Duolingo reported Q3 2025 revenue of $271.7 million, a 41% increase year-over-year.

According to "Shareholder Letter: Q3 2025": Duolingo reported Q3 2025 revenue of $271.7 million, a 41% increase year-over-year.

Daily active users grew 36% to 50.5 million, while paid subscribers increased 34% to 11.5 million.

According to "Shareholder Letter: Q3 2025": Daily active users grew 36% to 50.5 million, while paid subscribers increased 34% to 11.5 million.

Adjusted EBITDA reached $80 million, representing a 29.5% margin, supported by operating leverage and a one-time tax benefit.

According to "Shareholder Letter: Q3 2025": Adjusted EBITDA reached $80 million, representing a 29.5% margin, supported by operating leverage and a one-time tax benefit.

Management projects fiscal-year 2025 bookings growth of 33% and revenue growth of approximately 38%.

According to "Shareholder Letter: Q3 2025": Management projects fiscal-year 2025 bookings growth of 33% and revenue growth of approximately 38%.

Free cash flow rose to $77.4 million in Q3 2025, up from $51.2 million in the same period last year.

According to "Shareholder Letter: Q3 2025": Free cash flow rose to $77.4 million in Q3 2025, up from $51.2 million in the same period last year.

The company utilizes an internally developed, non-validated analytics platform for core metrics, noting that these figures may not be directly comparable to industry peers.

According to "Shareholder Letter: Q3 2025": The company utilizes an internally developed, non-validated analytics platform for core metrics, noting that these figures may not be directly comparable to industry peers.

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Key Insights

Shareholder Letter: Q3 2025

Duolingo~29 min full read

01
Duolingo reported Q3 2025 revenue of $271.7 million, a 41% increase year-over-year.
See it on page 8
02
Daily active users grew 36% to 50.5 million, while paid subscribers increased 34% to 11.5 million.
See it on page 12
03
Adjusted EBITDA reached $80 million, representing a 29.5% margin, supported by operating leverage and a one-time tax benefit.
See it on page 9
04
Management projects fiscal-year 2025 bookings growth of 33% and revenue growth of approximately 38%.
See it on page 9
05
Free cash flow rose to $77.4 million in Q3 2025, up from $51.2 million in the same period last year.
See it on page 21
06
The company utilizes an internally developed, non-validated analytics platform for core metrics, noting that these figures may not be directly comparable to industry peers.
See it on page 12

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