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.

Net Income

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Accretion on Marketable Securities, Net

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Accounts Payable

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Noncurrent Assets and Liabilities

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Net Cash Provided by Operating Activities

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Purchases of Investments

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Maturities of Investments

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Capitalized Software Expense and Purchases of Intangible Assets

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Purchase of Property and Equipment

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Proceeds from Sale of Capitalized Software

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Payment of Earn-Out Related to a Previous Acquisition

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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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Payments of Deferred Offering Costs

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Taxes Paid Related to Net-Share Settlement of Share-Based Compensation Awards

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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

Depreciation & Amortization

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Share-Based Compensation Expense

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Other Adjustments

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Changes in Unearned Revenue

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Changes in Other Operating Activities

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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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Revenue

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Net Interest Income

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Adjusted Funds From Operations

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	292.2	44.8	35.1	13.9	23.4	24.4
Net Income
Depreciation & Amortization	3.6	3.4	3.6	3.7	2.9	2.2
Depreciation and Amortization
Share-Based Compensation Expense	35.6	34.6	31	29.8	29	26.7
Stock-Based Compensation Expense
Other Adjustments	-239.9	-0.5	-0.6	-0.3	0.1	—
Accretion on Marketable Securities, Net
Gain on Sale of Capitalized Software
Loss on Disposal of Leasehold Improvements
Impairment of Capitalized Software
Deferred Income Taxes
Changes in Trade Receivables	-11.6	1.3	14.7	-34.7	-16.5	-1.3
Accounts Receivable
Changes in Accounts Payable	-3.4	4.4	-3.8	3.4	-0.2	1.1
Accounts Payable
Changes in Accrued Expenses	5.2	-4.1	-6.2	15.5	5.6	0.3
Accrued Expenses and Other Current Liabilities
Changes in Unearned Revenue	10.6	16.2	42.1	62.3	19.1	12.2
Deferred Revenue
Changes in Other Operating Activities	-7.9	-9.4	-10.4	-10.2	-6.9	-3.3
Deferred Cost of Revenues
Prepaid Expenses and Other Current Assets
Noncurrent Assets and Liabilities
Cash from Operating Activities	84.2	90.7	105.6	83.3	56.3	62.4
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-4.9	-1.2	-1.3	-2	-3.2	-5.6
Purchase of Property and Equipment
Purchases of Intangible Assets	-2	-3.2	-1.3	-0.5	-1.8	-3.1
Capitalized Software Expense and Purchases of Intangible Assets
Proceeds from Sale of Intangible Assets	—	—	—	—	—	—
Proceeds from Sale of Capitalized Software
Purchases of Investments	-50.8	-21.7	-26.6	-111.6	-81.7	—
Purchases of Investments
Proceeds from Sale of Investments	39.6	23.8	18.7	3.7	1.9	—
Maturities of Investments
Payments for Business Acquisitions	-33.6	—	—	-3.3	-6.6	—
Acquisitions of Companies, Net
Payment of Earn-Out Related to a Previous Acquisition
Cash from Investing Activities	-51.7	-2.3	-10.5	-110.4	-93.3	-8.7
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Common Shares	2.7	3.8	3.1	7.8	3.2	4.8
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	2.7	3.8	3.1	7.8	3.2	4.8
Issuance of Preferred Shares	—	—	—	—	—	—
Net Proceeds from Issuance of Convertible Preferred Stock
Net Issuance / (Repurchases) of Preferred Shares	—	—	—	—	—	—
Other Financing Activities	—	—	—	-49.4	-24.7	—
Payments of Deferred Offering Costs
Taxes Paid Related to Net-Share Settlement of Share-Based Compensation Awards
Cash from Financing Activities	2.7	3.8	3.1	-41.6	3.2	4.8
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	79.4	89.5	104.3	81.4	53.1	56.8
NOPAT	221.2	32.2	23.7	8.6	12.5	15.9
Levered Free Cash Flow	295.3	54.1	59.1	86.6	40.6	31.4
Unlevered Free Cash Flow	224.3	41.5	47.7	81.3	29.7	22.9
Net Change in Cash	35.3	92.2	98.2	-68.6	-33.8	58.5