Duolingo’s financials
Duolingo stock had a strong financial year in 2024, reporting total revenue of $748 million, a 41% increase from 2023. The company achieved net income of $88.6 million in the 12-month period, more than five times its earnings from the previous year. Bookings totaled $870.6 million (up 40% year over year), and paid subscribers soared by 43% in 2024.
The launch of AI features like conversation practice in Duolingo Max notably boosted engagement and subscriptions. Subscriptions generated about 81% of Duolingo’s total revenue in 2024, advertising about 7%, the Duolingo English Test approximately 6%, and in-app purchases approximately 5%.
Duolingo has delivered strong top-line momentum in 2025, too, with total revenue through the third quarter of 2025 up over 40% compared to the first nine months of 2024. The company expanded its profitability throughout the period, with record adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $80 million in Q3 2025 alone. Net income in Q3 was significantly boosted by a one-time income-tax benefit related to deferred tax assets and totaled $292.2 million.
Total bookings also saw strong growth, with Q3 bookings increasing 33% year over year to $281.9 million. The company noted a mix shift towards higher-priced tiers, such as Max and the family plan, which helped drive subscription revenue growth. Duolingo surpassed a major milestone in Q3 2025, reaching more than 50 million daily active users (DAUs), a 36% year-over-year spike.
Monthly active users (MAUs) grew 20% year-over-year to 135.3 million. The number of paid subscribers grew substantially, too, reaching 11.5 million by the end of Q3 2025, an increase of around 34% from the prior year.
