Business Description
Twilio Inc. is a cloud communications platform-as-a-service (CPaaS) company based in San Francisco, California. The company provides programmable application programming interfaces (APIs) that allow software developers to integrate voice, messaging, and video communications into their applications. Twilio's platform is widely used by businesses globally to facilitate customer engagement, marketing, and customer service interactions.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 5,067,220 | 4,458,036 | 4,153,945 | 3,826,321 |
| Cost of Sales | 2,588,486 | 2,179,824 | 2,110,015 | 2,012,744 |
| Gross Profit | 2,478,734 | 2,278,212 | 2,043,930 | 1,813,577 |
| Selling, General & Administrative Expenses | 1,283,894 | 1,309,900 | 1,491,444 | 1,765,446 |
| Research & Development Expenses | 1,020,159 | 1,008,747 | 942,790 | 1,079,081 |
| Other Operating Expenses | 16,879 | 13,273 | 486,237 | 174,358 |
| Operating Profit | 157,802 | (53,708) | (876,541) | (1,205,308) |
| Non-Operating Income | (102,708) | (34,905) | (120,188) | (38,324) |
| Total Non-Operating Income | (102,708) | (34,905) | (120,188) | (38,324) |
| Income Before Provision for Income Taxes | 55,094 | (88,613) | (996,729) | (1,243,632) |
| Provision for Income Taxes | 21,260 | 20,790 | 18,712 | 12,513 |
| Consolidated Net Income | 33,834 | (109,403) | (1,015,441) | (1,256,145) |
| Net Income Attributable to Common Shareholders | 33,834 | (109,403) | (1,015,441) | (1,256,145) |
| Basic EPS | 0.22 | -0.66 | -5.54 | -6.86 |
| Diluted EPS | 0.21 | -0.66 | -5.54 | -6.86 |
| Basic Weighted Average Shares Outstanding | 152,986 | 165,925 | 183,328 | 182,994 |
| Diluted Weighted Average Shares Outstanding | 159,789 | 165,925 | 183,328 | 182,994 |
| Shares Outstanding | 152,411 | 152,611 | 181,946 | 185,976 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 682,335 | 421,297 | 655,931 | 651,752 |
| Short-Term Investments | 1,788,007 | 1,963,102 | 3,356,064 | 3,503,317 |
| Total Cash and Cash Equivalents | 2,470,342 | 2,384,399 | 4,011,995 | 4,155,069 |
| Accounts Receivable | 636,736 | 588,540 | 562,773 | 547,507 |
| Total Trade Receivables | 636,736 | 588,540 | 562,773 | 547,507 |
| Other Current Assets | 469,650 | 474,360 | 329,204 | 281,510 |
| Total Current Assets | 3,576,728 | 3,447,299 | 4,903,972 | 4,984,086 |
| Net Property, Plant & Equipment | 215,994 | 244,447 | 283,598 | 385,320 |
| Net Intangible Assets | 142,065 | 238,503 | 350,490 | 849,935 |
| Goodwill | 5,291,787 | 5,243,266 | 5,243,266 | 5,284,153 |
| Long-Term Investments | 301,642 | 485,835 | 593,582 | 699,911 |
| Other Long-Term Assets | 242,674 | 206,122 | 234,799 | 360,899 |
| Total Assets | 9,770,890 | 9,865,472 | 11,609,707 | 12,564,304 |
| Accounts Payable | 85,089 | 100,169 | 119,615 | 124,605 |
| Accrued Expenses | 608,119 | 530,686 | 424,311 | 490,221 |
| Current Portion of Leases | 35,123 | 33,685 | 49,872 | 54,222 |
| Unearned Revenue | 158,677 | 155,680 | 144,499 | 139,110 |
| Total Current Liabilities | 887,008 | 820,220 | 738,297 | 808,158 |
| Long-Term Debt | 992,287 | 990,587 | 988,953 | 987,382 |
| Leases | 54,162 | 85,875 | 120,770 | 185,841 |
| Other Long-Term Liabilities | 15,887 | 15,824 | 29,135 | 23,881 |
| Total Long-Term Liabilities | 1,062,336 | 1,092,286 | 1,138,858 | 1,197,104 |
| Total Liabilities | 1,949,344 | 1,912,506 | 1,877,155 | 2,005,262 |
