Duolingo (DUOL) Q3 FY2026 earnings: revenue $309 million, up 13.7% on the year

Duolingo, Inc. (DUOL) reported revenue of $309 million for Q3 FY2026, the quarter ended 30 September 2026, up 13.7% on the same quarter a year earlier. Net income was $27 million, down 90.7% on the year, and diluted earnings per share $0.54. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2026.

Revenue

$309 million

+13.7% on the year · +3.5% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

7.8%

12.9% a year earlier

Q4 FY2024Q3 FY2026

Net income

$27 million

-90.7% on the year · -18.1% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.54

-90.9% on the year · -18.2% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 raised, 1 narrowed, 9 new, 1 kept.

Daily active users accelerated to 29%: Daily active users grew 29% year over year, the second straight quarter of faster growth, up from 23% in Q2.
Bookings growth accelerated four points: Total bookings rose 12% to $316.1 million, four percentage points faster than the prior quarter.
Revenue growth slowed from Q2: Revenue rose 14% to $309.0 million; growth moderated from Q2 because subscription revenue is recognized ratably over the subscription term.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	309	298	272	+3.5%	+13.7%
Cost of revenue	83.9	81.7	74.8	+2.6%	+12.1%
Gross profit	225	217	197	+3.9%	+14.3%
Gross margin	72.9%	72.6%	72.5%
Research and development	108	92.2	82.7	+16.9%	+30.3%
Operating income	24.2	33.9	35.2	-28.7%	-31.2%
Operating margin	7.8%	11.4%	12.9%
Pre-tax income	35.6	45.4	46.4	-21.6%	-23.4%
Income tax	8.4	12.2	-246	-31.2%
Effective tax rate	23.6%	26.9%	-529.1%
Net income	27.2	33.2	292	-18.1%	-90.7%
Net margin	8.8%	11.1%	107.5%
Diluted EPS	$0.54	$0.66	$5.95	-18.2%	-90.9%

$ 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	89.4	88.3	84.2	+1.3%	+6.2%
Capital expenditure	11.0	6.9	4.9	+59.1%	+125.7%
Free cash flow	78.5	81.4	79.4	-3.6%	-1.1%
Free cash flow margin	25.4%	27.3%	29.2%
Cash from investing	-27.5	8.3	-51.7
Cash from financing	-3.2	-54.2	2.7
Depreciation and amortisation	4.3	4.2	3.6	+0.8%	+20.5%
Share-based compensation	47.5	38.2	35.6	+24.3%	+33.5%
Buybacks	6.9	45.3	0.0	-84.9%
Diluted shares, weighted	50m	50m	49m	-0.2%	+1.6%
Shares outstanding at period end	47m	47m	46m	+0.8%	+2.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	1,482	1,410	1,308	+5.1%	+13.3%
Debt	0.0	0.0	0.0
Operating lease liabilities	84.2	86.1	93.3	-2.2%	-9.7%
Other liabilities	600	578	485	+3.9%	+23.8%
Total liabilities and equity	2,166	2,074	1,886	+4.4%	+14.9%
Fixed assets	53.0	42.6	24.6	+24.4%	+115.3%
Goodwill	40.3	35.3	35.3	+14.2%	+14.2%
Intangible assets	26.2	27.6	28.0	-5.0%	-6.3%
Investments	110	103	98.7	+7.2%	+11.5%
Cash and equivalents	1,240	1,181	1,012	+5.0%	+22.5%
Receivables	142	131	124	+8.5%	+14.1%
Other assets	555	554	563	+0.2%	-1.4%
Total assets	2,166	2,074	1,886	+4.4%	+14.9%

Questions

What was Duolingo's revenue in Q3 FY2026?

Duolingo (DUOL) reported revenue of $309 million for Q3 FY2026, the quarter ended 30 September 2026, up 13.7% on the same quarter a year earlier.

How much did Duolingo earn in Q3 FY2026?

Net income for Q3 FY2026 was $27 million, down 90.7% on the year, and diluted earnings per share $0.54.

When did Duolingo report Q3 FY2026 results?

Duolingo filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 4 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	73.0	81.2	88.4	96.1	104	116	127	138	151	168	178	193	210	231	252	272	283	292	298	309
Cost of revenue	20.0	21.5	23.9	26.3	27.8	31.5	33.8	36.3	40.6	45.2	47.3	52.2	58.9	66.6	69.7	74.8	77.0	78.9	81.7	83.9
Gross profit	53.1	59.7	64.5	69.8	76.1	84.2	93.1	101	110	122	131	140	151	164	183	197	206	213	217	225
Gross margin	73%	74%	73%	73%	73%	73%	73%	74%	73%	73%	73%	73%	72%	71%	72%	72%	73%	73%	73%	73%
R&D	30.0	29.8	34.2	42.0	44.5	45.8	47.9	50.3	50.3	50.9	55.1	62.9	66.4	70.4	73.7	82.7	79.6	83.0	92.2	108
Operating income	-17.4	-11.8	-15.0	-20.2	-18.2	-8.5	-4.9	-4.7	4.8	16.4	18.7	13.6	13.9	23.6	33.4	35.2	43.5	44.5	33.9	24.2
Operating margin	-24%	-15%	-17%	-21%	-17%	-7%	-4%	-3%	3%	10%	10%	7%	7%	10%	13%	13%	15%	15%	11%	8%
Pre-tax income	-17.4	-12.1	-14.9	-18.4	-13.2	-2.7	2.4	2.9	15.1	25.9	28.7	25.4	22.4	35.0	46.5	46.4	54.5	55.6	45.4	35.6
Tax rate	n/a	n/a	n/a	n/a	n/a	n/a	-55%	4%	20%	-4%	15%	8%	38%	-0%	4%	-529%	23%	22%	27%	24%
Net income	-17.5	-12.2	-15.0	-18.4	-13.9	-2.6	3.7	2.8	12.1	27.0	24.4	23.4	13.9	35.1	44.8	292	42.0	43.5	33.2	27.2
Net margin	-24%	-15%	-17%	-19%	-13%	-2%	3%	2%	8%	16%	14%	12%	7%	15%	18%	108%	15%	15%	11%	9%
Diluted EPS	-$0.54	-$0.31	-$0.38	-$0.46	-$0.35	-$0.06	$0.08	$0.06	$0.26	$0.57	$0.51	$0.49	$0.31	$0.72	$0.91	$5.95	$0.99	$0.89	$0.66	$0.54
Operating cash flow	0.4	20.6	12.7	8.8	11.6	29.6	37.2	37.6	49.2	83.5	62.4	56.3	83.3	106	90.7	84.2	107	151	88.3	89.4
Capital expenditure	0.5	1.3	1.9	2.1	0.3	0.7	0.8	0.8	0.9	1.4	5.6	3.2	2.0	1.3	1.2	4.9	10.7	0.1	6.9	11.0
Free cash flow	-0.1	19.3	10.8	6.7	11.3	28.9	36.3	36.9	48.3	82.1	56.8	53.1	81.4	104	89.5	79.4	96.6	151	81.4	78.5
Buybacks	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	0.0	n/a	24.3	45.3	6.9
Shares outstanding	17m	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	45m	45m	46m	46m	47m	47m	47m	47m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 4 November 2026: the filing.