0001628280-26-029976 | 10-Q | XBRL Viewer

STOCKHOLDERS’ EQUITY (Tables)

3 Months Ended

Mar. 31, 2026

A summary of stock option activity as of March 31, 2026 is as follows:


(In thousands, except prices and years)	Number of options	Weighted- average exercise price		Weighted- average remaining contractual life (years)	Aggregate intrinsic value
Options outstanding at January 1, 2026	859	$	18.38	3.77	$	135,938
Granted (1)	—	—
Exercised	(190)	10.10

Forfeited and expired (2)	—	—
Options outstanding at March 31, 2026	669	$	20.71	3.88	$	52,549
Options exercisable at March 31, 2026	669	$	20.71	3.88	$	52,549

________________

(1) There were no stock options granted during the three months ended March 31, 2026.

(2) There was a nominal amount of forfeitures and expirations during the three months ended March 31, 2026.

Schedule of Restricted Stock Unit Activity

A summary of RSU activity as of March 31, 2026 is as follows:


(In thousands, except prices)	Restricted stock units	Weighted- average grant date fair value per share
Outstanding at January 1, 2026	1,406	$	242.94
Granted	332	107.16
Released	(191)	178.29
Forfeited	(61)	246.66
Outstanding at March 31, 2026	1,486	$	220.81

Schedule of Income Statement Location for Compensation Expense

Stock-based compensation expense is included in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income as shown in the following table:


	Three Months Ended March 31,
(In thousands)	2026		2025
Cost of revenues	$	23	$	20
Research and development	22,523		17,813
Sales and marketing	1,796		1,431
General and administrative	10,305		11,754
Total	$	34,647	$	31,018

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income	$ 43,460	$ 35,135
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	9,496	0
Stock-based compensation expense	34,647	31,018
Depreciation and amortization	4,191	3,590
Accretion on marketable securities, net	(321)	(550)
Changes in assets and liabilities:
Deferred revenue	17,051	42,139
Accounts receivable	37,741	14,740
Deferred cost of revenues	(1,850)	(9,402)
Prepaid expenses and other current assets	5,899	(1,772)
Accounts payable	(2,405)	(3,843)
Accrued expenses and other current liabilities	5,964	(6,204)
Noncurrent assets and liabilities	(3,102)	780
Net cash provided by operating activities	150,771	105,631
Cash flows from investing activities:
Purchases of investments	(56,155)	(26,606)
Maturities and paydowns of investments	42,391	18,676
Capitalized software expense and purchases of intangible assets	(2,853)	(1,310)
Purchase of property and equipment	(132)	(1,309)
Net cash used for investing activities	(16,749)	(10,549)
Cash flows from financing activities:
Proceeds from exercise of stock options	1,922	3,123
Repurchase of common stock	(24,331)	0
Taxes paid related to net-share settlement of share-based compensation awards	(9,441)	0
Net cash (used for) provided by financing activities	(31,850)	3,123
Net increase in cash, cash equivalents and restricted cash	102,172	98,205
Cash, cash equivalents and restricted cash - Beginning of period	1,039,124	788,526
Cash, cash equivalents and restricted cash - End of period	1,141,296	886,731
Supplemental disclosure of cash flow information:
Cash paid for income taxes	19	87
Supplemental disclosure of noncash investing activities:
Property and equipment included in Current liabilities	1,893	162
Landlord incentive included in Other assets	6,809	0
Right of use assets obtained in exchange for new operating lease liabilities	1,918	0
Repurchases of common stock included in Current liabilities	$ 1,499	$ 0

FAIR VALUE - Narrative (Details) - USD ($)	3 Months Ended
FAIR VALUE - Narrative (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Accrued interest	$ 2,062,000		$ 2,099,000
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets
Other-than-temporary impairments	$ 0	$ 0
Minimum
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term investments, maturity term (in years)	1 year		1 year
Maximum
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term investments, maturity term (in years)	5 years		5 years

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 01, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-40653
Entity Registrant Name	Duolingo, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3055872
Entity Address, Address Line One	5900 Penn Avenue
Entity Address, City or Town	Pittsburgh
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15206
City Area Code	412
Local Phone Number	567-6602
Title of 12(b) Security	Class A common stock, $0.0001 per share
Trading Symbol	DUOL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001562088
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		40,237,065
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,356,052

REVENUE - Schedule of Changes in Deferred Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue from Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 496,205	$ 372,884
Amount from beginning balance recognized into revenue	(204,169)	(150,183)
Deferral of revenue	285,742	252,013
Amount recognized from current period deferrals	(64,522)	(59,691)
Ending balance	$ 513,256	$ 415,023

STOCKHOLDERS’ EQUITY

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

STOCKHOLDERS’ EQUITY

A summary of stock option activity as of March 31, 2026 is as follows:


(In thousands, except prices and years)	Number of options	Weighted- average exercise price		Weighted- average remaining contractual life (years)	Aggregate intrinsic value
Options outstanding at January 1, 2026	859	$	18.38	3.77	$	135,938
Granted (1)	—	—
Exercised	(190)	10.10

Forfeited and expired (2)	—	—
Options outstanding at March 31, 2026	669	$	20.71	3.88	$	52,549
Options exercisable at March 31, 2026	669	$	20.71	3.88	$	52,549

________________

(1) There were no stock options granted during the three months ended March 31, 2026.

(2) There was a nominal amount of forfeitures and expirations during the three months ended March 31, 2026.

The total intrinsic value of options exercised was approximately $18,492 and $90,743 for the periods ended March 31, 2026, and 2025, respectively.

A summary of RSU activity as of March 31, 2026 is as follows:


(In thousands, except prices)	Restricted stock units	Weighted- average grant date fair value per share
Outstanding at January 1, 2026	1,406	$	242.94
Granted	332	107.16
Released	(191)	178.29
Forfeited	(61)	246.66
Outstanding at March 31, 2026	1,486	$	220.81

As of March 31, 2026, there was no unrecognized stock-based compensation expense related to stock options granted under the plans. The amount of unrecognized stock-based compensation expense for RSUs as of March 31, 2026 was $297,979 with a weighted-average period of approximately three years.

There were 10,739 shares available for issuance under the Company’s 2021 Incentive Award Plan and 1,604 shares available for issuance under the Company’s 2021 Employee Stock Purchase Plan, in each case, at March 31, 2026.

