Duolingo (DUOL) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Duolingo published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Duolingo publishes its results in a shareholder letter (Exhibit 99.2 to the 8-K); the short press release points to it. Figures here are from the letter.
• Year-ago net income of $292.2 million and diluted EPS of $5.95 include a one-time income tax benefit of $222.7 million from the release of a valuation allowance on federal and state deferred tax assets.

Source: Duolingo Q3 2026 shareholder letter, November 3, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Duolingo splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Duolingo's Subscription revenue was $270 million in Q3 2026, up 18% from $229 million in Q3 2025, 87% of total revenue.
• Duolingo's Advertising revenue was $20.8 million in Q3 2026, down 1% from $21.0 million in Q3 2025, 7% of total revenue.
• Duolingo's Duolingo English Test revenue was $9.9 million in Q3 2026, up 2% from $9.6 million in Q3 2025, 3% of total revenue.
• Duolingo's In-App Purchases revenue was $6.9 million in Q3 2026, down 38% from $11.1 million in Q3 2025, 2% of total revenue.
• Duolingo's Other revenue was $1.5 million in Q3 2026, up 221% from $0.5 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release (Gillian Munson, CFO), Duolingo said:

“We expect Q4 bookings of $382 million, up 13% over the prior year.”

“We expect Q4 revenue of $322 million, up 14% over the prior year.”

“We expect gross margin of 72.0% in Q4, down 90 basis points sequentially as we expand the rollout of AI-based features on our platform.”

“We expect full-year Adjusted EBITDA of $323 million, or a 26.5% margin, up $3 million from our previous guidance, and $21 million above the midpoint of our original 2026 guidance provided in February.”

Source: Duolingo Q3 2026 shareholder letter, Nov 3, 2026.

This is the company's own guidance as of Nov 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the DUOL forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS from each quarter's shareholder letter. The Q4 2025 letter printed Q4 revenue and net income ($42.0 million) but no Q4 per-share figure, so that EPS cell is blank. Q3 2025 EPS includes the one-time tax benefit.

We do not hold a confirmed date for Duolingo's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

Duolingo's revenue is mostly subscriptions: $270.0 million of $309.0 million in Q3 2026, up 18% from a year earlier. Advertising brought in $20.8 million (down 1%), the Duolingo English Test $9.9 million (up 2%) and in-app purchases $6.9 million (down 38%). (Duolingo Q3 2026 shareholder letter, Nov 3, 2026)

Duolingo recognizes subscription revenue ratably over the subscription term, most of which run twelve months, so revenue trails bookings. Total bookings rose 12% to $316.1 million and subscription bookings 16% to $278.4 million. CFO Gillian Munson said revenue growth of 14% moderated from Q2 because it reflects slower bookings growth in earlier periods. (Duolingo Q3 2026 shareholder letter, Nov 3, 2026)

Duolingo put the bookings acceleration down to user growth. Daily active users averaged 64.9 million in Q3 2026, up 29% from 50.5 million, after 23% growth in Q2. Paid subscribers reached 13.1 million at quarter end, up 14%, and monthly active users were 153.1 million. (Duolingo Q3 2026 shareholder letter, Nov 3, 2026)

Most of Duolingo's revenue is collected by app stores. Apple processed 59.6% of Q3 2026 revenue, Google 23.3% and Stripe 12.1%. In 2025, customers in the United States accounted for 38% of revenue, down from 42% in 2024, and no other country exceeded 10%. (Duolingo Form 10-Q, Q3 2026, Nov 4, 2026; Duolingo Form 10-K, 2025, Feb 27, 2026)

Duolingo's GAAP diluted EPS fell to $0.54 in Q3 2026 from $5.95 a year earlier. The year-ago figure included a one-time $222.7 million tax benefit from releasing the valuation allowance on federal and state deferred tax assets. Q3 2026 carried an $8.4 million income tax provision, against a $245.7 million benefit a year earlier. (Duolingo Q3 2026 shareholder letter, Nov 3, 2026)

Duolingo reports no adjusted EPS. Its main non-GAAP measure is Adjusted EBITDA, $78.7 million in Q3 2026 (a 25.5% margin, down from 29.5%), which excludes $49.1 million of stock-based compensation, interest income, taxes, depreciation and acquisition costs. GAAP operating expenses grew $39.2 million, or 24%, and included an $11.4 million accrual for a company-wide bonus tied to a Q4 DAU growth goal of 25% or greater. (Duolingo Q3 2026 shareholder letter, Nov 3, 2026)

Fully diluted shares were 50.8 million at the end of Q3 2026. Duolingo repurchased 48,419 shares for $6.4 million in the quarter under its $400 million program, and 781,439 shares for $82.0 million through October 30, 2026. (Duolingo Q3 2026 shareholder letter, Nov 3, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Duolingo gives quarterly and full-year guidance in its shareholder letter. For Q4 2026 it guided bookings of $382 million (up 13%), revenue of $322 million (up 14%), gross margin of 72.0% and Adjusted EBITDA of $84 million, a 26.1% margin. For the full year it guided bookings of $1,296 million, revenue of $1,221 million and Adjusted EBITDA of $323 million. (Duolingo Q3 2026 shareholder letter, Nov 3, 2026)

Duolingo said it expects year-over-year DAU growth in Q4 similar to Q3, and that every 1% move in the U.S. dollar against its currency basket changes Q4 bookings by about $2 million. It plans to give its 2027 outlook with Q4 results in February. (Duolingo Q3 2026 shareholder letter, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Duolingo, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Duolingo's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning DUOL is on is DUOL a buy or a sell?, what analysts expect next is on the DUOL forecast, and what the company does is on the Duolingo (DUOL) stock page.

Every number on this page can be traced to a document Duolingo published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.