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Side-by-side financial comparison of Duolingo, Inc. (DUOL) and UNIVERSAL TECHNICAL INSTITUTE INC (UTI). Click either name above to swap in a different company.
Duolingo, Inc. is the larger business by last-quarter revenue ($282.9M vs $220.8M, roughly 1.3× UNIVERSAL TECHNICAL INSTITUTE INC). Duolingo, Inc. runs the higher net margin — 14.8% vs 5.8%, a 9.0% gap on every dollar of revenue. On growth, Duolingo, Inc. posted the faster year-over-year revenue change (35.0% vs 9.6%). Duolingo, Inc. produced more free cash flow last quarter ($96.6M vs $-19.2M). Over the past eight quarters, Duolingo, Inc.'s revenue compounded faster (29.9% CAGR vs 9.5%).
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.
Universal Technical Institute, Inc. (UTI) is a private for-profit system of technical colleges in the United States. It was established in 1965 by Robert Sweet.
DUOL vs UTI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $220.8M |
| Net Profit | $42.0M | $12.8M |
| Gross Margin | 72.8% | — |
| Operating Margin | 15.4% | 7.1% |
| Net Margin | 14.8% | 5.8% |
| Revenue YoY | 35.0% | 9.6% |
| Net Profit YoY | 201.7% | -42.1% |
| EPS (diluted) | $0.99 | $0.23 |
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 | $220.8M | ||
| Q3 25 | $271.7M | $222.4M | ||
| Q2 25 | $252.3M | $204.3M | ||
| Q1 25 | $230.7M | $207.4M | ||
| Q4 24 | $209.6M | $201.4M | ||
| Q3 24 | $192.6M | $196.4M | ||
| Q2 24 | $178.3M | $177.5M | ||
| Q1 24 | $167.6M | $184.2M |
| Q4 25 | $42.0M | $12.8M | ||
| Q3 25 | $292.2M | $18.8M | ||
| Q2 25 | $44.8M | $10.7M | ||
| Q1 25 | $35.1M | $11.4M | ||
| Q4 24 | $13.9M | $22.2M | ||
| Q3 24 | $23.4M | $18.8M | ||
| Q2 24 | $24.4M | $5.0M | ||
| Q1 24 | $27.0M | $7.8M |
| 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% | 7.1% | ||
| Q3 25 | 12.9% | 11.2% | ||
| Q2 25 | 13.2% | 6.9% | ||
| Q1 25 | 10.2% | 8.1% | ||
| Q4 24 | 6.6% | 13.6% | ||
| Q3 24 | 7.0% | 13.3% | ||
| Q2 24 | 10.5% | 4.2% | ||
| Q1 24 | 9.8% | 6.1% |
| Q4 25 | 14.8% | 5.8% | ||
| Q3 25 | 107.5% | 8.4% | ||
| Q2 25 | 17.8% | 5.2% | ||
| Q1 25 | 15.2% | 5.5% | ||
| Q4 24 | 6.6% | 11.0% | ||
| Q3 24 | 12.1% | 9.6% | ||
| Q2 24 | 13.7% | 2.8% | ||
| Q1 24 | 16.1% | 4.2% |
| Q4 25 | $0.99 | $0.23 | ||
| Q3 25 | $5.95 | $0.33 | ||
| Q2 25 | $0.91 | $0.19 | ||
| Q1 25 | $0.72 | $0.21 | ||
| Q4 24 | $0.31 | $0.40 | ||
| Q3 24 | $0.49 | $0.35 | ||
| Q2 24 | $0.51 | $0.09 | ||
| 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 | $162.8M |
| Total DebtLower is stronger | — | $101.4M |
| Stockholders' EquityBook value | $1.3B | $335.9M |
| Total Assets | $2.0B | $834.0M |
| Debt / EquityLower = less leverage | — | 0.30× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $162.8M | ||