Performance-based RSUs

In June 2021, the Company granted performance-based RSUs to its founders that vest based on continued service and the achievement of specified stock price targets. As of March 31, 2026, certain performance conditions have been achieved, while others remain subject to future stock price performance. Stock-based compensation expense is recognized over the derived service period using an accelerated attribution method, subject to continued service.

The Company recognized $1,216 and $4,114 of stock-based compensation expense related to the Founder Awards for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, $4,661 of unrecognized stock-based compensation expense remains.

Stock-Based Compensation

Total stock-based compensation expense was $34,647 and $31,018 for the three months ended March 31, 2026 and 2025, respectively.

Stock-based compensation expense is included in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income as shown in the following table:


	Three Months Ended March 31,
(In thousands)	2026		2025
Cost of revenues	$	23	$	20
Research and development	22,523		17,813
Sales and marketing	1,796		1,431
General and administrative	10,305		11,754
Total	$	34,647	$	31,018

Nominal amounts of stock-based compensation expense is capitalized into intangible assets for the three months ended March 31, 2026 and 2025.

Common Stock Repurchases

In February 2026, Duolingo’s Board of Directors authorized a share repurchase program of up to $400,000. During the three months ended March 31, 2026, the Company repurchased a total of 262 shares of the Company’s Class A common stock through open market purchases at an average per share price of $98.45 for a total repurchase price of $25,830. During the three months ended March 31, 2026, 216 of these shares were retired. The cost of the remaining 46 shares is recorded as treasury stock in the Unaudited Condensed Consolidated Balance Sheets. As of March 31, 2026, $374,170 of the total amount authorized to be repurchased remained available.

REVENUE

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

REVENUE

Disaggregation of Revenue

In accordance with ASC 606, Revenue from Contracts with Customers, the Company disaggregates revenue from contracts with customers into revenue streams, which most closely depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.


	Three Months Ended March 31,
(In thousands)	2026		2025
Subscription	$	250,908	$	190,987
Advertising	20,614		17,882
Duolingo English Test	11,317		11,986
In-App Purchases	8,446		9,442
Other	682		446
Total revenues	$	291,967	$	230,743

Three service providers Apple, Google, and Stripe processed 60.2%, 22.9%, and 11.5% of total revenues for the three months ended March 31, 2026, respectively, and 61.3%, 23.3% and 11.0% of total revenues for the three months ended March 31, 2025, respectively.

Deferred revenue mostly consists of payments received in advance of revenue recognition, and is mostly related to time-based subscriptions, which will be recognized into revenue over the course of the upcoming year (recognized over 12 months or less). Additionally, the Duolingo English Test has deferred revenue related to tests that have been purchased, but will not be recognized until the tests have been proctored. Changes in deferred revenues were as follows:


	Three Months Ended March 31,
(In thousands)	2026		2025
Beginning balance—January 1	$	496,205	$	372,884
Amount from beginning balance recognized into revenue	(204,169)		(150,183)
Deferral of revenue	285,742		252,013
Amount recognized from current period deferrals	(64,522)		(59,691)
Ending balance—March 31	$	513,256	$	415,023

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

EARNINGS PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Numerator:
Net income attributable to Class A and Class B common stockholders	$ 43,460	$ 35,135
Effect of dilutive securities
Denominator for dilutive net income per common share - weighted-average shares (in shares)	48,987	48,497
Basic income per common share (in usd per share)	$ 0.93	$ 0.78
Diluted income per common share (in usd per share)	$ 0.89	$ 0.72
Options outstanding (in shares)	669		859
Founder awards where performance has been met
Effect of dilutive securities
Stock options and RSUs outstanding (in shares)	180	540
Stock options outstanding
Effect of dilutive securities
Stock options and RSUs outstanding (in shares)	528	1,165
RSUs outstanding
Effect of dilutive securities
Stock options and RSUs outstanding (in shares)	1,486	1,644
Class A and Class B Common Stock
Numerator:
Net income attributable to Class A and Class B common stockholders	$ 43,460	$ 35,135
Denominator:
Weighted-average shares in computing net income per share attributable to Class A and Class B common stockholders, basic (in shares)	46,793	45,148

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	(Accumulated Deficit) Retained Earnings
Beginning balance (in shares) at Dec. 31, 2024		44,936
Beginning balance at Dec. 31, 2024	$ 824,550	$ 4	$ 0	$ 950,393	$ (125,847)
Beginning balance (in shares) at Dec. 31, 2024			0
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Stock-based compensation expense	31,018			31,018
Stock options exercised (in shares)		276
Stock options exercised	3,123			3,123
Release of restricted stock units (in shares)		204
Net income	35,135				35,135
Ending balance (in shares) at Mar. 31, 2025		45,416
Ending balance at Mar. 31, 2025	893,826	$ 4	$ 0	984,534	(90,712)
Ending balance (in shares) at Mar. 31, 2025			0
Beginning balance (in shares) at Dec. 31, 2025		46,628
Beginning balance at Dec. 31, 2025	$ 1,347,006	$ 5	$ 0	1,058,783	288,218
Beginning balance (in shares) at Dec. 31, 2025	0		0
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Stock-based compensation expense	$ 34,647			34,647
Release of performance stock units (in shares)		180
Taxes paid related to net-share settlements of share-based compensation awards ( in shares)		(84)
Taxes paid related to net-share settlements of share-based compensation awards	$ (9,441)			(9,441)
Stock options exercised (in shares)	190	190
Stock options exercised	$ 1,922	$ 0		1,922
Release of restricted stock units (in shares)		191
Repurchases of common stock (in shares)	(262)		(262)
Repurchases of common stock	$ (25,830)		$ (25,830)
Retirement of treasury stock (in shares)	(216)	(216)	216
Retirement of treasury stock	$ 0		$ 21,331	(21,331)
Net income	43,460				43,460
Ending balance (in shares) at Mar. 31, 2026		46,889
Ending balance at Mar. 31, 2026	$ 1,391,764	$ 5	$ (4,499)	$ 1,064,580	$ 331,678
Ending balance (in shares) at Mar. 31, 2026	(46)		(46)

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic net income per share attributable to common stockholders is calculated by dividing net income by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. Diluted net income per share is calculated by giving effect to all potentially dilutive common stock equivalents.

