Filing Flows › Duolingo (DUOL) › Q4 2025
Duolingo (DUOL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Duolingo (DUOL) reported revenue of $283M for the fourth quarter 2025 (Q4 2025), +35% from a year earlier and +4% from the quarter before. Operating margin was 15.4%, net earnings $42.0M (14.8% of revenue).
Duolingo, Q4 2025: revenue $283M (+35% year over year), operating margin 15.4%, net earnings $42.0M, operating cash flow $107M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $283M | +4% | +35% |
| Gross profit | $206M | +5% | +37% |
| Operating profit | $43.5M | +24% | +213% |
| Net earnings | $42.0M | -86% | +202% |
| Operating cash flow | $107M | +27% | +29% |
| Free cash flow | $93.7M | — | +16% |
What changed
Revenue was $282.9M in Q4 2025, up 35% year over year and up 4% from the previous quarter. Subscription was the largest line at 86% of revenue.
Gross margin was 72.8%, up 0.9 points from a year earlier. Operating profit was $43.5M, a 15.4% margin (up 8.7 points year over year). Of the extra revenue versus a year earlier, 40% reached operating profit, above the 7% margin then. Operating expenses grew 19% against revenue growth of 35%. The fastest-growing cost line was Sales & marketing (+39%). Net earnings were $42.0M, up 202% year over year. The effective tax rate was 23.0%. Non-operating items added $11.0M, 20% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $107.3M (up 29% year over year), 256% of net earnings. Non-cash charges added back $3.8M of depreciation and amortization and $36.3M of share-based compensation. Working capital and other items added $25.3M. After purchases of property and equipment ($10.7M) and capitalized software development costs and purchases of intangible assets ($2.8M), free cash flow as the company reports it was $93.7M.
Questions
What was Duolingo's revenue in the fourth quarter 2025?
Duolingo (DUOL) reported revenue of $283M for the fourth quarter 2025 (Q4 2025), +35% from a year earlier and +4% from the quarter before.
Was Duolingo profitable in the fourth quarter 2025?
Operating profit was $43.5M (15.4% of revenue) and net earnings $42.0M.
Source: Duolingo 10-K on SEC EDGAR.