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Side-by-side financial comparison of Duolingo, Inc. (DUOL) and ONESPAWORLD HOLDINGS Ltd (OSW). Click either name above to swap in a different company.
Duolingo, Inc. is the larger business by last-quarter revenue ($295.5M vs $242.1M, roughly 1.2× ONESPAWORLD HOLDINGS Ltd). Duolingo, Inc. runs the higher net margin — 11.9% vs 5.0%, a 6.9% gap on every dollar of revenue. On growth, Duolingo, Inc. posted the faster year-over-year revenue change (27.0% vs 11.5%). Duolingo, Inc. produced more free cash flow last quarter ($103.0M vs $14.9M). Over the past eight quarters, Duolingo, Inc.'s revenue compounded faster (28.7% CAGR vs 7.1%).
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.
DUOL vs OSW — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $295.5M | $242.1M |
| Net Profit | $35.1M | $12.1M |
| Gross Margin | 55.5% | — |
| Operating Margin | 8.0% | 6.8% |
| Net Margin | 11.9% | 5.0% |
| Revenue YoY | 27.0% | 11.5% |
| Net Profit YoY | 24.0% | -16.2% |
| EPS (diluted) | $0.72 | $0.12 |
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 | $295.5M | — | ||
| Q4 25 | $282.9M | $242.1M | ||
| Q3 25 | $271.7M | $258.5M | ||
| Q2 25 | $252.3M | $240.7M | ||
| Q1 25 | $230.7M | $219.6M | ||
| Q4 24 | $209.6M | $217.2M | ||
| Q3 24 | $192.6M | $241.7M | ||
| Q2 24 | $178.3M | $224.9M |
| Q1 26 | $35.1M | — | ||
| Q4 25 | $42.0M | $12.1M | ||
| Q3 25 | $292.2M | $24.3M | ||
| Q2 25 | $44.8M | $19.9M | ||
| Q1 25 | $35.1M | $15.3M | ||
| Q4 24 | $13.9M | $14.4M | ||
| Q3 24 | $23.4M | $21.6M | ||
| Q2 24 | $24.4M | $15.8M |
| Q1 26 | 55.5% | — | ||
| 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 | 8.0% | — | ||
| Q4 25 | 15.4% | 6.8% | ||
| Q3 25 | 12.9% | 10.2% | ||
| Q2 25 | 13.2% | 9.2% | ||
| Q1 25 | 10.2% | 7.7% | ||
| Q4 24 | 6.6% | 7.9% | ||
| Q3 24 | 7.0% | 10.3% | ||
| Q2 24 | 10.5% | 8.4% |
| Q1 26 | 11.9% | — | ||
| Q4 25 | 14.8% | 5.0% | ||
| Q3 25 | 107.5% | 9.4% | ||
| Q2 25 | 17.8% | 8.3% | ||
| Q1 25 | 15.2% | 7.0% | ||
| Q4 24 | 6.6% | 6.6% | ||
| Q3 24 | 12.1% | 8.9% | ||
| Q2 24 | 13.7% | 7.0% |
| Q1 26 | $0.72 | — | ||
| Q4 25 | $0.99 | $0.12 | ||
| Q3 25 | $5.95 | $0.23 | ||
| Q2 25 | $0.91 | $0.19 | ||
| Q1 25 | $0.72 | $0.15 | ||
| Q4 24 | $0.31 | $0.13 | ||
| Q3 24 | $0.49 | $0.20 | ||
| Q2 24 | $0.51 | $0.15 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.1B | $16.3M |
| Total DebtLower is stronger | — | $84.0M |
| Stockholders' EquityBook value | $1.3B | $542.6M |
| Total Assets | $2.0B | $707.1M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.0B | $16.3M | ||
| Q3 25 | $1.0B | $29.6M | ||
