outside the US$645.4M62%
- United States$392.2M38%
The company split earlier years differently. A history would not be comparable, so only 2025 is shown.
Figures as a table
| 2025 | Share 2025 | |
|---|---|---|
| Outside the US | $645.38M | 62.2% |
| United States | $392.21M | 37.8% |
| Total revenue | $1.04B | 100% |
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Strong since 10 Nov 2026, previously Neutral
- Valuation signal Fairly valued since 11 Nov 2026, previously Overvalued
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.