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Company Research15 Apr 2024
Companies That Had Their IPO in 2021: Bull Market and SPAC Mania
An overview of the defining features of the IPO landscape and general market sentiment in 2021.
Duolingo (DUOL) investor relations material
Duolingo Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved 36% year-over-year DAU growth, reaching 50.5 million DAUs and 135.3 million MAUs in Q3 2025, positioning for another exceptional year.
Paid subscribers increased 34% to 11.5 million, with strong engagement and retention.
Revenue grew 41% year-over-year to $271.7 million for Q3 2025, driven by subscriptions and advertising.
Strategic shift to prioritize long-term user growth and teaching efficacy, leveraging AI to enhance product quality and engagement.
Asia, particularly China, is the fastest-growing region, now the second largest by DAUs.
Financial highlights
Q3 2025 revenue: $271.7 million (up 41% year-over-year); nine months: $754.7 million (up 40%).
Guiding to nearly $1.2 billion in bookings for the year, representing 33% growth.
Adjusted EBITDA for Q3 2025 was $80.0 million, with a margin of 29.5%.
Gross margin for Q3 2025: 72.5%, slightly down due to higher AI and hosting costs.
Net income for Q3 2025 was $292.2 million, including a one-time $222.7 million income tax benefit.
Outlook and guidance
Management expects continued growth in MAUs, DAUs, and paid subscribers, supported by ongoing product innovation and marketing.
Expecting some deceleration in DAU growth in Q4, with September and October DAUs up ~30% year-over-year.
Not providing specific Q4 DAU guidance but confident in stabilization and continued user growth.
Long-term investments in teaching and user experience may modestly impact near-term bookings, but are expected to drive sustained growth.
Sufficient liquidity and cash flow to support operations and capital expenditures for at least the next 12 months.
Duration of AI-driven growth prioritization?
Impact of growth focus on free-to-pay conversion?
Duolingo Score's role in Asia growth strategy?
Quantify bookings impact of long-term AI shift
Chess course: retention vs. language, PVP impact
Max subscription: conversion drivers & AI features
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Q4 202527 Feb, 2026
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Frequently asked questions
Language Learning Platform
Duolingo is a digital language learning platform established in 2011. It offers a range of languages to users who are looking to learn through an online platform in a fun and casual setting. The platform employs a mix of lessons, quizzes, and gamified exercises to assist and guide its users in their learning. Its distinctive feature is the gamification of lessons, aiming to make the learning process more engaging. Duolingo can be accessed through its website or via its mobile application and caters to everything from travelers to students and professionals. The platform's mascot, a green owl, has become an immediately recognizable symbol of both the company and its platform.
Free Learning
Duolingo was launched in 2011 by Luis von Ahn and Severin Hacker, two computer scientists with the ambition to offer free language education to the masses. Founded in Pittsburgh, Duolingo began as an innovative platform designed to break barriers in language learning by uniquely combining gamified lessons with a crowd-sourced text translation model. Over the years, Duolingo evolved and grew, expanding its language offerings, and becoming one of the most downloaded educational apps globally. As of today, Duolingo has hundreds of millions of users worldwide and offers over 30 languages.
The Platform
Duolingo provides a multi-faceted platform that offers a user-friendly and fun way to approach learning new languages. Designed with gamification in mind, learners can engage in bite-sized lessons, reinforcing their knowledge through varied exercises, such as translation, listening, and matching tasks. The platform includes a streak system and experience points to motivate consistent learning. Furthermore, Duolingo Stories allow users to immerse themselves in short, interactive narratives in the language they’re learning, aiding comprehension skills and real-life application of what they’ve learned. The platform also introduced Duolingo Podcasts for some languages, providing real-life conversations and narratives suitable for intermediate learners. This is something that has been appreciated by users, as turning to a podcast on Spotify or SiriusXM can feel daunting while learning.
Free and Paid Users
Primarily known as a free language-learning platform, Duolingo has devised several revenue streams to sustain its operations. One of the primary sources is its "Duolingo Plus" subscription, which offers an ad-free experience, offline access to lessons, and progress tracking. The introduction of in-app advertisements for non-subscribed users has also helped Duolingo generate revenue. Furthermore, Duolingo has ventured into language proficiency testing. Their "Duolingo English Test" is presented as an affordable alternative to traditional English proficiency tests and is recognized by numerous institutions.
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