Duolingo Past Earnings Performance

Past criteria checks 4/6

Duolingo has been growing earnings at an average annual rate of 67.4%, while the Consumer Services industry saw earnings growing at 14% annually. Revenues have been growing at an average rate of 34.3% per year. Duolingo's return on equity is 12%, and it has net margins of 13.2%.

Key information

67.40%

Earnings growth rate

70.89%

EPS growth rate

Consumer Services Industry Growth	-12.32%
Revenue growth rate	34.34%
Return on equity	11.99%
Net Margin	13.24%
Next Earnings Update	05 Nov 2025

Recent past performance updates

Recent updates

Revenue & Expenses Breakdown

How Duolingo makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

BOVESPA:DUOL34 Revenue, expenses and earnings (USD Millions)
Date	Revenue	Earnings	G+A Expenses	R&D Expenses
30 Jun 25	885	117	279	273
31 Mar 25	811	97	260	255
31 Dec 24	748	89	246	235
30 Sep 24	689	87	231	219
30 Jun 24	634	66	223	207
31 Mar 24	583	46	216	199
31 Dec 23	531	16	208	194
30 Sep 23	484	-10	202	189
30 Jun 23	442	-31	194	180
31 Mar 23	404	-50	189	167
31 Dec 22	369	-60	185	150
30 Sep 22	339	-63	175	136
30 Jun 22	306	-74	172	123
31 Mar 22	277	-59	149	111
31 Dec 21	251	-60	138	104
30 Sep 21	226	-53	121	86
30 Jun 21	208	-27	96	73
31 Mar 21	189	-27	90	63
31 Dec 20	162	-16	79	53
31 Dec 19	71	-14	31	32

Quality Earnings: DUOL34 has high quality earnings.

Growing Profit Margin: DUOL34's current net profit margins (13.2%) are higher than last year (10.4%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: DUOL34 has become profitable over the past 5 years, growing earnings by 67.4% per year.

Accelerating Growth: DUOL34's earnings growth over the past year (76.9%) exceeds its 5-year average (67.4% per year).

Earnings vs Industry: DUOL34 earnings growth over the past year (76.9%) did not outperform the Consumer Services industry 345.3%.

Return on Equity

High ROE: DUOL34's Return on Equity (12%) is considered low.

Return on Assets

Return on Capital Employed

Discover strong past performing companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/10/21 23:36
End of Day Share Price	2025/10/21 00:00
Earnings	2025/06/30
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Duolingo, Inc. is covered by 32 analysts. 23 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Vikram Kesavabhotla	Baird
Ross Sandler	Barclays
X. Lu	Barclays