Revenue by quarter
US$ · last 8| Quarter | Revenue | Net income | EPS |
|---|---|---|---|
| Q2 FY2026 | $298.5M | $33.2M | 0.66 |
| Q1 FY2026 | $292.0M | $43.5M | 0.89 |
| Q4 FY2025 | $282.9M | $42.0M | 0.99 |
| Q3 FY2025 | $271.7M | $292.2M | 5.95 |
Newest filings
All 105| Form | Filed | |
|---|---|---|
| 8-K | 19 Aug 2026 | |
| 8-K | 10 Aug 2026 | |
| 10-Q | 6 Aug 2026 | |
| 8-K | 5 Aug 2026 | |
| 8-K | 5 Jun 2026 | |
| 10-Q | 5 May 2026 | |
| 8-K | 4 May 2026 | |
| ARS | 17 Apr 2026 |
Description
- Ticker
- DUOL-US
- Exchange
- Nasdaq
- Index
- S&P MidCap 400
- Industry
- Services-Prepackaged Software
- SIC division
- Services
- CIK
- 0001562088
- FIGI
- BBG003D4V951
- Share class FIGI
- BBG003D4V960
- Fiscal year ends
- Dec
- Filings held
- 105 since 2012
- 8-K events
- 39
- Shares short
- 7.2M, 30 Sep 2026
Financial statements
The income statement, balance sheet and cash flow by year and by quarter, line by line as the company reports them. Each column names the filing it comes from.
| Fiscal period | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Period ending | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
| Filed | 1 Mar 2023 | 29 Feb 2024 | 28 Feb 2025 | 27 Feb 2026 | 27 Feb 2026 | 27 Feb 2026 |
| +Revenues | 162M | 251M | 370M | 531M | 748M | 1,038M |
| −Cost of revenues | 46M | 69M | 99M | 142M | 204M | 288M |
| Gross profit | 116M | 182M | 270M | 389M | 544M | 750M |
| % of revenues | 71.6% | 72.4% | 73.1% | 73.2% | 72.8% | 72.2% |
| +Research and development | 53M | 104M | 150M | 194M | 235M | 306M |
| +Sales and marketing | 35M | 59M | 67M | 76M | 91M | 126M |
| +General and administrative | 44M | 79M | 118M | 132M | 156M | 182M |
| −Total operating expenses | 132M | 242M | 335M | 402M | 482M | 614M |
| Income from operations | -16M | -60M | -65M | -13M | 63M | 136M |
| % of revenues | -9.9% | -23.9% | -17.6% | -2.5% | 8.4% | 13.1% |
| +Other income | 0.2M | 0.3M | 0.1M | 0.6M | 1.3M | 3.4M |
| −Other expense | 0.1M | 0.3M | 0.8M | 0.6M | 4.3M | 1.8M |
| Other income, net | 0.1Mr | 0Mr | -0.7M | -0.1M | -3M | 1.6M |
| Income before interest income and income taxes | -16M | -60M | -66M | -13M | 60M | 137M |
| % of revenues | -9.9% | -23.9% | -17.8% | -2.5% | 8.0% | 13.2% |
| +Interest income | 0.2M | 0M | 7.2M | 31M | 43M | 45M |
| Income before income taxes | -16M | -60M | -59M | 18M | 102M | 182M |
| % of revenues | -9.7% | -23.9% | -15.9% | 3.3% | 13.7% | 17.6% |
| −provision for income taxes | 0.1M | 0.2M | 0.9M | 1.7M | 14M | -232M |
| Net income | -16M | -60M | -60M | 16M | 89M | 414M |
| % of revenues | -9.8% | -24.0% | -16.1% | 3.0% | 11.8% | 39.9% |
| Comprehensive income | -16M | -60M | -60M | 16M | 89M | 414M |
| Net income per share attributable to Class A and Class B common stockholders, basic | -1.24 | -2.57 | -1.51 | 0.39 | 2.04 | 9.05 |
| Net income per share attributable to Class A and Class B common stockholders, diluted | -1.24 | -2.57 | -1.51 | 0.35 | 1.88 | 8.57 |
Hover a figure for its source.r restated in a later filing– not reported in that period
Lines in the order and wording of the 10-K filed 27 Feb 2026. 322 of 322 subtotals add up to the company's own totals, and the balance sheet balances in 27 of 27 periods. Newest filing read: 6 Aug 2026.
Free for personal research, with credit (Data by Shikshan Nivesh) and a link. API access, bulk files and commercial use need a licence: the data licence.
Charts
Any figure or ratio in the record, by year, by quarter or on a trailing twelve months, as a value or as growth, against a peer if you like. Hover for the figures.
Revenue · quarterly · US$
Latest Jun 2026: $298.45M
Revenue = rev
Ratios
Every ratio, worked out the same way for every company, by year or on a trailing twelve months. Hover a ratio for its formula.
| Fiscal year ending | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Return on common equity | – | −27.8% | −11.3% | 2.7% | 12.0% | 38.1% |
| Return on assets | – | −14.4% | −8.5% | 1.9% | 7.9% | 25.1% |
| Return on capital | – | −21.9% | −9.8% | −2.0% | 7.3% | 9.9% |
| Return on invested capital | – | 39.2% | 96.3% | 15.1% | −203.2% | 61.3% |
| Gross margin | 71.6% | 72.4% | 73.1% | 73.2% | 72.8% | 72.2% |
| EBITDA margin | −8.5% | −22.8% | −16.3% | −1.2% | 9.8% | 14.5% |
| Operating margin | −9.9% | −23.9% | −17.6% | −2.5% | 8.4% | 13.1% |
| Incremental operating margin | – | −49.4% | −4.4% | 32.1% | 35.0% | 25.2% |
| Pretax margin | −9.7% | −23.9% | −15.9% | 3.3% | 13.7% | 17.6% |
| Profit margin | −9.8% | −24.0% | −16.1% | 3.0% | 11.8% | 39.9% |
| Net income to common margin | −9.8% | −24.0% | −16.1% | 3.0% | 11.8% | 39.9% |
| Effective tax rate | −0.4% | −0.3% | −1.6% | 9.6% | 13.4% | −127.0% |
What the company said with its results
The key points, guidance and management's own words from each of the last four results releases.