The rights of Class A and Class B common stock are identical, except with respect to voting and conversion. As a result, undistributed earnings are allocated on a proportional basis and net income per share is the same for both classes.

The computation of basic and diluted earnings per share attributable to common shareholders is as follows:


	Three Months Ended March 31,
(In thousands, except per share data)	2026		2025
Numerator:
Net income attributable to Class A and Class B common stockholders	$	43,460	$	35,135


Denominator:
Weighted-average shares in computing net income per share attributable to Class A and Class B common stockholders, basic	46,793		45,148
Effect of dilutive securities
Founder awards where performance has been met	180		540
Dilutive effect of stock options outstanding (1)	528		1,165
RSUs outstanding	1,486		1,644
Denominator for dilutive net income per common share - weighted-average shares	48,987		48,497
Basic income per common share	$	0.93	$	0.78
Diluted income per common share	$	0.89	$	0.72

______________

(1) The Company had 0.7 million options outstanding as of March 31, 2026. The estimated dilutive effect is calculated as the number of shares expected to be issued upon vesting or exercise, adjusted for the strike price proceeds that are received by the Company and assumed to be used to repurchase shares of Duolingo common stock.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenues	$ 291,967	$ 230,743
Cost of revenues	78,871	66,647
Gross profit	213,096	164,096
Operating expenses:
Research and development	82,974	70,390
Sales and marketing	39,249	26,662
General and administrative	46,346	43,450
Total operating expenses	168,569	140,502
Income from operations	44,527	23,594
Other (expense) income, net	(786)	1,001
Income before interest income and income taxes	43,741	24,595
Interest income	11,811	10,415
Income before income taxes	55,552	35,010
Provision for (benefit from) income taxes	12,092	(125)
Net income	43,460	35,135
Comprehensive income	$ 43,460	$ 35,135
Net income per share attributable to Class A and Class B common stockholders, basic (in usd per share)	$ 0.93	$ 0.78
Net income per share attributable to Class A and Class B common stockholders, diluted (in usd per share)	$ 0.89	$ 0.72

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 59,853	$ 57,868
Less: accumulated depreciation	(22,887)	(21,571)
Total property and equipment, net	36,966	36,297
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	46,773	44,773
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 13,080	$ 13,095

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

REVENUE - Narrative (Details)	3 Months Ended
REVENUE - Narrative (Details)	Mar. 31, 2026	Mar. 31, 2025
Maximum
Disaggregation of Revenue [Line Items]
Subscription period (in years)	12 months
Apple \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (in percent)	60.20%	61.30%
Google \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (in percent)	22.90%	23.30%
Stripe \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (in percent)	11.50%	11.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

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STOCKHOLDERS’ EQUITY- Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Feb. 26, 2026	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value, exercised	$ 18,492,000	$ 90,743,000
Total	$ 34,647,000	31,018,000
Share repurchase program, authorized, amount			$ 400,000
Common stock repurchased (in shares)	262
Share price (in usd per share)	$ 98.45
Repurchases of common stock	$ 25,830,000
Retirement of treasury stock (in shares)	216
Treasury stock (in shares)	46			0
Remaining authorized amount	$ 374,170,000
RSUs outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, options	0
Unrecognized compensation expense, excluding options	$ 297,979,000
Unrecognized compensation cost, weighted-average period of recognition (in years)	3 years
RSUs outstanding \| 2021 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options available for grant (in shares)	10,739
RSUs outstanding \| 2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options available for grant (in shares)	1,604
Founder awards where performance has been met
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, excluding options	$ 4,661,000
Total	$ 1,216,000	$ 4,114,000

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Other Commitments [Line Items]
Period of letter of credit (in months)	6 months
Initial base rent per month	$ 442
Letters of credit	$ 2,656
Percentage of letter of credit (in percent)	103.00%
Restricted cash	$ 2,735	$ 2,735

STOCKHOLDERS’ EQUITY - Schedule of Income Statement Location for Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 34,647	$ 31,018
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	23	20
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	22,523	17,813
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	1,796	1,431
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 10,305	$ 11,754

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 1,138,561	$ 1,036,389
Short-term investments	113,049	104,078
Accounts receivable	125,086	162,827
Deferred cost of revenues	104,513	102,663
Income tax receivable	5,092	14,067
Prepaid expenses and other current assets	19,658	16,582
Total current assets	1,505,959	1,436,606
Operating lease right-of-use assets	79,944	80,380
Long-term investments	140,211	135,098
Intangible assets, net	28,327	28,309
Property and equipment, net	36,966	36,297
Goodwill	35,335	35,335
Restricted cash	2,735	2,735
Deferred tax assets, net	217,837	227,339
Other assets	10,680	10,083
Total assets	2,057,994	1,992,182
Current liabilities
Deferred revenues	513,256	496,205
Accounts payable	7,486	7,998
Income tax payable	3,814	1,257
Accrued expenses and other current liabilities	49,558	45,688
Total current liabilities	574,114	551,148
Long-term obligation under operating leases	91,873	93,779
Deferred tax liabilities, net	243	249
Other long-term liabilities	0	0
Total liabilities	666,230	645,176
Commitments and contingencies (Note 9)
Stockholders’ equity
Class A common stock, $0.0001 par value; 2,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 40,534 issued and 40,487 outstanding at March 31, 2026 and 40,368 issued and outstanding at December 31, 2025, respectively Class B common stock, $0.0001 par value; 30,000 shares authorized as of March 31, 2026 and December 31, 2025; 6,356 and 6,260 issued and outstanding at March 31, 2026 and December 31, 2025, respectively	5	5
Treasury stock, at cost; 46 and 0 shares as of March 31, 2026 and December 31, 2025, respectively.	(4,499)	0
Additional paid-in capital	1,064,580	1,058,783
Retained earnings	331,678	288,218
Total stockholders’ equity	1,391,764	1,347,006
Total liabilities and stockholders' equity	$ 2,057,994	$ 1,992,182

STOCKHOLDERS’ EQUITY - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Number of options
Options outstanding, beginning balance (in shares)	859,000
Granted (in shares)	0
Exercised (in shares)	(190,000)
Forfeited and expired (in shares)	0
Options outstanding, ending balance (in shares)	669,000	859,000
Number of options exercisable (in shares)	669,000
Weighted- average exercise price
Outstanding, beginning balance (in usd per share)	$ 18.38
Granted (in usd per share)	0
Exercised (in usd per share)	10.10
Forfeited and expired (in usd per share)	0
Outstanding, ending balance (in usd per share)	20.71	$ 18.38
Weighted average exercise price, options exercisable (in usd per share)	$ 20.71
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual term (in years), outstanding	3 years 10 months 17 days	3 years 9 months 7 days
Weighted average remaining contractual term (in years), exercisable	3 years 10 months 17 days
Aggregate intrinsic value, outstanding	$ 52,549	$ 135,938
Aggregate intrinsic value, exercisable	$ 52,549

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2026	Dec. 31, 2025
Treasury stock (in shares)	46	0
Common Class A
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	2,000,000	2,000,000
Common stock, shares issued (in shares)	40,534	40,368
Common stock, shares outstanding (in shares)	40,487	40,368
Common Class B
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	30,000	30,000
Common stock, shares issued (in shares)	6,356	6,260
Common stock, shares outstanding (in shares)	6,356	6,260

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS None.

