This document is Duolingo, Inc.'s Quarterly Report on Form 10-Q filed with the United States Securities and Exchange Commission, covering the quarterly period ended June 30, 2025. It provides a comprehensive overview of the company's financial performance, including unaudited condensed consolidated financial statements such as balance sheets, statements of operations and comprehensive income, statements of stockholders' equity, and cash flow statements, along with accompanying notes. The report also features management's discussion and analysis of financial condition and results of operations, highlighting key operating metrics like monthly active users (MAUs) and paid subscribers, and non-GAAP financial measures such as Adjusted EBITDA and free cash flow. Additionally, it addresses market risks like interest rate and foreign currency exchange fluctuations, details the company's internal controls, and reports on legal proceedings and recent stock trading plans by executives and directors.

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