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.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2026		2025		2026		2025
Numerator:
Net income attributable to Class A and Class B common stockholders	$	27,165	$	292,195	$	103,783	$	372,111


Denominator:
Weighted-average shares in computing net income per share attributable to Class A and Class B common stockholders, basic	46,879		45,950		46,789		45,572
Effect of dilutive securities
Founder Awards where performance has been met	—		720		—		720
Dilutive effect of stock options outstanding (1)	413		927		413		927
RSUs outstanding	2,638		1,547		2,638		1,547
Denominator for dilutive net income per common share - weighted-average shares	49,930		49,144		49,840		48,766
Basic income per common share	$	0.58	$	6.36	$	2.22	$	8.17
Diluted income per common share	$	0.54	$	5.95	$	2.08	$	7.63

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(1) The Company had 0.5 million options outstanding as of September 30, 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.