vs
Side-by-side financial comparison of Duolingo, Inc. (DUOL) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Duolingo, Inc. is the larger business by last-quarter revenue ($282.9M vs $183.8M, roughly 1.5× Wheels Up Experience Inc.). Duolingo, Inc. runs the higher net margin — 14.8% vs -15.7%, a 30.5% gap on every dollar of revenue. On growth, Duolingo, Inc. posted the faster year-over-year revenue change (35.0% vs -10.2%). Duolingo, Inc. produced more free cash flow last quarter ($96.6M vs $-58.3M). Over the past eight quarters, Duolingo, Inc.'s revenue compounded faster (29.9% CAGR vs -3.4%).
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.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
DUOL vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $183.8M |
| Net Profit | $42.0M | $-28.9M |
| Gross Margin | 72.8% | 14.3% |
| Operating Margin | 15.4% | -0.9% |
| Net Margin | 14.8% | -15.7% |
| Revenue YoY | 35.0% | -10.2% |
| Net Profit YoY | 201.7% | 67.0% |
| EPS (diluted) | $0.99 | $-0.04 |
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 | $183.8M | ||
| Q3 25 | $271.7M | $185.5M | ||
| Q2 25 | $252.3M | $189.6M | ||
| Q1 25 | $230.7M | $177.5M | ||
| Q4 24 | $209.6M | $204.8M | ||
| Q3 24 | $192.6M | $193.9M | ||
| Q2 24 | $178.3M | $196.3M | ||
| Q1 24 | $167.6M | $197.1M |
| Q4 25 | $42.0M | $-28.9M | ||
| Q3 25 | $292.2M | $-83.7M | ||
| Q2 25 | $44.8M | $-82.3M | ||
| Q1 25 | $35.1M | $-99.3M | ||
| Q4 24 | $13.9M | $-87.5M | ||
| Q3 24 | $23.4M | $-57.7M | ||
| Q2 24 | $24.4M | $-97.0M | ||
| Q1 24 | $27.0M | $-97.4M |
| Q4 25 | 72.8% | 14.3% | ||
| Q3 25 | 72.5% | 6.8% | ||
| Q2 25 | 72.4% | 8.3% | ||
| Q1 25 | 71.1% | 10.8% | ||
| Q4 24 | 71.9% | 13.9% | ||
| Q3 24 | 72.9% | 13.9% | ||
| Q2 24 | 73.4% | 2.3% | ||
| Q1 24 | 73.0% | -0.6% |
| Q4 25 | 15.4% | -0.9% | ||
| Q3 25 | 12.9% | -33.1% | ||
| Q2 25 | 13.2% | -31.4% | ||
| Q1 25 | 10.2% | -45.5% | ||
| Q4 24 | 6.6% | -26.0% | ||
| Q3 24 | 7.0% | -21.6% | ||
| Q2 24 | 10.5% | -40.3% | ||
| Q1 24 | 9.8% | -42.9% |
| Q4 25 | 14.8% | -15.7% | ||
| Q3 25 | 107.5% | -45.1% | ||
| Q2 25 | 17.8% | -43.4% | ||
| Q1 25 | 15.2% | -55.9% | ||
| Q4 24 | 6.6% | -42.7% | ||
| Q3 24 | 12.1% | -29.8% | ||
| Q2 24 | 13.7% | -49.4% | ||
| Q1 24 | 16.1% | -49.4% |
| Q4 25 | $0.99 | $-0.04 | ||
| Q3 25 | $5.95 | $-0.12 | ||
| Q2 25 | $0.91 | $-0.12 | ||
| Q1 25 | $0.72 | $-0.14 | ||
| Q4 24 | $0.31 | $-0.13 | ||
| Q3 24 | $0.49 | $-0.08 | ||
| Q2 24 | $0.51 | $-0.14 | ||
| Q1 24 | $0.57 | $-0.14 |
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 | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $1.3B | $-392.1M |
| Total Assets | $2.0B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $133.9M | ||
| Q3 25 | $1.0B | $125.3M | ||
| Q2 25 | $976.2M | $107.0M | ||
| Q1 25 | $884.0M | $171.8M | ||
| Q4 24 | $785.8M | $216.4M | ||
| Q3 24 | $854.4M | $115.9M | ||
| Q2 24 | $888.2M | $141.5M | ||
| Q1 24 | $829.7M | $180.9M |
| Q4 25 | — | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | $1.3B | $-392.1M | ||
| Q3 25 | $1.3B | $-374.5M | ||
| Q2 25 | $977.0M | $-347.8M | ||
| Q1 25 | $893.8M | $-288.1M | ||
| Q4 24 | $824.5M | $-202.1M | ||
| Q3 24 | $822.5M | $-117.7M | ||
| Q2 24 | $766.9M | $-72.2M | ||
| Q1 24 | $711.1M | $936.0K |
| Q4 25 | $2.0B | $968.8M | ||
| Q3 25 | $1.9B | $973.0M | ||
| Q2 25 | $1.5B | $1.0B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.2B | $1.0B | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $1.1B | $1.2B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 644.43× |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | $96.6M | $-58.3M |
| FCF MarginFCF / Revenue | 34.1% | -31.7% |
| Capex IntensityCapex / Revenue | 3.8% | 21.7% |
| Cash ConversionOCF / Net Profit | 2.56× | — |
| TTM Free Cash FlowTrailing 4 quarters | $369.7M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $107.3M | $-18.4M | ||
| Q3 25 | $84.2M | $-37.1M | ||
| Q2 25 | $90.7M | $-62.9M | ||
| Q1 25 | $105.6M | $-47.9M | ||
| Q4 24 | $83.3M | $37.9M | ||
| Q3 24 | $56.3M | $-16.9M | ||
| Q2 24 | $62.4M | $-25.2M | ||
| Q1 24 | $83.5M | $-73.8M |
| Q4 25 | $96.6M | $-58.3M | ||
| Q3 25 | $79.4M | $-60.4M | ||
| Q2 25 | $89.5M | $-78.6M | ||
| Q1 25 | $104.3M | $-62.6M | ||
| Q4 24 | $81.4M | $-70.2M | ||
| Q3 24 | $53.1M | $-21.9M | ||
| Q2 24 | $56.8M | $-30.8M | ||
| Q1 24 | $82.1M | $-77.8M |
| Q4 25 | 34.1% | -31.7% | ||
| Q3 25 | 29.2% | -32.6% | ||
| Q2 25 | 35.5% | -41.5% | ||
| Q1 25 | 45.2% | -35.3% | ||
| Q4 24 | 38.8% | -34.3% | ||
| Q3 24 | 27.6% | -11.3% | ||
| Q2 24 | 31.9% | -15.7% | ||
| Q1 24 | 49.0% | -39.5% |
| Q4 25 | 3.8% | 21.7% | ||
| Q3 25 | 1.8% | 12.5% | ||
| Q2 25 | 0.5% | 8.3% | ||
| Q1 25 | 0.6% | 8.3% | ||
| Q4 24 | 0.9% | 52.8% | ||
| Q3 24 | 1.7% | 2.6% | ||
| Q2 24 | 3.1% | 2.9% | ||
| Q1 24 | 0.8% | 2.0% |
| Q4 25 | 2.56× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 3.01× | — | ||
| Q4 24 | 5.99× | — | ||
| Q3 24 | 2.41× | — | ||
| Q2 24 | 2.56× | — | ||
| Q1 24 | 3.10× | — |
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% |
UP
Segment breakdown not available.
