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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $298.45M | $291.97M | $282.87M | $271.71M | $252.27M | $230.74M | $209.55M | $192.59M |
| Cost of revenue | $81.71M | $78.87M | $77.00M | $74.80M | $69.68M | $66.65M | $58.93M | $52.18M |
| Gross profit | $216.74M | $213.10M | $205.87M | $196.91M | $182.58M | $164.10M | $150.63M | $140.41M |
| Gross margin | 72.6% | 73.0% | 72.8% | 72.5% | 72.4% | 71.1% | 71.9% | 72.9% |
| Research and development | $92.20M | $82.97M | $79.56M | $82.71M | $73.67M | $70.39M | $66.40M | $62.88M |
| Selling, general and administrative | $90.60M | $85.60M | $82.86M | $79.05M | $75.55M | $70.11M | $70.35M | $63.96M |
| Operating expenses | $182.80M | $168.57M | $162.42M | $161.75M | $149.22M | $140.50M | $136.74M | $126.84M |
| Operating income | $33.95M | $44.53M | $43.45M | $35.16M | $33.36M | $23.59M | $13.88M | $13.57M |
| Operating margin | 11.4% | 15.3% | 15.4% | 12.9% | 13.2% | 10.2% | 6.6% | 7.0% |
| EBITDA | $38.19M | $48.72M | $47.26M | $38.71M | $36.80M | $27.18M | $17.54M | $16.45M |
| Interest income | $11.83M | $11.81M | $11.60M | $11.79M | $11.43M | $10.42M | $10.70M | $11.25M |
| Income before taxes | $45.37M | $55.55M | $54.50M | $46.45M | $46.45M | $35.01M | $22.35M | $25.39M |
| Income taxes | $12.21M | $12.09M | $12.55M | −$245.75M | $1.67M | −$125.00K | $8.45M | $2.03M |
| Net income | $33.16M | $43.46M | $41.95M | $292.20M | $44.78M | $35.14M | $13.91M | $23.36M |
| Net margin | 11.1% | 14.9% | 14.8% | 107.5% | 17.8% | 15.2% | 6.6% | 12.1% |
| EPS, basic | $0.71 | $0.93 | $0.90 | $6.36 | $0.98 | $0.78 | $0.31 | $0.53 |
| EPS, diluted | $0.66 | $0.89 | $0.90 | $5.95 | $0.91 | $0.72 | $0.31 | $0.49 |
| Diluted shares | 50.03M | 48.99M | 46.59M | 49.14M | 49.00M | 48.50M | 45.31M | 47.97M |
Figures describe Duolingo shares, not any token. As of Aug 6, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.