What is Duolingo's net margin?

Duolingo (DUOL) reported net margin of 38.4% in Q1 2026.

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

Duolingo's net margin increased by 222.3% year-over-year, from 11.9% to 38.4%.

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

Over 5 years (2020 to 2025), Duolingo's net margin has grown at a 32.5% compound annual growth rate (CAGR), from -9.8% to 39.9%.

What does net margin mean?

Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.

Duolingo DUOL Net margin

Net margin at other companies

StrideLRN

12.2%-0.9pp

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%

Profitability

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Gross margin72.7%+0.4pp

Operating margin14.2%+5.6pp

FCF margin37.9%+1.4pp

Returns & leverage

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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.

net income/total revenue=38.4%

Based on trailing twelve months.

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 margin?: Duolingo (DUOL) reported net margin of 38.4% in Q1 2026.
How has Duolingo's net margin changed year-over-year?: Duolingo's net margin increased by 222.3% year-over-year, from 11.9% to 38.4%.
What is the long-term trend for Duolingo's net margin?: Over 5 years (2020 to 2025), Duolingo's net margin has grown at a 32.5% compound annual growth rate (CAGR), from -9.8% to 39.9%.
What does net margin mean?: Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.