REVENUE (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	Three Months Ended March 31,
(In thousands)	2026		2025
Subscription	$	250,908	$	190,987
Advertising	20,614		17,882
Duolingo English Test	11,317		11,986
In-App Purchases	8,446		9,442
Other	682		446
Total revenues	$	291,967	$	230,743

Schedule of Changes in Deferred Revenues

Changes in deferred revenues were as follows:


	Three Months Ended March 31,
(In thousands)	2026		2025
Beginning balance—January 1	$	496,205	$	372,884
Amount from beginning balance recognized into revenue	(204,169)		(150,183)
Deferral of revenue	285,742		252,013
Amount recognized from current period deferrals	(64,522)		(59,691)
Ending balance—March 31	$	513,256	$	415,023

INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net, consist of the following:


(In thousands)	March 31, 2026		December 31, 2025
Capitalized software	$	47,702	$	44,849
Acquired intangible assets	9,310		9,310
Other indefinite-lived intangible assets	252		252
Total intangible assets	57,264		54,411
Less: accumulated amortization	(28,937)		(26,102)
Intangible assets, net	$	28,327	$	28,309

Schedule of Intangible Assets Amortization Expense

Amortization expense is included within the following financial statement line items within the Company’s Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income.


	Three Months Ended March 31,
(In thousands)	2026		2025
Cost of revenues	$	2,774	$	2,211
Sales and marketing	61		126
Total	$	2,835	$	2,337

FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Net Unrealized Gains (Losses), and Fair Value by Major Security Type for Our Investments

The following table presents amortized cost, gross unrealized gains and losses, and fair value by major security type and balance sheet classification as of March 31, 2026 and December 31, 2025:


As of March 31, 2026
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	—	$	—	$	—	$	171,198	$	171,198	$	—	$	—

Level 1
Commercial paper	$	5,618	$	—	$	(12)	$	5,606	$	—	$	5,618	$	—
Money market funds	967,363		—		—		967,363		967,363		—		—
Subtotal	$	972,981	$	—	$	(12)	$	972,969	$	967,363	$	5,618	$	—

Level 2
Asset-backed securities	$	26,400	$	12	$	(18)	$	26,394	$	—	$	—	$	26,401

Corporate debt securities	182,365		47		(396)		182,016		—		97,985		84,380
U.S. Treasury securities	37,477		41		(71)		37,447		—		9,446		28,030
Subtotal	$	246,242	$	100	$	(485)	$	245,857	$	—	$	107,431	$	138,811

Level 3
Investment in SAFE	$	—	$	—	$	—	$	1,400	$	—	$	—	$	1,400
Subtotal	$	—	$	—	$	—	$	1,400	$	—	$	—	$	1,400
Total	$	1,219,223	$	100	$	(497)	$	1,391,424	$	1,138,561	$	113,049	$	140,211


As of December 31, 2025
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	—	$	—	$	—	$	155,840	$	155,840	$	—	$	—

Level 1
Commercial paper	$	4,318	$	—	$	—	$	4,318	$	1,993	$	2,324	$	—
Money market funds	878,556		—		—		878,556		878,556		—		—
Subtotal	$	882,874	$	—	$	—	$	882,874	$	880,549	$	2,324	$	—

Level 2
Asset-backed securities	$	26,794	$	44	$	—	$	26,838	$	—	$	347	$	26,447

Corporate debt securities	182,417		237		(19)		182,635		—		93,997		88,420
U.S. Treasury securities	26,241		154		—		26,395		—		7,410		18,831
Subtotal	$	235,452	$	435	$	(19)	$	235,868	$	—	$	101,754	$	133,698

Level 3
Investment in SAFE	$	—	$	—	$	—	$	1,400	$	—	$	—	$	1,400
Subtotal	$	—	$	—	$	—	$	1,400	$	—	$	—	$	1,400
Total	$	1,118,326	$	435	$	(19)	$	1,275,982	$	1,036,389	$	104,078	$	135,098

