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Duolingo cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$78.5M in Q3 2026 · $407M over twelve months

Operating cash flow$89.4M
Capital spending−$11.0M
Free cash flow+$78.5M
Cash / net income3.3×
Cash conversion cycle24 days

Analysis

In Q3 2026, Duolingo generated $89.4M of operating cash flow and spent $11.0M on capital projects, leaving free cash flow of $78.5M. That is $906K less than in Q3 2025 ($79.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $436M; the largest uses were other financing ($76.5M), taxes on employees’ shares ($60.4M), other investing ($45.9M); besides operations, cash came from shares issued ($8.8M); the cash balance rose by $228M.

Operating cash flow was $89.4M against net income of $27.2M — 3.3× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$47.5M, accrued liabilities +$14.2M, receivables −$11.1M.

Its cash conversion cycle was 24 days (receivables 41 + inventory 0 − payables 16).

Free cash flow

Duolingo: free cash flow by quarterDuolingo: free cash flow by quarter$81.4MQ4 2024$104MQ1 2025$89.5MQ2 2025$79.4MQ3 2025$96.6MQ4 2025$151MQ1 2026$81.4MQ2 2026$78.5MQ3 2026
Operating cash flow less capital spending.
Duolingo: operating cash flow against capital spendingDuolingo: operating cash flow against capital spendingOperating cash flowCapital spending$83.3M$2.0MQ4 2024$106M$1.3MQ1 2025$90.7M$1.2MQ2 2025$84.2M$4.9MQ3 2025$107M$10.7MQ4 2025$151M$132KQ1 2026$88.3M$6.9MQ2 2026$89.4M$11.0MQ3 2026
Latest (Q3 2026): Operating cash flow $89.4M, Capital spending $11.0M.

Capital allocation, year by year

Duolingo: where the cash came from (up) and went (down), by fiscal yearDuolingo: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $9.2MFY2021: Shares issued $439MFY2021: Capital spending −$3.6MFY2021: Buybacks −$868K$448MFY2021FY2022: Operating cash flow $53.7MFY2022: Shares issued $14.8MFY2022: Capital spending −$5.6MFY2022: Acquisitions −$4.0M$68.4MFY2022FY2023: Operating cash flow $154MFY2023: Shares issued $13.6MFY2023: Asset sales $100KFY2023: Capital spending −$3.2M$167MFY2023FY2024: Operating cash flow $286MFY2024: Shares issued $19.4MFY2024: Capital spending −$12.1MFY2024: Acquisitions −$6.6M$305MFY2024FY2025: Operating cash flow $388MFY2025: Shares issued $12.6MFY2025: Capital spending −$18.1MFY2025: Acquisitions −$33.1M$400MFY2025
Over these 5 years operating cash flow totalled $890M; the largest uses were acquisitions ($43.7M) and capital spending ($42.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.2B
Debtnone
Net cash$1.2B

Duolingo funds itself: free cash flow was $407M over the last twelve months, with $1.2B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Duolingo: sources (+) and uses (−) of cash, Q3 2026Duolingo: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$89.4MCash drawn (+) / kept (−)−$58.7MOther investing−$16.5MCapital spending−$11.0MBuybacks−$6.9MShares issued$3.6M
Duolingo: sources (+) and uses (−) of cash, TTM to Q3 2026Duolingo: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$436MCash drawn (+) / kept (−)−$228MOther financing−$76.5MTaxes on employees’ shares−$60.4MOther investing−$45.9MCapital spending−$28.7MShares issued$8.8MAcquisitions−$5.0M

From profit to cash

Duolingo: net income to operating cash flow, Q3 2026Duolingo: net income to operating cash flow, Q3 2026Net income$27.2MDepreciation & amortization$4.3MStock-based pay$47.5MDeferred taxes$2.4MReceivables−$11.1MPayables−$535KAccrued liabilities$14.2MDeferred revenue$8.5MPrepaid and other assets−$6.6MOperating cash flow$89.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202641—1624
Q2 202639—1326
Q1 202644—936
Q4 202547—740
Q3 202540—733
Q2 202541—734
Q1 202547—641
Q4 202449—841

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$89.4M−$11.0M−$6.9M$3.6M−$58.7M$78.5M
Q2 2026$88.3M−$6.9M−$45.3M$416K−$42.3M$81.4M
Q1 2026$151M−$132K−$24.3M$1.9M−$102M$151M
Q4 2025$107M−$10.7M—$2.9M−$24.8M$96.6M
Q3 2025$84.2M−$4.9M—$2.7M−$35.3M$79.4M
Q2 2025$90.7M−$1.2M—$3.8M−$92.2M$89.5M
Q1 2025$106M−$1.3M—$3.1M−$98.2M$104M
Q4 2024$83.3M−$2.0M—$7.8M$68.6M$81.4M

Duolingo: income statement and cash flow

Duolingo, Q3 2026: revenue $309M (+14% year over year), operating margin 7.8%. The chart follows the revenue to costs, profit and cash.

Duolingo: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.