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Duolingo DUOL Operating margin

Operating margin at other companies

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17.9%+2.9pp
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-20.9%-8.4pp
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CourseraCOUR
-17.8%+24.2pp
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NerdyNRDY
-25.4%-6.7pp

Other financials

Income statement

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Revenue$298.5M+18.3%
Gross profit$216.7M+18.7%
Operating income$33.9M+1.7%
Net income$33.2M-26.0%
EPS (diluted)$0.66-27.5%

Balance sheet

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Cash & equivalents$184.9M+104%
Total debt$86.1M+121%
Total equity$1.4B+44.3%
Total assets$2.1B+34.4%

Cash flow

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Operating cash flow$88.3M-2.7%
CapEx$6.9M+476%
Free cash flow$81.4M-9.1%

Valuation

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Market cap$5.74B-63.3%
Enterprise value$5.64B-63.8%
P/E14×-119×
P/S-12.6×

Profitability

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Gross margin72.7%+0.7pp
Net margin35.9%+22.6pp
FCF margin35.6%-1.5pp

Returns & leverage

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Return on equity34.4%+21.0pp
Debt / equity0.1×0.0×
Current ratio2.7×-0.1×

Where this comes from

Calculated from Duolingo’s reported figures.

Based on trailing twelve months.

The source filing: Duolingo’s 10-Q, filed August 6, 2026. Open the filing →

Filed
Aug 5, 2026, 8:00 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001628280-26-053603

FAQ

What is Duolingo's operating margin?
Duolingo (DUOL) reported operating margin of 13.7% in Q2 2026.
How has Duolingo's operating margin changed year-over-year?
Duolingo's operating margin increased by 43.9% year-over-year, from 9.5% to 13.7%.
What is the long-term trend for Duolingo's operating margin?
Over 4 years (2020 to 2025), Duolingo's operating margin has grown at a 7.2% compound annual growth rate (CAGR), from -9.9% to 13.1%.
What does operating margin mean?
Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.

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