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Duolingo (DUOL) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Duolingo (DUOL) Q3 2026 earnings results →
Q3 2026 Revenue up 14% year over year to $309M · 9¢ of every $1 of revenue kept as net profit · operating margin 7.8%
Duolingo made $309M in Q3 2026 (+14% Y/Y): Subscription $270M, Advertising $20.8M, Duolingo English Test $9.9M. Operating margin 7.8%, net earnings $27.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $309.0M in Q3 2026, up 14% year over year and up 4% from the previous quarter. Subscription was the largest line at 87% of revenue. Subscription added $40.5M year over year (up 18%), 109% of the total change. IAPs declined 38%.
Gross margin was 72.9%, up 0.4 points from Q3 2025. Operating profit was $24.2M, a 7.8% margin (down 5.1 points year over year). Operating profit fell $11.0M even though revenue rose $37.3M versus Q3 2025, so costs grew faster than sales. Operating expenses grew 24% against revenue growth of 14%. The fastest-growing cost line was Research & development (+30%). Net earnings were $27.2M, down 91% year over year. The effective tax rate was 23.6%. Non-operating items added $11.4M, 32% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $89.4M (up 6% year over year), 329% of net earnings. Non-cash charges added back $4.3M of depreciation and amortization and $47.5M of share-based compensation. Working capital and other items added $10.5M. After purchases of property and equipment ($11.0M) and capitalized software development costs and purchases of intangible assets ($3.1M), free cash flow as the company reports it was $75.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $309M | +14% | 7.8% | $27.2M | $89.4M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $298M | +18% | 11.4% | $33.2M | $88.3M |
| Q1 2026 | 10-Q | May 5, 2026 | $292M | +26% | 15.3% | $43.5M | $151M |
| Q4 2025 | 10-K | Feb 27, 2026 | $283M | +35% | 15.4% | $42.0M | $107M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $272M | +41% | 12.9% | $292M | $84.2M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $252M | +42% | 13.2% | $44.8M | $90.7M |
| Q1 2025 | 10-Q | May 2, 2025 | $231M | +38% | 10.2% | $35.1M | $106M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- AAPL — 61% of its revenue · Stated in 10-K (sentence) · source
- GOOGL — 20% of its revenue · Stated in 10-K (sentence) · source
Buys from
- AMZN · Stated in 10-K (named, share not stated) · source
- AAPL · Stated in 10-K (named, share not stated) · source
- GOOGL · Stated in 10-K (named, share not stated) · source
About Duolingo
Although education can open the door to economic opportunity, it is also among the principal sources of inequality: the privileged can get the best education in the world, while those with fewer resources, especially in developing countries, may not be able to get even basic schooling. That is why we started Duolingo. We believe that everyone, regardless of how wealthy they are, should have access to high quality education. And today, the technology necessary to enable this is in the hands of billions of people, in the form of a smartphone. At Duolingo, we build products native to the smartphone—bite-sized, on-demand and engaging—to make learning accessible and effective, opening doors for everyone alike.
In its own words, from its 10-K, filed Feb 27, 2026.
Duolingo against its Services-Prepackaged Software peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +14% against the peers' median +14%. Operating margin: 7.8% against the peers' median 15.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| DUOL Duolingo | Q3 2026 | $309M | +14% | 7.8% |
| MSFT Microsoft | Q1 FY27 | $92.3B | +19% | 49.8% |
| ORCL Oracle | Q1 FY27 | $19.3B | +30% | 34.8% |
| CRM Salesforce | Q2 FY27 | $11.3B | +11% | 20.5% |
| ADBE Adobe | Q3 FY26 | $6.8B | +13% | 34.8% |
| XYZ Block | Q3 2026 | $6.7B | +10% | 6.4% |
| INTU Intuit | Q4 FY26 | $4.4B | +14% | 10.9% |
| NOW ServiceNow | Q3 2026 | $4.1B | +20% | 9.4% |
| SHOP Shopify | Q3 2026 | $3.7B | +32% | 15.2% |
Source: Duolingo 10-Q on SEC EDGAR · CIK 1562088 · Services-Prepackaged Software
Guidance and outlook
13F: who owns DUOL and who is buying
More on DUOL
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Duolingo gross margin by quarter
- Duolingo operating margin by quarter
- Duolingo net income by quarter
- Duolingo free cash flow by quarter
- Duolingo R&D spending by quarter
- Duolingo capital expenditures by quarter
- Duolingo Subscription revenue by quarter
- Duolingo Advertising revenue by quarter
- Duolingo Duolingo English Test revenue by quarter