OpenNashEarnings

Software · Nasdaq: DUOL

Duolingo earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 25 Feb 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

Duolingo's third quarter 2026 revenues were $309.0 million, up 14% year over year, with daily active users of 64.9 million, up 29%, and net income of $27.2 million.

Duolingo's user growth sped up. Daily active users reached 64.9 million, up 29% from a year ago and faster than the 23% in the second quarter. Revenue rose 14% to $309.0 million and bookings rose 12% to $316.1 million. Net income was $27.2 million, down from $292.2 million a year earlier, which included a one-time $222.7 million tax benefit. Adjusted EBITDA was $78.7 million, a 25.5% margin.

Read the Q3 2026 summary →

Quarters

KPI history

Revenue$309.0M+13.7% y/yQ3 2026
Q4 2024: $209.6M (worked out from the annual figure)Q4 ’24$209.6MQ1 2025: $230.7MQ1 ’25$230.7MQ2 2025: $252.3MQ2 ’25$252.3MQ3 2025: $271.7MQ3 ’25$271.7MQ4 2025: $282.9M (worked out from the annual figure)Q4 ’25$282.9MQ1 2026: $292.0MQ1 ’26$292.0MQ2 2026: $298.5MQ2 ’26$298.5MQ3 2026: $309.0MQ3 ’26$309.0M

Fourth quarter worked out from the annual figure.

Data
Q4 2024$209.6M *
Q1 2025$230.7M
Q2 2025$252.3M
Q3 2025$271.7M
Q4 2025$282.9M *
Q1 2026$292.0M
Q2 2026$298.5M
Q3 2026$309.0M
Diluted EPS (GAAP)$0.54−90.9% y/yQ3 2026
Q1 2025: $0.72Q1 ’25$0.72Q2 2025: $0.91Q2 ’25$0.91Q3 2025: $5.95Q3 ’25$5.95Q1 2026: $0.89Q1 ’26$0.89Q2 2026: $0.66Q2 ’26$0.66Q3 2026: $0.54Q3 ’26$0.54
Data
Q1 2025$0.72
Q2 2025$0.91
Q3 2025$5.95
Q1 2026$0.89
Q2 2026$0.66
Q3 2026$0.54

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin7.8%−5.1 pts y/yQ3 2026
Q4 2024: 6.6%Q4 ’246.6%Q1 2025: 10.2%Q1 ’2510.2%Q2 2025: 13.2%Q2 ’2513.2%Q3 2025: 12.9%Q3 ’2512.9%Q4 2025: 15.4%Q4 ’2515.4%Q1 2026: 15.3%Q1 ’2615.3%Q2 2026: 11.4%Q2 ’2611.4%Q3 2026: 7.8%Q3 ’267.8%
Data
Q4 20246.6%
Q1 202510.2%
Q2 202513.2%
Q3 202512.9%
Q4 202515.4%
Q1 202615.3%
Q2 202611.4%
Q3 20267.8%
Free cash flow$78.5M−1.1% y/yQ3 2026
Q4 2024: $81.4MQ4 ’24$81.4MQ1 2025: $104.3MQ1 ’25$104.3MQ2 2025: $89.5MQ2 ’25$89.5MQ3 2025: $79.4MQ3 ’25$79.4MQ4 2025: $96.6MQ4 ’25$96.6MQ1 2026: $150.6MQ1 ’26$150.6MQ2 2026: $81.4MQ2 ’26$81.4MQ3 2026: $78.5MQ3 ’26$78.5M
Data
Q4 2024$81.4M
Q1 2025$104.3M
Q2 2025$89.5M
Q3 2025$79.4M
Q4 2025$96.6M
Q1 2026$150.6M
Q2 2026$81.4M
Q3 2026$78.5M

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$209.6Md$230.7M$252.3M$271.7M$282.9Md$292.0M$298.5M$309.0M
Gross margin71.9%71.1%72.4%72.5%72.8%73.0%72.6%72.9%
Operating income$13.9Md$23.6M$33.4M$35.2M$43.5Md$44.5M$33.9M$24.2M
Operating margin6.6%10.2%13.2%12.9%15.4%15.3%11.4%7.8%
Net income$13.9Md$35.1M$44.8M$292.2M$42.0Md$43.5M$33.2M$27.2M
Diluted EPS—$0.72$0.91$5.95—$0.89$0.66$0.54
Operating cash flow$83.3Md$105.6M$90.7Md$84.2Md$107.3Md$150.8M$88.3Md$89.4Md
Capital expenditure$2.0Md$1.3M$1.2Md$4.9Md$10.7Md$132.0K$6.9Md$11.0Md
Free cash flow$81.4M$104.3M$89.5M$79.4M$96.6M$150.6M$81.4M$78.5M
R&D expense$66.4Md$70.4M$73.7M$82.7M$79.6Md$83.0M$92.2M$107.7M

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings