Duolingo (DUOL)
Runs a gamified learning app funded mainly by Super Duolingo and Duolingo Max subscriptions.
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Runs a global freemium learning app spanning languages, Math, Music, and Chess, with most revenue from Super Duolingo and Duolingo Max subscriptions. Advertising, in-app purchases, and the Duolingo English Test add smaller streams, while distribution and payment collection depend heavily on Apple and Google.
Operates a global, mobile-first learning platform centered on the Duolingo App, where language courses sit alongside Math, Music, and Chess. Free access builds the audience; Super Duolingo and Duolingo Max subscriptions supply most revenue, while advertising, in-app purchases, and the Duolingo English Test provide smaller streams. Duolingo for Schools and Duolingo ABC extend the portfolio.
Engagement is built through bite-sized lessons, gamification, personalized practice, and continuous A/B testing, with AI used for content production and features such as Video Call. The platform serves more users outside the United States than within it and operates as one reporting segment. Distribution and payment collection rely heavily on Apple and Google, while the English Test depends on continued acceptance by education programs.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 1, 2026 | DA Davidson | Reiterate | Rating: —Target: $160 | Target: $175 |
| Sep 1, 2026 | Evercore ISI Group | Upgrade | ||
| Aug 31, 2026 | Piper Sandler | Upgrade | ||
| Aug 31, 2026 | Evercore ISI | Reiterate | Rating: —Target: $105 | Target: $210 |
| Aug 20, 2026 | Wedbush | Reiterate | Rating: —Target: — | Target: $150 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.31B · Total debt $86.1M · Total assets $2.07B · Shareholders' equity $1.41B
- Revenue
- $298.5M
- Operating income
- $33.9M
- Net income
- $33.2M
No dividends on record.
| Institutions | 85.87% | 40.17M shares | |
|---|---|---|---|
| 472 holders · as of Jun 30, 2026 | |||
| Insiders | 16.14% | 7.55M shares | |
| 15 holders · as of Sep 18, 2026 | |||
| Strategic holders | 4.38% | 2.05M shares | |
| 1 holder · as of Feb 7, 2023 | |||
| Adds to | 106.39% | ||
46.79M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 106.39%; nothing is left for Other.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Baillie Gifford & CoInstitution | 10.31% | 4.82M A | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 8.27% | 3.87M A | as of Jun 30, 2026 |
Luis von Ahn1Insiderdirector, 10 percent owner, officer: President & CEO, Co-Founder | 8.22% | 3.80M A | filed Sep 18, 2026 |
Severin HackerInsiderdirector, 10 percent owner, officer: Chief Tech Officer, Co-Founder | 6.50% | 3.04M B · 72 A | filed May 29, 2026 |
AQR Capital Management LLCInstitution | 4.99% | 2.33M A | as of Jun 30, 2026 |
- Luis von Ahn's transaction reports restate only vehicles that traded; the 2023 ownership statement (3.80M) plus the 42.6K net shares acquired since is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 16, 2026 | Luis von Ahn | director, 10 percent owner, officer: President & CEO, Co-Founder | −28,292 | $150.22 |
| Sep 14, 2026 | Stephen C. Chen | officer: General Counsel | −8,072 | $149.33 |
| Sep 8, 2026 | William B. Gordon | director | −10,000 | $145.67 |
| Aug 17, 2026 | Stephen C. Chen | officer: General Counsel | −1,024 | $129.13 |
| Aug 17, 2026 | Robert Meese | officer: Chief Business Officer | −1,354 | $129.13 |
- Pearson (ADR)
Direct rival in English testing and assessment prep
- Chegg
Owns Busuu and overlaps in AI study support
- Coursera
Online courses and credentials overlap broader learning
- Alphabet Class A
Free translation utility and Android platform pressure
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Duolingo | $146.57 | −1.91% | $6.96B | 17.9 | 54.5 | 6.1 | +18.3% |
| Pearson (ADR) | $15.95 | +0.28% | $9.55B | 23.8 | — | 2.0 | +4.8% |
| Chegg | $0.7353 | +2.13% | $80.6M | — | — | 0.3 | −50.7% |
| Coursera | $5.15 | −0.19% | $947.5M | — | 6.6 | 1.1 | +59.6% |
| Alphabet Class A | $354.18 | −0.22% | $4.30T | 17.8 | 26.4 | 9.6 | +24.2% |
| Median | 20.8 | 16.5 | 1.5 | +14.5% |