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Side-by-side financial comparison of Axos Financial, Inc. (AX) and Duolingo, Inc. (DUOL). Click either name above to swap in a different company.
Axos Financial, Inc. is the larger business by last-quarter revenue ($392.2M vs $282.9M, roughly 1.4× Duolingo, Inc.). Axos Financial, Inc. runs the higher net margin — 31.8% vs 14.8%, a 17.0% gap on every dollar of revenue. Over the past eight quarters, Duolingo, Inc.'s revenue compounded faster (29.9% CAGR vs 16.1%).
Axos Financial is an American bank holding company based in Las Vegas, Nevada and is the parent of Axos Bank, a direct bank. It also offers registered investment adviser services and an electronic trading platform.
Duolingo, Inc. is a leading global edtech firm operating a gamified language learning platform. It offers free and premium self-paced courses for over 40 languages, plus language certification, math learning tools, and literacy programs, serving individual learners, schools and corporate clients worldwide.
AX vs DUOL — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $392.2M | $282.9M |
| Net Profit | $124.7M | $42.0M |
| Gross Margin | — | 72.8% |
| Operating Margin | — | 15.4% |
| Net Margin | 31.8% | 14.8% |
| Revenue YoY | — | 35.0% |
| Net Profit YoY | 18.5% | 201.7% |
| EPS (diluted) | $2.15 | $0.99 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $392.2M | — | ||
| Q4 25 | $385.1M | $282.9M | ||
| Q3 25 | $323.4M | $271.7M | ||
| Q2 25 | $321.4M | $252.3M | ||
| Q1 25 | $308.8M | $230.7M | ||
| Q4 24 | $307.9M | $209.6M | ||
| Q3 24 | $320.7M | $192.6M | ||
| Q2 24 | $290.9M | $178.3M |
| Q1 26 | $124.7M | — | ||
| Q4 25 | $128.4M | $42.0M | ||
| Q3 25 | $112.4M | $292.2M | ||
| Q2 25 | $110.7M | $44.8M | ||
| Q1 25 | $105.2M | $35.1M | ||
| Q4 24 | $104.7M | $13.9M | ||
| Q3 24 | $112.3M | $23.4M | ||
| Q2 24 | $104.9M | $24.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 72.8% | ||
| Q3 25 | — | 72.5% | ||
| Q2 25 | — | 72.4% | ||
| Q1 25 | — | 71.1% | ||
| Q4 24 | — | 71.9% | ||
| Q3 24 | — | 72.9% | ||
| Q2 24 | — | 73.4% |
| Q1 26 | — | — | ||
| Q4 25 | 45.6% | 15.4% | ||
| Q3 25 | 46.3% | 12.9% | ||
| Q2 25 | 48.5% | 13.2% | ||
| Q1 25 | 47.9% | 10.2% | ||
| Q4 24 | 48.8% | 6.6% | ||
| Q3 24 | 49.6% | 7.0% | ||
| Q2 24 | 49.6% | 10.5% |
| Q1 26 | 31.8% | — | ||
| Q4 25 | 33.3% | 14.8% | ||
| Q3 25 | 34.7% | 107.5% | ||
| Q2 25 | 34.4% | 17.8% | ||
| Q1 25 | 34.1% | 15.2% | ||
| Q4 24 | 34.0% | 6.6% | ||
| Q3 24 | 35.0% | 12.1% | ||
| Q2 24 | 36.0% | 13.7% |
| Q1 26 | $2.15 | — | ||
| Q4 25 | $2.22 | $0.99 | ||
| Q3 25 | $1.94 | $5.95 | ||
| Q2 25 | $1.89 | $0.91 | ||
| Q1 25 | $1.81 | $0.72 | ||
| Q4 24 | $1.80 | $0.31 | ||
| Q3 24 | $1.93 | $0.49 | ||