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation—The Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and subsidiaries over which the Company has control. All intercompany transactions and balances have been eliminated.
Basis of Presentation and Accounting Principles	Basis of Presentation—The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) from the Company’s accounting records and reflect the consolidated financial position and results of operations for the three months ended March 31, 2026 and 2025. Unless otherwise specified, all dollar amounts (other than per share amounts) are referred to in thousands. Accounting Principles—The Unaudited Condensed Consolidated Financial Statements and accompanying notes are prepared in accordance with GAAP.
Use of Estimates	Use of Estimates—The preparation of Unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Unaudited Condensed Consolidated Financial Statements and accompanying notes. Significant estimates and assumptions reflected in the Unaudited Condensed Consolidated Financial Statements include, but are not limited to, useful lives of property and equipment, valuation of deferred tax assets and liabilities, stock-based compensation, operating lease right-of-use assets and liabilities, capitalization of internally developed software and associated useful lives, contingent liabilities, and valuation of goodwill and intangible assets from acquisitions. Actual results may differ materially from such estimates. Management believes that the estimates, and judgments upon which they rely, are reasonable based upon information available to them at the time that these estimates and judgments are made. To the extent that there are material differences between these estimates and actual results, the Company’s Unaudited Condensed Consolidated Financial Statements will be affected.
Advertising Costs	Advertising Costs—Advertising costs were approximately $28,142 and $17,535 for the three months ended March 31, 2026 and 2025, respectively, and are included within Sales and marketing in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income.
Income Taxes	Income Taxes—The Company’s provision for income taxes is computed by using an estimate of the annual effective tax rate, adjusted for discrete items taken into account in the relevant period, if any. Each quarter, the annual effective income tax rate is recomputed and if there are material changes in the estimate, a cumulative adjustment is made.
Concentration of Credit Risk	Concentration of Credit Risk—The Company’s concentration of credit risk relates to financial institutions holding the Company’s cash and cash equivalents and platforms with significant accounts receivable balances and revenue transactions. The Company maintains deposits and certificates of deposit with banks which exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit and money market accounts which are not FDIC insured. Management believes that the financial institutions that hold the Company’s deposits are financially credit worthy and, accordingly, minimal credit risk exists with respect to those balances.
Segment	Segment—The Company operates as a single operating segment and derives revenues from customers through time-based subscriptions, in-app advertising placement by third parties, the Duolingo English Test, and in-app purchases of virtual goods (“IAPs”). The Chief Executive Officer, as the chief operating decision maker, evaluates the Company’s performance and allocates resources based on consolidated net income, as presented in the income statement, supplemented by disaggregated revenue details. Significant segment expenses are those that are presented on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income. The measure of segment assets is reported on the balance sheet as total consolidated assets. Accordingly, the Company has determined that it has a single reportable segment and operating segment structure, and operates as one reporting unit.
Impairment of long-lived assets	Impairment of long-lived assets—The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated undiscounted future cash flows expected to result from the use and eventual disposition of an asset is less than the carrying amount of the asset, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of the asset.
Allowance for Credit Losses	Allowance for Credit Losses—The Company evaluates its cash equivalents, accounts receivable and held-to-maturity marketable securities financial assets for expected credit losses. Expected credit losses represent the portion of the amortized cost basis of a financial asset that an entity does not expect to collect. An allowance for expected credit losses is meant to reflect a risk of loss even if remote, irrespective of the expectation of collection from a particular issuer or debt security. The Company has not historically experienced any credit losses on any of its financial assets. With respect to cash equivalents and accounts receivable, given consideration of their short maturity, lack of historical losses and the current environment, the Company concluded there is generally no expected credit losses for these financial assets. With respect to held-to-maturity marketable securities which are comprised of debt securities, the Company evaluates expected credit losses on a pooled basis based on issuer-type which have similar credit risk characteristics. There is no allowance for credit losses for all periods presented.
Recently Issued Pronouncements Not Yet Adopted and Recently Adopted Accounting Pronouncements	Recently Issued Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendment requires new financial statement disclosures to provide disaggregated information for certain types of expenses, including employee compensation, depreciation, and amortization in commonly presented expense captions such as cost of revenue, sales and marketing, and general and administrative expenses. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the disclosure requirements related to the new standard. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update remove all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout Subtopic 350-40. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The Company is in the process of evaluating the effect that the adoption of this standard may have on its consolidated financial statements. Recently Adopted Accounting Pronouncements There are no recently adopted accounting pronouncements.
Fair Value	FAIR VALUE The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1—Observable inputs such as quoted prices in active markets for identical investments that the Company has the ability to access. Level 2—Inputs include: •Quoted prices for identical or similar assets or liabilities in active markets; •Quoted prices for identical or similar assets or liabilities in inactive markets; •Inputs, other than quoted prices in active markets, which are observable either directly or indirectly; •Inputs that are derived principally from, or corroborated by, observable market data by correlation or other means. Level 3—Unobservable inputs in which there is little or no market activity for the asset or liability, which require the reporting entity to develop its own estimates and assumptions relating to the pricing of the asset or liability including assumptions regarding risk.
Disaggregation of Revenue	Disaggregation of Revenue In accordance with ASC 606, Revenue from Contracts with Customers, the Company disaggregates revenue from contracts with customers into revenue streams, which most closely depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenues	$ 291,967	$ 230,743
Subscription
Disaggregation of Revenue [Line Items]
Total revenues	250,908	190,987
Advertising
Disaggregation of Revenue [Line Items]
Total revenues	20,614	17,882
Duolingo English Test
Disaggregation of Revenue [Line Items]
Total revenues	11,317	11,986
In-App Purchases
Disaggregation of Revenue [Line Items]
Total revenues	8,446	9,442
Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 682	$ 446

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

Intangible assets, net, consist of the following:


(In thousands)	March 31, 2026		December 31, 2025
Capitalized software	$	47,702	$	44,849
Acquired intangible assets	9,310		9,310
Other indefinite-lived intangible assets	252		252
Total intangible assets	57,264		54,411
Less: accumulated amortization	(28,937)		(26,102)
Intangible assets, net	$	28,327	$	28,309

The Company capitalized $2,853 and $1,310 of software development costs, with the majority of the costs being employee wages, during the three months ended March 31, 2026 and 2025, respectively. Amortization expense is included within the following financial statement line items within the Company’s Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income.


	Three Months Ended March 31,
(In thousands)	2026		2025
Cost of revenues	$	2,774	$	2,211
Sales and marketing	61		126
Total	$	2,835	$	2,337

FAIR VALUE - Schedule of Net Unrealized Gains (Losses), and Fair Value by Major Security Type for Our Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash	$ 171,198	$ 155,840
Gross Unrealized Gains	100	435
Gross Unrealized Losses	(497)	(19)
Amortized Cost	1,219,223	1,118,326
Fair Value	1,391,424	1,275,982
Short-term investments	113,049	104,078
Cash and cash equivalents	1,138,561	1,036,389
Long-Term Investments	140,211	135,098
Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(12)	0
Amortized Cost	972,981	882,874
Fair Value	972,969	882,874
Level 1 \| Cash Equivalents
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash Equivalents	967,363	880,549
Level 1 \| Short-Term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term investments	5,618	2,324
Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	246,242	235,452
Gross Unrealized Gains	100	435
Gross Unrealized Losses	(485)	(19)
Fair Value	245,857	235,868
Short-term investments	107,431	101,754
Long-Term Investments	138,811	133,698
Level 2 \| Asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	26,400	26,794
Gross Unrealized Gains	12	44
Gross Unrealized Losses	(18)	0
Fair Value	26,394	26,838
Short-term investments	0	347
Long-Term Investments	26,401	26,447
Level 2 \| Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	182,365	182,417
Gross Unrealized Gains	47	237
Gross Unrealized Losses	(396)	(19)
Fair Value	182,016	182,635
Short-term investments	97,985	93,997
Long-Term Investments	84,380	88,420
Level 2 \| U.S. Treasury securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	37,477	26,241
Gross Unrealized Gains	41	154
Gross Unrealized Losses	(71)	0
Fair Value	37,447	26,395
Short-term investments	9,446	7,410
Long-Term Investments	28,030	18,831
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment in SAFE	1,400	1,400
Commercial paper \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	5,618	4,318
Fair Value	5,606	4,318
Commercial paper \| Level 1 \| Cash Equivalents
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash Equivalents	0	1,993
Commercial paper \| Level 1 \| Short-Term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term investments	5,618	2,324
Money market funds \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash Equivalents	967,363	878,556
Money market funds \| Level 1 \| Cash Equivalents
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash Equivalents	$ 967,363	$ 878,556

