Filing Flows › Duolingo (DUOL) › Q3 2026
Duolingo (DUOL) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 4, 2026
Duolingo (DUOL) reported revenue of $309M for the third quarter 2026 (Q3 2026), +14% from a year earlier and +4% from the quarter before. Operating margin was 7.8%, net earnings $27.2M (8.8% of revenue).
Duolingo, Q3 2026: revenue $309M (+14% year over year), operating margin 7.8%, net earnings $27.2M, operating cash flow $89.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $309M | +4% | +14% |
| Gross profit | $225M | +4% | +14% |
| Operating profit | $24.2M | -29% | -31% |
| Net earnings | $27.2M | -18% | -91% |
| Operating cash flow | $89.4M | +1% | +6% |
| Free cash flow | $75.3M | — | -3% |
What changed
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.
Questions
What was Duolingo's revenue in the third quarter 2026?
Duolingo (DUOL) reported revenue of $309M for the third quarter 2026 (Q3 2026), +14% from a year earlier and +4% from the quarter before.
Was Duolingo profitable in the third quarter 2026?
Operating profit was $24.2M (7.8% of revenue) and net earnings $27.2M.
Source: Duolingo 10-Q on SEC EDGAR.