A Business at a Glance
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TWILIO INC
TWLO
$30.8B
Mkt Cap
$191.46
+3.46%
TWILIO INC (TWLO) has a current P/E ratio of 911.7.
TWILIO INC (TWLO) has a 5-year average return on invested capital (ROIC) of -5.7%. This is below average and may indicate limited pricing power.
TWILIO INC (TWLO) has a market capitalization of $30.2B. It is classified as a large-cap stock.
TWILIO INC (TWLO) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 3.30%.
TWILIO INC (TWLO) operates in the Services-Prepackaged Software industry, within the Technology sector.
TWILIO INC (TWLO) reported annual revenue of $5.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
TWILIO INC (TWLO) has a net profit margin of 0.7%. This is a modest margin.
TWILIO INC (TWLO) generated $1.0 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Twilio provides a cloud communications platform combining customizable APIs and software solutions with AI-powered orchestration to enable businesses to deliver personalized customer engagement across messaging, voice, email, and video channels. The company's core offering comprises highly flexible APIs—including Programmable Messaging for SMS, MMS, RCS, and over-the-top channels; Programmable Voice for phone calls and advanced voice functionality; and SendGrid Email for email delivery at scale—alongside software products such as digital engagement centers, marketing campaigns, user authentication, and identity solutions. Twilio's Super Network, a software layer interconnecting global communications networks and inbox services, optimizes message quality and cost while providing access to foundational components like phone numbers and session initiation protocol trunking. The platform operates on a usage-based revenue model serving over 402,000 active customer accounts ranging from small and medium-sized businesses to large enterprises across numerous industries, with growth driven by new customer acquisition, increased usage by existing customers, and adoption of new products, supplemented by strategic acquisitions. Revenue streams include self-serve, ISV (independent software vendor), and software add-on channels, with the company generating strong gross margins through its software-centric architecture while managing carrier pass-through fees that flow through at zero gross margin.
【AI-driven cross-channel expansion】 Management expects voice AI use cases to continue evolving toward more conversational and cross-channel applications, with customers expanding their footprint across Twilio's platform to combine voice, messaging, and other channels using AI to reach customers through their preferred communication method. The company remains encouraged by continued strength in messaging despite carrier fee pressures on customers, and is investing in voice, RCS, and AI offerings to capitalize on emerging demand. Twilio is focused on maintaining profitability and cost discipline while driving organic revenue growth, with gross profit expected to grow in line with organic revenue growth and operating leverage continuing to expand through 2026 and beyond. Management has raised full-year guidance reflecting broad-based strength across customer segments and product lines, and remains confident in the durability of growth drivers and the path to achieving its 2027 financial framework.
| Metric | Target | Period |
|---|---|---|
| Organic revenue growth | 9.5%–10.5% | Full year 2026 |
| Reported revenue growth | 14%–15% | Full year 2026 |
| Non-GAAP income from operations | $1.08 billion–$1.1 billion | Full year 2026 |
| Free cash flow | $1.08 billion–$1.1 billion | Full year 2026 |
| Non-GAAP operating income | at least $1.23 billion | Full year 2027 |
Organic revenue growth (Full year 2026): “For the full year, we're raising our organic growth range to 9.5%-10.5%, up from 8%-9% previously.”
Reported revenue growth (Full year 2026): “We are raising our reported revenue growth range to 14%-15%, up from 11.5%-12.5% previously.”
Non-GAAP income from operations (Full year 2026): “Based on our Q1 performance and Q2 guidance, we're raising our full year 2026 non-GAAP income from operations range to $1.08 billion-$1.1 billion, up from $1.04 billion-$1.06 billion previously.”
Free cash flow (Full year 2026): “Similarly, we are raising our full year free cash flow guidance to $1.08 billion-$1.1 billion.”