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2026
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Principles—The Unaudited Condensed Consolidated Financial Statements and accompanying notes are prepared in accordance with GAAP. Use of Estimates—The preparation of Unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Unaudited Condensed Consolidated Financial Statements and accompanying notes. Significant estimates and assumptions reflected in the Unaudited Condensed Consolidated Financial Statements include, but are not limited to, useful lives of property and equipment, valuation of deferred tax assets and liabilities, stock-based compensation, operating lease right-of-use assets and liabilities, capitalization of internally developed software and associated useful lives, contingent liabilities, and valuation of goodwill and intangible assets from acquisitions. Actual results may differ materially from such estimates. Management believes that the estimates, and judgments upon which they rely, are reasonable based upon information available to them at the time that these estimates and judgments are made. To the extent that there are material differences between these estimates and actual results, the Company’s Unaudited Condensed Consolidated Financial Statements will be affected. Advertising Costs—Advertising costs were approximately $28,142 and $17,535 for the three months ended March 31, 2026 and 2025, respectively, and are included within Sales and marketing in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income. Income Taxes—The Company’s provision for income taxes is computed by using an estimate of the annual effective tax rate, adjusted for discrete items taken into account in the relevant period, if any. Each quarter, the annual effective income tax rate is recomputed and if there are material changes in the estimate, a cumulative adjustment is made. Concentration of Credit Risk—The Company’s concentration of credit risk relates to financial institutions holding the Company’s cash and cash equivalents and platforms with significant accounts receivable balances and revenue transactions. The Company maintains deposits and certificates of deposit with banks which exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit and money market accounts which are not FDIC insured. Management believes that the financial institutions that hold the Company’s deposits are financially credit worthy and, accordingly, minimal credit risk exists with respect to those balances. The majority of revenue comes through the subscriptions and advertising streams, and payments are made to Duolingo through service providers. Three service providers, Apple, Google, and Stripe accounted for 66.2%, 16.8%, and 11.9%, respectively, of total Accounts receivable as of March 31, 2026 and 62.5%, 22.7% and 11.4%, respectively, of total Accounts receivable as of December 31, 2025. Segment—The Company operates as a single operating segment and derives revenues from customers through time-based subscriptions, in-app advertising placement by third parties, the Duolingo English Test, and in-app purchases of virtual goods (“IAPs”). The Chief Executive Officer, as the chief operating decision maker, evaluates the Company’s performance and allocates resources based on consolidated net income, as presented in the income statement, supplemented by disaggregated revenue details. Significant segment expenses are those that are presented on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income. The measure of segment assets is reported on the balance sheet as total consolidated assets. Accordingly, the Company has determined that it has a single reportable segment and operating segment structure, and operates as one reporting unit. Impairment of long-lived assets—The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated undiscounted future cash flows expected to result from the use and eventual disposition of an asset is less than the carrying amount of the asset, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of the asset. No assets were impaired during the three months ended March 31, 2026 and 2025. Allowance for Credit Losses—The Company evaluates its cash equivalents, accounts receivable and held-to-maturity marketable securities financial assets for expected credit losses. Expected credit losses represent the portion of the amortized cost basis of a financial asset that an entity does not expect to collect. An allowance for expected credit losses is meant to reflect a risk of loss even if remote, irrespective of the expectation of collection from a particular issuer or debt security. The Company has not historically experienced any credit losses on any of its financial assets. With respect to cash equivalents and accounts receivable, given consideration of their short maturity, lack of historical losses and the current environment, the Company concluded there is generally no expected credit losses for these financial assets. With respect to held-to-maturity marketable securities which are comprised of debt securities, the Company evaluates expected credit losses on a pooled basis based on issuer-type which have similar credit risk characteristics. There is no allowance for credit losses for all periods presented. Related Parties—During the three months ended March 31, 2026 and 2025, the Company incurred approximately $219 and $164, respectively, in expenses with a vendor which certain members of the Company’s Board of Directors and executive officers serve as members of the vendor’s board of directors. As of March 31, 2026 and 2025, no amounts remained payable to the vendor. These transactions were conducted in the ordinary course of business on terms the Company believes to be comparable to those available from unaffiliated third parties and were reviewed and approved in accordance with the Company’s related person transaction policy. Recent Accounting Pronouncements Recently Issued Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendment requires new financial statement disclosures to provide disaggregated information for certain types of expenses, including employee compensation, depreciation, and amortization in commonly presented expense captions such as cost of revenue, sales and marketing, and general and administrative expenses. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the disclosure requirements related to the new standard. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update remove all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout Subtopic 350-40. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The Company is in the process of evaluating the effect that the adoption of this standard may have on its consolidated financial statements. Recently Adopted Accounting Pronouncements There are no recently adopted accounting pronouncements.

INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized software development costs	$ 2,853	$ 1,310

PROPERTY AND EQUIPMENT, NET (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net, consists of the following:



(In thousands)	March 31, 2026		December 31, 2025
Leasehold improvements	$	46,773	$	44,773
Furniture, fixtures and equipment	13,080		13,095
Total property and equipment	59,853		57,868
Less: accumulated depreciation	(22,887)		(21,571)
Total property and equipment, net	$	36,966	$	36,297

Depreciation expense is included within the following financial statement line items within the Company’s Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income.


