NYSE: TWLO
Twilio
Technology · Services-Prepackaged Software
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$45.3B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.52B |
| FY2017, ended Dec 31, 2017 | $2.22B |
| FY2018, ended Dec 31, 2018 | $8.94B |
| FY2019, ended Dec 31, 2019 | $13.6B |
| FY2020, ended Dec 31, 2020 | $55.5B |
| FY2021, ended Dec 31, 2021 | $47.5B |
| FY2022, ended Dec 31, 2022 | $9.11B |
| FY2023, ended Dec 31, 2023 | $13.0B |
| FY2024, ended Dec 31, 2024 | $16.5B |
| FY2025, ended Dec 31, 2025 | $21.6B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $45.3B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$5.83B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $277M |
| FY2017, ended Dec 31, 2017 | $399M |
| FY2018, ended Dec 31, 2018 | $650M |
| FY2019, ended Dec 31, 2019 | $1.13B |
| FY2020, ended Dec 31, 2020 | $1.76B |
| FY2021, ended Dec 31, 2021 | $2.84B |
| FY2022, ended Dec 31, 2022 | $3.83B |
| FY2023, ended Dec 31, 2023 | $4.15B |
| FY2024, ended Dec 31, 2024 | $4.46B |
| FY2025, ended Dec 31, 2025 | $5.07B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $5.83B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | −$41.3M | −$4.08M |
| FY2017, ended Dec 31, 2017 | −$63.7M | −$12.5M |
| FY2018, ended Dec 31, 2018 | −$122M | $2.87M |
| FY2019, ended Dec 31, 2019 | −$307M | −$31.3M |
| FY2020, ended Dec 31, 2020 | −$491M | $6.85M |
| FY2021, ended Dec 31, 2021 | −$950M | −$104M |
| FY2022, ended Dec 31, 2022 | −$1.26B | −$289M |
| FY2023, ended Dec 31, 2023 | −$1.02B | $403M |
| FY2024, ended Dec 31, 2024 | −$109M | $709M |
| FY2025, ended Dec 31, 2025 | $33.8M | $997M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.27B | $1.17B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$1.06B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $306M |
| FY2017, ended Dec 31, 2017 | $115M |
| FY2018, ended Dec 31, 2018 | $487M |
| FY2019, ended Dec 31, 2019 | $254M |
| FY2020, ended Dec 31, 2020 | $934M |
| FY2021, ended Dec 31, 2021 | $1.48B |
| FY2022, ended Dec 31, 2022 | $652M |
| FY2023, ended Dec 31, 2023 | $656M |
| FY2024, ended Dec 31, 2024 | $421M |
| FY2025, ended Dec 31, 2025 | $682M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.06B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$994M
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | — |
| FY2017, ended Dec 31, 2017 | — |
| FY2018, ended Dec 31, 2018 | $434M |
| FY2019, ended Dec 31, 2019 | $458M |
| FY2020, ended Dec 31, 2020 | $302M |
| FY2021, ended Dec 31, 2021 | $986M |
| FY2022, ended Dec 31, 2022 | $987M |
| FY2023, ended Dec 31, 2023 | $989M |
| FY2024, ended Dec 31, 2024 | $991M |
| FY2025, ended Dec 31, 2025 | $992M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $994M |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 77.3% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.155M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 87.2M |
| FY2017, ended Dec 31, 2017 | 94.0M |
| FY2018, ended Dec 31, 2018 | 100M |
| FY2019, ended Dec 31, 2019 | 138M |
| FY2020, ended Dec 31, 2020 | 164M |
| FY2021, ended Dec 31, 2021 | 180M |
| FY2022, ended Dec 31, 2022 | 186M |
| FY2023, ended Dec 31, 2023 | 171M |
| FY2024, ended Dec 31, 2024 | 153M |
| FY2025, ended Dec 31, 2025 | 152M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 155M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $60.7M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $2.00K | $24.2M | $65.3M | — |
| FY2017, ended Dec 31, 2017 | $100K | $49.6M | — | — |
| FY2018, ended Dec 31, 2018 | $0 | $93.3M | — | — |
| FY2019, ended Dec 31, 2019 | $0 | $264M | — | $2.66B |
| FY2020, ended Dec 31, 2020 | — | $361M | — | $2.53B |
| FY2021, ended Dec 31, 2021 | $0 | $632M | — | $419M |
| FY2022, ended Dec 31, 2022 | $0 | $799M | — | — |
| FY2023, ended Dec 31, 2023 | $669M | $676M | — | — |
| FY2024, ended Dec 31, 2024 | $2.33B | $617M | — | — |
| FY2025, ended Dec 31, 2025 | $869M | $600M | — | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $647M | $586M | — | — |
Revenue (TTM)
$5.83B
+19.1% YoY
Net income (TTM)
$1.27B
+1,793% YoY
Cash
$1.06B
+44.5% YoY
Total debt
$994M
+0.2% YoY
Valuation
At current price- Market Cap
- $31.7B
- P/E
- 24.9×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 5.4×
- Price / Book
- 3.5×
- EV / EBITDA
- 59.0×
Growth
Trailing 12 months- Revenue (TTM)
- $5.83B
- Revenue Growth YoY
- 19.1%
- Revenue CAGR 3Y
- 9.8%
- Revenue CAGR 5Y
- 23.5%
- EPS Growth YoY
- 1,841%
- Net Income Growth YoY
- 1,793%
Profitability
Trailing 12 months- Gross Margin
- 48.6%
- Operating Margin
- 6.8%
- Net Margin
- 21.8%
- FCF Margin
- 20.1%
- Return on Equity
- 14.9%
Earnings
Trailing 12 months- Net Income
- $1.27B
- EPS (diluted)
- $7.96
- EBITDA
- $537M
- Operating Income
- $398M
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $1.06B
- Total Debt
- $994M
- Net Cash
- $67.9M
- Total Assets
- $11.1B
- Total Liabilities
- $1.94B
- Shareholders' Equity
- $9.17B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.19B
- Capital Expenditure
- $13.6M
- Free Cash Flow
- $1.17B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 1.35
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 19.1% year over year, at $5.83B.