| Q2 24 | $1.75 | $0.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.0B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.1B | $1.3B |
| Total Assets | $29.2B | $2.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $1.0B | ||
| Q3 25 | $2.6B | $1.0B | ||
| Q2 25 | $1.9B | $976.2M | ||
| Q1 25 | $2.0B | $884.0M | ||
| Q4 24 | $2.4B | $785.8M | ||
| Q3 24 | $2.6B | $854.4M | ||
| Q2 24 | $2.0B | $888.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $312.7M | — | ||
| Q1 25 | $377.4M | — | ||
| Q4 24 | $358.7M | — | ||
| Q3 24 | $313.5M | — | ||
| Q2 24 | $325.7M | — |
| Q1 26 | $3.1B | — | ||
| Q4 25 | $2.9B | $1.3B | ||
| Q3 25 | $2.8B | $1.3B | ||
| Q2 25 | $2.7B | $977.0M | ||
| Q1 25 | $2.6B | $893.8M | ||
| Q4 24 | $2.5B | $824.5M | ||
| Q3 24 | $2.4B | $822.5M | ||
| Q2 24 | $2.3B | $766.9M |
| Q1 26 | $29.2B | — | ||
| Q4 25 | $28.2B | $2.0B | ||
| Q3 25 | $27.4B | $1.9B | ||
| Q2 25 | $24.8B | $1.5B | ||
| Q1 25 | $24.0B | $1.4B | ||
| Q4 24 | $23.7B | $1.3B | ||
| Q3 24 | $23.6B | $1.2B | ||
| Q2 24 | $22.9B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.13× | — | ||
| Q2 24 | 0.14× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $107.3M |
| Free Cash FlowOCF − Capex | — | $96.6M |
| FCF MarginFCF / Revenue | — | 34.1% |
| Capex IntensityCapex / Revenue | — | 3.8% |
| Cash ConversionOCF / Net Profit | — | 2.56× |
| TTM Free Cash FlowTrailing 4 quarters | — | $369.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $104.1M | $107.3M | ||
| Q3 25 | $118.4M | $84.2M | ||
| Q2 25 | $490.3M | $90.7M | ||
| Q1 25 | $73.7M | $105.6M | ||
| Q4 24 | $162.5M | $83.3M | ||
| Q3 24 | $70.8M | $56.3M | ||
| Q2 24 | $305.5M | $62.4M |
| Q1 26 | — | — | ||
| Q4 25 | $85.4M | $96.6M | ||
| Q3 25 | $109.3M | $79.4M | ||
| Q2 25 | $436.1M | $89.5M | ||
| Q1 25 | $65.1M | $104.3M | ||
| Q4 24 | $156.4M | $81.4M | ||
| Q3 24 | $53.0M | $53.1M | ||
| Q2 24 | $269.5M | $56.8M |
| Q1 26 | — | — | ||
| Q4 25 | 22.2% | 34.1% | ||
| Q3 25 | 33.8% | 29.2% | ||
| Q2 25 | 135.7% | 35.5% | ||
| Q1 25 | 21.1% | 45.2% | ||
| Q4 24 | 50.8% | 38.8% | ||
| Q3 24 | 16.5% | 27.6% | ||
| Q2 24 | 92.6% | 31.9% |
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | 3.8% | ||
| Q3 25 | 2.8% | 1.8% | ||
| Q2 25 | 16.9% | 0.5% | ||
| Q1 25 | 2.8% | 0.6% | ||
| Q4 24 | 2.0% | 0.9% | ||
| Q3 24 | 5.5% | 1.7% | ||
| Q2 24 | 12.4% | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | 0.81× | 2.56× | ||
| Q3 25 | 1.05× | 0.29× | ||
| Q2 25 | 4.43× | 2.02× | ||
| Q1 25 | 0.70× | 3.01× | ||
| Q4 24 | 1.55× | 5.99× | ||
| Q3 24 | 0.63× | 2.41× | ||
| Q2 24 | 2.91× | 2.56× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AX
| Net Interest Income | $306.3M | 78% |
| Noninterest Income | $86.0M | 22% |
DUOL
| License And Service | $242.3M | 86% |
| Advertising | $20.2M | 7% |
| English Test | $10.3M | 4% |
| Other | $10.1M | 4% |
