Duolingo crossed $1 billion in annual revenue for the first time in 2025, reporting $1,037.6 million, up 39% year over year (Duolingo FY2025 10-K). The learning app reached 56.5 million daily active users and 12.5 million paid subscribers by Q1 2026 (Duolingo Q1 2026 Shareholder Letter). Yet the stock told the opposite story, falling about 67% in the 52 weeks to July 9, 2026, from an all-time high of $540.68 (Macrotrends). The gap between record operations and a punished share price makes Duolingo one of the most instructive datasets in consumer software right now. This analysis consolidates data from the Duolingo FY2025 10-K, the Q1 2026 shareholder letter, the 2025 Duolingo Language Report, and 9 other primary sources; for the market-wide picture beyond one company, see our language learning statistics roundup.
TL;DR
- Duolingo revenue reached $1,037.6 million in 2025, up 39% year over year and its first full year above $1 billion (Duolingo FY2025 10-K).
- Daily active users hit 56.5 million in Q1 2026, up 21% year over year (Duolingo Q1 2026 Shareholder Letter).
- Monthly active users reached 137.8 million in Q1 2026 (Duolingo Q1 2026 Shareholder Letter).
- Paid subscribers totaled 12.5 million in Q1 2026, up 21% year over year (Duolingo Q1 2026 Shareholder Letter).
- Paid subscribers were 9.2% of average monthly active users in 2025, up from 8.8% in 2024 (Duolingo FY2025 10-K).
- Duolingo Max made up about 9% of paid subscribers in Q3 2025, up from 7% in early 2025 (Duolingo Q3 2025 Earnings Call).
- English was the most studied language and number one in 154 countries in 2025, up 14% (2025 Duolingo Language Report).
- Over 5 million users hold streaks of a year or longer; the longest recorded streak is 4,003 days (2025 Duolingo Language Report).
- The Duolingo English Test is accepted by 6,000+ programmes across 110+ countries (Duolingo English Test).
- Duolingo shares fell about 67% over the 52 weeks to July 9, 2026, from a peak of $540.68 (Macrotrends; stockanalysis.com).
- Full-year 2026 revenue guidance is roughly $1.205 billion, up about 16% (Duolingo Q1 2026 Shareholder Letter).
1. User Base and Growth
Duolingo still adds users at a rate most consumer apps envy, but the second derivative is bending. Daily active users grew 30% in Q4 2025 and 21% in Q1 2026, a marked step down from a run in which no quarter posted DAU growth below 40% between mid-2022 and mid-2025. Management now guides to roughly 20% daily-active-user growth for full-year 2026, and monthly active users actually dipped about 1.6% quarter over quarter in Q4 2025 even while rising 14% year over year. The company attributes the slowdown partly to its own pivot toward monetization.
| Metric | Value | Source |
|---|---|---|
| Daily active users (Q1 2026) | 56.5 million (+21% YoY) | Duolingo Q1 2026 Shareholder Letter |
| Monthly active users (Q1 2026) | 137.8 million | Duolingo Q1 2026 Shareholder Letter |
| Daily active users (end 2025 / Q4) | 52.7 million (+30% YoY) | Duolingo Q4 2025 Shareholder Letter |
| Monthly active users (end 2025) | over 130 million | Duolingo FY2025 10-K |
| Daily active users (Q1 2025) | 46.6 million | Duolingo Q1 2026 Shareholder Letter |
| Registered users (most recent available) | 575 million+ (2024) | Business of Apps |
| Cumulative app downloads | 1 billion+ (2025) | Business of Apps / Sensor Tower |
| 2026 DAU growth guidance | about 20% YoY | Duolingo Q4 2025 Shareholder Letter |
Outlier: from Q2 2022 to Q2 2025 Duolingo never reported quarterly DAU growth below 40%, which is why a shift to 20%-30% reads as deceleration despite strong absolute numbers (Duolingo Q4 2025 Shareholder Letter).
