Duolingo has published its annual report for 2025. Revenue from the Duolingo English Test was $42,006,000 for the year. Given that the test costs $70, we might estimate that it was taken about 600,000 times in the year.
But that’s a very rough estimate as many people pay less than $70 by using a test voucher or buying multiple attempts at the same time. Others pay more than $70 by requesting express scoring. And, also, in January the test only cost $65.
In any case, this count is down a big 17% from my estimate of 723,000 tests in 2024. Duolingo bucked the industry trend in 2024 (with flat volumes) and 2023 (with a big increase) but 2025 wasn’t so kind to the firm. This will generally be ascribed to the unattractiveness of the USA as a study destination at the current time, but I want (as always) to emphasize that the market is more competitive with every year. Duolingo doesn’t have the “contemporary-affordable” quadrant all to itself anymore and is facing increased competition from a range of affordable at-home tests taken by students heading to the key markets of Canada and the UK.
That’s the last of the financial reports for the time being. I suppose we might see the British Council’s annual report next month. ETS’s annual audit could appear any day between now and June 30.