	Three Months Ended March 31,
(In thousands)	2026		2025

Research and development	$	846	$	756
Sales and marketing	101		95
General and administrative	409		402
Total	$	1,356	$	1,253

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings— From time to time, the Company may become involved in various legal proceedings in the ordinary course of its business and may be subject to third-party infringement claims. The outcome of any such claims or proceedings, regardless of the merits, is inherently uncertain. The Company is not currently party to any material legal proceedings. Letters of Credit— The Company has a standby letter of credit obtained in connection with an operating lease. This letter of credit acts as security for the faithful performance by us of all terms, covenants and conditions of the lease agreement. The amount of the letter of credit is equal to six months rent of $442, totaling $2,656. The cash collateral for the letter of credit has been recognized as restricted cash in the Unaudited Condensed Consolidated Balance Sheet and is equivalent to 103% of the letter of credit and totaled $2,735.

PROPERTY AND EQUIPMENT, NET - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Line Items]
Total	$ 1,356	$ 1,253
Research and development
Property, Plant and Equipment [Line Items]
Total	846	756
Sales and marketing
Property, Plant and Equipment [Line Items]
Total	101	95
General and administrative
Property, Plant and Equipment [Line Items]
Total	$ 409	$ 402

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	3 Months Ended
	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Concentration Risk [Line Items]
Advertising costs	$ 28,142,000	$ 17,535,000
Number of reportable segments \| segment	1
Number of operating segments \| segment	1
Asset impairment charges	$ 0	0
Allowance for credit losses	0		$ 0
Board of Directors Chairman
Concentration Risk [Line Items]
Vendor expenses	219,000	164,000
Related party transaction	$ 0	$ 0
Apple \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	66.20%	62.50%
Google \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	16.80%	22.70%
Stripe \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	11.90%	11.40%

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income before income taxes	$ 55,552	$ 35,010
Provision for (benefit from) income taxes	$ 12,092	$ (125)
Effective income tax rate	21.80%	(0.40%)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
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- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The computation of basic and diluted earnings per share attributable to common shareholders is as follows:


	Three Months Ended March 31,
(In thousands, except per share data)	2026		2025
Numerator:
Net income attributable to Class A and Class B common stockholders	$	43,460	$	35,135


Denominator:
Weighted-average shares in computing net income per share attributable to Class A and Class B common stockholders, basic	46,793		45,148
Effect of dilutive securities
Founder awards where performance has been met	180		540
Dilutive effect of stock options outstanding (1)	528		1,165
RSUs outstanding	1,486		1,644
Denominator for dilutive net income per common share - weighted-average shares	48,987		48,497
Basic income per common share	$	0.93	$	0.78
Diluted income per common share	$	0.89	$	0.72

______________

INCOME TAXES

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES

Year-to-date income tax expense or benefit is the product of the most current projected annual effective tax rate (“PAETR”) and the actual year-to-date pretax income, adjusted for any discrete items. The income tax expense or benefit for a particular quarter is the difference between the year-to-date calculation of income tax expense or benefit and the year-to-date calculation for the prior year period. Items unrelated to current period ordinary income or loss are recognized entirely in the period identified as a discrete item of tax.

The Company’s PAETR differs from the U.S. federal statutory rate of 21.0% during the three months ended March 31, 2026 primarily due to discrete tax expense related to stock-based compensation. In the prior year period, the variance was primarily driven by a discrete tax benefit from excess tax benefits on stock-based compensation, when the Company maintained a valuation allowance.

The Company’s income before taxes, income tax provision or benefit and effective tax rates were as follows:


	Three Months Ended March 31,
(In thousands, except percentages)	2026			2025
Income before income taxes	$	55,552		$	35,010
Provision for (benefit from) income taxes	12,092			(125)
Effective tax rate	21.8		%	(0.4)		%

- Definition

The entire disclosure for income tax.

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+ Details

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Duolingo, Inc. (the “Company” or “Duolingo”) was formed on August 18, 2011, and the Duolingo App was launched to the general public on June 19, 2012. The Company’s headquarters are located in Pittsburgh, Pennsylvania. Duolingo is a mobile learning platform, as well as a digital English language proficiency assessment exam. The Company has a freemium business model: the app and the website are accessible free of charge, although Duolingo also offers premium services for a subscription fee. As of the date of this filing, Duolingo offers over 250 total language courses, including Spanish, English, French, German, Italian, Portuguese, Japanese and Chinese. We have locations in the U.S., China, Germany, and the United Kingdom. Principles of Consolidation—The Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and subsidiaries over which the Company has control. All intercompany transactions and balances have been eliminated. Basis of Presentation—The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) from the Company’s accounting records and reflect the consolidated financial position and results of operations for the three months ended March 31, 2026 and 2025. Unless otherwise specified, all dollar amounts (other than per share amounts) are referred to in thousands. The Unaudited Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such SEC rules. We believe that the disclosures made are adequate to make the information presented not misleading. In our opinion, all adjustments considered necessary for a fair presentation of the financial statements have been included, and all adjustments are of a normal and recurring nature. We applied the accounting policies consistently with those used in the preparation of the Annual Report on Form 10-K in preparing these Unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited financial statements and the notes for the fiscal year ended December 31, 2025 included in the Annual Report on Form 10-K and filed with the SEC.

INTANGIBLE ASSETS - Schedule of Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Amortization of capitalized computer software	$ 2,835	$ 2,337
Cost of revenues
Finite-Lived Intangible Assets [Line Items]
Amortization of capitalized computer software	2,774	2,211
Sales and marketing
Finite-Lived Intangible Assets [Line Items]
Amortization of capitalized computer software	$ 61	$ 126

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

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-Topic 926
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

EMPLOYEE BENEFIT PLAN (Details) - USD ($)	3 Months Ended
EMPLOYEE BENEFIT PLAN (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, contributions by employer	$ 2,213,000	$ 1,969,000
Defined contribution plan, employer discretionary contribution amount	$ 0	$ 0
First 4% of Employee Elective Deferral
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of match (in percent)	100.00%
Employer matching contribution, percent of employees' gross pay (in percent)	4.00%
Next 2% of Employee Elective Deferral
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of match (in percent)	50.00%
Employer matching contribution, percent of employees' gross pay (in percent)	2.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 715
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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+ Details

PROPERTY AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment, net, consists of the following:



(In thousands)	March 31, 2026		December 31, 2025
Leasehold improvements	$	46,773	$	44,773
Furniture, fixtures and equipment	13,080		13,095
Total property and equipment	59,853		57,868
Less: accumulated depreciation	(22,887)		(21,571)
Total property and equipment, net	$	36,966	$	36,297

Depreciation expense is included within the following financial statement line items within the Company’s Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income.


