For the year ending 2025-12-31, DUOL had $250,598K increase in cash & cash equivalents over the period. $369,727K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 414,065 | 88,574 | 16,067 | -59,574 |
| Deferred income taxes | -225,185 | - | - | - |
| Stock-based compensation expense | 137,437 | 110,477 | 95,221 | 73,820 |
| Depreciation and amortization | 14,391 | 10,854 | 7,095 | 4,870 |
| Accretion on marketable securities, net | 1,851 | 551 | - | - |
| Gain on sale of capitalized software | - | 0 | 100 | - |
| Loss on disposal of leasehold improvements | - | 0 | -433 | - |
| Impairment of capitalized software | - | 238 | - | - |
| Other | 0 | - | - | - |
| Deferred revenue | 123,321 | 123,692 | 91,642 | 59,283 |
| Accounts receivable | 33,904 | 39,917 | 42,247 | 13,565 |
| Deferred cost of revenues | 22,501 | 26,231 | 18,890 | 10,822 |
| Prepaid expenses and other current assets | 15,791 | 7,570 | 48 | 1,415 |
| Accounts payable | 1,617 | 3,934 | 1,261 | -6,655 |
| Accrued expenses and other current liabilities | 255 | 16,850 | 3,444 | 8,720 |
| Noncurrent assets and liabilities | 4,031 | -5,163 | 264 | 1,006 |
| Net cash provided by operating activities | 387,823 | 285,513 | 153,614 | 53,656 |
| Purchases of investments | 162,926 | 193,300 | - | - |
| Maturities and paydowns of investments | 115,747 | 3,705 | - | - |
| Capitalized software expense and purchases of intangible assets | 9,303 | 9,024 | 10,493 | 4,562 |
| Purchase of property and equipment | 18,096 | 12,116 | 3,191 | 5,562 |
| Proceeds from sale of capitalized software | 0 | 0 | 100 | - |
| Acquisitions of companies, net of 0 and 5 cash acquired, respectively | 33,100 | 6,595 | 0 | 4,050 |
| Net cash used for investing activities | -107,678 | -217,330 | -13,584 | -14,174 |
| Issuance of common stock in connection with the initial public offering, net of underwriting discounts and issuance costs | - | - | 0 | 0 |
| Net proceeds from issuance of convertible preferred stock | - | - | 0 | 0 |
| Proceeds from exercise of stock options | 12,570 | 19,356 | 13,617 | 14,776 |
| Repurchases of stock options | - | - | 0 | 0 |
| Repurchase of common stock | - | - | 0 | 0 |
| Taxes paid related to net-share settlement of share-based compensation awards | 41,617 | 49,358 | 11,482 | - |
| Payment of earn-out related to a previous acquisition | 500 | - | - | - |
| Net cash used for financing activities | -29,547 | -30,002 | 2,135 | 14,776 |
| Net increase in cash, cash equivalents and restricted cash | 250,598 | 38,181 | 142,165 | 54,258 |
| Cash, cash equivalents and restricted cash - beginning of period | 788,526 | 750,345 | 608,180 | 553,922 |
| Cash, cash equivalents and restricted cash - end of period | 1,039,124 | 788,526 | 750,345 | 608,180 |
Duolingo, Inc. (DUOL)
Duolingo, Inc. (DUOL)