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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Acquisitions of Companies, Net

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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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Net Proceeds from Issuance of Convertible Preferred Stock

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Proceeds from Exercise of Stock Options

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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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Other Adjustments

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Cash from Operating Activities

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Purchases of Intangible Assets

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Proceeds from Sale of Investments

Revenue

EBIT

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Operating Activities	Jun '25	Dec '24	Jun '24
Net Income	79.9	37.3	51.3
Net Income
Depreciation & Amortization	7	6.5	4.3
Depreciation and Amortization
Share-Based Compensation Expense	65.6	58.7	51.7
Stock-Based Compensation Expense
Other Adjustments	-1	-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	16	-51.2	11.3
Accounts Receivable
Changes in Accounts Payable	0.6	3.2	0.7
Accounts Payable
Changes in Accrued Expenses	-10.4	21	-4.2
Accrued Expenses and Other Current Liabilities
Changes in Unearned Revenue	58.3	81.4	42.3
Deferred Revenue
Changes in Other Operating Activities	-19.8	-17.1	-11.5
Deferred Cost of Revenues
Prepaid Expenses and Other Current Assets
Noncurrent Assets and Liabilities
Cash from Operating Activities	196.3	139.6	145.9
Net Cash Provided by Operating Activities

Investing Activities	Jun '25	Dec '24	Jun '24
Capital Expenditure	-2.5	-5.1	-7
Purchase of Property and Equipment
Purchases of Intangible Assets	-4.5	-2.3	-6.7
Capitalized Software Expense and Purchases of Intangible Assets
Proceeds from Sale of Intangible Assets	—	—	—
Proceeds from Sale of Capitalized Software
Purchases of Investments	-48.3	-193.3	—
Purchases of Investments
Proceeds from Sale of Investments	42.5	3.7	—
Maturities of Investments
Payments for Business Acquisitions	—	-6.6	—
Acquisitions of Companies, Net
Cash from Investing Activities	-12.8	-203.7	-13.7
Net Cash Provided by Investing Activities

Financing Activities	Jun '25	Dec '24	Jun '24
Issuance of Common Shares	7	11	8.4
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	7	11	8.4
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	7	-38.4	8.4
Net Cash Provided by Financing Activities

Free Cash Flow	Jun '25	Dec '24	Jun '24
Free Cash Flow	193.8	134.5	138.9
NOPAT	55.9	21.4	33
Levered Free Cash Flow	113.2	127.2	75.9
Unlevered Free Cash Flow	89.2	111.4	57.7
Net Change in Cash	190.4	-102.4	140.6