Duolingo, Inc. develops a language-learning website and mobile app in the United States and China. The company offers courses in 40 different languages, including Spanish, English, French, Japanese, German, Italian, Chinese, Portuguese, and others. It also provides a digital language proficiency assessment exam. The company was incorporated in 2011 and is headquartered in Pittsburgh, Pennsylvania.

Duolingo, Inc.

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Net Cash Provided by Operating Activities

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Purchases of Investments

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Purchase of Property and Equipment

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Proceeds from Sale of Capitalized Software

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Acquisitions of Companies, Net

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Net Cash Provided by Investing Activities

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Issuance of Common Stock in Connection with the Initial Public Offering, Net of Underwriting Discounts and Issuance Costs

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Issuance of Common Stock in Connection with the Initial Public Offering, Net of Underwriting Discounts and Issuance Costs Common Size

Net Proceeds from Issuance of Convertible Preferred Stock

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Proceeds from Exercise of Stock Options

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Repurchases of Stock Options

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Repurchase of Common Stock

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Net Cash Provided by Financing Activities

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Net Increase in Cash, Cash Equivalents and Restricted Cash

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Cash, Cash Equivalents and Restricted Cash - Beginning of Period

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Share-Based Compensation Expense

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Other Adjustments

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Cash from Operating Activities

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Capital Expenditure

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Purchases of Intangible Assets

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Proceeds from Sale of Investments

Revenue

EBIT

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Adjusted Funds From Operations

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	386	117.2	96.8	88.6	86.8	66.2
Net Income
Depreciation & Amortization	14.2	13.6	12.4	10.9	9.2	8
Depreciation and Amortization
Share-Based Compensation Expense	131	124.4	116.5	110.5	105.7	102.2
Stock-Based Compensation Expense
Other Adjustments	-2	-1.6	—	-0.3	—	—
Accretion on Marketable Securities, Net
Gain on Sale of Capitalized Software
Loss on Disposal of Leasehold Improvements
Impairment of Capitalized Software
Changes in Trade Receivables	-30.3	-35.2	-37.7	-39.9	-32.5	-24.3
Accounts Receivable
Changes in Accounts Payable	0.6	3.8	0.5	3.9	0.4	0.9
Accounts Payable
Changes in Accrued Expenses	10.3	10.7	15.2	16.9	4.6	0.3
Accrued Expenses and Other Current Liabilities
Changes in Unearned Revenue	131.1	139.7	135.7	123.7	101.7	98.7
Deferred Revenue
Changes in Other Operating Activities	-37.8	-36.9	-30.8	-28.6	-24.6	-19.7
Deferred Cost of Revenues
Prepaid Expenses and Other Current Assets
Noncurrent Assets and Liabilities
Cash from Operating Activities	363.9	335.9	307.6	285.5	251.4	232.7
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-9.3	-7.6	-12	-12.1	-11.1	-8.7
Purchase of Property and Equipment
Purchases of Intangible Assets	-7	-6.8	-6.7	-9	-11.8	-13.9
Capitalized Software Expense and Purchases of Intangible Assets
Proceeds from Sale of Intangible Assets	—	—	—	—	—	—
Proceeds from Sale of Capitalized Software
Purchases of Investments	-210.8	-241.6	—	-193.3	—	—
Purchases of Investments
Proceeds from Sale of Investments	85.8	48	—	3.7	—	—
Maturities of Investments
Payments for Business Acquisitions	—	—	—	-6.6	—	—
Acquisitions of Companies, Net
Cash from Investing Activities	-174.9	-216.5	-222.9	-217.3	-111.1	-22.6
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Common Shares	17.5	17.9	18.9	19.4	15.2	13.6
Issuance of Common Stock in Connection with the Initial Public Offering, Net of Underwriting Discounts and Issuance Costs
Proceeds from Exercise of Stock Options
Repurchases of Common Shares	—	—	—	—	—	—
Repurchases of Stock Options
Repurchase of Common Stock
Net Issuance / (Repurchases) of Common Shares	17.5	17.9	18.9	19.4	15.2	13.6
Issuance of Preferred Shares	—	—	—	—	—	—
Net Proceeds from Issuance of Convertible Preferred Stock
Net Issuance / (Repurchases) of Preferred Shares	—	—	—	—	—	—
Other Financing Activities	—	—	—	-49.4	—	—
Payments of Deferred Offering Costs
Taxes Paid Related to Net-Share Settlement of Share-Based Compensation Awards
Cash from Financing Activities	-31.9	-31.5	-30.5	-30	15.2	2.1
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	354.6	328.3	295.6	273.4	240.3	224.1
NOPAT	272.3	76.6	60.5	54.2	48.8	32.2
Levered Free Cash Flow	495.1	240.4	217.7	203.2	167.1	145.8
Unlevered Free Cash Flow	381.4	199.8	181.5	168.8	129.1	111.7
Net Change in Cash	157.1	88	54.3	38.2	155.4	212.3