| Q2 25 | $976.2M | $35.0M | ||
| Q1 25 | $884.0M | $22.6M | ||
| Q4 24 | $785.8M | $57.4M | ||
| Q3 24 | $854.4M | $48.8M | ||
| Q2 24 | $888.2M | $62.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $84.0M | ||
| Q3 25 | — | $85.2M | ||
| Q2 25 | — | $96.2M | ||
| Q1 25 | — | $97.4M | ||
| Q4 24 | — | $98.6M | ||
| Q3 24 | — | $98.7M | ||
| Q2 24 | — | $123.8M |
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.3B | $542.6M | ||
| Q3 25 | $1.3B | $552.8M | ||
| Q2 25 | $977.0M | $548.3M | ||
| Q1 25 | $893.8M | $530.6M | ||
| Q4 24 | $824.5M | $554.5M | ||
| Q3 24 | $822.5M | $540.1M | ||
| Q2 24 | $766.9M | $532.7M |
| Q1 26 | $2.0B | — | ||
| Q4 25 | $2.0B | $707.1M | ||
| Q3 25 | $1.9B | $732.6M | ||
| Q2 25 | $1.5B | $731.8M | ||
| Q1 25 | $1.4B | $708.7M | ||
| Q4 24 | $1.3B | $746.4M | ||
| Q3 24 | $1.2B | $734.0M | ||
| Q2 24 | $1.1B | $756.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.18× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | 0.23× |
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 | $105.6M | $20.0M |
| Free Cash FlowOCF − Capex | $103.0M | $14.9M |
| FCF MarginFCF / Revenue | 34.9% | 6.2% |
| Capex IntensityCapex / Revenue | — | 2.1% |
| Cash ConversionOCF / Net Profit | 3.01× | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $368.4M | $68.4M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $105.6M | — | ||
| Q4 25 | $107.3M | $20.0M | ||
| Q3 25 | $84.2M | $33.2M | ||
| Q2 25 | $90.7M | $20.3M | ||
| Q1 25 | $105.6M | $10.1M | ||
| Q4 24 | $83.3M | $16.6M | ||
| Q3 24 | $56.3M | $28.6M | ||
| Q2 24 | $62.4M | $18.7M |
| Q1 26 | $103.0M | — | ||
| Q4 25 | $96.6M | $14.9M | ||
| Q3 25 | $79.4M | $27.6M | ||
| Q2 25 | $89.5M | $17.6M | ||
| Q1 25 | $104.3M | $8.4M | ||
| Q4 24 | $81.4M | $13.2M | ||
| Q3 24 | $53.1M | $27.5M | ||
| Q2 24 | $56.8M | $17.6M |
| Q1 26 | 34.9% | — | ||
| Q4 25 | 34.1% | 6.2% | ||
| Q3 25 | 29.2% | 10.7% | ||
| Q2 25 | 35.5% | 7.3% | ||
| Q1 25 | 45.2% | 3.8% | ||
| Q4 24 | 38.8% | 6.1% | ||
| Q3 24 | 27.6% | 11.4% | ||
| Q2 24 | 31.9% | 7.8% |
| Q1 26 | — | — | ||
| Q4 25 | 3.8% | 2.1% | ||
| Q3 25 | 1.8% | 2.2% | ||
| Q2 25 | 0.5% | 1.1% | ||
| Q1 25 | 0.6% | 0.8% | ||
| Q4 24 | 0.9% | 1.5% | ||
| Q3 24 | 1.7% | 0.5% | ||
| Q2 24 | 3.1% | 0.5% |
| Q1 26 | 3.01× | — | ||
| Q4 25 | 2.56× | 1.65× | ||
| Q3 25 | 0.29× | 1.36× | ||
| Q2 25 | 2.02× | 1.02× | ||
| Q1 25 | 3.01× | 0.66× | ||
| Q4 24 | 5.99× | 1.15× | ||
| Q3 24 | 2.41× | 1.33× | ||
| Q2 24 | 2.56× | 1.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DUOL
| Bookings | $283.5M | 96% |
| Other | $12.0M | 4% |
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
