What is Duolingo's invested capital?

Duolingo (DUOL) reported invested capital of $1.31B in Q1 2026.

How has Duolingo's invested capital changed year-over-year?

Duolingo's invested capital increased by 51.2% year-over-year, from $868.01M to $1.31B.

What is the long-term trend for Duolingo's invested capital?

Over 5 years (2020 to 2025), Duolingo's invested capital has grown at a 46.4% compound annual growth rate (CAGR), from -$191.94M to $1.29B.

What does invested capital mean?

Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).

Duolingo DUOL Invested capital

Discontinued — last reported Q1 '26

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12.9%+0.3pp

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7%—

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18.7%—

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0.3%-6.3pp

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18.4%+13.4pp

Other financials

Income statement

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Revenue$292.0M+26.5%

Gross profit$213.1M+29.9%

Operating income$44.5M+88.7%

Net income$43.5M+23.7%

EPS (diluted)$0.89+23.6%

Balance sheet

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Cash & equivalents$171.2M+113%

Total debt$91.9M+68.5%

Total equity$1.4B+55.7%

Total assets$2.1B+46.7%

Cash flow

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Operating cash flow$150.8M+42.7%

CapEx$132.0K-89.9%

Free cash flow$150.6M+44.4%

Valuation

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Market cap$5.85B-67.1%

Enterprise value$5.77B-67.6%

P/E13.9×-170×

P/S5.3×-16.6×

Profitability

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Gross margin72.7%+0.4pp

Operating margin14.2%+5.6pp

Net margin38.4%+26.5pp

FCF margin37.9%+1.4pp

Returns & leverage

See full

Return on equity37%+24.9pp

Debt / equity0.1×0.0×

Current ratio2.6×-0.1×

Where this comes from

Calculated from Duolingo’s reported figures.

$91.9Mtotal debt+$1.4Btotal stockholders equity−$171.2Mcash and equivalents=$1.31B

The official record: Duolingo’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Duolingo's invested capital?: Duolingo (DUOL) reported invested capital of $1.31B in Q1 2026.
How has Duolingo's invested capital changed year-over-year?: Duolingo's invested capital increased by 51.2% year-over-year, from $868.01M to $1.31B.
What is the long-term trend for Duolingo's invested capital?: Over 5 years (2020 to 2025), Duolingo's invested capital has grown at a 46.4% compound annual growth rate (CAGR), from -$191.94M to $1.29B.
What does invested capital mean?: Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).