Key points
Daily active users grew 23%
DAUs averaged 58.7 million, up 23% year over year and up two points from Q1. MAUs reached 140.6 million, up 10%.
Revenue rose 18% to $298.5M
Revenue was $298.5 million, up 18%, or 17% in constant currency. Gross profit rose 19% to $216.7 million.
Total bookings rose 8%
Total bookings were $289.1 million, up 8%, or 6% in constant currency.
Net income fell 26%
Net income was $33.2 million, down from $44.8 million a year earlier. Net cash from operating activities was $88.3 million.
Retention rate hit all-time high
Current User Retention Rate reached 84%, about one point above last year. Management called it one of its most important leading indicators.
Streak Revival event reached 15.4M
A one-time June event let eligible learners restore their longest streak. 15.4 million revived streaks, including nearly 8 million users with no active streak.
Video Call reaches Super subscribers
Most new Super subscribers now have Video Call, the flagship conversational practice feature, which management said shows AI delivering learning at scale.
Longer free trials tested early
Longer free trials are a monetization step that does not add friction for free users. Management expects them to raise both revenue and DAUs.
Creators extend social reach
Social accounts passed one billion organic impressions each quarter, and hundreds of creators now produce content. Influencer content is about two thirds of impressions in China, Indonesia and India.
Performance marketing expanded
Management said the company built a stronger team and a more disciplined model over the past year, and is seeing early top-of-funnel growth from performance marketing.
Most user growth still organic
Management said the vast majority of user growth continues to be organic, while performance marketing is still early.
Subscription revenue rose 22%
Subscription revenue was $258.0 million, up 22%. Advertising rose 2% to $21.1 million, and in-app purchases fell 23% to $8.0 million.
Bookings growth slowed from Q1
Management attributed slower bookings growth to a tough prior-year comparison, including the initial Energy rollout, a price increase and advertising outperformance.
Paid subscribers reached 12.7M
Paid subscribers at period end were 12.7 million, up 17% from 10.9 million a year earlier.
Guidance
- Bookings$307M; 8.9% YoY growthQ3 2026 · new
- Bookings$1,285M; 10.9% YoY growthFY 2026 · kept from 10-12% YoY bookings growth
- Revenue$302M; 11.1% YoY growthQ3 2026 · new
- Revenue$1,207M; 16.3% YoY growthFY 2026 · kept from 15-18% YoY revenue growth
- Adjusted EBITDA$76M; 25.2% marginQ3 2026 · new
- Adjusted EBITDA marginapproximately 26.5%; Adjusted EBITDA approximately $320.0MFY 2026 · raised
- Gross marginapproximately 71.0%Q3 2026 · new
- Gross marginapproximately 71.6%FY 2026 · raised
- Constant-currency growthbookings 8.9%; revenue 11.1%Q3 2026 · not stated
- Constant-currency growthbookings 9.4%; revenue 14.9%FY 2026 · not stated
- Stock-based compensationaround 15.0% of revenueFY 2026 · not stated
- Dilution from equity grantsapproximately 3.5-4.0%, before share repurchasesFY 2026 · kept
- Effective tax rate23-25%FY 2026 · not stated
- Daily active user growthabove 20% year over yearrest of 2026 · raised from 20%
In their words
“The results reinforce our strategy to improve the product and prioritize user growth.” Luis von Ahn, Co-Founder and CEO
“We are executing on the plan we laid out for 2026, with topline results for Q2 in line with our expectations and profitability tracking ahead.” Gillian Munson, Chief Financial Officer
“Last quarter, we said it was too soon to know whether our strategy of teaching better and prioritizing user growth was working.” Luis von Ahn, CEO and Co-Founder
Coming up
Video Call extends to Super subscribers. Management expects to extend Video Call access to existing Super subscribers later this year.
Continued dilution management. Management said it remains committed to managing dilution over the long term.
Revenue by segment
As the company reports it in the segment note of each annual report: by business, by product and by region, latest year.
- Rest of World$645.4M 62.2%
- United States$392.2M 37.8%
Company events
Every 8-K, sorted by the event it reports, with the moment the SEC accepted it in New York time.
