Duolingo, Inc. (DUOL) Earnings
Duolingo, Inc. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $0.62. DUOL has beaten EPS estimates in 9 of its last 11 reported quarters (average surprise +10.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 4, 2026 | $0.79 | $0.89 | +12.7% | $292M | +1.2% |
| Nov 5, 2025 | $0.76 | $0.95 | +25.2% | $272M | +4.4% |
| May 1, 2025 | $0.52 | $0.72 | +39.8% | $231M | +3.4% |
| Feb 27, 2025 | $0.48 | $0.31 | -35.7% | $210M | +2.0% |
| Feb 28, 2024 | $0.17 | $0.26 | +52.9% | $151M | +2.0% |
| Feb 28, 2023 | $-0.53 | $-0.35 | +34.0% | $104M | -8.0% |
| Nov 10, 2022 | $-0.59 | $-0.46 | +22.0% | $96M | +0.8% |
| Aug 4, 2022 | $-0.50 | $-0.38 | +24.0% | $88M | +3.1% |
| May 12, 2022 | $-0.59 | $-0.31 | +47.5% | $81M | +4.7% |
| Mar 3, 2022 | $-0.57 | $-0.46 | +19.3% | $73M | +5.8% |
| Nov 10, 2021 | $-0.92 | $-0.98 | -6.5% | $64M | +7.0% |
| Aug 11, 2021 | — | $-0.01 | — | $59M | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 4, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Luis discussed Q1 execution with DAU growing 21% YoY, product improvements like spoken tokens, speaking adventures, flashcards, and video call enhancements. Content milestone of courses up to professional proficiency with 20,500 course units published in Q1. Jillian mentioned Q1 solid financials with double-digit bookings and revenue growth, expanded gross margin, adjusted EBITDA of $83M (29% of revenue). 2026 guidance includes 10-12% bookings growth, 15-18% revenue growth, adjusted EBITDA margin ~25%, with point estimates for full year 2026: ~10.5% bookings growth, ~16.1% revenue growth, 25.7% adjusted EBITDA margin. Q2 bookings growth ~6% (tough comp), revenue growth ~17%, gross margin ~71% in Q2, trending to ~69% by year end. Adjusted EBITDA margin ~24% in Q2, flat to slightly down in Q3, approaching 27% in Q4. Over $1B in cash, no debt, expected ~$350M free cash flow, continuing buyback authorization.
Guidance
Management provides 2026 guidance with bookings growth expected 10-12%, revenue 15-18%, adjusted EBITDA margin ~25%. Point estimates for full year 2026: bookings ~10.5%, revenue ~16.1%, adjusted EBITDA margin 25.7%. Q2 bookings growth ~6% (tough comp), revenue growth ~17%, gross margin ~71% in Q2, trending to ~69% by year end. Adjusted EBITDA margin ~24% in Q2, flat/slightly down in Q3, approaching 27% in Q4.
Segment performance
No detailed product segment financial performance with absolute terms and revenue contribution % provided.
Risks & headwinds
No specific discussion of risks and operational failures detailed in the transcript.
Analyst Q&A
Q: Could you talk to some of the different drivers of DAU growth this quarter and maybe entering 2Q?
A: DAU growth driven by word of mouth, some performance marketing, and increased retention. Asia is fastest growing region. Q2 DAU growth expected around 20% as last call.
Q: Ross asked about revitalizing free tier and inspiration from mobile games.
A: Free tier made better, more available to free users. Inspired by mobile games, working on avatar costumes, collectible rewards, longer free trials.
Q: Andrew asked about malgrowth and top of funnel.
A: Top of funnel flat, working on marketing and product changes to accelerate word of mouth.
Q: Eric asked about scaling AI.
A: AI improving user experience, video call better, content production increased, working on personalization. Gross margin impacted by AI adoption, expected to be ~69% by year end.
Q: Brian asked about Mac subscribers.
A: Video call added to super tier, experiments with new users, no change for Max yet, various possibilities.
Q: Nathan asked about content generation and expanding subjects.
A: A-B testing content, seeing impact on engagement, AI making it easier to add subjects but still challenging.
Q: Ryan asked about performance marketing and video call testing.
A: Underinvested in performance marketing, improving infrastructure. Testing video call in super tier, results to come.
Q: Ralph asked about monetization signals.
A: Focus on monetization not at odds with DAU growth, longer free trials, experimenting with longer free trials.
Q: Mark asked about gross margin trajectory.
A: Gross margin expected ~69% by year end due to more AI content, optimize over time.
Q: Justin asked about engineering productivity.
A: Running hundreds of A-B tests, AI increasing engineering velocity.
Q: John asked about DAU trends.
A: U.S. DAUs growing but slower than international, investing in marketing to boost U.S. growth.
Q: Shweta asked about content quality.
A: Focus on high quality, evaluate with AI and humans, test with users.
Q: Omar asked about performance marketing bottlenecks.
A: Bottleneck in infrastructure and user conversion to subscription, investing in marketing.
Q: Alec asked about brand tie-ins in China.
A: Successful partnerships in China, learnings for Asia, China growing due to high English learning appetite.
Q: Alexander asked about bookings inflection.
A: Bookings progression typical seasonality, long game investment, Q3-Q4 typical for Duolingo