| Q3 25 | $1.0B | $169.1M | ||
| Q2 25 | $976.2M | $70.7M | ||
| Q1 25 | $884.0M | $96.0M | ||
| Q4 24 | $785.8M | $172.0M | ||
| Q3 24 | $854.4M | $161.9M | ||
| Q2 24 | $888.2M | $115.5M | ||
| Q1 24 | $829.7M | $116.1M |
| Q4 25 | — | $101.4M | ||
| Q3 25 | — | $87.1M | ||
| Q2 25 | — | $73.8M | ||
| Q1 25 | — | $94.4M | ||
| Q4 24 | — | $120.1M | ||
| Q3 24 | — | $125.7M | ||
| Q2 24 | — | $137.3M | ||
| Q1 24 | — | $141.9M |
| Q4 25 | $1.3B | $335.9M | ||
| Q3 25 | $1.3B | $328.1M | ||
| Q2 25 | $977.0M | $306.8M | ||
| Q1 25 | $893.8M | $293.9M | ||
| Q4 24 | $824.5M | $280.0M | ||
| Q3 24 | $822.5M | $260.2M | ||
| Q2 24 | $766.9M | $239.4M | ||
| Q1 24 | $711.1M | $232.6M |
| Q4 25 | $2.0B | $834.0M | ||
| Q3 25 | $1.9B | $826.1M | ||
| Q2 25 | $1.5B | $740.8M | ||
| Q1 25 | $1.4B | $720.4M | ||
| Q4 24 | $1.3B | $753.8M | ||
| Q3 24 | $1.2B | $744.6M | ||
| Q2 24 | $1.1B | $706.0M | ||
| Q1 24 | $1.1B | $702.1M |
| Q4 25 | — | 0.30× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.32× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 0.48× | ||
| Q2 24 | — | 0.57× | ||
| Q1 24 | — | 0.61× |
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 | $3.1M |
| Free Cash FlowOCF − Capex | $96.6M | $-19.2M |
| FCF MarginFCF / Revenue | 34.1% | -8.7% |
| Capex IntensityCapex / Revenue | 3.8% | 10.1% |
| Cash ConversionOCF / Net Profit | 2.56× | 0.24× |
| TTM Free Cash FlowTrailing 4 quarters | $369.7M | $16.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $107.3M | $3.1M | ||
| Q3 25 | $84.2M | $57.1M | ||
| Q2 25 | $90.7M | $18.1M | ||
| Q1 25 | $105.6M | $-789.0K | ||
| Q4 24 | $83.3M | $23.0M | ||
| Q3 24 | $56.3M | $67.5M | ||
| Q2 24 | $62.4M | $10.0M | ||
| Q1 24 | $83.5M | $-2.5M |
| Q4 25 | $96.6M | $-19.2M | ||
| Q3 25 | $79.4M | $40.6M | ||
| Q2 25 | $89.5M | $6.8M | ||
| Q1 25 | $104.3M | $-11.7M | ||
| Q4 24 | $81.4M | $19.6M | ||
| Q3 24 | $53.1M | $60.0M | ||
| Q2 24 | $56.8M | $3.0M | ||
| Q1 24 | $82.1M | $-8.4M |
| Q4 25 | 34.1% | -8.7% | ||
| Q3 25 | 29.2% | 18.3% | ||
| Q2 25 | 35.5% | 3.4% | ||
| Q1 25 | 45.2% | -5.7% | ||
| Q4 24 | 38.8% | 9.7% | ||
| Q3 24 | 27.6% | 30.6% | ||
| Q2 24 | 31.9% | 1.7% | ||
| Q1 24 | 49.0% | -4.6% |
| Q4 25 | 3.8% | 10.1% | ||
| Q3 25 | 1.8% | 7.4% | ||
| Q2 25 | 0.5% | 5.5% | ||
| Q1 25 | 0.6% | 5.3% | ||
| Q4 24 | 0.9% | 1.7% | ||
| Q3 24 | 1.7% | 3.8% | ||
| Q2 24 | 3.1% | 4.0% | ||
| Q1 24 | 0.8% | 3.2% |
| Q4 25 | 2.56× | 0.24× | ||
| Q3 25 | 0.29× | 3.04× | ||
| Q2 25 | 2.02× | 1.69× | ||
| Q1 25 | 3.01× | -0.07× | ||
| Q4 24 | 5.99× | 1.04× | ||
| Q3 24 | 2.41× | 3.58× | ||
| Q2 24 | 2.56× | 2.01× | ||
| Q1 24 | 3.10× | -0.32× |
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% |
UTI
| UTI | $142.8M | 65% |
| Concorde | $78.0M | 35% |
