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Side-by-side financial comparison of Duolingo, Inc. (DUOL) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
Duolingo, Inc. is the larger business by last-quarter revenue ($295.5M vs $152.8M, roughly 1.9× Riot Platforms, Inc.). Duolingo, Inc. runs the higher net margin — 11.9% vs -452.0%, a 463.8% gap on every dollar of revenue. On growth, Duolingo, Inc. posted the faster year-over-year revenue change (27.0% vs 7.2%). Duolingo, Inc. produced more free cash flow last quarter ($103.0M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 28.7%).
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.
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
DUOL vs RIOT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $295.5M | $152.8M |
| Net Profit | $35.1M | $-690.7M |
| Gross Margin | 55.5% | — |
| Operating Margin | 8.0% | -447.9% |
| Net Margin | 11.9% | -452.0% |
| Revenue YoY | 27.0% | 7.2% |
| Net Profit YoY | 24.0% | -606.3% |
| EPS (diluted) | $0.72 | $-1.89 |
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 | $152.8M | ||
| Q3 25 | $271.7M | $180.2M | ||
| Q2 25 | $252.3M | $153.0M | ||
| Q1 25 | $230.7M | $161.4M | ||
| Q4 24 | $209.6M | $142.6M | ||
| Q3 24 | $192.6M | $84.8M | ||
| Q2 24 | $178.3M | $70.0M |
| Q1 26 | $35.1M | — | ||
| Q4 25 | $42.0M | $-690.7M | ||
| Q3 25 | $292.2M | $104.5M | ||
| Q2 25 | $44.8M | $219.5M | ||
| Q1 25 | $35.1M | $-296.4M | ||
| Q4 24 | $13.9M | $136.4M | ||
| Q3 24 | $23.4M | $-154.4M | ||
| Q2 24 | $24.4M | $-84.4M |
| 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% | -447.9% | ||
| Q3 25 | 12.9% | 44.4% | ||
| Q2 25 | 13.2% | — | ||
| Q1 25 | 10.2% | -144.9% | ||
| Q4 24 | 6.6% | — | ||
| Q3 24 | 7.0% | -143.3% | ||
| Q2 24 | 10.5% | -167.2% |
| Q1 26 | 11.9% | — | ||
| Q4 25 | 14.8% | -452.0% | ||
| Q3 25 | 107.5% | 58.0% | ||
| Q2 25 | 17.8% | 143.4% | ||
| Q1 25 | 15.2% | -183.6% | ||
| Q4 24 | 6.6% | 95.7% | ||
| Q3 24 | 12.1% | -182.1% | ||
| Q2 24 | 13.7% | -120.6% |
| Q1 26 | $0.72 | — | ||
| Q4 25 | $0.99 | $-1.89 | ||
| Q3 25 | $5.95 | $0.26 | ||
| Q2 25 | $0.91 | $0.58 | ||
| Q1 25 | $0.72 | $-0.90 | ||
| Q4 24 | $0.31 | $0.39 | ||
| Q3 24 | $0.49 | $-0.54 | ||
| Q2 24 | $0.51 | $-0.32 |
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 | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $1.3B | $2.9B |
| Total Assets | $2.0B | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.0B | $233.5M | ||
| Q3 25 | $1.0B | $330.7M | ||
| Q2 25 | $976.2M | $255.4M | ||
| Q1 25 | $884.0M | $163.7M | ||
| Q4 24 | $785.8M | $277.9M | ||
| Q3 24 | $854.4M | $355.7M | ||
| Q2 24 | $888.2M | $481.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $840.8M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | $584.6M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — |
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.3B | $2.9B | ||
| Q3 25 | $1.3B | $3.5B | ||
| Q2 25 | $977.0M | $3.3B | ||
| Q1 25 | $893.8M | $2.9B | ||
| Q4 24 | $824.5M | $3.1B | ||
| Q3 24 | $822.5M | $2.7B | ||
| Q2 24 | $766.9M | $2.6B |
| Q1 26 | $2.0B | — | ||
| Q4 25 | $2.0B | $3.9B | ||
| Q3 25 | $1.9B | $4.5B | ||
| Q2 25 | $1.5B | $4.3B | ||
| Q1 25 | $1.4B | $3.7B | ||
| Q4 24 | $1.3B | $3.9B | ||
| Q3 24 | $1.2B | $2.9B | ||
| Q2 24 | $1.1B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | — |
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 | $-572.9M |
| Free Cash FlowOCF − Capex | $103.0M | $-774.3M |
| FCF MarginFCF / Revenue | 34.9% | -506.6% |
| Capex IntensityCapex / Revenue | — | 131.8% |
| Cash ConversionOCF / Net Profit | 3.01× | — |
| TTM Free Cash FlowTrailing 4 quarters | $368.4M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $105.6M | — | ||
| Q4 25 | $107.3M | $-572.9M | ||
| Q3 25 | $84.2M | $-114.0M | ||
| Q2 25 | $90.7M | $-231.3M | ||
| Q1 25 | $105.6M | $-122.1M | ||
| Q4 24 | $83.3M | $-255.1M | ||
| Q3 24 | $56.3M | $-56.3M | ||
| Q2 24 | $62.4M | $-42.5M |
| Q1 26 | $103.0M | — | ||
| Q4 25 | $96.6M | $-774.3M | ||
| Q3 25 | $79.4M | $-139.7M | ||
| Q2 25 | $89.5M | $-291.7M | ||
| Q1 25 | $104.3M | $-154.9M | ||
| Q4 24 | $81.4M | $-495.4M | ||
| Q3 24 | $53.1M | $-127.6M | ||
| Q2 24 | $56.8M | $-96.1M |
| Q1 26 | 34.9% | — | ||
| Q4 25 | 34.1% | -506.6% | ||
| Q3 25 | 29.2% | -77.5% | ||
| Q2 25 | 35.5% | -190.7% | ||
| Q1 25 | 45.2% | -96.0% | ||
| Q4 24 | 38.8% | -347.5% | ||
| Q3 24 | 27.6% | -150.5% | ||
| Q2 24 | 31.9% | -137.2% |
| Q1 26 | — | — | ||
| Q4 25 | 3.8% | 131.8% | ||
| Q3 25 | 1.8% | 14.3% | ||
| Q2 25 | 0.5% | 39.5% | ||
| Q1 25 | 0.6% | 20.4% | ||
| Q4 24 | 0.9% | 168.6% | ||
| Q3 24 | 1.7% | 84.1% | ||
| Q2 24 | 3.1% | 76.5% |
| Q1 26 | 3.01× | — | ||
| Q4 25 | 2.56× | — | ||
| Q3 25 | 0.29× | -1.09× | ||
| Q2 25 | 2.02× | -1.05× | ||
| Q1 25 | 3.01× | — | ||
| Q4 24 | 5.99× | -1.87× | ||
| Q3 24 | 2.41× | — | ||
| Q2 24 | 2.56× | — |
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% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