2. Revenue and Financial Performance
The revenue curve is the clearest signal that engagement converts to money. Subscriptions carry the business: subscription revenue of $873.4 million was 84% of the 2025 total, growing faster (up 44%) than overall revenue (up 39%). Duolingo has more than quadrupled revenue since 2021, from $250.8 million to $1,037.6 million. Reported net income of about $414 million in 2025 was flattered by a large one-time deferred tax benefit, so operating profitability is better read through adjusted EBITDA and gross margin.
| Metric | Value | Source |
|---|---|---|
| Total revenue 2025 | $1,037.6 million (+39% YoY) | Duolingo FY2025 10-K |
| Subscription revenue 2025 | $873.4 million (+44% YoY) | Duolingo FY2025 10-K |
| Total bookings 2025 | about $1.158 billion (first year above $1B) | Duolingo Q4 2025 Shareholder Letter |
| Gross profit 2025 | $749.5 million (72.2% margin) | Duolingo FY2025 10-K |
| Net income 2025 | about $414 million (incl. tax benefit) | Duolingo FY2025 10-K |
| Revenue 2024 | $748.0 million | Duolingo FY2025 10-K |
| Revenue 2023 | $531.1 million | Duolingo 10-K filings |
| Revenue 2021 | $250.8 million | Duolingo 10-K filings |
Outlier: 2025 net income of roughly $414 million included a $231.7 million income-tax benefit against $182.4 million of pre-tax income, so it overstates recurring earnings power (Duolingo FY2025 10-K).
3. Subscribers and Monetization
Monetization is where the strategy shift shows up cleanly. Paid subscribers grew faster than users because Duolingo pushed higher-priced tiers: the family plan reached about 29% of subscribers by Q3 2025, and average revenue per user rose about 6% year over year in Q2 2025 on plan mix. Duolingo Max, the AI-powered premium tier, was only about 9% of paid subscribers in Q3 2025, and management openly called its uptake slower than the company’s own expectations even as Max bookings roughly doubled year over year. Advertising and in-app purchases remain a small slice next to subscriptions.
| Metric | Value | Source |
|---|---|---|
| Paid subscribers (Q1 2026) | 12.5 million (+21% YoY) | Duolingo Q1 2026 Shareholder Letter |
| Paid subscribers (end 2025) | 12.2 million (+28% YoY) | Duolingo FY2025 10-K |
| Paid subscribers as % of MAU (2025) | 9.2% (vs 8.8% in 2024) | Duolingo FY2025 10-K |
| Duolingo Max share of subscribers (Q3 2025) | about 9% (up from 7% in early 2025) | Duolingo Q3 2025 Earnings Call |
| Family plan share of subscribers (Q3 2025) | about 29% | Duolingo Q3 2025 Earnings Call |
| ARPU growth (Q2 2025) | about +6% YoY | Duolingo Q2 2025 results |
| Advertising revenue (Q1 2026) | $20.6 million | Duolingo Q1 2026 10-Q |
| In-app purchase revenue (Q1 2026) | $8.4 million | Duolingo Q1 2026 10-Q |
Outlier: paid conversion inched from 8.8% to 9.2% of MAU in a single year, a reminder that most of Duolingo’s audience never pays and free reach is the real moat (Duolingo FY2025 10-K). For the broader edtech monetization context, see online learning statistics.
4. What the World Is Learning (2025 Language Report)
Duolingo’s annual Language Report (covering October 2024 to September 2025) doubles as a map of global demand. English is the runaway leader and is still gaining ground. English was the number-one studied language in 154 countries, up 14% from 2024, leaving just 25 countries where it is not among the top two. The bigger structural shift was Asian languages climbing the global table, with Japanese passing German and Korean passing Italian, tracking anime, K-pop and travel interest.
| Metric | Value | Source |
|---|---|---|
| Countries where English ranks #1 | 154 (+14% vs 2024) | 2025 Duolingo Language Report |
| Global top five studied languages | English, Spanish, French, Japanese, German | 2025 Duolingo Language Report |
| Japanese global rank (2025) | #4 (overtook German) | 2025 Duolingo Language Report |
| Korean global rank (2025) | #6 (passed Italian) | 2025 Duolingo Language Report |
| Language with most serious learners | Spanish (#1), then English, Italian | 2025 Duolingo Language Report |
| Countries where French is 2nd-most popular | 60 | 2025 Duolingo Language Report |
| Most polyglot country (3+ languages) | Japan (#1) | 2025 Duolingo Language Report |
Outlier: Welsh and Norwegian rank fourth and fifth for most serious learners, ahead of far larger languages, showing that community and content, not speaker count, drive commitment (2025 Duolingo Language Report). Making seven top languages available across 28 interface languages is a localization feat in itself; see localization industry statistics.
