What is Duolingo's net debt?

Duolingo (DUOL) reported net debt of -$79.33M in Q1 2026.

How has Duolingo's net debt changed year-over-year?

Duolingo's net debt decreased by 207.2% year-over-year, from -$25.82M to -$79.33M.

What is the long-term trend for Duolingo's net debt?

Over 5 years (2020 to 2025), Duolingo's net debt has grown at a -13.2% compound annual growth rate (CAGR), from -$111.25M to -$54.86M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Duolingo DUOL Net debt

Discontinued — last reported Q1 '26

Net debt at other companies

SeaboardSEB

2×-0.4×

Sabra HealthcareSBRA

-0.2×-0.3×

TDS

Telephone and Data SystemsTDS

-0.2×-25.0×

Liberty GlobalLBTYB

8.1×-1.0×

Mirion TechnologiesMIR

0.4×-2.5×

CleanSparkCLSK

-21.7×—

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−$171.2Mcash and equivalents=-$79.33M

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 net debt?: Duolingo (DUOL) reported net debt of -$79.33M in Q1 2026.
How has Duolingo's net debt changed year-over-year?: Duolingo's net debt decreased by 207.2% year-over-year, from -$25.82M to -$79.33M.
What is the long-term trend for Duolingo's net debt?: Over 5 years (2020 to 2025), Duolingo's net debt has grown at a -13.2% compound annual growth rate (CAGR), from -$111.25M to -$54.86M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.