2028 normalized free-cash-flow exit valuation maintained after reviewing Q2 2026 materials. Management reaffirmed $1.207B of FY2026 revenue, raised its adjusted EBITDA outlook to $320M, and reported 23% DAU growth, but bookings growth slowed to 8% and Q2 FCF margin was 26.3%. The base case continues to use 15% growth in 2027 and 2028, a 28% normalized FCF margin, and a 20x exit multiple; this refresh updates source provenance and the current market-price input.
Q2 revenue was $298.5M, total bookings were $289.1M, free cash flow was $78.6M, FY2026 guidance called for $1.207B of revenue and $320M of adjusted EBITDA, and fully diluted shares outstanding were approximately 50.7M. — storage.googleapis.com (accessed 2026-08-10)
Duolingo filed its Q2 2026 Form 10-Q with June 30, 2026 cash and cash equivalents of $1.181B, short-term investments of $133M, Q2 free cash flow of $78.6M, and Q2 share repurchases of $44.4M. — sec.gov (accessed 2026-08-10)
Built with Modeledge MCP
Connect your MCP client to research filings and earnings calls, then build a living financial model like this one.