5. Duolingo English Test (DET)
The Duolingo English Test is the quiet growth engine that most user-count coverage misses. It has moved from a pandemic workaround to a mainstream admissions credential. All eight Ivy League universities accept the DET, which is now recognized by more than 6,000 programmes across over 110 countries, and roughly 1 in 5 international applicants to US universities applied with a DET score. Test-taker geography skews heavily toward Asia, though Africa’s share is rising.
| Metric | Value | Source |
|---|---|---|
| DET test-takers (2024) | 700,000+ | Duolingo English Test |
| Accepting programmes globally | 6,000+ | Duolingo English Test |
| US universities and colleges accepting | 3,100+ | Duolingo English Test |
| Countries recognizing DET | 110+ | Duolingo English Test |
| Test-taker countries (2025 cohort) | 219 | Duolingo English Test |
| First languages among test-takers (2025) | 148 | Duolingo English Test |
| Share of test sessions from Asia (2025) | 55% | Duolingo English Test |
| International US applicants using DET | about 1 in 5 | Duolingo English Test |
Outlier: Africa’s share of DET sessions rose from 7% to 8.3% across the 2024-2025 cycle, one of the fastest-growing regions for the test (Duolingo English Test 2025 data).
6. Engagement, Streaks, and Courses
Habit mechanics are the product’s core asset, and the streak is the headline metric. Duolingo says more than half of daily learners now hold a streak of at least seven days, roughly double the share a year earlier. Over 5 million users maintain a streak of a year or longer, and the single longest recorded streak stands at 4,003 days, more than a decade of consecutive study. On the content side, generative AI let the company ship 148 new courses in under a year, an output pace that was previously impossible.
| Metric | Value | Source |
|---|---|---|
| Users with streaks of a year or longer | 5 million+ | 2025 Duolingo Language Report |
| Longest recorded streak | 4,003 days | 2025 Duolingo Language Report |
| Daily learners with a 7-day-plus streak | over half (about double YoY) | 2025 Duolingo Language Report |
| New courses launched in 2025 | 148 (built in under a year) | Duolingo “148 New Language Courses” release |
| Total courses offered | 280+ (incl. math, music, chess) | Duolingo “148 New Language Courses” release |
| Languages taught | 40+ | Duolingo “148 New Language Courses” release |
Outlier: the seven most popular non-English languages are now available to speakers of all 28 supported interface languages, sharply widening access (Duolingo “148 New Language Courses” release). Pronunciation and speaking practice lean on synthesized speech; our text-to-speech statistics cover that adjacent market.
7. Stock and Valuation
The market’s verdict diverges sharply from the operating results, which is the story investors care about most. Duolingo shares closed near $130 on July 9, 2026, down about 67% over 52 weeks from an all-time high of $540.68 set in May 2025. The re-rating followed decelerating user and bookings growth rather than any revenue miss; revenue and margins kept expanding throughout. The result is a company still growing double digits at a valuation well below its 2025 peak.
| Metric | Value | Source |
|---|---|---|
| Market capitalization (Jul 9, 2026) | $6.05 billion | stockanalysis.com |
| Enterprise value | $4.90 billion | stockanalysis.com |
| Revenue (trailing twelve months) | $1.10 billion | stockanalysis.com |
| Stock price (Jul 9, 2026) | $129.95 | stockanalysis.com |
| All-time high | $540.68 (May 14, 2025) | Macrotrends |
| 52-week range | $87.89 - $468.00 | Macrotrends |
| Change over 52 weeks | about -67% | stockanalysis.com |
| FY2026 revenue guidance | $1.205 billion (+16.1%) | Duolingo Q1 2026 Shareholder Letter |
Outlier: the average analyst price target of roughly $106 sat below the July 2026 share price, a rare “Hold” setup where consensus saw limited near-term upside even after a two-thirds drawdown (stockanalysis.com).
