Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $162M | $251M | $369M | $531M | $748M | $1.04B |
| Revenue growth | — | 55.1% | 47.3% | 43.7% | 40.8% | 38.7% |
| Gross profit | $116M | $182M | $270M | $389M | $544M | $749M |
| Gross margin | 71.6% | 72.4% | 73.1% | 73.2% | 72.8% | 72.2% |
| Operating income | -$16.0M | -$60.0M | -$65.2M | -$13.3M | $62.6M | $136M |
| Operating margin | -9.9% | -23.9% | -17.6% | -2.5% | 8.4% | 13.1% |
| Net income | -$15.8M | -$60.1M | -$59.6M | $16.1M | $88.6M | $414M |
| Net margin | -9.8% | -24.0% | -16.1% | 3.0% | 11.8% | 39.9% |
| EPS (diluted) | -$1.24 | -$2.57 | -$1.51 | $0.35 | $1.88 | $8.57 |
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | $17.7M | $9.17M | $53.7M | $154M | $286M | $388M |
| Capital expenditures | $3.38M | $3.59M | $5.56M | $3.19M | $12.1M | $18.1M |
| Free cash flow | $14.3M | $5.58M | $48.1M | $150M | $273M | $370M |
| Share buybacks | $0.00 | $868K | $0.00 | $0.00 | — | — |
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $120M | $554M | $608M | $748M | $786M | $1.04B |
| Total assets | $176M | $661M | $747M | $954M | $1.30B | $1.99B |
| Total liabilities | $73.8M | $148M | $205M | $298M | $477M | $645M |
| Shareholders' equity | -$80.7M | $513M | $542M | $656M | $825M | $1.35B |
| Retained earnings | -$111M | -$171M | -$230M | -$214M | -$126M | $288M |
| Shares (wtd avg diluted) | 12.7M | 23.4M | 39.5M | 46.5M | 47.1M | 48.3M |
Every figure is extracted from Duolingo, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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