Duolingo, Inc. (DUOL) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Everybody Everybody Everybody Everybody Everybody Everybody Everybody Everybody Everybody Everybody Good evening, everyone, and welcome to Duolingo's second quarter earnings webcast. Today, after market close, we released this quarter's shareholder letter, a copy of which you can find on our IR website at investors.duolingo.com. On today's call, we have Luis Von Ahn, our co-founder and CEO, and Gillian Munson, our CFO. They'll begin with prepared remarks before we open the call for questions. Analysts may ask a question by using the raise hand feature. And please note this call is being recorded and all participants are currently in listen-only mode. Before we begin, please note that we'll make forward-looking statements regarding future events and financial performance. These statements are subject to risks and uncertainties described in our SEC filings and are based on assumptions we believe to be reasonable as of today. And we undertake no obligation to update them. We'll also discuss both gap and non-gap financial measures. Reconciliations of the two can be found in our earnings materials, and we encourage you to review them when evaluating our performance. And now I will turn it over to Luis. Thanks, Debbie, and thank you all for joining. Q2 was a strong quarter. DAUs grew 23% year over year, accelerating from Q1 and coming in slightly ahead of our expectations. And we're encouraged by what we're seeing so far in Q3. The vast majority of that growth came from the work we do every day through what we call the green machine. We test hundreds of product changes, measure their impact, and double down on what works. Most changes are small, but they compound over time. As I discussed in our shareholder letter, that's also what's driving CUR, a measure of user retentio...