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Side-by-side financial comparison of Duolingo, Inc. (DUOL) and Eastern Bankshares, Inc. (EBC). Click either name above to swap in a different company.
Eastern Bankshares, Inc. is the larger business by last-quarter revenue ($295.9M vs $282.9M, roughly 1.0× Duolingo, Inc.). Eastern Bankshares, Inc. runs the higher net margin — 22.1% vs 14.8%, a 7.2% gap on every dollar of revenue. On growth, Duolingo, Inc. posted the faster year-over-year revenue change (35.0% vs 1.7%). Over the past eight quarters, Eastern Bankshares, Inc.'s revenue compounded faster (38.6% CAGR vs 29.9%).
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.
Eastern Bank is a bank based in Boston, Massachusetts. Before de-mutualizing in 2020, it was the oldest and largest mutual bank in the United States and the largest community bank in Massachusetts.
DUOL vs EBC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $295.9M |
| Net Profit | $42.0M | $65.3M |
| Gross Margin | 72.8% | — |
| Operating Margin | 15.4% | — |
| Net Margin | 14.8% | 22.1% |
| Revenue YoY | 35.0% | 1.7% |
| Net Profit YoY | 201.7% | 289.8% |
| EPS (diluted) | $0.99 | $0.29 |
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 | — | $295.9M | ||
| Q4 25 | $282.9M | $37.5M | ||
| Q3 25 | $271.7M | $241.5M | ||
| Q2 25 | $252.3M | $244.9M | ||
| Q1 25 | $230.7M | $31.1M | ||
| Q4 24 | $209.6M | $216.5M | ||
| Q3 24 | $192.6M | $203.4M | ||
| Q2 24 | $178.3M | $154.0M |
| Q1 26 | — | $65.3M | ||
| Q4 25 | $42.0M | $99.5M | ||
| Q3 25 | $292.2M | $106.1M | ||
| Q2 25 | $44.8M | $100.2M | ||
| Q1 25 | $35.1M | $-217.7M | ||
| Q4 24 | $13.9M | $60.8M | ||
| Q3 24 | $23.4M | $-6.2M | ||
| Q2 24 | $24.4M | $26.3M |
| 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 | 15.4% | — | ||
| Q3 25 | 12.9% | 38.9% | ||
| Q2 25 | 13.2% | 41.0% | ||
| Q1 25 | 10.2% | -590.9% | ||
| Q4 24 | 6.6% | 33.3% | ||
| Q3 24 | 7.0% | -1.6% | ||
| Q2 24 | 10.5% | 24.7% |
| Q1 26 | — | 22.1% | ||
| Q4 25 | 14.8% | 265.6% | ||
| Q3 25 | 107.5% | 44.0% | ||
| Q2 25 | 17.8% | 40.9% | ||
| Q1 25 | 15.2% | -699.2% | ||
| Q4 24 | 6.6% | 28.1% | ||
| Q3 24 | 12.1% | -3.0% | ||
| Q2 24 | 13.7% | 17.1% |
| Q1 26 | — | $0.29 | ||
| Q4 25 | $0.99 | $0.48 | ||
| Q3 25 | $5.95 | $0.53 | ||
| Q2 25 | $0.91 | $0.50 | ||
| Q1 25 | $0.72 | $-1.08 | ||
| Q4 24 | $0.31 | $0.29 | ||
| Q3 24 | $0.49 | $-0.03 | ||
| Q2 24 | $0.51 | $0.16 |
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 | $551.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.3B | $4.3B |
| Total Assets | $2.0B | $30.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $551.7M | ||
| Q4 25 | $1.0B | $507.6M | ||
| Q3 25 | $1.0B | $703.4M | ||
| Q2 25 | $976.2M | $948.3M | ||
| Q1 25 | $884.0M | $609.0M | ||
| Q4 24 | $785.8M | $1.9B | ||
| Q3 24 | $854.4M | $1.7B | ||
| Q2 24 | $888.2M | $1.4B |
| Q1 26 | — | $4.3B | ||
| Q4 25 | $1.3B | $4.3B | ||
| Q3 25 | $1.3B | $3.8B | ||
| Q2 25 | $977.0M | $3.7B | ||
| Q1 25 | $893.8M | $3.6B | ||
| Q4 24 | $824.5M | $3.6B | ||
| Q3 24 | $822.5M | $3.7B | ||
| Q2 24 | $766.9M | $3.0B |
| Q1 26 | — | $30.6B | ||
| Q4 25 | $2.0B | $30.6B | ||
| Q3 25 | $1.9B | $25.5B | ||
| Q2 25 | $1.5B | $25.5B | ||
| Q1 25 | $1.4B | $25.0B | ||
| Q4 24 | $1.3B | $25.6B | ||
| Q3 24 | $1.2B | $25.5B | ||
| Q2 24 | $1.1B | $21.0B |
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 | $107.3M | $432.4M | ||
| Q3 25 | $84.2M | $157.1M | ||
| Q2 25 | $90.7M | $123.9M | ||
| Q1 25 | $105.6M | $47.3M | ||
| Q4 24 | $83.3M | $283.8M | ||
| Q3 24 | $56.3M | $108.3M | ||
| Q2 24 | $62.4M | $54.3M |
| Q1 26 | — | — | ||
| Q4 25 | $96.6M | — | ||
| Q3 25 | $79.4M | — | ||
| Q2 25 | $89.5M | — | ||
| Q1 25 | $104.3M | — | ||
| Q4 24 | $81.4M | — | ||
| Q3 24 | $53.1M | — | ||
| Q2 24 | $56.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | 34.1% | — | ||
| Q3 25 | 29.2% | — | ||
| Q2 25 | 35.5% | — | ||
| Q1 25 | 45.2% | — | ||
| Q4 24 | 38.8% | — | ||
| Q3 24 | 27.6% | — | ||
| Q2 24 | 31.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | 3.8% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.6% | — | ||
| Q4 24 | 0.9% | — | ||
| Q3 24 | 1.7% | — | ||
| Q2 24 | 3.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.56× | 4.35× | ||
| Q3 25 | 0.29× | 1.48× | ||
| Q2 25 | 2.02× | 1.24× | ||
| Q1 25 | 3.01× | — | ||
| Q4 24 | 5.99× | 4.67× | ||
| Q3 24 | 2.41× | — | ||
| Q2 24 | 2.56× | 2.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DUOL
| License And Service | $242.3M | 86% |
| Advertising | $20.2M | 7% |
| English Test | $10.3M | 4% |
| Other | $10.1M | 4% |
EBC
| ALLL / total nonperforming loans ("NPLs") | $238.2M | 80% |
| Other | $51.6M | 17% |
| Return on average shareholders' equity | $6.1M | 2% |
