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Duolingo (DUOL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Duolingo (DUOL) reported revenue of $272M for the third quarter 2025 (Q3 2025), +41% from a year earlier and +8% from the quarter before. Operating margin was 12.9%, net earnings $292M (107.5% of revenue).
Duolingo, Q3 2025: revenue $272M (+41% year over year), operating margin 12.9%, net earnings $292M, operating cash flow $84.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $272M | +8% | +41% |
| Gross profit | $197M | +8% | +40% |
| Operating profit | $35.2M | +5% | +159% |
| Net earnings | $292M | +552% | 13× |
| Operating cash flow | $84.2M | -7% | +50% |
| Free cash flow | $79.4M | -11% | +50% |
What changed
Revenue was $271.7M in Q3 2025, up 41% year over year and up 8% from the previous quarter. Subscription was the largest line at 84% of revenue. Subscription added $71.9M year over year (up 46%), 91% of the total change. Duolingo English Test declined 10%.
Gross margin was 72.5%, down 0.4 points from a year earlier. Operating profit was $35.2M, a 12.9% margin (up 5.9 points year over year). Of the extra revenue versus a year earlier, 27% reached operating profit, above the 7% margin then. Operating expenses grew 28% against revenue growth of 41%. The fastest-growing cost line was Sales & marketing (+37%). Net earnings were $292.2M, up 1151% year over year. The tax line was a benefit of $245.7M on pre-tax earnings of $46.4M. Non-operating items added $11.3M, 24% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $84.2M (up 50% year over year), 29% of net earnings. Non-cash charges added back $3.6M of depreciation and amortization and $35.6M of share-based compensation. Working capital and other items used $247.1M. Capital expenditures of $4.9M left free cash flow of $79.4M.
Questions
What was Duolingo's revenue in the third quarter 2025?
Duolingo (DUOL) reported revenue of $272M for the third quarter 2025 (Q3 2025), +41% from a year earlier and +8% from the quarter before.
Was Duolingo profitable in the third quarter 2025?
Operating profit was $35.2M (12.9% of revenue) and net earnings $292M.
Source: Duolingo 10-Q on SEC EDGAR.