Non-GAAP operating income (Full year 2027): “As an alternative, we are providing a 2027 non-GAAP operating income target of at least $1.23 billion, which is unaffected by carrier fees and aligns with the high end of our Investor Day framework.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.3B | 5.1B | 4.5B | 4.2B | 3.8B | 2.8B |
| Net Income | 104M | 34M | -109M | -1.0B | -1.3B | -950M |
| EPS | $0.64 | $0.21 | $-0.66 | $-5.54 | $-6.86 | $-5.45 |
| Free Cash Flow | 0 | 1.0B | 716M | 415M | -254M | -104M |
| ROIC | 3.0% | 1.5% | -1.1% | -9.1% | -10.7% | -9.1% |
| Gross Margin | 48.7% | 48.9% | 51.1% | 49.2% | 47.4% | 48.9% |
| Debt/Equity | 0.13 | 0.14 | 0.14 | 0.12 | 0.12 | 0.11 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 242M | 158M | -54M | -877M | -1.2B | -916M |
| Operating Margin | 4.6% | 3.1% | -1.2% | -21.1% | -31.5% | -32.2% |
| ROE | 1.3% | 0.4% | -1.2% | -10.0% | -11.6% | -9.8% |
| Shares Outstanding | 158M | 161M | 166M | 183M | 183M | 174M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 89M | 167M | 277M | 399M | 650M | 1.1B | 1.8B | 2.8B | 3.8B | 4.2B | 4.5B | 5.1B | 5.3B |
| Gross Margin | 53.4% | 55.4% | 56.5% | 54.2% | 53.7% | 53.7% | 52.0% | 48.9% | 47.4% | 49.2% | 51.1% | 48.9% | 48.7% |
| R&D | 22M | 43M | 78M | 121M | 171M | 391M | 531M | 789M | 1.1B | 943M | 1.0B | 1.0B | 1.0B |
| SG&A | 19M | 36M | 51M | 61M | 118M | 218M | 311M | 472M | 517M | 468M | 449M | 411M | 421M |
| EBIT | -27M | -35M | -41M | -66M | -115M | -370M | -493M | -916M | -1.2B | -877M | -54M | 158M | 242M |
| Op. Margin | -30.0% | -21.2% | -14.9% | -16.6% | -17.7% | -32.6% | -28.0% | -32.2% | -31.5% | -21.1% | -1.2% | 3.1% | 4.6% |
| Net Income | -27M | -39M | -41M | -64M | -122M | -307M | -491M | -950M | -1.3B | -1.0B | -109M | 34M | 104M |
| Net Margin | -30.1% | -23.3% | -14.9% | -16.0% | -18.8% | -27.1% | -27.9% | -33.4% | -32.8% | -24.4% | -2.5% | 0.7% | 2.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 77M | 201M | 13M | 15M | 15M |
| Returns on Capital | |||||||||||||
| ROIC | N/A | -52.6% | -18.5% | -18.5% | -19.8% | -13.0% | -7.5% | -9.1% | -10.7% | -9.1% | -1.1% | 1.5% | 3.0% |
| ROE | N/A | -52.6% | -18.5% | -18.5% | -30.6% | -13.0% | -7.7% | -9.8% | -11.6% | -10.0% | -1.2% | 0.4% | 1.3% |
| ROA | N/A | -49.4% | -14.5% | -14.8% | -16.5% | -9.9% | -6.7% | -8.4% | -9.8% | -8.4% | -1.0% | 0.3% | 1.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -17M | -19M | 10M | -3.3M | 8.0M | 14M | 33M | -58M | -254M | 415M | 716M | 1.0B | 965M |
| Free Cash Flow | -18M | -20M | -4.1M | -13M | 2.9M | -31M | 6.8M | -104M | -254M | 415M | 716M | 1.0B | 0 |
| Owner Earnings | -23M | -32M | -22M | -72M | -111M | -361M | -478M | -949M | -1.3B | -546M | -106M | 207M | 188M |
| CapEx | 1.0M | 1.7M | 14M | 9.2M | 5.1M | 45M | 26M | 46M | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 1.8M | 4.2M | 8.3M | 19M | 26M | 110M | 150M | 258M | 279M | 284M | 206M | 195M | 180M |
