Show revenue by segments for last 12 months. Flag biggest YoY swing and identify growth drivers by segment.$DUOL
Based on the documents, here is Duolingo's revenue by segments for the last 12 months (Q3 2024 through Q2 2025):
Revenue by Segment - Last 12 Months
| Metric | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 |
|---|---|---|---|---|
| Total Revenue ($USD Millions) | $192.6 | $209.6 | $230.7 | $252.3 |
| Subscription Revenue ($USD Millions) | $157.6 | $174.3 | $191.0 | $210.7 |
| Advertising Revenue ($USD Millions) | $14.4 | N/A | $17.9 | $20.6 |
| Duolingo English Test ($USD Millions) | $10.8 | N/A | $12.0 | $10.1 |
| In-App Purchases ($USD Millions) | $9.4 | N/A | $9.4 | $10.4 |
| Other Revenue Total ($USD Millions) | $35.0 | $35.2 | $39.8 | $41.6 |
12-Month Total Revenue: $885.2 million
Biggest Year-over-Year Swings
Largest YoY Growth: Subscription Revenue
- Q2 2025 vs Q2 2024: +46% ($210.7M vs $143.9M)
- Q1 2025 vs Q1 2024: +45% ($191.0M vs $131.7M)
Largest YoY Growth in Absolute Terms: Advertising Revenue
- Q2 2025 vs Q2 2024: +55% ($20.6M vs $13.3M)
Growth Drivers by Segment
Subscription Revenue Growth Drivers:
- Increase in average number of paid subscribers - primary driver across all periods
- Higher mix of Family Plan and Duolingo Max subscribers - contributing to higher revenue per subscriber
- Stronger-than-expected Duolingo Max subscriptions including upgrades from existing Super subscribers
- Product initiatives designed to make subscription offerings more appealing
- Mix shift to higher-priced plans increasing Average Revenue Per User (ARPU) by 6% YoY in Q2 2025
Advertising Revenue Growth Drivers:
- Increase in Daily Active Users (DAUs) resulting in more advertisements served
- Enhanced advertising placements that are more relevant to users and provide better returns for advertising partners
Duolingo English Test Growth Drivers:
- University program acceptance - over 5,600 education programs globally now accept DET results
- Increased average revenue per test
- However, revenue affected by macro trends in international student applications to US and UK universities
In-App Purchases Growth Drivers:
- Increase in Daily Active Users (DAUs)
- Enhanced gem economy and gamification features encouraging users to spend virtual currency
The subscription segment shows the most consistent and substantial growth, representing 81% of total FY 2024 revenues and driving the majority of Duolingo's revenue expansion through both subscriber growth and higher-value plan adoption.