← Duolingo, Inc.
| Annual Trend | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | $120.5m | $553.9m | $608.2m | $747.6m | $785.8m | $1.0b | |
| Short-term investments | — | — | — | $0 | $91.9m | $104.1m | |
| Accounts receivable | $20.4m | $33.2m | $46.7m | $89.0m | $128.9m | $162.8m | |
| Income tax receivable | — | — | — | — | $27k | $14.1m | |
| Prepaid expenses and other current assets | $3.9m | $8.0m | $7.2m | $7.3m | $14.9m | $16.6m | |
| Total current assets | $158.4m | $619.3m | $697.2m | $897.8m | $1.1b | $1.4b | |
| Long-term investments | — | — | — | $0 | $98.3m | $135.1m | |
| Property and equipment, net | $6.4m | $8.2m | $13.0m | $11.8m | $18.9m | $36.3m | |
| Intangible assets, net | — | $4.6m | $8.5m | $16.0m | $19.9m | $28.3m | |
| Goodwill | — | $0 | $4.0m | $4.0m | $10.5m | $35.3m | |
| Operating lease right-of-use assets | $8.1m | $28.4m | $22.5m | $19.1m | $47.5m | $80.4m | |
| Other assets | $562k | $894k | $1.5m | $1.7m | $1.6m | $10.1m | |
| Deferred cost of revenues | $13.6m | $24.2m | $35.0m | $53.9m | $80.2m | $102.7m | |
| Restricted cash | — | — | $0 | $2.7m | $2.7m | $2.7m | |
| Deferred tax assets, net | — | $0 | $633k | $766k | $675k | $227.3m | |
| Deferred revenues | $54.8m | $98.3m | $157.6m | $249.2m | $372.9m | $496.2m | |
| Income tax payable | $68k | $113k | $1.1m | $792k | $6.6m | $1.3m | |
| Accrued expenses and other current liabilities | $8.6m | $12.9m | $22.0m | $24.9m | $36.4m | $45.7m | |
| Long-term obligation under operating leases | $8.1m | $29.1m | $23.5m | $21.1m | $54.7m | $93.8m | |
| Total stockholders’ equity | ($80.7m) | $513.1m | $542.1m | $655.5m | $824.5m | $1.3b | |
| Total assets | $175.7m | $661.3m | $747.3m | $954.0m | $1.3b | $2.0b | |
| Total liabilities and stockholders' equity | $175.7m | $661.3m | $747.3m | $954.0m | $1.3b | $2.0b | |
| Accounts payable | $2.2m | $7.8m | $1.2m | $2.4m | $6.4m | $8.0m | |
| Total current liabilities | $65.7m | $119.1m | $181.8m | $277.4m | $422.2m | $551.1m | |
| Deferred tax liabilities, net | — | — | — | $0 | $291k | $249k | |
| Total liabilities | $73.8m | $148.3m | $205.3m | $298.5m | $477.2m | $645.2m | |
| Class A common stock, $0.0001 par value; 2,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 40,368 and 38,730 issued and outstanding at December 31, 2025 and December 31, 2024, respectively Class B common stock, $0.0001 par value; 30,000 shares authorized as of December 31, 2025 and December 31, 2024; 6,260 and 6,206 issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 1k | 4k | 4k | 4k | 4k | 5k | |
| Additional paid-in capital | $30.1m | $684.0m | $772.6m | $869.9m | $950.4m | $1.1b | |
| Retained earnings (Accumulated deficit) | ($110.8m) | ($170.9m) | ($230.5m) | ($214.4m) | ($125.8m) | $288.2m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.