Duolingo, Inc.
For the period ended Apr 17, 2026. Filed Apr 17, 2026.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Apr 17, 2026 · Filed Apr 17, 2026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No. )
| Filed by the Registrant ☒ | Filed by a Party other than the Registrant ☐ |
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| Check the appropriate box: | |
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| ☐ | Preliminary Proxy Statement |
| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☒ | Definitive Proxy Statement |
| ☐ | Definitive Additional Materials |
| ☐ | Soliciting Material under § 240.14a-12 |
(Name of Registrant as Specified in its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
☒ No fee required.
☐ Fee paid previously with preliminary materials.
☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.
5900 Penn Avenue
Pittsburgh, Pennsylvania 15206
April 17, 2026
Dear Fellow Stockholders:
On behalf of the Board of Directors, I cordially invite you to attend the 2026 annual meeting of stockholders (the “Annual Meeting”) of Duolingo, Inc., which will be held on Wednesday, June 3, 2026, beginning at 11:00 a.m., Eastern Time. The Annual Meeting will be a completely virtual meeting, which will be conducted via live webcast.
In accordance with the Securities and Exchange Commission rules allowing companies to furnish proxy materials to their stockholders over the Internet, we have sent stockholders of record as of the close of business on April 7, 2026 a Notice of Internet Availability of Proxy Materials. The notice contains instructions on how to access our Proxy Statement and Annual Report and vote online. If you would like to receive a printed copy of our proxy materials from us instead of downloading a printable version from the Internet, please follow the instructions for requesting such materials included in the notice, as well as in the attached Proxy Statement.
Attached to this letter are a Notice of Annual Meeting of Stockholders and Proxy Statement, which describe the business to be conducted at the Annual Meeting.
Your vote is important to us. Please act as soon as possible to vote your shares. It is important that your shares be represented at the meeting whether or not you plan to attend the Annual Meeting via the Internet. Please vote electronically over the Internet, by telephone or, if you receive a paper copy of the proxy card by mail, by returning your signed proxy card in the envelope provided. You may also vote your shares online during the Annual Meeting. Instructions on how to vote while participating at the meeting live via the Internet are posted at www.virtualshareholdermeeting.com/DUOL2026.
On behalf of the Board of Directors and management, it is my pleasure to express our appreciation for your continued support.
Luis von Ahn
Co-Founder, Chief Executive Officer and Chairman of the Board
Notice of Annual Meeting of Stockholders
To be held on June 3, 2026
Notice is hereby given that the Annual Meeting of Stockholders of Duolingo, Inc., a Delaware corporation, will be held on Wednesday, June 3, 2026, at 11:00 a.m., Eastern Time.
The Annual Meeting will be a completely virtual meeting, which will be conducted via live webcast. You will be able to attend the Annual Meeting online and submit your questions during the meeting by visiting www.virtualshareholdermeeting.com/DUOL2026 and entering your 16-digit control number included on your Notice of Internet Availability of Proxy Materials or your proxy card.
For instructions on how to attend and vote your shares at the Annual Meeting, see the information in the accompanying Proxy Statement in the section titled “General Information about the Annual Meeting and Voting—How can I attend and vote at the Annual Meeting?”
The Annual Meeting is being held:
To elect Amy Bohutinsky, Bonnie Ross and Jim Shelton as Class II directors to hold office until the Company’s annual meeting of stockholders to be held in 2029 and until their respective successors have been duly elected and qualified;
To ratify the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026;
To approve, on an advisory (non-binding) basis, the compensation of our named executive officers; and
To transact such other business as may properly come before the Annual Meeting or any continuation, postponement or adjournment thereof.
These items of business are described in the Proxy Statement that follows this notice. Holders of record of our common stock, composed of Class A common stock and Class B common stock, as of the close of business on April 7, 2026 are entitled to notice of and to vote at the Annual Meeting, or any continuation, postponement or adjournment thereof.
Your vote is important. Voting your shares will ensure the presence of a quorum at the Annual Meeting and will save us the expense of further solicitation.
This Notice of Annual Meeting and Proxy Statement are first being distributed or made available, as the case may be, on or about April 17, 2026.
Please promptly vote your shares by following the instructions for voting on the Notice Regarding the Availability of Proxy Materials or, if you received a paper or electronic copy of our proxy materials, by completing, signing, dating and returning your proxy card or by Internet or telephone voting as described on your proxy card.
