$DUOL
Show revenue by segments for last 12 months. Flag biggest YoY swing and identify growth drivers by segment.
Based on the documents, here is Duolingo's revenue by segments for the last 12 months (Q3 2024 through Q2 2025):
Revenue by Segment - Last 12 Months
| Metric | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 |
|---|---|---|---|---|
| Total Revenue ($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.