| 19 Aug 2026 | 8-K | Investor update | 7.01 | |
| 10 Aug 2026 | 8-K | Leadership changeInvestor update | 5.02, 7.01, 9.01 | |
| 5 Aug 2026 | 8-K | Results | 2.02, 9.01 | |
| 5 Jun 2026 | 8-K | Shareholder vote | 5.07 | |
| 4 May 2026 | 8-K | Results | 2.02, 9.01 | |
| 27 Feb 2026 | 8-K/A | Results | 2.02, 9.01 | |
| 26 Feb 2026 | 8-K | ResultsOther events | 2.02, 8.01, 9.01 | |
| 12 Jan 2026 | 8-K | ResultsLeadership change | 2.02, 5.02, 9.01 | |
| 5 Nov 2025 | 8-K | Results | 2.02, 9.01 | |
| 6 Aug 2025 | 8-K | Results | 2.02, 9.01 | |
| 13 Jun 2025 | 8-K | Shareholder vote | 5.07 | |
| 1 May 2025 | 8-K | Results | 2.02, 9.01 | |
| 27 Feb 2025 | 8-K | Results | 2.02, 9.01 | |
| 9 Dec 2024 | 8-K | Leadership changeInvestor update | 5.02, 7.01, 9.01 | |
| 6 Nov 2024 | 8-K | Results | 2.02, 9.01 | |
| 7 Aug 2024 | 8-K | Results | 2.02, 9.01 | |
| 21 Jun 2024 | 8-K | Leadership change | 5.02 | |
| 18 Jun 2024 | 8-K | Shareholder vote | 5.07 | |
| 10 May 2024 | 8-K/A | Results | 2.02, 9.01 | |
| 8 May 2024 | 8-K | ResultsLeadership change | 2.02, 5.02, 9.01 | |
| 6 Mar 2024 | 8-K | Material agreementNew debt | 1.01, 2.03 | |
| 28 Feb 2024 | 8-K | Results | 2.02, 9.01 | |
| 19 Dec 2023 | 8-K | Material agreementNew debt | 1.01, 2.03 | |
| 8 Dec 2023 | 8-K | Bylaws or fiscal year change | 5.03, 9.01 | |
| 8 Nov 2023 | 8-K | Results | 2.02, 9.01 | |
| 8 Aug 2023 | 8-K | Results | 2.02, 9.01 | |
| 22 Jun 2023 | 8-K | Shareholder vote | 5.07 | |
| 9 May 2023 | 8-K | Results | 2.02, 9.01 | |
| 28 Feb 2023 | 8-K | Results | 2.02, 9.01 | |
| 10 Nov 2022 | 8-K | Results | 2.02, 9.01 | |
| 4 Aug 2022 | 8-K | Results | 2.02, 9.01 | |
| 13 Jun 2022 | 8-K | Shareholder vote | 5.07 | |
| 12 May 2022 | 8-K | Results | 2.02, 9.01 | |
| 3 Mar 2022 | 8-K | Results | 2.02, 9.01 | |
| 14 Dec 2021 | 8-K | Leadership changeInvestor update | 5.02, 7.01, 9.01 | |
| 22 Nov 2021 | 8-K | Material agreementNew debt | 1.01, 2.03 | |
| 10 Nov 2021 | 8-K | ResultsOther events | 2.02, 8.01, 9.01 | |
| 11 Aug 2021 | 8-K | Results | 2.02, 9.01 | |
| 30 Jul 2021 | 8-K | Bylaws or fiscal year changeOther events | 5.03, 8.01, 9.01 |
Every filing
The company's filings with the SEC, newest first: 105 held. Insider, fund and large-holder filings have their own tables below.
| 19 Aug 2026 | 8-K | 18 Aug 2026 | |
| 10 Aug 2026 | 8-K | 10 Aug 2026 | |
| 6 Aug 2026 | 10-Q | 30 Jun 2026 | |
| 5 Aug 2026 | 8-K | 5 Aug 2026 | |
| 5 Jun 2026 | 8-K | 3 Jun 2026 | |
| 5 May 2026 | 10-Q | 31 Mar 2026 | |
| 4 May 2026 | 8-K | 4 May 2026 | |
| 17 Apr 2026 | ARS | 31 Dec 2025 | |
| 17 Apr 2026 | DEFA14A | – | |
| 17 Apr 2026 | DEF 14A | 17 Apr 2026 | |
| 27 Feb 2026 | S-8 | – | |
| 27 Feb 2026 | 8-K/A | 26 Feb 2026 | |
| 27 Feb 2026 | 10-K | 31 Dec 2025 | |
| 26 Feb 2026 | 8-K | 26 Feb 2026 | |
| 12 Jan 2026 | 8-K | 8 Jan 2026 | |
| 6 Nov 2025 | 10-Q | 30 Sep 2025 | |
| 5 Nov 2025 | 8-K | 5 Nov 2025 | |
| 7 Aug 2025 | 10-Q | 30 Jun 2025 | |
| 6 Aug 2025 | 8-K | 6 Aug 2025 | |
| 13 Jun 2025 | 8-K | 11 Jun 2025 | |
| 2 May 2025 | 10-Q | 31 Mar 2025 | |
| 1 May 2025 | 8-K | 1 May 2025 | |
| 25 Apr 2025 | ARS | 31 Dec 2024 | |
| 25 Apr 2025 | DEFA14A | – | |
| 25 Apr 2025 | DEF 14A | 31 Dec 2024 | |
| 28 Feb 2025 | S-8 | – | |
| 28 Feb 2025 | 10-K | 31 Dec 2024 | |
| 27 Feb 2025 | 8-K | 27 Feb 2025 | |
| 16 Dec 2024 | 10-Q/A | 30 Sep 2024 | |
| 9 Dec 2024 | 8-K | 5 Dec 2024 | |
| 7 Nov 2024 | 10-Q | 30 Sep 2024 | |
| 6 Nov 2024 | 8-K | 6 Nov 2024 | |
| 8 Aug 2024 | 10-Q | 30 Jun 2024 | |
| 7 Aug 2024 | 8-K | 7 Aug 2024 | |
| 21 Jun 2024 | 8-K | 14 Jun 2024 | |
| 18 Jun 2024 | 8-K | 12 Jun 2024 | |
| 23 May 2024 | DEFA14A | – | |
| 10 May 2024 | 8-K/A | 8 May 2024 | |
| 9 May 2024 | 10-Q | 31 Mar 2024 | |
| 8 May 2024 | 8-K | 8 May 2024 | |
| 26 Apr 2024 | ARS | 31 Dec 2023 | |
| 25 Apr 2024 | DEFA14A | – | |
| 25 Apr 2024 | DEF 14A | 31 Dec 2023 | |
| 6 Mar 2024 | 8-K | 4 Mar 2024 | |
| 29 Feb 2024 | S-8 | – | |
| 29 Feb 2024 | 10-K | 31 Dec 2023 | |
| 28 Feb 2024 | 8-K | 28 Feb 2024 | |
| 19 Dec 2023 | 8-K | 18 Dec 2023 | |
| 8 Dec 2023 | 8-K | 7 Dec 2023 | |
| 9 Nov 2023 | 10-Q | 30 Sep 2023 |
Insider trades
Form 4 trades by officers, directors and 10% owners, last 12 months, with the shares they held after.
