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Side-by-side financial comparison of Duolingo, Inc. (DUOL) and Madison Square Garden Sports Corp. (MSGS). Click either name above to swap in a different company.
Madison Square Garden Sports Corp. is the larger business by last-quarter revenue ($403.4M vs $282.9M, roughly 1.4× Duolingo, Inc.). Duolingo, Inc. runs the higher net margin — 14.8% vs 2.0%, a 12.8% gap on every dollar of revenue. On growth, Duolingo, Inc. posted the faster year-over-year revenue change (35.0% vs 12.8%). Duolingo, Inc. produced more free cash flow last quarter ($96.6M vs $31.6M). Over the past eight quarters, Duolingo, Inc.'s revenue compounded faster (29.9% CAGR vs -3.1%).
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.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
DUOL vs MSGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $403.4M |
| Net Profit | $42.0M | $8.2M |
| Gross Margin | 72.8% | — |
| Operating Margin | 15.4% | 5.5% |
| Net Margin | 14.8% | 2.0% |
| Revenue YoY | 35.0% | 12.8% |
| Net Profit YoY | 201.7% | 641.9% |
| EPS (diluted) | $0.99 | $0.34 |
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.
| Q4 25 | $282.9M | $403.4M | ||
| Q3 25 | $271.7M | $39.5M | ||
| Q2 25 | $252.3M | $204.0M | ||
| Q1 25 | $230.7M | $424.2M | ||
| Q4 24 | $209.6M | $357.8M | ||
| Q3 24 | $192.6M | $53.3M | ||
| Q2 24 | $178.3M | $227.3M | ||
| Q1 24 | $167.6M | $430.0M |
| Q4 25 | $42.0M | $8.2M | ||
| Q3 25 | $292.2M | $-8.8M | ||
| Q2 25 | $44.8M | $-1.8M | ||
| Q1 25 | $35.1M | $-14.2M | ||
| Q4 24 | $13.9M | $1.1M | ||
| Q3 24 | $23.4M | $-7.5M | ||
| Q2 24 | $24.4M | $25.5M | ||
| Q1 24 | $27.0M | $37.9M |
| 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 24 | 73.0% | — |
| Q4 25 | 15.4% | 5.5% | ||
| Q3 25 | 12.9% | -69.5% | ||
| Q2 25 | 13.2% | -11.1% | ||
| Q1 25 | 10.2% | 7.6% | ||
| Q4 24 | 6.6% | 3.7% | ||
| Q3 24 | 7.0% | -15.5% | ||
| Q2 24 | 10.5% | 23.0% | ||
| Q1 24 | 9.8% | 18.5% |
| Q4 25 | 14.8% | 2.0% | ||
| Q3 25 | 107.5% | -22.3% | ||
| Q2 25 | 17.8% | -0.9% | ||
| Q1 25 | 15.2% | -3.4% | ||
| Q4 24 | 6.6% | 0.3% | ||
| Q3 24 | 12.1% | -14.1% | ||
| Q2 24 | 13.7% | 11.2% | ||
| Q1 24 | 16.1% | 8.8% |
| Q4 25 | $0.99 | $0.34 | ||
| Q3 25 | $5.95 | $-0.37 | ||
| Q2 25 | $0.91 | $-0.08 | ||
| Q1 25 | $0.72 | $-0.59 | ||
| Q4 24 | $0.31 | $0.05 | ||
| Q3 24 | $0.49 | $-0.31 | ||
| Q2 24 | $0.51 | $1.07 | ||
| Q1 24 | $0.57 | $1.57 |
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 | $81.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.3B | $-282.1M |
| Total Assets | $2.0B | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $81.3M | ||
| Q3 25 | $1.0B | $48.6M | ||
| Q2 25 | $976.2M | $144.6M | ||
| Q1 25 | $884.0M | $96.5M | ||
| Q4 24 | $785.8M | $107.8M | ||
| Q3 24 | $854.4M | $52.3M | ||
| Q2 24 | $888.2M | $89.1M | ||
| Q1 24 | $829.7M | $40.0M |
| Q4 25 | $1.3B | $-282.1M | ||
| Q3 25 | $1.3B | $-294.2M | ||
| Q2 25 | $977.0M | $-281.4M | ||
| Q1 25 | $893.8M | $-283.4M | ||
| Q4 24 | $824.5M | $-273.1M | ||
| Q3 24 | $822.5M | $-277.5M | ||
| Q2 24 | $766.9M | $-266.3M | ||
| Q1 24 | $711.1M | $-294.0M |
| Q4 25 | $2.0B | $1.5B | ||
| Q3 25 | $1.9B | $1.5B | ||
| Q2 25 | $1.5B | $1.5B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.3B | $1.4B | ||
| Q3 24 | $1.2B | $1.4B | ||
| Q2 24 | $1.1B | $1.3B | ||
| Q1 24 | $1.1B | $1.4B |
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 | $32.4M |
| Free Cash FlowOCF − Capex | $96.6M | $31.6M |
| FCF MarginFCF / Revenue | 34.1% | 7.8% |
| Capex IntensityCapex / Revenue | 3.8% | 0.2% |
| Cash ConversionOCF / Net Profit | 2.56× | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $369.7M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $107.3M | $32.4M | ||
| Q3 25 | $84.2M | $-85.0M | ||
| Q2 25 | $90.7M | $49.7M | ||
| Q1 25 | $105.6M | $6.3M | ||
| Q4 24 | $83.3M | $61.8M | ||
| Q3 24 | $56.3M | $-26.2M | ||
| Q2 24 | $62.4M | $108.4M | ||
| Q1 24 | $83.5M | $4.0M |
| Q4 25 | $96.6M | $31.6M | ||
| Q3 25 | $79.4M | $-85.3M | ||
| Q2 25 | $89.5M | $49.4M | ||
| Q1 25 | $104.3M | $3.9M | ||
| Q4 24 | $81.4M | $61.2M | ||
| Q3 24 | $53.1M | $-26.5M | ||
| Q2 24 | $56.8M | $108.0M | ||
| Q1 24 | $82.1M | $3.9M |
| Q4 25 | 34.1% | 7.8% | ||
| Q3 25 | 29.2% | -216.3% | ||
| Q2 25 | 35.5% | 24.2% | ||
| Q1 25 | 45.2% | 0.9% | ||
| Q4 24 | 38.8% | 17.1% | ||
| Q3 24 | 27.6% | -49.7% | ||
| Q2 24 | 31.9% | 47.5% | ||
| Q1 24 | 49.0% | 0.9% |
| Q4 25 | 3.8% | 0.2% | ||
| Q3 25 | 1.8% | 0.9% | ||
| Q2 25 | 0.5% | 0.2% | ||
| Q1 25 | 0.6% | 0.6% | ||
| Q4 24 | 0.9% | 0.1% | ||
| Q3 24 | 1.7% | 0.7% | ||
| Q2 24 | 3.1% | 0.2% | ||
| Q1 24 | 0.8% | 0.0% |
| Q4 25 | 2.56× | 3.94× | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 3.01× | — | ||
| Q4 24 | 5.99× | 55.61× | ||
| Q3 24 | 2.41× | — | ||
| Q2 24 | 2.56× | 4.25× | ||
| Q1 24 | 3.10× | 0.11× |
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% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
