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Side-by-side financial comparison of Duolingo, Inc. (DUOL) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Walker & Dunlop, Inc. is the larger business by last-quarter revenue ($340.0M vs $282.9M, roughly 1.2× Duolingo, Inc.). Duolingo, Inc. runs the higher net margin — 14.8% vs -12.9%, a 27.7% gap on every dollar of revenue. On growth, Duolingo, Inc. posted the faster year-over-year revenue change (35.0% vs -0.4%). Duolingo, Inc. produced more free cash flow last quarter ($96.6M vs $-680.1M). Over the past eight quarters, Duolingo, Inc.'s revenue compounded faster (29.9% CAGR vs 22.1%).
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.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
DUOL vs WD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $340.0M |
| Net Profit | $42.0M | $-13.9M |
| Gross Margin | 72.8% | — |
| Operating Margin | 15.4% | -17.2% |
| Net Margin | 14.8% | -12.9% |
| Revenue YoY | 35.0% | -0.4% |
| Net Profit YoY | 201.7% | -131.0% |
| EPS (diluted) | $0.99 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $271.7M | $337.7M | ||
| Q2 25 | $252.3M | $319.2M | ||
| Q1 25 | $230.7M | $237.4M | ||
| Q4 24 | $209.6M | $341.5M | ||
| Q3 24 | $192.6M | $292.3M | ||
| Q2 24 | $178.3M | $270.7M | ||
| Q1 24 | $167.6M | $228.1M |
| Q4 25 | $42.0M | $-13.9M | ||
| Q3 25 | $292.2M | $33.5M | ||
| Q2 25 | $44.8M | $34.0M | ||
| Q1 25 | $35.1M | $2.8M | ||
| Q4 24 | $13.9M | $44.8M | ||
| Q3 24 | $23.4M | $28.8M | ||
| Q2 24 | $24.4M | $22.7M | ||
| Q1 24 | $27.0M | $11.9M |
| 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% | -17.2% | ||
| Q3 25 | 12.9% | 13.6% | ||
| Q2 25 | 13.2% | 14.5% | ||
| Q1 25 | 10.2% | 2.2% | ||
| Q4 24 | 6.6% | 15.3% | ||
| Q3 24 | 7.0% | 12.8% | ||
| Q2 24 | 10.5% | 10.4% | ||
| Q1 24 | 9.8% | 6.0% |
| Q4 25 | 14.8% | -12.9% | ||
| Q3 25 | 107.5% | 9.9% | ||
| Q2 25 | 17.8% | 10.6% | ||
| Q1 25 | 15.2% | 1.2% | ||
| Q4 24 | 6.6% | 13.1% | ||
| Q3 24 | 12.1% | 9.9% | ||
| Q2 24 | 13.7% | 8.4% | ||
| Q1 24 | 16.1% | 5.2% |
| Q4 25 | $0.99 | $-0.41 | ||
| Q3 25 | $5.95 | $0.98 | ||
| Q2 25 | $0.91 | $0.99 | ||
| Q1 25 | $0.72 | $0.08 | ||
| Q4 24 | $0.31 | $1.32 | ||
| Q3 24 | $0.49 | $0.85 | ||
| Q2 24 | $0.51 | $0.67 | ||
| Q1 24 | $0.57 | $0.35 |
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 | $299.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.3B | $1.7B |
| Total Assets | $2.0B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $299.3M | ||
| Q3 25 | $1.0B | $274.8M | ||
| Q2 25 | $976.2M | $233.7M | ||
| Q1 25 | $884.0M | $181.0M | ||
| Q4 24 | $785.8M | $279.3M | ||
| Q3 24 | $854.4M | $179.8M | ||
| Q2 24 | $888.2M | $208.1M | ||
| Q1 24 | $829.7M | $216.5M |
| Q4 25 | $1.3B | $1.7B | ||
| Q3 25 | $1.3B | $1.8B | ||
| Q2 25 | $977.0M | $1.8B | ||
| Q1 25 | $893.8M | $1.7B | ||
| Q4 24 | $824.5M | $1.7B | ||
| Q3 24 | $822.5M | $1.7B | ||
| Q2 24 | $766.9M | $1.7B | ||
| Q1 24 | $711.1M | $1.7B |
| Q4 25 | $2.0B | $5.1B | ||
| Q3 25 | $1.9B | $5.8B | ||
| Q2 25 | $1.5B | $4.7B | ||
| Q1 25 | $1.4B | $4.5B | ||
| Q4 24 | $1.3B | $4.4B | ||
| Q3 24 | $1.2B | $4.6B | ||
| Q2 24 | $1.1B | $4.2B | ||
| Q1 24 | $1.1B | $3.8B |
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 | $-664.3M |
| Free Cash FlowOCF − Capex | $96.6M | $-680.1M |
| FCF MarginFCF / Revenue | 34.1% | -200.0% |
| Capex IntensityCapex / Revenue | 3.8% | 4.6% |
| Cash ConversionOCF / Net Profit | 2.56× | — |
| TTM Free Cash FlowTrailing 4 quarters | $369.7M | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $107.3M | $-664.3M | ||
| Q3 25 | $84.2M | $-948.1M | ||
| Q2 25 | $90.7M | $-238.5M | ||
| Q1 25 | $105.6M | $-281.1M | ||
| Q4 24 | $83.3M | $129.4M | ||
| Q3 24 | $56.3M | $-202.0M | ||
| Q2 24 | $62.4M | $-237.8M | ||
| Q1 24 | $83.5M | $38.4M |
| Q4 25 | $96.6M | $-680.1M | ||
| Q3 25 | $79.4M | $-950.4M | ||
| Q2 25 | $89.5M | $-241.0M | ||
| Q1 25 | $104.3M | $-284.7M | ||
| Q4 24 | $81.4M | $116.4M | ||
| Q3 24 | $53.1M | $-204.0M | ||
| Q2 24 | $56.8M | $-241.7M | ||
| Q1 24 | $82.1M | $35.2M |
| Q4 25 | 34.1% | -200.0% | ||
| Q3 25 | 29.2% | -281.5% | ||
| Q2 25 | 35.5% | -75.5% | ||
| Q1 25 | 45.2% | -120.0% | ||
| Q4 24 | 38.8% | 34.1% | ||
| Q3 24 | 27.6% | -69.8% | ||
| Q2 24 | 31.9% | -89.3% | ||
| Q1 24 | 49.0% | 15.4% |
| Q4 25 | 3.8% | 4.6% | ||
| Q3 25 | 1.8% | 0.7% | ||
| Q2 25 | 0.5% | 0.8% | ||
| Q1 25 | 0.6% | 1.5% | ||
| Q4 24 | 0.9% | 3.8% | ||
| Q3 24 | 1.7% | 0.7% | ||
| Q2 24 | 3.1% | 1.4% | ||
| Q1 24 | 0.8% | 1.4% |
| Q4 25 | 2.56× | — | ||
| Q3 25 | 0.29× | -28.34× | ||
| Q2 25 | 2.02× | -7.02× | ||
| Q1 25 | 3.01× | -102.07× | ||
| Q4 24 | 5.99× | 2.89× | ||
| Q3 24 | 2.41× | -7.01× | ||
| Q2 24 | 2.56× | -10.49× | ||
| Q1 24 | 3.10× | 3.24× |
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% |
WD
Segment breakdown not available.