| Common Stock | 152 | 153 | 182 | 186 |
| Additional Paid-in Capital | 16,148,190 | 15,476,124 | 14,797,723 | 14,055,853 |
| Accumulated Other Comprehensive Income | 15,668 | (1,301) | 619 | (121,161) |
| Retained Earnings | (8,342,464) | (7,522,010) | (5,065,972) | (3,375,836) |
| Total Common Shareholders' Equity | 7,821,546 | 7,952,966 | 9,732,552 | 10,559,042 |
| Total Shareholders' Equity | 7,821,546 | 7,952,966 | 9,732,552 | 10,559,042 |
| Total Liabilities and Shareholders' Equity | 9,770,890 | 9,865,472 | 11,609,707 | 12,564,304 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 33,834 | (109,403) | (1,015,441) | (1,256,145) |
| Depreciation & Amortization | 195,444 | 205,984 | 284,413 | 279,127 |
| Share-Based Compensation Expense | 600,407 | 616,607 | 675,857 | 798,560 |
| Other Adjustments | 287,427 | 237,194 | 700,568 | 320,733 |
| Changes in Trade Receivables | (55,067) | (61,160) | (85,093) | (194,655) |
| Changes in Accounts Payable | (14,973) | (20,256) | 12,370 | 30,336 |
| Changes in Accrued Expenses | 102,652 | 87,434 | (51,816) | 75,430 |
| Changes in Unearned Revenue | 2,038 | 11,181 | 5,371 | (2,688) |
| Changes in Other Operating Activities | (148,518) | (251,340) | (111,477) | (305,066) |
| Cash from Operating Activities | 1,003,244 | 716,241 | 414,752 | (254,368) |
| Capital Expenditure | (5,848) | (6,978) | (11,310) | (34,421) |
| Purchases of Intangible Assets | (51,969) | (51,808) | (39,925) | (45,761) |
| Purchases of Investments | (1,050,858) | (923,863) | (1,953,003) | (1,938,337) |
| Proceeds from Sale of Investments | 1,251,119 | 2,353,486 | 2,200,417 | 1,439,477 |
| Payments for Business Acquisitions | (61,496) | — | (5,770) | (37,410) |
| Proceeds from Business Divestments | — | — | 38,194 | — |
| Cash from Investing Activities | 80,948 | 1,370,837 | 228,603 | (616,452) |
| Repayments of Long-Term Debt | (5,306) | (12,558) | (16,134) | (13,423) |
| Net Issuance / (Repayments) of Long-Term Debt | (5,306) | (12,558) | (16,134) | (13,423) |
| Issuance of Common Shares | 41,363 | 37,386 | 43,840 | 59,563 |
| Repurchases of Common Shares | (868,939) | (2,334,400) | (668,751) | — |
| Net Issuance / (Repurchases) of Common Shares | (827,576) | (2,297,014) | (624,911) | 59,563 |
| Other Financing Activities | (213) | (2,000) | (2,565) | (1,133) |
| Cash from Financing Activities | (833,095) | (2,311,572) | (643,610) | 45,007 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 108 | — | — | 60 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 251,097 | (224,494) | (147) | (825,753) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $21.68B |
| P/E | 677.33x |
| P/S | 4.28x |
| EV/EBITDA | 57.44x |
| Return on Equity | 0.4% |
| Return on Invested Capital | 1.5% |
| Current Ratio | 4.03x |
| Free Cash Flow Margin | 19.7% |
Margins
Gross margin
48.9%
Operating margin
3.1%
Net margin
0.7%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $1.50B | +22.0% | 5.6% | $85M |
| Q1 2026 | $1.41B | +20.0% | 7.7% | $108M |
| Q4 2025 | $1.37B | +14.3% | 4.2% | $57M |
| Q3 2025 | $1.30B | +14.7% | 3.1% | $41M |
| Q2 2025 | $1.23B | — | 3.0% | $37M |
| Q1 2025 | $1.17B | — | 2.0% | $23M |
| Q4 2024 | $1.19B | — | 1.1% | $14M |
| Q3 2024 | $1.13B | — | -0.4% | $-5M |
More on Twilio Inc.
Figures compiled from public company filings.
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