Companies · DUO
Duolingo
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Latest analysis
Updated Nov 4, 2026
Duolingo Q3 2026: 14% revenue growth and 29% DAU surge masked by flat Adjusted EBITDA and a post-filing securities class action.
Duolingo delivered $309.0 million in Q3 2026 revenue, up 14% year-over-year, driven by an 18% subscription revenue increase to $270.0 million as DAUs reached 64.9 million — a 29% year-over-year gain driven by retention improvements. Adjusted EBITDA was essentially flat at $78.7 million versus $80.0 million in Q3 2025 as R&D spend surged 30% from expanded headcount, DAU-linked bonuses, and rising third-party AI costs. A putative securities class action filed October 7, 2026 — not present in any prior period filing — represents the most material new development for institutional investors evaluating governance and litigation risk.
Tone: mixedRevenue
$1B
DUO 10-K · FY 2025
Employees
900
Revenue FY2024
$748M
Founded
2011
Profile
DUO 10-K Item 1 · Feb 27, 2026Duolingo is a mobile-first education technology company best known for its free language-learning app, which serves more than 130 million monthly active users across over 250 courses. The company monetizes through freemium subscriptions (Super Duolingo and Duolingo Max), advertising, in-app purchases, and the Duolingo English Test, a paid online English proficiency assessment. Beyond languages, it has expanded into Math, Music, and Chess.
Read filing description ↓ Collapse description ↑
Our mission is to develop the best education in the world and make it universally available. Duolingo is a technology company founded by two engineers, Luis von Ahn and Severin Hacker. Our flagship app has organically become the world's most popular way to learn languages and the top-grossing Education app in the app stores. As of December 31, 2025, Duolingo offers over 250 total language courses to more than 130 million monthly active users. Our products are powered by sophisticated data analytics and AI and delivered with world-class art, animation, and design to make it easier for learners to stay motivated, master new material, and achieve their learning goals. Our millions of learners complete nearly 2 billion exercises every day, creating what we believe to be the world's largest learning dataset. We use a freemium business model that relies on premium subscription offerings, advertising, and in-app purchases to produce revenue. We intentionally do not put our learning content behind a paywall. In 2016, we launched the Duolingo English Test, an online, on-demand assessment of English proficiency accepted by over 6,100 education programs worldwide. While languages remain our core focus, we began expanding into additional subjects aligned with our mission; we now offer courses in Math and Music, and recently launched Chess. We believe rapid advances in Artificial Intelligence will fundamentally change the way people learn, and as a technology company and global education platform, we believe we are well positioned to play a leading role in this innovation.
Primary products
- Duolingo App
- Super Duolingo
- Duolingo Max
- Duolingo English Test
- Duolingo for Schools
- Duolingo ABC
End markets
Geographies
“We believe that our relentless focus on building an engaging and effective learning product, powered by our freemium model, has led to a leading market position, as measured by downloads, active users, and brand awareness.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue grew from $748.0 million in 2024 to $1.037 billion in 2025, driven by continued expansion of paid subscribers and increased user engagement across the platform.
The rest of DUO is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.