| 10 Oct 2026 | Shelton James HDirector | Took pay in stock | 100 | $149.92 | $15.0K | – | 13 Oct 2026 |
| 10 Oct 2026 | Schlosser MarioDirector | Took pay in stock | 116 | $149.92 | $17.4K | – | 13 Oct 2026 |
| 10 Oct 2026 | Lilly Iii John OsborneDirector | Took pay in stock | 98 | $149.92 | $14.7K | – | 13 Oct 2026 |
| 10 Oct 2026 | Bohutinsky AmyDirector | Took pay in stock | 108 | $149.92 | $16.2K | – | 13 Oct 2026 |
| 7 Oct 2026 | Von Ahn LuisPresident & CEO, Co-Founder | Sale under a trading plan | 20,025 | $150.63 | $3.0M | 90,021 | 9 Oct 2026 |
| 7 Oct 2026 | Von Ahn LuisPresident & CEO, Co-Founder | Sale under a trading plan | 55,036 | $151.52 | $8.3M | 34,985 | 9 Oct 2026 |
| 7 Oct 2026 | Von Ahn LuisPresident & CEO, Co-Founder | Sale under a trading plan | 29,871 | $152.47 | $4.6M | 5,114 | 9 Oct 2026 |
| 7 Oct 2026 | Von Ahn LuisPresident & CEO, Co-Founder | Sale under a trading plan | 5,114 | $153.26 | $783.8K | 0 | 9 Oct 2026 |
| 24 Sep 2026 | Von Ahn LuisPresident & CEO, Co-Founder | Sale under a trading plan | 38,758 | $150.45 | $5.8M | 7,924 | 28 Sep 2026 |
| 24 Sep 2026 | Von Ahn LuisPresident & CEO, Co-Founder | Sale under a trading plan | 7,024 | $151.42 | $1.1M | 900 | 28 Sep 2026 |
| 24 Sep 2026 | Von Ahn LuisPresident & CEO, Co-Founder | Sale under a trading plan | 900 | $152.29 | $137.1K | 0 | 28 Sep 2026 |
| 22 Sep 2026 | Von Ahn LuisPresident & CEO, Co-Founder | Sale under a trading plan | 200 | $150.00 | $30.0K | 3,414 | 23 Sep 2026 |
| 22 Sep 2026 | Von Ahn LuisPresident & CEO, Co-Founder | Sale under a trading plan | 3,414 | $152.02 | $519.0K | 0 | 23 Sep 2026 |
| 21 Sep 2026 | Von Ahn LuisPresident & CEO, Co-Founder | Sale under a trading plan | 33,257 | $150.46 | $5.0M | 4,109 | 23 Sep 2026 |
| 21 Sep 2026 | Von Ahn LuisPresident & CEO, Co-Founder | Sale under a trading plan | 4,109 | $151.07 | $620.7K | 0 | 23 Sep 2026 |
| 16 Sep 2026 | Von Ahn LuisPresident & CEO, Co-Founder | Sale under a trading plan | 27,272 | $150.17 | $4.1M | 1,020 | 18 Sep 2026 |
| 16 Sep 2026 | Von Ahn LuisPresident & CEO, Co-Founder | Sale under a trading plan | 1,020 | $151.54 | $154.6K | 0 | 18 Sep 2026 |
| 14 Sep 2026 | Chen Stephen C.General Counsel | Sale under a trading plan | 2,107 | $147.43 | $310.6K | 49,734 | 15 Sep 2026 |
| 14 Sep 2026 | Chen Stephen C.General Counsel | Sale under a trading plan | 5,965 | $150.00 | $894.8K | 43,769 | 15 Sep 2026 |
| 8 Sep 2026 | Gordon William BDirector | Sale under a trading plan | 800 | $143.83 | $115.1K | 77,615 | 10 Sep 2026 |
| 8 Sep 2026 | Gordon William BDirector | Sale under a trading plan | 2,742 | $144.59 | $396.5K | 74,873 | 10 Sep 2026 |
| 8 Sep 2026 | Gordon William BDirector | Sale under a trading plan | 3,483 | $145.91 | $508.2K | 71,390 | 10 Sep 2026 |
| 8 Sep 2026 | Gordon William BDirector | Sale under a trading plan | 2,675 | $146.58 | $392.1K | 68,715 | 10 Sep 2026 |
| 8 Sep 2026 | Gordon William BDirector | Sale under a trading plan | 200 | $148.68 | $29.7K | 68,515 | 10 Sep 2026 |
| 8 Sep 2026 | Gordon William BDirector | Sale under a trading plan | 100 | $151.64 | $15.2K | 68,415 | 10 Sep 2026 |
| 18 Aug 2026 | Glance NatalieChief Engineering Officer | Sale under a trading plan | 502 | $137.01 | $68.8K | 170,148 | 19 Aug 2026 |
| 18 Aug 2026 | Glance NatalieChief Engineering Officer | Sale under a trading plan | 1,037 | $138.19 | $143.3K | 169,111 | 19 Aug 2026 |
| 17 Aug 2026 | Glance NatalieChief Engineering Officer | Sale under a trading plan | 2,751 | $129.13 | $355.2K | 170,650 | 19 Aug 2026 |
