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Side-by-side financial comparison of Duolingo, Inc. (DUOL) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
Duolingo, Inc. is the larger business by last-quarter revenue ($282.9M vs $199.5M, roughly 1.4× VIRTUS INVESTMENT PARTNERS, INC.). Duolingo, Inc. runs the higher net margin — 14.8% vs 3.6%, a 11.3% gap on every dollar of revenue. On growth, Duolingo, Inc. posted the faster year-over-year revenue change (35.0% vs -4.1%). Over the past eight quarters, Duolingo, Inc.'s revenue compounded faster (29.9% CAGR vs -5.7%).
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.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
DUOL vs VRTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $199.5M |
| Net Profit | $42.0M | $7.1M |
| Gross Margin | 72.8% | — |
| Operating Margin | 15.4% | 7.7% |
| Net Margin | 14.8% | 3.6% |
| Revenue YoY | 35.0% | -4.1% |
| Net Profit YoY | 201.7% | -78.1% |
| EPS (diluted) | $0.99 | $1.05 |
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 | — | $199.5M | ||
| Q4 25 | $282.9M | $208.0M | ||
| Q3 25 | $271.7M | $216.4M | ||
| Q2 25 | $252.3M | $210.5M | ||
| Q1 25 | $230.7M | $217.9M | ||
| Q4 24 | $209.6M | $233.5M | ||
| Q3 24 | $192.6M | $227.0M | ||
| Q2 24 | $178.3M | $224.4M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $42.0M | $33.9M | ||
| Q3 25 | $292.2M | $31.3M | ||
| Q2 25 | $44.8M | $42.7M | ||
| Q1 25 | $35.1M | $28.1M | ||
| Q4 24 | $13.9M | $39.5M | ||
| Q3 24 | $23.4M | $49.1M | ||
| Q2 24 | $24.4M | $26.0M |
| Q1 26 | — | — | ||
| 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 | — | 7.7% | ||
| Q4 25 | 15.4% | 19.1% | ||
| Q3 25 | 12.9% | 21.7% | ||
| Q2 25 | 13.2% | 21.5% | ||
| Q1 25 | 10.2% | 16.8% | ||
| Q4 24 | 6.6% | 21.7% | ||
| Q3 24 | 7.0% | 24.3% | ||
| Q2 24 | 10.5% | 19.7% |
| Q1 26 | — | 3.6% | ||
| Q4 25 | 14.8% | 16.3% | ||
| Q3 25 | 107.5% | 14.5% | ||
| Q2 25 | 17.8% | 20.3% | ||
| Q1 25 | 15.2% | 12.9% | ||
| Q4 24 | 6.6% | 16.9% | ||
| Q3 24 | 12.1% | 21.6% | ||
| Q2 24 | 13.7% | 11.6% |
| Q1 26 | — | $1.05 | ||
| Q4 25 | $0.99 | $5.15 | ||
| Q3 25 | $5.95 | $4.65 | ||
| Q2 25 | $0.91 | $6.12 | ||
| Q1 25 | $0.72 | $4.05 | ||
| Q4 24 | $0.31 | $4.65 | ||
| Q3 24 | $0.49 | $5.71 | ||
| Q2 24 | $0.51 | $2.43 |
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 | $136.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.3B | $93.6B |
| Total Assets | $2.0B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $136.6M | ||
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $976.2M | — | ||
| Q1 25 | $884.0M | — | ||
| Q4 24 | $785.8M | — | ||
| Q3 24 | $854.4M | — | ||
| Q2 24 | $888.2M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $390.0M | ||
| Q3 25 | — | $390.6M | ||
| Q2 25 | — | $231.3M | ||
| Q1 25 | — | $231.7M | ||
| Q4 24 | — | $232.1M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $247.6M |
| Q1 26 | — | $93.6B | ||
| Q4 25 | $1.3B | $934.0M | ||
| Q3 25 | $1.3B | $918.7M | ||
| Q2 25 | $977.0M | $896.4M | ||
| Q1 25 | $893.8M | $893.7M | ||
| Q4 24 | $824.5M | $897.5M | ||
| Q3 24 | $822.5M | $889.0M | ||
| Q2 24 | $766.9M | $868.7M |
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $4.3B | ||
| Q3 25 | $1.9B | $3.9B | ||
| Q2 25 | $1.5B | $3.7B | ||
| Q1 25 | $1.4B | $3.7B | ||
| Q4 24 | $1.3B | $4.0B | ||
| Q3 24 | $1.2B | $3.6B | ||
| Q2 24 | $1.1B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× |
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 | — |
| Free Cash FlowOCF − Capex | $96.6M | — |
| FCF MarginFCF / Revenue | 34.1% | — |
| Capex IntensityCapex / Revenue | 3.8% | — |
| Cash ConversionOCF / Net Profit | 2.56× | — |
| TTM Free Cash FlowTrailing 4 quarters | $369.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $107.3M | $-67.2M | ||
| Q3 25 | $84.2M | $108.3M | ||
| Q2 25 | $90.7M | $75.8M | ||
| Q1 25 | $105.6M | $-3.8M | ||
| Q4 24 | $83.3M | $1.8M | ||
| Q3 24 | $56.3M | $69.1M | ||
| Q2 24 | $62.4M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | $96.6M | $-74.1M | ||
| Q3 25 | $79.4M | $106.9M | ||
| Q2 25 | $89.5M | $74.2M | ||
| Q1 25 | $104.3M | $-6.8M | ||
| Q4 24 | $81.4M | $-3.8M | ||
| Q3 24 | $53.1M | $68.7M | ||
| Q2 24 | $56.8M | $68.6M |
| Q1 26 | — | — | ||
| Q4 25 | 34.1% | -35.6% | ||
| Q3 25 | 29.2% | 49.4% | ||
| Q2 25 | 35.5% | 35.2% | ||
| Q1 25 | 45.2% | -3.1% | ||
| Q4 24 | 38.8% | -1.6% | ||
| Q3 24 | 27.6% | 30.3% | ||
| Q2 24 | 31.9% | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | 3.8% | 3.3% | ||
| Q3 25 | 1.8% | 0.7% | ||
| Q2 25 | 0.5% | 0.7% | ||
| Q1 25 | 0.6% | 1.4% | ||
| Q4 24 | 0.9% | 2.4% | ||
| Q3 24 | 1.7% | 0.2% | ||
| Q2 24 | 3.1% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.56× | -1.99× | ||
| Q3 25 | 0.29× | 3.45× | ||
| Q2 25 | 2.02× | 1.77× | ||
| Q1 25 | 3.01× | -0.13× | ||
| Q4 24 | 5.99× | 0.04× | ||
| Q3 24 | 2.41× | 1.41× | ||
| Q2 24 | 2.56× | 2.69× |
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% |
VRTS
| Investment management fees | $169.1M | 85% |
| Administration and shareholder service fees | $17.3M | 9% |
| Distribution and service fees | $11.6M | 6% |
