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%-0.5pp	72%-1.1pp	72%-1.3pp	72.3%-1.0pp
Operating margin	14.2%+5.6pp	13.1%+4.7pp	11%—	9.5%—	8.6%—
Net margin	38.4%+26.5pp	39.9%+28.1pp	40%+27.4pp	13.2%+2.8pp	11.9%+4.1pp
EBITDA margin	15.6%+5.5pp	14.5%+4.6pp	12.5%+1.9pp	11.1%+2.6pp	10.1%+5.1pp
Free cash flow margin	37.9%+1.4pp	35.6%-0.9pp	36.8%+1.9pp	37.1%+1.8pp	36.4%+1.5pp
Returns
Return on equity	37%+24.9pp	38.1%+26.2pp	36.2%+24.2pp	13.4%+3.7pp	12.1%+4.9pp
Return on assets	24.4%+16.6pp	25.1%+17.3pp	24.9%+16.6pp	8.7%+2.0pp	7.8%+2.9pp
Return on invested capital	14.4%—	12.9%+5.4pp	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×-0.1×	2.6×0.0×	2.8×-0.3×	2.8×-0.5×	2.7×-0.5×
Quick ratio	2.6×-0.1×	2.6×0.0×	2.8×-0.3×	2.8×-0.5×	2.7×-0.5×
Cash ratio	0.3×+0.1×	0.3×+0.1×	0.2×0.0×	0.2×-2.6×	0.2×-2.6×
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×-0.1×	-0.1×0.0×	-0.5×+15.0×	-0.3×+26.0×
Valuation
Market capitalization	$4.63B-67.1%	$8.11B-43.1%	$14.75B+20.9%	$19.22B+113%	$14.05B+48.9%
Enterprise value	$4.55B-67.6%	$8.06B-43.4%	$14.73B+20.8%	$19.17B+134%	$14.02B+61.9%
Price / earnings	11×-134×	19.6×-141×	38.2×-102×	164×+27.7×	145.2×-61.7×
Price / sales	4.2×-13.1×	7.8×-11.2×	15.3×-2.4×	21.7×+7.5×	17.3×+1.1×
Price / book	3.3×-12.4×	6×-11.3×	11.3×-3.6×	19.7×+7.9×	15.7×+2.4×
EV / EBITDA	26.5×-144×	53.7×-140×	122.5×-44.3×	195.6×+42.8×	170.8×-123×
EV / sales	4.1×-13.1×	7.8×-11.3×	15.3×-2.4×	21.7×+8.7×	17.3×+2.4×
Free cash flow yield	9%+6.9pp	4.6%+2.6pp	2.4%+0.4pp	1.7%-0.8pp	2.1%-0.1pp
Earnings yield	9.1%+8.4pp	5.1%+4.5pp	2.6%+1.9pp	0.6%-0.1pp	0.7%+0.2pp
PEG ratio	0×-1.3×	0.1×-0.3×	0.1×—	2.1×—	1.3×—

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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.