Duolingo (DUOL) FY2024 results: revenue $748 million, up 40.8% on the year

Duolingo, Inc. (DUOL) reported revenue of $748 million for fiscal 2024, the year ended 31 December 2024, up 40.8% on the year before. Net income was $89 million, up 451.3%, and diluted earnings per share $1.88. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2025.

Revenue

$748 million

+40.8% on the year

FY2020FY2024

Operating margin

8.4%

-2.5% a year earlier

FY2020FY2024

Net income

$89 million

+451.3% on the year

FY2020FY2024

Diluted EPS

$1.88

+437.1% on the year

FY2020FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	748	531	369	+40.8%
Cost of revenue	204	142	99.4	+43.3%
Gross profit	544	389	270	+39.9%
Gross margin	72.8%	73.2%	73.1%
Research and development	235	194	150	+21.1%
Operating income	62.6	-13.3	-65.2
Operating margin	8.4%	-2.5%	-17.6%
Pre-tax income	102	17.8	-58.6	+475.5%
Income tax	13.7	1.7	0.9	+703.0%
Effective tax rate	13.4%	9.6%	n/a
Net income	88.6	16.1	-59.6	+451.3%
Net margin	11.8%	3.0%	-16.1%
Diluted EPS	$1.88	$0.35	-$1.51	+437.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	286	154	53.7	+85.9%
Capital expenditure	12.1	3.2	5.6	+279.7%
Free cash flow	273	150	48.1	+81.8%
Free cash flow margin	36.5%	28.3%	13.0%
Cash from investing	-217	-13.6	-14.2
Cash from financing	-30.0	2.1	14.8
Depreciation and amortisation	10.9	7.1	4.9	+53.0%
Share-based compensation	110	95.2	73.8	+16.0%
Buybacks	n/a	0.0	0.0
Diluted shares, weighted	47m	47m	39m	+1.2%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	825	656	542	+25.8%
Redeemable equity	n/a	n/a	0.0
Debt	0.0	0.0	0.0
Operating lease liabilities	54.7	21.1	23.5	+159.1%
Other liabilities	423	277	182	+52.3%
Total liabilities and equity	1,302	954	747	+36.5%
Fixed assets	18.9	11.8	13.0	+60.6%
Goodwill	10.5	4.0	4.0	+160.2%
Intangible assets	19.9	16.0	8.5	+24.4%
Investments	98.3	0.0	n/a
Cash and equivalents	786	748	608	+5.1%
Receivables	129	89.0	46.7	+44.9%
Other assets	239	85.5	66.9	+179.8%
Total assets	1,302	954	747	+36.5%

10-K for the year ended 31 December 2024, filed 28 February 2025: the filing.