| Growth CapEx | 0 | 0 | 5.9M | 0 | 0 | 0 | 0 | 0 | N/A | N/A | N/A | N/A | 0 |
| D&A | 1.8M | 4.2M | 8.3M | 19M | 26M | 110M | 150M | 258M | 279M | 284M | 206M | 195M | 180M |
| CapEx/OCF | N/A | N/A | 140.4% | N/A | 64.0% | 322.9% | 79.0% | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 4K | 21M | 2K | 100K | 0 | 0 | 0 | 0 | 0 | 669M | 2.3B | 869M | 996M |
| Buyback Yield | N/A | N/A | 0.0% | 0.0% | N/A | N/A | N/A | N/A | N/A | 4.7% | 12.9% | 3.8% | 3.3% |
| Stock-Based Comp | 4.0M | 8.9M | 24M | 50M | 93M | 264M | 361M | 632M | 799M | 676M | 617M | 600M | 598M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 11M | 11M | 8.3M | 13M | 16M | 13M | 5.3M | 5.3M |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | -291M | -314M | -1.7B | -2.5B | -4.1B | -2.9B | -2.8B | -1.3B | -1.4B | -1.3B |
| Cash & Equiv. | 33M | 109M | 306M | 115M | 487M | 254M | 934M | 1.5B | 652M | 656M | 421M | 682M | 2.3B |
| Long-Term Debt | N/A | N/A | N/A | 0 | 434M | 8.7M | 302M | 986M | 987M | 989M | 991M | 992M | 993M |
| Debt/Equity | N/A | 0.35 | 0.25 | 0.00 | 0.99 | 0.04 | 0.07 | 0.11 | 0.12 | 0.12 | 0.14 | 0.14 | 0.13 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | -522.3 | -560.8 | -44.4 | -32.1 | -22.8 | -1.4 | 4.2 | 4.2 |
| Equity | N/A | 117M | 329M | 360M | 438M | 4.3B | 8.5B | 11.0B | 10.6B | 9.7B | 8.0B | 7.8B | 7.8B |
| Total Assets | N/A | 158M | 413M | 450M | 1.0B | 5.2B | 9.5B | 13.0B | 12.6B | 11.6B | 9.9B | 9.8B | 9.6B |
| Total Liabilities | N/A | 41M | 83M | 90M | 590M | 871M | 1.0B | 2.0B | 2.0B | 1.9B | 1.9B | 1.9B | 1.8B |
| Intangibles | N/A | 2.3M | 10M | 20M | 28M | 461M | 967M | 1.1B | 850M | 350M | 239M | 142M | 125M |
| Retained Earnings | N/A | -145M | -187M | -250M | -372M | -679M | -1.2B | -2.1B | -3.4B | -5.1B | -7.5B | -8.3B | -8.5B |
| Working Capital | N/A | 96M | 280M | 275M | 735M | 1.8B | 2.9B | 5.2B | 4.2B | 4.2B | 2.6B | 2.7B | 2.7B |
| Current Assets | N/A | 136M | 353M | 353M | 873M | 2.1B | 3.4B | 5.9B | 5.0B | 4.9B | 3.4B | 3.6B | 3.4B |
| Current Liabilities | 86K | 40M | 74M | 79M | 138M | 247M | 448M | 704M | 808M | 738M | 820M | 887M | 740M |
| Per Share Data | |||||||||||||
| EPS | -1.58 | -2.19 | -0.78 | -0.70 | -1.26 | -2.36 | -3.35 | -5.45 | -6.86 | -5.54 | -0.66 | 0.21 | 0.64 |
| Owner EPS | -1.36 | -1.79 | -0.42 | -0.79 | -1.15 | -2.77 | -3.26 | -5.44 | -7.27 | -2.98 | -0.64 | 1.29 | 1.19 |
| Book Value | N/A | 6.57 | 6.22 | 3.95 | 4.53 | 32.89 | 57.67 | 63.29 | 57.66 | 53.10 | 47.98 | 48.55 | 49.34 |
| Cash Flow/Share | -1.03 | -1.06 | 0.19 | -0.04 | 0.08 | 0.11 | 0.22 | -0.33 | -1.39 | 2.26 | 4.32 | 6.23 | 1.80 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 16.9M | 17.8M | 53.0M | 91.0M | 96.8M | 130.1M | 146.6M | 174.3M | 183.1M | 183.3M | 165.8M | 161.1M | 157.8M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 668.9 | 298.0 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 34.1 | 25.3 | 22.6 | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 134.0 | 119.1 |