| 17 Aug 2026 | Meese RobertChief Business Officer | Sale outside a trading plan | 1,354 | $129.13 | $174.8K | 169,391 | 19 Aug 2026 |
| 17 Aug 2026 | Chen Stephen C.General Counsel | Sale outside a trading plan | 1,024 | $129.13 | $132.2K | 51,841 | 19 Aug 2026 |
| 10 Jul 2026 | Shelton James HDirector | Took pay in stock | 120 | $124.76 | $15.0K | – | 14 Jul 2026 |
| 10 Jul 2026 | Bohutinsky AmyDirector | Took pay in stock | 130 | $124.76 | $16.2K | – | 14 Jul 2026 |
| 10 Jul 2026 | Schlosser MarioDirector | Took pay in stock | 140 | $124.76 | $17.5K | – | 14 Jul 2026 |
| 10 Jul 2026 | Lilly Iii John OsborneDirector | Took pay in stock | 118 | $124.76 | $14.7K | – | 14 Jul 2026 |
| 18 May 2026 | Chen Stephen C.General Counsel | Sale under a trading plan | 1,277 | $113.27 | $144.6K | 53,507 | 19 May 2026 |
| 18 May 2026 | Chen Stephen C.General Counsel | Sale under a trading plan | 700 | $114.22 | $80.0K | 52,807 | 19 May 2026 |
| 18 May 2026 | Glance NatalieChief Engineering Officer | Sale under a trading plan | 2,060 | $113.21 | $233.2K | 174,701 | 19 May 2026 |
| 18 May 2026 | Glance NatalieChief Engineering Officer | Sale under a trading plan | 1,300 | $114.19 | $148.4K | 173,401 | 19 May 2026 |
| 15 May 2026 | Chen Stephen C.General Counsel | Sale under a trading plan | 820 | $112.16 | $92.0K | 54,784 | 19 May 2026 |
| 15 May 2026 | Glance NatalieChief Engineering Officer | Sale under a trading plan | 1,929 | $112.16 | $216.4K | 176,761 | 19 May 2026 |
| 15 May 2026 | Meese RobertChief Business Officer | Sale outside a trading plan | 1,420 | $112.16 | $159.3K | 170,745 | 19 May 2026 |
| 3 Mar 2026 | Shelton James HDirector | Purchase | 5,000 | $99.76 | $498.8K | 9,632 | 4 Mar 2026 |
| 18 Feb 2026 | Skaruppa MatthewChief Financial Officer | Sale under a trading plan | 1,626 | $112.26 | $182.5K | 33,991 | 20 Feb 2026 |
| 18 Feb 2026 | Skaruppa MatthewChief Financial Officer | Sale under a trading plan | 236 | $113.37 | $26.8K | 33,755 | 20 Feb 2026 |
| 18 Feb 2026 | Skaruppa MatthewChief Financial Officer | Sale under a trading plan | 1,764 | $114.35 | $201.7K | 31,991 | 20 Feb 2026 |
| 18 Feb 2026 | Skaruppa MatthewChief Financial Officer | Sale under a trading plan | 360 | $115.29 | $41.5K | 31,631 | 20 Feb 2026 |
| 18 Feb 2026 | Chen Stephen C.General Counsel | Sale under a trading plan | 821 | $111.83 | $91.8K | 31,625 | 20 Feb 2026 |
| 18 Feb 2026 | Chen Stephen C.General Counsel | Sale under a trading plan | 480 | $113.95 | $54.7K | 31,145 | 20 Feb 2026 |
| 18 Feb 2026 | Chen Stephen C.General Counsel | Sale under a trading plan | 520 | $114.55 | $59.6K | 30,625 | 20 Feb 2026 |
| 18 Feb 2026 | Chen Stephen C.General Counsel | Sale under a trading plan | 80 | $115.47 | $9.2K | 30,545 | 20 Feb 2026 |
Planned insider sales
Form 144 notices, filed when the sell order goes to the broker.
| 7 Oct 2026 | LUIS VON AHN ARELLANODirector, Officer, 10% Stockholder | 110,046 | $16.3M | 7 Oct 2026 |
| 24 Sep 2026 | LUIS VON AHN ARELLANODirector, Officer, 10% Stockholder | 46,682 | $6.8M | 24 Sep 2026 |
| 22 Sep 2026 | LUIS VON AHN ARELLANODirector, Officer, 10% Stockholder | 3,614 | $540.0K | 22 Sep 2026 |
| 21 Sep 2026 | LUIS VON AHN FOUNDATIONDirector, Officer, 10% Stockholder | 34,992 | $5.0M | 21 Sep 2026 |
| 21 Sep 2026 | LUIS VON AHN ARELLANODirector, Officer, 10% Stockholder | 37,366 | $5.3M | 21 Sep 2026 |
| 16 Sep 2026 | LUIS VON AHN FOUNDATIONDirector, Officer, 10% Stockholder | 19,008 | $2.9M | 16 Sep 2026 |
| 16 Sep 2026 | LUIS VON AHN ARELLANODirector, Officer, 10% Stockholder | 28,292 | $4.4M | 16 Sep 2026 |
| 14 Sep 2026 | STEPHEN CHENOfficer | 8,072 | $1.2M | 14 Sep 2026 |