Strength
Operating margin widened 4.5 pts in a year, to 6.8%.
Strength
Holds more cash than debt, with $67.9M in net cash.
Strength
Turns 20.1% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 30, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K67Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 24, 2026 · Read the filing on EDGAR
- Revenue rose 14% to $5.07 billion. Twilio made its first full-year net profit, $33.8 million, after a $109 million loss in 2024.
- Existing customers spent more: net expansion rose to 108% from 104%, and active customer accounts grew to 402,000.
- Free cash flow rose to $945 million. Twilio bought back $855 million of stock under its $2.0 billion program.
- Gross margin slipped to 49% from 51% as carrier fees rose, and an $80.6 million write-down of an equity investment held back net income.
Business momentum
Strong improvement
“In 2025, revenue increased by $609.2 million, or 14%, compared to the same period last year.”
Outlook
Cautious
“The increased fees do not impact our gross profit, but they will create a modest headwind to our gross margins going forward.”
Financial stress
Low
“As of December 31, 2025, we had cash and cash equivalents of $682.3 million and short-term marketable securities of $1.8 billion.”
Tone against the previous report
More positive
Red flags
- Medium
Large write-down
“The increase was primarily attributable to an $80.6 million impairment of our equity method investment described in Note 12”
Positives
First full-year net profit
“While we achieved net income of $33.8 million in the year ended December 31, 2025, we have incurred net losses in each preceding year since our inception”
Existing customers spending more
“This increase was primarily attributable to the increased usage of our products by our existing customers, as reflected in our Dollar‑Based Net Expansion Rate of 108%”
Strong cash generation
“Free cash flow $ 945,427 $ 657,455 $ 363,517”
Concerns
Gross margin falling as carrier costs rise
“In 2025, cost of revenue increased by $408.7 million, or 19%, compared to the same period last year.”
More carrier fee increases coming in 2026
“Other major U.S. carriers have since followed suit, with fee increases effective in January and April 2026.”
Profit remains thin compared with revenue
“Net income (loss) attributable to common stockholders 1 % (2 %) (24 %)”
New risks since the previous report
Write-down and ongoing losses from an equity investment
“In 2025, other expenses, net, increased by $67.8 million, or 194%, compared to the same period last year.”
US tax law changes could raise the tax rate
“The OBBB Act could potentially increase our effective tax rate as we continue to expand our international operations in the coming years.”
Unpaid sales and other indirect taxes for past years
“We are in discussions with certain jurisdictions regarding potential sales and other indirect taxes for prior periods that we may owe.”
Shift away from one-time passwords could cut revenue
“For example, if user authentication practices evolve to reduce or eliminate the use of one-time passwords, our revenue could be adversely affected.”
Biggest risks named
- Usage-based revenue that is sensitive to the economy
- Rising carrier fees squeezing gross margin
- Competition and pricing pressure, including from AI
- Security breaches and data privacy rules
- Telecom regulation and fraudulent use of its messaging services
Artificial intelligence in this business: Material to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | −2 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −3 | |
| New risks | −2 | |
| Score | 67 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 30, 2026 | Pro | |||
| 10-K | Feb 24, 2026 | 67 | Strong improvement | 1 medium | |
| 10-K | Feb 26, 2025 | 72 | Strong improvement | None | |
| 10-K | Feb 27, 2024 | 59 | Improving | 1 medium2 minor | |
| 10-K | Feb 27, 2023 | 40 | Mixed | 1 medium1 minor | |
| 10-K | Feb 22, 2022 | 33 | Sharp deterioration | None | |
| 10-K | Feb 26, 2021 | 40 | Sharp deterioration | 1 minor | |
| 10-K | Mar 2, 2020 | 43 | Sharp deterioration | None | |
| 10-K | Mar 1, 2019 | 56 | Mixed | 1 minor | |
| 10-K | Mar 1, 2018 | 33 | Mixed | 1 serious1 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 30, 2026. View filings on SEC EDGAR