Vanguard reports 5.1% Duolingo ownership stake

Vanguard Capital Management reports beneficial ownership of Duolingo Inc common stock on behalf of various Vanguard-affiliated entities and client accounts.

Rhea-AI Filing Summary

Vanguard Capital Management reports beneficial ownership of Duolingo Inc common stock on behalf of various Vanguard-affiliated entities and client accounts. Vanguard Capital Management and specified affiliates collectively hold 2,054,884 shares of Duolingo common stock, representing 5.1% of the class as of June 30, 2026.

Within this position, Vanguard has sole voting power over 309,195 shares and sole dispositive power over 2,054,884 shares, with no shared voting or dispositive power. The position includes securities held by Vanguard funds and other client accounts for which these Vanguard entities exercise voting and/or investment discretion. No single other person has an interest in more than 5% of the Duolingo shares reported.

Key Figures

Beneficial ownership: 2,054,884 shares Percent of class: 5.1% Sole voting power: 309,195 shares +5 more

8 metrics

Beneficial ownership 2,054,884 shares Duolingo common stock beneficially owned by Vanguard entities

Percent of class 5.1% Portion of Duolingo common stock class held by Vanguard

Sole voting power 309,195 shares Shares for which Vanguard can vote or direct the vote

Shared voting power 0 shares No shared voting power reported

Sole dispositive power 2,054,884 shares Shares for which Vanguard can dispose or direct disposition

Shared dispositive power 0 shares No shared dispositive power reported

CUSIP 26603R106 CUSIP for Duolingo Inc common stock

Ownership date 06/30/2026 Date as of which ownership information is reported

Key Terms

beneficially owned, Sole Voting Power, Sole Dispositive Power, Schedule 13G, +1 more

5 terms

beneficially owned financial

"this reflects the securities beneficially owned, or deemed to be beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole Voting Power financial

"5 | Sole Voting Power 309,195.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Sole Dispositive Power financial

"7 | Sole Dispositive Power 2,054,884.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Schedule 13G regulatory

"In accordance with SEC Release No. 34-39538 ..."

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Investment Company Act of 1940 regulatory

"investment company registered under the Investment Company Act of 1940"

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many Duolingo (DUOL) shares does Vanguard Capital Management report owning?

Vanguard Capital Management reports beneficial ownership of 2,054,884 Duolingo common shares. This total aggregates holdings across Vanguard Capital Management, certain affiliates, and managed accounts for which they exercise investment discretion.

What percentage of Duolingo (DUOL) does Vanguard Capital Management own?

Vanguard Capital Management reports owning 5.1% of Duolingo’s common stock. This stake reflects aggregated holdings across specified Vanguard entities and accounts where they have voting or dispositive authority.

How much voting power does Vanguard Capital Management have in Duolingo (DUOL)?

Vanguard Capital Management has sole voting power over 309,195 Duolingo shares and no shared voting power. Voting authority differs from total beneficial ownership, which covers all shares where Vanguard has investment discretion.

What dispositive power does Vanguard Capital Management report over Duolingo (DUOL) shares?

Vanguard Capital Management reports sole dispositive power over 2,054,884 Duolingo shares and no shared dispositive power. Dispositive power reflects the authority to sell or direct the sale of these securities.

Does any other person hold more than 5% interest in the Duolingo (DUOL) shares managed by Vanguard?

Vanguard states that no one other person's interest exceeds 5% of the Duolingo shares reported. Rights to dividends or sale proceeds are spread across Vanguard investment companies and other managed accounts.

Which Vanguard entities are included in the Duolingo (DUOL) ownership reported by Vanguard Capital Management?

The reported holdings include securities beneficially owned or deemed owned by Vanguard Capital Management LLC and affiliates such as Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC, and Vanguard Investments Australia Ltd.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/31/2026 - 10:19 AM Accepted by SEC EDGAR 07/31/2026 - 10:18 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Duolingo Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

26603R106

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 26603R106

1

Names of Reporting Persons

Vanguard Capital Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 309,195.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,054,884.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,054,884.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.10 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Capital Management LLC and the following affiliates of Vanguard Capital Management LLC or business divisions of such affiliates: Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC and Vanguard Investments Australia Ltd. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Capital Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Capital Management LLC, or business divisions of such subsidiaries, whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Duolingo Inc
(b)	Address of issuer's principal executive offices: 5900 Penn Avenue, 2nd Floor, Pittsburgh, PA, 15206
Item 2.
(a)	Name of person filing: Vanguard Capital Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 26603R106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2054884
(b)	Percent of class: 5.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 309195
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2054884
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Capital Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vanguard Capital Management

Signature:	My Trieu-Gatt
Name/Title:	Authorized Signatory, Head of Global Fund Administration
Date:	07/31/2026