| 8 Sep 2026 | WILLIAM B. GORDONDirector | 20,000 | $3.1M | 8 Sep 2026 |
| 18 Aug 2026 | NATALIE GLANCEOfficer | 1,539 | $200.3K | 18 Aug 2026 |
| 17 Aug 2026 | STEPHEN CHENOfficer | 1,024 | $132.2K | 17 Aug 2026 |
| 17 Aug 2026 | ROBERT MEESEOfficer | 1,354 | $174.8K | 17 Aug 2026 |
| 17 Aug 2026 | NATALIE GLANCEOfficer | 2,751 | $355.2K | 17 Aug 2026 |
| 18 May 2026 | STEPHEN CHENOfficer | 1,977 | $221.5K | 18 May 2026 |
| 18 May 2026 | NATALIE GLANCEOfficer | 3,360 | $376.5K | 18 May 2026 |
| 15 May 2026 | STEPHEN CHENOfficer | 820 | $92.0K | 15 May 2026 |
| 15 May 2026 | ROBERT MEESEOfficer | 1,420 | $159.3K | 15 May 2026 |
| 15 May 2026 | NATALIE GLANCEOfficer | 1,929 | $216.3K | 15 May 2026 |
| 18 Feb 2026 | STEPHEN CHENOfficer | 1,901 | $213.1K | 18 Feb 2026 |
| 18 Feb 2026 | NATALIE GLANCEOfficer | 3,545 | $397.3K | 18 Feb 2026 |
| 18 Feb 2026 | MATTHEW SKARUPPAOfficer | 3,986 | $446.8K | 18 Feb 2026 |
| 17 Feb 2026 | STEPHEN CHENOfficer | 896 | $98.6K | 17 Feb 2026 |
| 17 Feb 2026 | ROBERT MEESEOfficer | 1,000 | $110.1K | 17 Feb 2026 |
| 17 Feb 2026 | NATALIE GLANCEOfficer | 1,741 | $191.6K | 17 Feb 2026 |
| 17 Feb 2026 | MATTHEW SKARUPPAOfficer | 1,870 | $205.8K | 17 Feb 2026 |
| 12 Dec 2025 | THE SEVERIN HACKER FOUNDATIONC/O PHILIP BARTELSDirector, Officer, 10% Stockholder | 10,000 | $2.0M | 12 Dec 2025 |
| 18 Nov 2025 | STEPHEN CHENOfficer | 1,514 | $269.9K | 18 Nov 2025 |
| 18 Nov 2025 | NATALIE GLANCEOfficer | 2,471 | $440.5K | 18 Nov 2025 |
| 18 Nov 2025 | MATTHEW SKARUPPAOfficer | 3,059 | $545.3K | 18 Nov 2025 |
| 17 Nov 2025 | STEPHEN CHENOfficer | 1,282 | $228.1K | 17 Nov 2025 |
| 17 Nov 2025 | ROBERT MEESEOfficer | 1,444 | $257.0K | 17 Nov 2025 |
| 17 Nov 2025 | NATALIE GLANCEOfficer | 2,534 | $450.9K | 17 Nov 2025 |
| 17 Nov 2025 | MATTHEW SKARUPPAOfficer | 2,799 | $498.1K | 17 Nov 2025 |
Large holders
Schedule 13D and 13G filings by holders of more than 5% of the voting shares.
| 20 Oct 2026 | BAILLIE GIFFORD & CO | 13G amended | 11.3% | 4.6M |
| 12 Aug 2026 | Von Ahn Luis | 13G amended | 8.2% | 3.6M |
| 12 Aug 2026 | AQR Capital Management, LLC | 13G | 5.8% | 2.3M |
| 31 Jul 2026 | Vanguard Capital Management | 13G | 5.1% | 2.1M |
| 14 May 2026 | Capital World Investors | 13G amended | 0% | 0 |
| 6 May 2026 | FMR LLC | 13G amended | 2.7% | 1.1M |
| 26 Mar 2026 | The Vanguard Group | 13G amended | 0% | 0 |
| 4 Nov 2025 | BAILLIE GIFFORD & CO | 13G amended | 12.4% | 4.9M |
| 3 Nov 2025 | BAILLIE GIFFORD & CO | 13G amended | 7.1% | 2.8M |
Trades by members of the House
From each member's periodic transaction report: the amount is the band the report gives.
| 13 Aug 2025 | Lisa McClainMI09 | Sale | $1,001 - $15,000 | SP | 12 Sep 2025 |
| 24 Jun 2025 | Lisa McClainMI09 | Sale | $1,001 - $15,000 | SP | 13 Aug 2025 |
| 17 Jun 2025 | Lisa McClainMI09 | Purchase | $1,001 - $15,000 | SP | 13 Aug 2025 |
Short interest
Shares sold short and not yet bought back, on every FINRA settlement date.
| 30 Sep 2026 | 7.2M | +8.81% | 6.72 |
| 15 Sep 2026 | 6.6M | -13.2% | 4.97 |
| 31 Aug 2026 | 7.6M | +6.81% | 7.16 |
| 14 Aug 2026 | 7.1M | -2.38% | 4.5 |
| 31 Jul 2026 | 7.3M | -3.08% | 7.23 |
| 15 Jul 2026 | 7.5M | +0.73% | 7.63 |
| 30 Jun 2026 | 7.4M | -5.97% | 4.54 |
| 15 Jun 2026 | 7.9M | +3.9% | 5.01 |
| 29 May 2026 | 7.6M | -2.17% | 6.36 |
| 15 May 2026 | 7.8M | +2.37% | 3.17 |
Funds that hold it
Every fund's holding from its latest Form 13F, largest first, with what it added or trimmed in the quarter.
Funds holding
492
quarter to 30 Jun 2026
Added or new
251
since 31 Mar 2026
Trimmed
125
in the quarter
Largest holder
Baillie Gifford & Co.