By Order of the Board of Directors,
Luis von AhnCo-Founder, Chief Executive Officer and Chairman of the Board
Important Notice Regarding the Availability of Proxy Materials for the Annual Stockholder Meeting:Our Proxy Statement and our Annual Report are available free of charge at www.proxyvote.com.
| DUOLINGO 2026 PROXY STATEMENT | i |
|---|
TABLE OF CONTENTS
| Page | |
|---|---|
| GENERAL INFORMATION ABOUT THE ANNUAL MEETING AND VOTING | 2 |
| When and where will the Annual Meeting be held? | 2 |
| What are the purposes of the Annual Meeting? | 2 |
| Are there any matters to be voted on at the Annual Meeting that are not included in this Proxy Statement? | 2 |
| How do I vote my shares without attending the Annual Meeting? | 3 |
| How many votes are required to approve each proposal? | 3 |
| Why did I receive a notice in the mail regarding the Internet availability of proxy materials instead of a paper copy of proxy materials? | 4 |
| What does it mean if I receive more than one Notice and Access Card or more than one set of proxy materials? | 4 |
| Can I vote my shares by filling out and returning the Notice and Access Card? | 5 |
| Who is entitled to vote at the Annual Meeting? | 5 |
| What is the difference between being a “record holder” and holding shares in “street name”? | 5 |
| What do I do if my shares are held in “street name”? | 5 |
| How many shares must be present to hold the Annual Meeting? | 5 |
| What are “broker non-votes”? | 6 |
| What if a quorum is not present at the Annual Meeting? | 6 |
| How can I attend and vote at the Annual Meeting? | 6 |
| Will there be a question and answer session during the Annual Meeting? | 6 |
| What if during the check-in time or during the Annual Meeting I have technical difficulties or trouble accessing the virtual meeting website? | 7 |
| How does the Board recommend that I vote? | 7 |
| What if I do not specify how my shares are to be voted? | 7 |
| Who will count the votes? | 8 |
| Can I revoke or change my vote after I submit my proxy? | 8 |
| Who will pay for the cost of this proxy solicitation? | 8 |
| Where can I find the results of the Annual Meeting? | 8 |
| Why hold a virtual meeting? | 8 |
| PROPOSAL NO. 1 ELECTION OF DIRECTORS | 9 |
| Board Size and Structure | 9 |
| Nominees for Director | 9 |
| Information About Board Nominees and Continuing Directors | 10 |
| Nominees for Election to a Three-Year Term Expiring at the 2029 Annual Meeting of Stockholders | 10 |
| Class III Directors Whose Term Expire at the 2027 Annual Meeting of Stockholders | 10 |
| Class I Directors Whose Term Expire at the 2028 Annual Meeting of Stockholders | 12 |
| Board Recommendation | 15 |
| PROPOSAL NO. 2 RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 17 |
| Appointment of Independent Registered Public Accounting Firm | 17 |
| Audit, Audit-Related, Tax and All Other Fees | 17 |
| Audit Fees | 17 |
| Audit-Related Fees | 17 |
| Tax Fees | 18 |
| All Other Fees | 18 |
| Pre-Approval Policies and Procedures | 18 |
| Board Recommendation | 18 |
| Audit Committee Report | 18 |
|---|---|
| PROPOSAL NO. 3 APPROVAL, ON AN ADVISORY (NON-BINDING) BASIS, OF THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS (“SAY-ON-PAY” VOTE) | 20 |
| Say-on-Pay | 20 |
| Board Recommendation | 20 |
| EXECUTIVE OFFICERS | 21 |
| CORPORATE GOVERNANCE | 23 |
| Corporate Governance Guidelines | 23 |
| Board Leadership Structure | 23 |
| Director Independence | 24 |
| Board Committees | 24 |
| Audit Committee | 25 |
| Compensation Committee | 25 |
| Compensation Consultants | 26 |
| Nominating and Corporate Governance Committee | 26 |
| Mergers and Acquisitions Committee | 27 |
| Board and Board Committee Meetings and Attendance | 27 |
| Executive Sessions | 27 |
| Director Attendance at Annual Meeting of Stockholders | 28 |
| Director Nominations Process | 28 |
| Board Role in Risk Oversight | 29 |
| Committee Charters and Corporate Governance Guidelines | 29 |
| Code of Business Conduct and Ethics | 29 |
| Insider Trading Compliance Policy | 29 |
| Anti-Hedging Policy | 30 |
| Communications with the Board | 30 |
| CORPORATE RESPONSIBILITY AND IMPACT | 30 |
| COMPENSATION DISCUSSION AND ANALYSIS | 32 |
| Executive Summary | 32 |
| Business Content | 32 |
| Compensation Highlights | 32 |
| Compensation Philosophy and Objectives | 33 |
| Executive Compensation Practices | 34 |
| Compensation Determination Process | 35 |
| Role of the Compensation Committee | 35 |
| Role of Executive Officers | 35 |
| Role of the Compensation Consultant | 36 |
| Use of Market Data | 36 |
| 2025 Compensation Elements & Decisions | 37 |
| Base Salary | 37 |