	Three Months Ended March 31,
(In thousands)	2026		2025

Research and development	$	846	$	756
Sales and marketing	101		95
General and administrative	409		402
Total	$	1,356	$	1,253

STOCKHOLDERS’ EQUITY - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Restricted stock units
Beginning balance (in shares)	1,486	1,406
Granted (in shares)	332
Released (in shares)	(191)
Forfeited (in shares)	(61)
Ending balance (in shares)	1,486
Weighted- average grant date fair value per share
Beginning balance (in usd per share)	$ 242.94
Granted (in usd per share)	107.16
Released (in usd per share)	178.29
Forfeited (in usd per share)	246.66
Ending balance (in usd per share)	$ 220.81

INTANGIBLE ASSETS - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized software	$ 47,702	$ 44,849
Acquired intangible assets	9,310	9,310
Other indefinite-lived intangible assets	252	252
Total intangible assets	57,264	54,411
Less: accumulated amortization	(28,937)	(26,102)
Intangible assets, net	$ 28,327	$ 28,309

EMPLOYEE BENEFIT PLAN	3 Months Ended
EMPLOYEE BENEFIT PLAN	Mar. 31, 2026
Postemployment Benefits [Abstract]
EMPLOYEE BENEFIT PLAN	EMPLOYEE BENEFIT PLAN The Company sponsors a profit sharing plan with an Internal Revenue Code Section 401(k) feature, the Duolingo Retirement Trust (the “Plan”), for eligible employees. The Plan, effective January 1, 2021, provides for Company safe harbor matching contributions of 100% of the first 4% of the employees’ elective deferrals and 50% of the next 2%, with vesting starting upon the first day of employment. The Company also has the option to make discretionary matching or profit sharing contributions. The Company made safe harbor matching contributions of approximately $2,213 and $1,969 during the three months ended March 31, 2026 and 2025, respectively. The Company did not make any discretionary matching or profit sharing contributions during the three months ended March 31, 2026 or 2025.

FAIR VALUE

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE

The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1—Observable inputs such as quoted prices in active markets for identical investments that the Company has the ability to access.

Level 2—Inputs include:

•Quoted prices for identical or similar assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in inactive markets;

•Inputs, other than quoted prices in active markets, which are observable either directly or indirectly;

•Inputs that are derived principally from, or corroborated by, observable market data by correlation or other means.

Level 3—Unobservable inputs in which there is little or no market activity for the asset or liability, which require the reporting entity to develop its own estimates and assumptions relating to the pricing of the asset or liability including assumptions regarding risk.

The following table presents amortized cost, gross unrealized gains and losses, and fair value by major security type and balance sheet classification as of March 31, 2026 and December 31, 2025:


As of March 31, 2026
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	—	$	—	$	—	$	171,198	$	171,198	$	—	$	—

Level 1
Commercial paper	$	5,618	$	—	$	(12)	$	5,606	$	—	$	5,618	$	—
Money market funds	967,363		—		—		967,363		967,363		—		—
Subtotal	$	972,981	$	—	$	(12)	$	972,969	$	967,363	$	5,618	$	—

Level 2
Asset-backed securities	$	26,400	$	12	$	(18)	$	26,394	$	—	$	—	$	26,401

Corporate debt securities	182,365		47		(396)		182,016		—		97,985		84,380
U.S. Treasury securities	37,477		41		(71)		37,447		—		9,446		28,030
Subtotal	$	246,242	$	100	$	(485)	$	245,857	$	—	$	107,431	$	138,811

Level 3
Investment in SAFE	$	—	$	—	$	—	$	1,400	$	—	$	—	$	1,400
Subtotal	$	—	$	—	$	—	$	1,400	$	—	$	—	$	1,400
Total	$	1,219,223	$	100	$	(497)	$	1,391,424	$	1,138,561	$	113,049	$	140,211


As of December 31, 2025
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	—	$	—	$	—	$	155,840	$	155,840	$	—	$	—

Level 1
Commercial paper	$	4,318	$	—	$	—	$	4,318	$	1,993	$	2,324	$	—
Money market funds	878,556		—		—		878,556		878,556		—		—
Subtotal	$	882,874	$	—	$	—	$	882,874	$	880,549	$	2,324	$	—

Level 2
Asset-backed securities	$	26,794	$	44	$	—	$	26,838	$	—	$	347	$	26,447

Corporate debt securities	182,417		237		(19)		182,635		—		93,997		88,420
U.S. Treasury securities	26,241		154		—		26,395		—		7,410		18,831
Subtotal	$	235,452	$	435	$	(19)	$	235,868	$	—	$	101,754	$	133,698

Level 3
Investment in SAFE	$	—	$	—	$	—	$	1,400	$	—	$	—	$	1,400
Subtotal	$	—	$	—	$	—	$	1,400	$	—	$	—	$	1,400
Total	$	1,118,326	$	435	$	(19)	$	1,275,982	$	1,036,389	$	104,078	$	135,098

As of March 31, 2026 and December 31, 2025, all of the Company’s short-term investments have contractual maturities of one year or less and all of the Company’s long-term investments have contractual maturities between one and five years. The Company has elected to present accrued interest within Prepaid expenses and other current assets in the Unaudited Condensed Consolidated Balance Sheets. Accrued interest was $2,062 and $2,099 as of March 31, 2026 and December 31, 2025, respectively.

Changes in market interest rates, credit risk of borrowers and overall market liquidity, among other factors, may cause the short-term and long-term debt investments to fall below their amortized cost basis, resulting in unrealized losses. For those debt securities in an unrealized loss position as of March 31, 2026, the Company does not intend to sell, nor is it more likely than not that it will be required to sell, such securities before recovering the amortized cost basis. No allowance for credit losses were recognized in the financial statements for held-to-maturity debt securities for the periods ended March 31, 2026 and 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The Company’s income before taxes, income tax provision or benefit and effective tax rates were as follows:


	Three Months Ended March 31,
(In thousands, except percentages)	2026			2025
Income before income taxes	$	55,552		$	35,010
Provision for (benefit from) income taxes	12,092			(125)
Effective tax rate	21.8		%	(0.4)		%

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details)	Mar. 31, 2026 language
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of languages, more than	250