What are Duolingo's profit margins?

Duolingo (DUOL) runs a 72.7% gross margin and a 14.2% operating margin, with a 38.4% net margin.

Where do Duolingo's ratios come from?

Every ratio is computed from Duolingo's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

Duolingo DUOL Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Profitability
Gross margin	72.7%+0.4pp	72.2%+0.2pp	72%-0.1pp	72%-0.2pp	72.3%-0.5pp
Operating margin	14.2%+1.2pp	13.1%+2.1pp	11%+1.5pp	9.5%+0.9pp	8.6%+0.2pp
Net margin	38.4%-1.5pp	39.9%-0.1pp	40%+26.8pp	13.2%+1.3pp	11.9%+0.1pp
EBITDA margin	15.6%+1.2pp	14.5%+2.0pp	12.5%+1.4pp	11.1%+0.9pp	10.1%+0.3pp
Free cash flow margin	37.9%+2.2pp	35.6%-1.1pp	36.8%-0.3pp	37.1%+0.6pp	36.4%-0.1pp
Returns
Return on equity	37%-1.2pp	38.1%+1.9pp	36.2%+22.8pp	13.4%+1.4pp	12.1%+0.1pp
Return on assets	24.4%-0.7pp	25.1%+0.3pp	24.9%+16.1pp	8.7%+0.9pp	7.8%0.0pp
Return on invested capital	14.4%+1.4pp	12.9%+2.9pp	10%—	——	——
Efficiency
Asset turnover	0.6×0.0×	0.6×0.0×	0.6×0.0×	0.7×0.0×	0.7×0.0×
Liquidity
Current ratio	2.6×0.0×	2.6×-0.2×	2.8×0.0×	2.8×+0.1×	2.7×+0.1×
Quick ratio	2.6×0.0×	2.6×-0.2×	2.8×0.0×	2.8×+0.1×	2.7×+0.1×
Cash ratio	0.3×0.0×	0.3×+0.1×	0.2×0.0×	0.2×0.0×	0.2×0.0×
Leverage
Debt-to-equity	0.1×0.0×	0.1×0.0×	0.1×0.0×	0×0.0×	0.1×0.0×
Debt-to-assets	0×0.0×	0.1×0.0×	0.1×0.0×	0×0.0×	0×0.0×
Net debt / EBITDA	-0.5×-0.1×	-0.4×-0.2×	-0.1×+0.4×	-0.5×-0.2×	-0.3×-0.1×
Valuation
Market capitalization	$4.63B-43.0%	$8.11B-45.0%	$14.75B-23.3%	$19.22B+36.8%	$14.05B-1.5%
Enterprise value	$4.55B-43.6%	$8.06B-45.3%	$14.73B-23.1%	$19.17B+36.7%	$14.02B-1.6%
Price / earnings	11×-8.6×	19.6×-18.6×	38.2×-126×	164×+18.8×	145.2×-15.8×
Price / sales	4.2×-3.6×	7.8×-7.5×	15.3×-6.4×	21.7×+4.4×	17.3×-1.7×
Price / book	3.3×-2.7×	6×-5.3×	11.3×-8.4×	19.7×+4.0×	15.7×-1.6×
EV / EBITDA	26.5×-27.2×	53.7×-68.8×	122.5×-73.1×	195.6×+24.8×	170.8×-23.2×
EV / sales	4.1×-3.6×	7.8×-7.5×	15.3×-6.4×	21.7×+4.4×	17.3×-1.8×
Free cash flow yield	9%+4.4pp	4.6%+2.2pp	2.4%+0.7pp	1.7%-0.4pp	2.1%+0.2pp
Earnings yield	9.1%+4.0pp	5.1%+2.5pp	2.6%+2.0pp	0.6%-0.1pp	0.7%+0.1pp
PEG ratio	0×0.0×	0.1×-0.1×	0.1×-2.0×	2.1×+0.8×	1.3×+0.9×

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Questions, answered.

What are Duolingo's profit margins?: Duolingo (DUOL) runs a 72.7% gross margin and a 14.2% operating margin, with a 38.4% net margin.
Where do Duolingo's ratios come from?: Every ratio is computed from Duolingo's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.