| Long-Term Equity Incentive Awards | 38 |
| Special Multi-Year Performance-Based Founder Awards | 39 |
| Other Compensation Practices and Policies | 40 |
| Retirement Savings and Health and Welfare Benefits | 40 |
| Perquisites and Other Personal Benefits | 41 |
| Employment Arrangements | 41 |
|---|---|
| Change in Control and Severance Benefits | 41 |
| Compensation Recovery Policy | 41 |
| Practices Related to the Timing of Grants of Certain Equity Awards | 41 |
| Accounting and Tax Considerations | 42 |
| Accounting Considerations | 42 |
| Tax Considerations | 42 |
| Compensation Committee Report | 42 |
| Executive Compensation Tables | 43 |
| 2025 Summary Compensation Table | 43 |
| Grants of 2025 Plan-Based Awards | 44 |
| Outstanding Equity Awards at 2025 Year End | 44 |
| Option Exercises and Stock Vested | 46 |
| Nonqualified Deferred Compensation for Fiscal Year 2025 | 46 |
| Potential Payments Upon Termination or Change in Control | 47 |
| CEO Pay Ratio | 48 |
| Compensation Risk Assessment | 49 |
| PAY VERSUS PERFORMANCE | 49 |
| Pay Versus Performance Table | 50 |
| Pay Versus Performance Total Stockholder Return Chart | 52 |
| Pay Versus Performance Net (Loss) Income Chart | 53 |
| Pay Versus Performance Bookings Chart | 54 |
| DIRECTOR COMPENSATION | 54 |
| Non-Employee Director Compensation Policy for Fiscal Year 2025 | 55 |
| EQUITY COMPENSATION PLAN INFORMATION | 57 |
| STOCK OWNERSHIP | 59 |
| Security Ownership of Certain Beneficial Owners and Management | 59 |
| Delinquent Section 16(a) Reports | 61 |
| CERTAIN TRANSACTIONS WITH RELATED PERSONS | 62 |
| Policies and Procedures on Transactions with Related Persons | 62 |
| Indemnification Agreements | 62 |
| STOCKHOLDER PROPOSALS AND DIRECTOR NOMINATIONS | 63 |
| HOUSEHOLDING | 64 |
Forward-Looking Statements
This proxy statement (this “Proxy Statement”) contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this Proxy Statement that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our business model and growth strategy and our corporate responsibility and impact initiatives. Without limiting the generality of the foregoing, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are neither promises nor guarantees, but involve a number of known and unknown risks, uncertainties and assumptions that may cause our actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to the important factors more fully detailed under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as any such factors may be updated from time to time in our periodic reports filed with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investor Relations section of the Company’s website at investors.duolingo.com. All forward-looking statements speak only as of the date of this Proxy Statement. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
Additionally, our discussion of certain environmental, social and governance and related corporate responsibility (“ESG”) matters in this or other disclosures, including our corporate website (which information contained on or available through our corporate website is not incorporated by reference into, and should not be considered to be a part of, this Proxy Statement) is informed by various ESG standards and frameworks (including standards for the measurement of underlying data) and the interests of various stakeholders. As such, such information may not, and should not be interpreted as necessarily being, “material” under the federal securities laws for SEC reporting purposes. ESG standards use varying definitions of materiality that may differ from, and are often more expansive than, the definition under federal securities laws. Furthermore, much of this ESG information is subject to methodologies or third-party information that is still evolving and subject to change.
5900 Penn Avenue
Pittsburgh, Pennsylvania 15206
PROXY STATEMENT
FOR THE ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD ON JUNE 3, 2026
This proxy statement (the “Proxy Statement”) and our annual report for the fiscal year ended December 31, 2025 (the “Annual Report” and, together with this Proxy Statement, the “proxy materials”) are being furnished by and on behalf of the board of directors (the “Board” or “Board of Directors”) of Duolingo, Inc. (the “Company,” “Duolingo,” “we,” “us,” or “our”), in connection with our 2026 annual meeting of stockholders (the “Annual Meeting”). The Notice of Annual Meeting and this Proxy Statement are first being distributed or made available, as the case may be, to stockholders on or about April 17, 2026.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.