| Price/Book | N/A | N/A | 4.9 | 6.2 | 19.0 | 3.1 | 6.2 | 4.1 | 0.8 | 1.5 | 2.3 | 2.9 | 3.9 |
| Price/Sales | N/A | N/A | 8.3 | 6.6 | 8.7 | 13.7 | 17.1 | 21.3 | 5.3 | 2.7 | 2.6 | 3.7 | 5.7 |
| FCF Yield | N/A | N/A | -0.3% | -0.6% | 0.0% | -0.2% | 0.0% | -0.2% | -3.1% | 2.9% | 4.0% | 4.4% | N/A |
| Market Cap | N/A | N/A | 1.6B | 2.2B | 8.3B | 13.1B | 52.1B | 45.2B | 8.3B | 14.1B | 18.1B | 22.6B | 30.2B |
| Avg. Price | N/A | N/A | 43.39 | 28.93 | 58.67 | 119.34 | 205.78 | 346.93 | 110.21 | 61.12 | 68.81 | 114.96 | 191.46 |
| Year-End Price | N/A | N/A | 30.21 | 24.38 | 86.02 | 100.43 | 355.66 | 259.09 | 45.29 | 77.17 | 109.29 | 140.46 | 191.46 |
TWILIO INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 30.7x vs a median of 25.3x. The company's 5-year average gross margin is 49.1%. Total shareholder yield (buybacks) is 3.3%. At current prices, the estimated annualized return to fair value is +188.3%.
TWILIO INC (TWLO) has a debt-to-equity ratio of 0.14. This indicates a conservatively financed balance sheet.
TWILIO INC (TWLO) reported earnings per share (EPS) of $0.21 in its most recent fiscal year.
TWILIO INC (TWLO) has a return on equity (ROE) of 0.4%. This indicates moderate shareholder returns.
TWILIO INC (TWLO) has a 5-year average gross margin of 49.1%. This indicates decent pricing power.
The Ledger Terminal provides 12 years of financial data for TWILIO INC (TWLO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
TWILIO INC (TWLO) has a book value per share of $48.55, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects voice AI use cases to continue evolving toward more conversational and cross-channel applications, with customers expanding their footprint across Twilio's platform to combine voice, messaging, and other channels using AI to reach customers through their preferred communication method. The company remains encouraged by continued strength in messaging despite carrier fee pressures on customers, and is investing in voice, RCS, and AI offerings to capitalize on emerging demand. Twilio is focused on maintaining profitability and cost discipline while driving organic revenue growth, with gross profit expected to grow in line with organic revenue growth and operating leverage continuing to expand through 2026 and beyond. Management has raised full-year guidance reflecting broad-based strength across customer segments and product lines, and remains confident in the durability of growth drivers and the path to achieving its 2027 financial framework.
Based on recent SEC filings and earnings calls, TWILIO INC (TWLO) has provided the following forward guidance: Organic revenue growth: 9.5%–10.5% (Full year 2026); Reported revenue growth: 14%–15% (Full year 2026); Non-GAAP income from operations: $1.08 billion–$1.1 billion (Full year 2026); Free cash flow: $1.08 billion–$1.1 billion (Full year 2026); Non-GAAP operating income: at least $1.23 billion (Full year 2027).