Duolingo Inc
NASDAQ:DUOL
Income Statement
Earnings Waterfall
Duolingo Inc
Income Statement
Duolingo Inc
| Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | Mar-2024 | Jun-2024 | Sep-2024 | Dec-2024 | Mar-2025 | Jun-2025 | Sep-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||||||||||||
| Revenue |
71
N/A
|
86
+22%
|
111
+28%
|
137
+23%
|
162
+18%
|
189
+17%
|
208
+10%
|
226
+9%
|
251
+11%
|
277
+10%
|
306
+11%
|
339
+11%
|
369
+9%
|
404
+9%
|
442
+10%
|
484
+9%
|
531
+10%
|
583
+10%
|
634
+9%
|
689
+9%
|
748
+8%
|
811
+8%
|
885
+9%
|
964
+9%
|
|
| Gross Profit | |||||||||||||||||||||||||
| Cost of Revenue |
(21)
|
(25)
|
(32)
|
(40)
|
(46)
|
(53)
|
(57)
|
(62)
|
(69)
|
(76)
|
(83)
|
(92)
|
(99)
|
(109)
|
(119)
|
(129)
|
(142)
|
(156)
|
(169)
|
(185)
|
(204)
|
(225)
|
(247)
|
(270)
|
|
| Gross Profit |
50
N/A
|
61
+22%
|
78
+28%
|
97
+24%
|
116
+20%
|
136
+18%
|
151
+11%
|
164
+9%
|
182
+11%
|
201
+11%
|
223
+11%
|
247
+11%
|
270
+9%
|
295
+9%
|
323
+10%
|
355
+10%
|
389
+10%
|
427
+10%
|
465
+9%
|
504
+8%
|
544
+8%
|
586
+8%
|
638
+9%
|
694
+9%
|
|
| Operating Income | |||||||||||||||||||||||||
| Operating Expenses |
(64)
|
(74)
|
(88)
|
(107)
|
(132)
|
(158)
|
(172)
|
(210)
|
(233)
|
(257)
|
(293)
|
(310)
|
(335)
|
(356)
|
(374)
|
(390)
|
(402)
|
(415)
|
(429)
|
(450)
|
(481)
|
(515)
|
(552)
|
(583)
|
|
| Selling, General & Administrative |
(32)
|
(39)
|
(49)
|
(60)
|
(78)
|
(91)
|
(96)
|
(120)
|
(129)
|
(145)
|
(169)
|
(173)
|
(182)
|
(187)
|
(192)
|
(199)
|
(204)
|
(213)
|
(220)
|
(227)
|
(242)
|
(257)
|
(276)
|
(287)
|
|
| Research & Development |
(32)
|
(35)
|
(40)
|
(47)
|
(53)
|
(66)
|
(76)
|
(89)
|
(104)
|
(111)
|
(123)
|
(136)
|
(149)
|
(166)
|
(179)
|
(187)
|
(193)
|
(198)
|
(205)
|
(217)
|
(233)
|
(252)
|
(270)
|
(290)
|
|
| Depreciation & Amortization |
(1)
|
(0)
|
(0)
|
0
|
(1)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(4)
|
(2)
|
(3)
|
(4)
|
(5)
|
(5)
|
(5)
|
(5)
|
(6)
|
(6)
|
(6)
|
(6)
|
|
| Operating Income |
(14)
N/A
|
(13)
+7%
|
(10)
+23%
|
(10)
+1%
|
(16)
-61%
|
(21)
-34%
|
(22)
-1%
|
(46)
-111%
|
(52)
-14%
|
(56)
-7%
|
(70)
-27%
|
(63)
+10%
|
(65)
-2%
|
(61)
+5%
|
(51)
+17%
|
(36)
+30%
|
(13)
+64%
|
12
N/A
|
36
+200%
|
54
+52%
|
64
+17%
|
71
+11%
|
86
+21%
|
112
+30%
|
|
| Pre-Tax Income | |||||||||||||||||||||||||
| Interest Income Expense |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
7
|
13
|
20
|
29
|
31
|
35
|
39
|
41
|
43
|
43
|
44
|
44
|
|
| Non-Reccuring Items |
0
|
0
|
0
|
0
|
0
|
(6)
|
(6)
|
(7)
|
(8)
|
(3)
|
(3)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
0
|
0
|
(0)
|
0
|
(1)
|
(1)
|
(2)
|
(6)
|
|
| Gain/Loss on Disposition of Assets |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Total Other Income |
1
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
2
|
(1)
|
(0)
|
(1)
|
(3)
|
(1)
|
(1)
|
(2)
|
(1)
|
(3)
|
(1)
|
1
|
(0)
|
|
| Pre-Tax Income |
(14)
N/A
|
(12)
+8%
|
(10)
+23%
|
(10)
-1%
|
(16)
-61%
|
(27)
-72%
|
(27)
-1%
|
(53)
-95%
|
(60)
-13%
|
(59)
+2%
|
(73)
-25%
|
(63)
+14%
|
(59)
+7%
|
(49)
+16%
|
(32)
+35%
|
(11)
+67%
|
18
N/A
|
46
+161%
|
73
+57%
|
95
+31%
|
102
+8%
|
111
+9%
|
129
+16%
|
150
+16%
|
|
| Net Income | |||||||||||||||||||||||||
| Tax Provision |
0
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
1
|
1
|
(2)
|
(1)
|
(6)
|
(8)
|
(14)
|
(15)
|
(12)
|
236
|
|
| Income from Continuing Operations |
(14)
|
(12)
|
(10)
|
(10)
|
(16)
|
(27)
|
(27)
|
(53)
|
(60)
|
(59)
|
(74)
|
(63)
|
(60)
|
(50)
|
(31)
|
(10)
|
16
|
46
|
66
|
87
|
89
|
97
|
117
|
386
|
|
| Net Income (Common) |
(14)
N/A
|
(12)
+8%
|
(10)
+22%
|
(10)
-1%
|
(16)
-61%
|
(27)
-71%
|
(27)
-1%
|
(53)
-95%
|
(60)
-13%
|
(59)
+2%
|
(74)
-25%
|
(63)
+14%
|
(60)
+6%
|
(50)
+16%
|
(31)
+38%
|
(10)
+68%
|
16
N/A
|
46
+184%
|
66
+45%
|
87
+31%
|
89
+2%
|
97
+9%
|
117
+21%
|
386
+229%
|
|
| EPS (Diluted) |
-0.38
N/A
|
-0.34
+11%
|
-0.26
+24%
|
-0.27
-4%
|
-0.44
-63%
|
-0.76
-73%
|
-0.72
+5%
|
-1.79
-149%
|
-2.57
-44%
|
-1.52
+41%
|
-1.87
-23%
|
-1.58
+16%
|
-1.51
+4%
|
-1.25
+17%
|
-0.66
+47%
|
-0.21
+68%
|
0.35
N/A
|
0.97
+177%
|
1.4
+44%
|
1.8
+29%
|
1.88
+4%
|
1.99
+6%
|
2.39
+20%
|
7.85
+228%
|
|