Welcome to our dedicated page for Duolingo SEC filings (Ticker: DUOL), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Duolingo, Inc.'s SEC filings document its Nasdaq-listed Class A common stock, operating results furnished on Form 8-K, and governance matters presented through proxy materials. The filings cover quarterly and annual financial-result releases, preliminary operating metrics, shareholder-letter exhibits and amendments to furnished earnings materials.
Duolingo filings also record capital-allocation disclosures, including a share repurchase authorization, and public-company governance items such as annual meeting proposals, board and committee matters, executive compensation, equity awards and leadership appointments. These records describe the company's reporting controls, stockholder voting framework and corporate actions as a public mobile learning platform.
Duolingo director James H. Shelton bought 5,000 shares of Class A Common Stock in an open-market purchase at a weighted average price of $99.7584 per share on March 3, 2026. After this transaction, he directly owns 9,632 Duolingo Class A shares.
Duolingo, Inc. Chief Engineering Officer Natalie Glance reported exercising stock options and acquiring Class A common shares. On February 27, 2026, she exercised options covering 11,834 and 12,418 shares, at exercise prices of $5.00 and $7.11 per share. Following these transactions, she directly held 139,632 Class A shares, with an additional 130 shares held indirectly by her son.
Duolingo, Inc. corrected a typographical error in its prior shareholder letter and confirmed full-year 2025 net income of $414.1 million. For 2025, revenue reached $1.04 billion, up 39% year over year, with daily active users rising to 52.7 million, a 30% increase.
Adjusted EBITDA was $305.9 million with a 29.5% margin, and free cash flow was $360.4 million. The company ended 2025 with $1.04 billion in cash and cash equivalents and no debt, and its board authorized a $400 million share repurchase program.
Looking to 2026, Duolingo plans to prioritize user growth and product improvements over near-term monetization, guiding to bookings growth of 10–12%, revenue growth of 15–18%, and an Adjusted EBITDA margin of about 25%, with expected DAU growth of around 20%.
Duolingo, Inc. files its annual report describing a large, fast‑growing digital education platform built around a freemium model. As of June 28, 2025, non‑affiliate market value was about $13.34 billion, and as of February 25, 2026, there were 40.6 million Class A and 6.4 million Class B shares outstanding.
The company reports more than 130 million monthly active users and offers over 250 language courses, plus math, music and chess, with around 2 billion exercises completed daily. About 9% of monthly active users were paid subscribers at December 31, 2025, supporting subscription‑driven revenue alongside advertising and the Duolingo English Test, which is accepted by over 6,100 education programs.
Management highlights heavy use of AI, A/B testing and a shared cloud infrastructure, along with a mission‑driven culture and over 900 employees. Key risks include intense competition, dependence on Apple and Google app stores and cloud vendors, data‑privacy regulation worldwide, accuracy of internal metrics, brand and social‑media execution, and the dual‑class share structure that concentrates voting power.
Duolingo reported strong 2025 growth and a major capital return move. Full-year revenue rose to $1,037.6M, up 39%, with total bookings of $1,158.4M, up 33%. Daily active users reached 52.7 million in Q4, up 30%, and paid subscribers grew 28% to 12.2 million.
Net income was $414.1M, boosted by a one-time $256.7M tax benefit, while Adjusted EBITDA climbed to $305.9M with a 29.5% margin. Free cash flow was $360.4M and cash and equivalents reached $1.04B, with no debt.
The company is shifting strategy in 2026 to prioritize user growth and AI-driven learning over near-term financial gains, targeting about 20% DAU growth and bookings growth of 10–12% with an Adjusted EBITDA margin near 25%. The board also authorized a share repurchase program of up to $400M, with no expiration date.
Duolingo Chief Business Officer Robert Meese sold 1,000 shares of Class A Common Stock in an open-market transaction at $110.06 per share. After this sale, he continued to hold a substantial direct stake and also reported indirect holdings through qualified minor's trusts for family members.
Duolingo, Inc. Chief Financial Officer Matthew Skaruppa reported open-market sales of 5,856 shares of Class A common stock. The sales on February 17–18, 2026 were made at weighted average prices around $110.06–$115.55 per share to satisfy tax withholding obligations upon RSU vesting.
These transactions were executed under Skaruppa’s pre-arranged Rule 10b5-1 trading plan adopted on May 27, 2025. After the sales, he directly owned 31,631 Duolingo Class A shares.
Duolingo, Inc. General Counsel Stephen C. Chen reported open-market sales of a total of 2,797 shares of Class A common stock on February 17–18, 2026. Reported sale prices ranged from about $110 to $115 per share.
The filing states these shares were automatically sold to satisfy tax withholding obligations tied to the vesting of Restricted Stock Units and share delivery, and were executed under a pre-arranged Rule 10b5-1 trading plan adopted on May 27, 2025. After the last transaction, Chen directly held 30,545 Class A shares.
Duolingo, Inc. Chief Engineering Officer Natalie Glance reported open-market sales of 5,286 shares of Class A common stock on February 17–18, 2026, at prices around the reported trade prices. Some of the shares were automatically sold to cover tax withholding on vested RSUs. After these transactions, she holds 115,380 shares directly and 130 shares indirectly through her son.
Duolingo, Inc. director and Chief Technology Officer Severin Hacker reported equity award activity involving performance-based restricted stock units and Class B common stock. He exercised 60,000 Performance-Based Restricted Stock Units, receiving 60,000 shares of Class B common stock at a stated price of $0.00 per share.
To cover tax obligations associated with this vesting, 30,594 shares of Class B common stock were disposed of through a tax-withholding transaction at $112.57 per share, rather than an open-market sale. Following these transactions, he held 177,193 shares of Class B common stock directly and 2,836,917 shares indirectly through the SBH Trust dated March 10, 2020, of which he is trustee. His remaining Performance-Based Restricted Stock Units totaled 270,000 after the exercise.