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Side-by-side financial comparison of Duolingo, Inc. (DUOL) and Gaming & Leisure Properties, Inc. (GLPI). Click either name above to swap in a different company.
Gaming & Leisure Properties, Inc. is the larger business by last-quarter revenue ($420.0M vs $282.9M, roughly 1.5× Duolingo, Inc.). Gaming & Leisure Properties, Inc. runs the higher net margin — 57.0% vs 14.8%, a 42.2% gap on every dollar of revenue. On growth, Duolingo, Inc. posted the faster year-over-year revenue change (35.0% vs 6.3%). Over the past eight quarters, Duolingo, Inc.'s revenue compounded faster (29.9% CAGR vs 5.0%).
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.
Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 62 casino properties, all of which are leased to other companies.
DUOL vs GLPI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $420.0M |
| Net Profit | $42.0M | $239.4M |
| Gross Margin | 72.8% | — |
| Operating Margin | 15.4% | 79.4% |
| Net Margin | 14.8% | 57.0% |
| Revenue YoY | 35.0% | 6.3% |
| Net Profit YoY | 201.7% | 40.5% |
| EPS (diluted) | $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 | — | $420.0M | ||
| Q4 25 | $282.9M | $407.0M | ||
| Q3 25 | $271.7M | $397.6M | ||
| Q2 25 | $252.3M | $394.9M | ||
| Q1 25 | $230.7M | $395.2M | ||
| Q4 24 | $209.6M | $389.6M | ||
| Q3 24 | $192.6M | $385.3M | ||
| Q2 24 | $178.3M | $380.6M |
| Q1 26 | — | $239.4M | ||
| Q4 25 | $42.0M | $275.4M | ||
| Q3 25 | $292.2M | $241.2M | ||
| Q2 25 | $44.8M | $151.4M | ||
| Q1 25 | $35.1M | $165.2M | ||
| Q4 24 | $13.9M | $223.6M | ||
| Q3 24 | $23.4M | $184.7M | ||
| Q2 24 | $24.4M | $208.3M |
| 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 | — | 79.4% | ||
| Q4 25 | 15.4% | 89.3% | ||
| Q3 25 | 12.9% | 84.8% | ||
| Q2 25 | 13.2% | 61.3% | ||
| Q1 25 | 10.2% | 65.5% | ||
| Q4 24 | 6.6% | 79.1% | ||
| Q3 24 | 7.0% | 70.4% | ||
| Q2 24 | 10.5% | 77.1% |
| Q1 26 | — | 57.0% | ||
| Q4 25 | 14.8% | 67.6% | ||
| Q3 25 | 107.5% | 60.7% | ||
| Q2 25 | 17.8% | 38.4% | ||
| Q1 25 | 15.2% | 41.8% | ||
| Q4 24 | 6.6% | 57.4% | ||
| Q3 24 | 12.1% | 47.9% | ||
| Q2 24 | 13.7% | 54.7% |
| Q1 26 | — | — | ||
| Q4 25 | $0.99 | $0.96 | ||
| Q3 25 | $5.95 | $0.85 | ||
| Q2 25 | $0.91 | $0.54 | ||
| Q1 25 | $0.72 | $0.60 | ||
| Q4 24 | $0.31 | $0.79 | ||
| Q3 24 | $0.49 | $0.67 | ||
| Q2 24 | $0.51 | $0.77 |
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 | $274.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.3B | $5.0B |
| Total Assets | $2.0B | $13.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $274.5M | ||
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $976.2M | — | ||
| Q1 25 | $884.0M | — | ||
| Q4 24 | $785.8M | $560.8M | ||
| Q3 24 | $854.4M | $560.8M | ||
| Q2 24 | $888.2M | $560.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $7.2B | ||
| Q3 25 | — | $7.2B | ||
| Q2 25 | — | $6.9B | ||
| Q1 25 | — | $6.9B | ||
| Q4 24 | — | $7.7B | ||
| Q3 24 | — | $7.4B | ||
| Q2 24 | — | $6.6B |
| Q1 26 | — | $5.0B | ||
| Q4 25 | $1.3B | $4.6B | ||
| Q3 25 | $1.3B | $4.6B | ||
| Q2 25 | $977.0M | $4.6B | ||
| Q1 25 | $893.8M | $4.2B | ||
| Q4 24 | $824.5M | $4.3B | ||
| Q3 24 | $822.5M | $4.3B | ||
| Q2 24 | $766.9M | $4.1B |
| Q1 26 | — | $13.8B | ||
| Q4 25 | $2.0B | $12.9B | ||
| Q3 25 | $1.9B | $12.8B | ||
| Q2 25 | $1.5B | $12.5B | ||
| Q1 25 | $1.4B | $12.1B | ||
| Q4 24 | $1.3B | $13.1B | ||
| Q3 24 | $1.2B | $12.7B | ||
| Q2 24 | $1.1B | $11.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.56× | ||
| Q3 25 | — | 1.57× | ||
| Q2 25 | — | 1.51× | ||
| Q1 25 | — | 1.63× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | 1.74× | ||
| Q2 24 | — | 1.60× |
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 | $1.1B | ||
| Q3 25 | $84.2M | $240.3M | ||
| Q2 25 | $90.7M | $293.4M | ||
| Q1 25 | $105.6M | $252.5M | ||
| Q4 24 | $83.3M | $1.1B | ||
| Q3 24 | $56.3M | $270.4M | ||
| Q2 24 | $62.4M | $252.1M |
| Q1 26 | — | — | ||
| Q4 25 | $96.6M | — | ||
| Q3 25 | $79.4M | $183.0M | ||
| Q2 25 | $89.5M | $272.3M | ||
| Q1 25 | $104.3M | $239.6M | ||
| Q4 24 | $81.4M | $1.1B | ||
| Q3 24 | $53.1M | $261.5M | ||
| Q2 24 | $56.8M | $245.0M |
| Q1 26 | — | — | ||
| Q4 25 | 34.1% | — | ||
| Q3 25 | 29.2% | 46.0% | ||
| Q2 25 | 35.5% | 69.0% | ||
| Q1 25 | 45.2% | 60.6% | ||
| Q4 24 | 38.8% | 275.3% | ||
| Q3 24 | 27.6% | 67.9% | ||
| Q2 24 | 31.9% | 64.4% |
| Q1 26 | — | — | ||
| Q4 25 | 3.8% | — | ||
| Q3 25 | 1.8% | 14.4% | ||
| Q2 25 | 0.5% | 5.3% | ||
| Q1 25 | 0.6% | 3.3% | ||
| Q4 24 | 0.9% | 0.0% | ||
| Q3 24 | 1.7% | 2.3% | ||
| Q2 24 | 3.1% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 2.56× | 4.10× | ||
| Q3 25 | 0.29× | 1.00× | ||
| Q2 25 | 2.02× | 1.94× | ||
| Q1 25 | 3.01× | 1.53× | ||
| Q4 24 | 5.99× | 4.80× | ||
| Q3 24 | 2.41× | 1.46× | ||
| Q2 24 | 2.56× | 1.21× |
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% |
GLPI
Segment breakdown not available.