$554.9M
| Baillie Gifford & Co. | $554.9M | 4.8M | -51.5K | Trimmed | 0.50% | Filing ↗ |
| BlackRock, Inc. | $444.8M | 3.9M | -119.4K | Trimmed | 0.01% | Filing ↗ |
| AQR Capital Management LLC | $268.3M | 2.3M | +2.2M | Added | 0.09% | Filing ↗ |
| Vanguard Capital Management LLC | $200.8M | 1.7M | +22.6K | Added | 0.00% | Filing ↗ |
| Two Sigma Investments, LP | $187.4M | 1.6M | +233.7K | Added | 0.15% | Filing ↗ |
| FIL Ltd | $184.4M | 1.6M | -19.3K | Trimmed | 0.13% | Filing ↗ |
| Vanguard Portfolio Management LLC | $184.4M | 1.6M | -29.4K | Trimmed | 0.01% | Filing ↗ |
| Federated Hermes, Inc. | $157.8M | 1.4M | +118.8K | Added | 0.23% | Filing ↗ |
| State of Michigan Retirement System | $150.2M | 1.3M | +112.8K | Added | 0.67% | Filing ↗ |
| State Street Corp. | $141.4M | 1.2M | +45.7K | Added | 0.00% | Filing ↗ |
| Bank of America Corp. | $136.9M | 1.2M | -141.9K | Trimmed | 0.01% | Filing ↗ |
| FMR LLC | $130.1M | 1.1M | +37.8K | Added | 0.01% | Filing ↗ |
| UBS Group AG | $118.0M | 1.0M | -72.1K | Trimmed | 0.02% | Filing ↗ |
| Geode Capital Management, LLC | $88.5M | 769.1K | -49.3K | Trimmed | 0.01% | Filing ↗ |
| Goldman Sachs Group Inc. | $71.8M | 624.5K | +272.1K | Added | 0.01% | Filing ↗ |
| Quinn Opportunity Partners LLC | $63.9M | 555.7K | +58.3K | Added | 2.99% | Filing ↗ |
| Morgan Stanley | $58.2M | 506.2K | -447.6K | Trimmed | 0.00% | Filing ↗ |
| Gilder Gagnon Howe & Co. LLC | $57.8M | 502.3K | -6.2K | Trimmed | 0.60% | Filing ↗ |
| Whale Rock Capital Management LLC | $54.3M | 471.8K | 0 | Held | 0.44% | Filing ↗ |
| Amundi | $54.2M | 471.3K | +22.2K | Added | 0.01% | Filing ↗ |
| BNP Paribas Financial Markets | $53.4M | 463.9K | -19.1K | Trimmed | 0.03% | Filing ↗ |
| Charles Schwab Investment Management Inc. | $41.2M | 358.5K | +51.6K | Added | 0.01% | Filing ↗ |
| Squarepoint Ops LLC | $37.3M | 324.5K | +302.4K | Added | 0.07% | Filing ↗ |
| Norges Bank | $37.0M | 321.5K | – | Held | 0.00% | Filing ↗ |
| Northern Trust Corp. | $36.2M | 314.9K | -19.7K | Trimmed | 0.00% | Filing ↗ |
| JPMorgan Chase & Co. | $34.0M | 291.2K | -180.2K | Trimmed | 0.00% | Filing ↗ |
| Carnegie Mellon University | $33.9M | 294.8K | 0 | Held | 42.96% | Filing ↗ |
| SG Americas Securities, LLC | $30.8M | 267.9K | +188.7K | Added | 0.02% | Filing ↗ |
| Vanguard Fiduciary Trust Co. | $29.0M | 252.6K | +781 | Added | 0.01% | Filing ↗ |
| Bank of New York Mellon Corp | $27.6M | 240.3K | -9.3K | Trimmed | 0.01% | Filing ↗ |
| Point72 Asset Management, L.P. | $24.7M | 215.1K | +215.1K | New | 0.04% | Filing ↗ |
| Susquehanna International Group, LLP | $24.6M | 213.7K | +135.6K | Added | 0.02% | Filing ↗ |
| Renaissance Technologies LLC | $24.3M | 211.5K | -392.3K | Trimmed | 0.03% | Filing ↗ |
| Pacer Advisors, Inc. | $23.1M | 201.2K | -37.3K | Trimmed | 0.06% | Filing ↗ |
| D. E. Shaw & Co., Inc. | $22.6M | 196.7K | -83.7K | Trimmed | 0.01% | Filing ↗ |
| HRT Financial LP | $21.1M | 183.7K | -38.2K | Trimmed | 0.04% | Filing ↗ |
| Jane Street Group, LLC | $19.9M | 173.0K | -498.1K | Trimmed | 0.01% | Filing ↗ |
| American Century Companies Inc. | $19.4M | 168.4K | +37.8K | Added | 0.01% | Filing ↗ |
| Invesco Ltd. | $19.4M | 168.3K | -189.9K | Trimmed | 0.00% | Filing ↗ |
| Nantahala Capital Management, LLC | $19.3M | 167.8K | – | Held | 0.59% | Filing ↗ |
| Capital International Investors | $17.2M | 149.6K | 0 | Held | 0.00% | Filing ↗ |
| Gotham Asset Management, LLC | $16.8M | 145.6K | +105.7K | Added | 0.04% | Filing ↗ |
| Citigroup Inc. | $16.6M | 144.4K | -97.0K | Trimmed | 0.01% | Filing ↗ |
| Polymer Capital Management (HK) LTD | $14.1M | 122.3K | +122.3K | New | 1.43% | Filing ↗ |
| Walleye Trading LLC | $14.0M | 121.7K | +5.0K | Added | 0.20% | Filing ↗ |
| Jump Financial, LLC | $13.8M | 120.0K | +116.8K | Added | 0.14% | Filing ↗ |
| Rhumbline Advisers | $11.6M | 101.0K | -21.6K | Trimmed | 0.01% | Filing ↗ |
| Trexquant Investment LP | $11.0M | 95.8K | -30.7K | Trimmed | 0.07% | Filing ↗ |
| Voleon Capital Management LP | $10.5M | 91.5K | -45.5K | Trimmed | 0.19% | Filing ↗ |
| First Trust Advisors LP | $10.5M | 91.5K | -7.9K | Trimmed | 0.01% | Filing ↗ |
Executive pay and performance
What the chief executive and the other named officers were paid, as reported and as actually paid, next to the shareholder return and net income, from each proxy's pay-versus-performance table.