Summary: Duolingo by the Numbers
| Metric | Value | Source |
|---|---|---|
| Total revenue 2025 | $1,037.6 million (+39% YoY) | Duolingo FY2025 10-K |
| Subscription revenue 2025 | $873.4 million (+44% YoY) | Duolingo FY2025 10-K |
| Total bookings 2025 | about $1.158 billion | Duolingo Q4 2025 Shareholder Letter |
| FY2026 revenue guidance | $1.205 billion (+16.1%) | Duolingo Q1 2026 Shareholder Letter |
| Daily active users (Q1 2026) | 56.5 million (+21% YoY) | Duolingo Q1 2026 Shareholder Letter |
| Monthly active users (Q1 2026) | 137.8 million | Duolingo Q1 2026 Shareholder Letter |
| Daily active users (end 2025) | 52.7 million (+30% YoY) | Duolingo Q4 2025 Shareholder Letter |
| Paid subscribers (Q1 2026) | 12.5 million (+21% YoY) | Duolingo Q1 2026 Shareholder Letter |
| Paid subscribers (end 2025) | 12.2 million (+28% YoY) | Duolingo FY2025 10-K |
| Paid subscribers as % of MAU (2025) | 9.2% | Duolingo FY2025 10-K |
| Duolingo Max share of subscribers (Q3 2025) | about 9% | Duolingo Q3 2025 Earnings Call |
| Family plan share of subscribers (Q3 2025) | about 29% | Duolingo Q3 2025 Earnings Call |
| Net income (Q1 2026) | $43.5 million (+24% YoY) | Duolingo Q1 2026 Shareholder Letter |
| Registered users (2024) | 575 million+ | Business of Apps |
| Cumulative downloads (2025) | 1 billion+ | Business of Apps / Sensor Tower |
| English ranks #1 in | 154 countries (+14% vs 2024) | 2025 Duolingo Language Report |
| Users with 1-year-plus streaks | 5 million+ | 2025 Duolingo Language Report |
| DET accepting programmes | 6,000+ across 110+ countries | Duolingo English Test |
| Market capitalization (Jul 9, 2026) | $6.05 billion | stockanalysis.com |
| Stock vs 52-week high / ATH | about -67%; ATH $540.68 | Macrotrends |
Methodology and Sources
Data was gathered from Duolingo’s SEC filings, quarterly shareholder letters and earnings calls, the company’s own 2025 Language Report and Duolingo English Test disclosures, and named financial and app-analytics trackers, prioritizing 2025-2026 figures and flagging older data where used.
- Duolingo, Inc. - Form 10-K for fiscal year 2025 (filed Feb 27, 2026)
- Duolingo, Inc. - Q1 2026 Shareholder Letter / Form 8-K (quarter ended March 31, 2026)
- Duolingo, Inc. - Q1 2026 Form 10-Q
- Duolingo, Inc. - Q4 and Full Year 2025 Shareholder Letter / Form 8-K
- Duolingo, Inc. - Q3 2025 Earnings Call transcript (via The Motley Fool)
- Duolingo, Inc. - Q2 2025 quarterly results / Form 8-K (ARPU)
- Duolingo - 2025 Duolingo Language Report
- Duolingo English Test - Accepting Institutions
- Duolingo, Inc. - “Duolingo Launches 148 New Language Courses” press release (2025)
- stockanalysis.com - Duolingo (DUOL) Statistics and Valuation (accessed July 9, 2026)
- Macrotrends - Duolingo (DUOL) Stock Price History
- Business of Apps / Sensor Tower - Duolingo revenue and usage statistics (registered users and downloads, flagged as tracker estimates)
Data watch: Duolingo’s Q2 2026 shareholder letter and 10-Q are expected in August 2026, and the next annual Language Report typically publishes in December. The FY2026 Form 10-K should follow in late February 2027. Valuation figures from stockanalysis.com and Macrotrends update in real time. We will refresh this page as each is released.
Last updated: July 9, 2026.
We review and update this page quarterly as new data is published.