| Fiscal year | CEO pay, as reported | CEO pay, actually paid | Other officers, as reported (average) | Other officers, actually paid (average) | Shareholder return, $100 | Peer return, $100 | Net income | bookings | Proxy |
|---|---|---|---|---|---|---|---|---|---|
| FY ending 31 Dec 2025 | $0.8M | $-44.2M | $4.3M | $-0.0M | $126 | $109 | $414.1Mn | $1.16B | DEF 14A 17 Apr 2026 |
| FY ending 31 Dec 2024 | $0.8M | $129.0M | $3.4M | $7.6M | $233 | $110 | $88.3Mn | $870.6M | DEF 14A 17 Apr 2026 |
| FY ending 31 Dec 2023 | $0.8M | $139.9M | $3.1M | $12.1M | $163 | $88 | $16.1M | $622.2M | DEF 14A 17 Apr 2026 |
| FY ending 31 Dec 2022 | $0.8M | $-31.6M | $3.2M | $0.5M | $51 | $63 | $-59.6M | $428.6M | DEF 14A 17 Apr 2026 |
| FY ending 31 Dec 2021 | $74.4M | $78.0M | $19.7M | $21.8M | $76 | $96 | $-60.1M | $294.4M | DEF 14A 17 Apr 2026 |
| FY ending 28 Jul 2021 | – | – | $100 | $100 | – | – | DEF 14A 28 Apr 2023 |
Each year from the newest proxy that reports it. Pay actually paid follows the SEC's definition and can be below zero when share awards fall in value. n the proxy's net income differs from the 10-K or was tagged without its scale: hover for which.
Shareholder votes
The vote count on every proposal at each meeting, from the company's 8-K.
| Proposal | For | Against or withheld | Abstain | Broker non-votes | For, % of for and against | Result |
|---|---|---|---|---|---|---|
| Proposal 1 — Election of three Class II directors to hold office until the Company’s annual meeting of stockholders to be held in 2029 and until their respective successor has been duly elected and qualified. | ||||||
| Amy Bohutinsky | 138,040,912 | 10,993,000 | – | 8,479,853 | 92.6% | – |
| Bonnie Ross | 148,237,642 | 796,270 | – | 8,479,853 | 99.5% | – |
| Jim Shelton | 145,587,925 | 3,445,987 | – | 8,479,853 | 97.7% | – |
| Proposal 2 — Ratification of the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026. | ||||||
| All shares voting | 157,202,904 | 237,210 | 73,651 | – | 99.8% | – |
| Proposal 3 — Approval, on an advisory (non-binding) basis, of the compensation of the Company's named executive officers. | ||||||
| All shares voting | 147,871,738 | 1,113,706 | 48,468 | 8,479,853 | 99.3% | – |
Counts as the company reports them in its 8-K. A result shows when the filing states one. Meetings since 2023.
Dividends and buybacks
Dividend per share, the cash paid and the shares bought back, each fiscal year.
This company has paid no dividend in the years held.
Peers
Companies in the same industry, largest first, on the same measures.
| Company | Market value | Revenue, 12 months | Revenue growth | Operating margin | Net margin | ROE | P/E | EV/EBITDA |
|---|---|---|---|---|---|---|---|---|
| Duolingo, Inc.this company | $2.4B | $1.1B | 29.4% | 13.7% | 35.9% | 29.1% | 16.8× | 6.9× |
| Microsoft Corp. | $3.89T | $331.8B | 17.8% | 46.8% | 40.3% | 30.2% | 29.2× | 20.2× |
| Palantir Technologies Inc. | $472.8B | $6.2B | 78.9% | 42.8% | 49.0% | 30.9% | 168.2× | 176.8× |
| Oracle Corp. | $381.3B | $71.8B | 21.6% | 32.1% | 26.4% | 28.3% | 19.8× | 13.9× |
| SAP SE | $278.1B | $41.6B | 7.7% | 26.1% | 19.5% | 16.1% | 34.8× | – |
| CrowdStrike Holdings, Inc. | $263.7B | $5.4B | 24.3% | -2.2% | – | – | – | – |
| Shopify Inc. | $218.9B | $13.3B | 32.5% | 13.9% | 14.5% | 15.2% | 113.2× | 116.0× |
| Salesforce, Inc. | $204.5B | $43.9B | 11.2% | 19.9% | 22.0% | 25.2% | 22.7× | 18.6× |
| ServiceNow, Inc. | $164.3B | $14.7B | 22.2% | 11.4% | 11.3% | 13.3% | 99.3× | 63.0× |
| Adobe Inc. | $103.2B | $26.0B | 12.0% | 35.7% | 28.0% | 61.9% | 14.7× | 10.5× |
| Datadog, Inc. | $100.0B | $4.0B | 31.5% | 0.4% | 4.5% | 4.1% | 539.3× | 1282.6× |
What the company does
Duolingo makes a mobile app for learning languages, along with courses in math, music and chess, and an online English proficiency test. It was founded by Luis von Ahn and Severin Hacker, who met at Carnegie Mellon University, where von Ahn was a professor of computer science and Hacker his Ph.D. student. As of December 31, 2025 the app offered over 250 language courses to more than 130 million monthly active users.
Free first, then subscriptions
The business runs on a freemium model. Every course is free to use for as long as a learner likes, and free users see an ad at the end of each lesson. Paying subscribers get no ads and extra features. Super Duolingo is the main subscription, with a family plan for up to six people, and Duolingo Max, launched in 2023 and priced higher, adds features and exercises powered by AI. In the fourth quarter of 2025 the company reported 133.1 million monthly active users and 52.7 million daily active users, and it had 12.2 million paid subscribers at the end of the year, approximately 9% of monthly active users.
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