TWLOTwilio

Technology · Software · NYSE

We envision a world in which every digital interaction is amazing. 10-K, Item 1

Employees: 5,587
Headquarters: San Francisco, CA
CEO: Khozema Shipchandler
Next results: around Feb 11, 2027

All key numbers (38, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	7.96	Sales (ttm)	5.8B	Net income (ttm)	1.3B	Sales growth	+13.7%	EPS growth	-	Sales Q/Q	+19.9%
Free cash flow	-	Gross margin	48.6%	Oper. margin	6.8%	Net margin	21.8%	FCF margin	-	ROE	13.9%
ROA	11.5%	R&D / sales	20.1%	Dividend	-	Debt/Eq	0.11	Curr. ratio	4.47	Cash	1.1B
Op. cash flow (ttm)	1.2B	EBITDA	353.2M	EBITDA margin	7.0%	Net debt	-67.9M	Quick ratio	4.47	Interest cover	4.20
ROIC	1.0%	Tax rate	38.6%	Stock pay / sales	11.8%	Shares out.	154.7M	Shares Y/Y	-3.7%	Book / share	59.27
Cash / share	6.86	Sales / share	37.69	Asset turnover	0.53	Days sales out.	46	Sales 3Y CAGR	+9.8%	Sales 5Y CAGR	+23.5%
Employees	5,587	Sales / employee	1.0M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Revenue growth sped up to +13.7%+7.3% → +13.7% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
Operating margin widened to 3.1%-1.2% → 3.1% · Operating income / revenue · 10-K ↗
Net income turned to a profit−$109.4M → $33.8M · Net income attributable to the company · 10-K ↗

What management wrote about it → · Every company →

TWLO against Technology peers

Ten years, side by side → · All 75 →

TWLOPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth

+13.7%41st of 75 · median +14.1%

Net margin

21.8%33rd of 75 · median 19.1%

Return on equity

13.9%49th of 69 · median 23.9%

Debt / equity (less is better)

0.119th of 61 · median 0.46

TWLO and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
TWLO Twilio	$5.8B	+13.7%	48.6%	21.8%	13.9%	-	0.11
ZBRA Zebra Technologies	$6.1B	+8.3%	48.9%	9.8%	16.9%	16.1%	0.72
CDNS Cadence Design Systems	$6.1B	+14.1%	-	22.5%	20.1%	28.8%	0.36
CIEN Ciena	$6.0B	+18.8%	44.1%	10.9%	21.4%	13.5%	1.06
MCHP Microchip Technology	$5.6B	+7.1%	62.7%	15.0%	12.6%	26.0%	0.83
Q Qnity Electronics	$5.5B	+9.7%	46.9%	10.2%	7.4%	14.2%	0.53

From $5.1B of sales to $33.8M of profit

FY2025, from the 10-K income statement and revenue by product

Swipe sideways for the whole flow →

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. The full income statement →

Profitability

1 of 4

✓
Net margin above the peer median21.8% vs 19.1%
!
Gross margin down over 5 years52.0% → 48.9%
!
Return on equity below 15%13.9%
!
A profit in 1 of 10 years

Net margin, FY2016 to FY2025: -14.9% → 0.7%

Balance sheet

3 of 4

!
Interest covered less than 5 timesOperating income is 4.2× interest expense
✓
Debt smaller than equityDebt / equity 0.11 on the latest balance sheet (peer median 0.46)
✓
Current assets cover current liabilitiesCurrent ratio 4.47
✓
More cash than debtNet cash $1.9B

Debt / equity at each year end, FY2016 to FY2025: 0.00 → 0.13

Cash and shareholders

1 of 3

!
Free cash flow positive in 2 of 6 years−$104.2M last year
!
Share count up over 5 years+8.9%
✓
Cash from operations above net income$1.0B vs $33.8M

Free cash flow, FY2016 to FY2025: -4.1M → -104.2M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 5.1B Net income 33.8M

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

TWLO's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue5.1B

Net income33.8M

Free cash flow-104.2M

EPS (diluted)0.21

Diluted shares159.8M

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Messaging	2.9B	56.8%	+18.2%
Other	746.5M	14.7%	+7.6%
Voice	615.7M	12.1%	+13.4%
Email	523.5M	10.3%	+7.2%
Segment	303.2M	6.0%	+1.9%

10-K 0001447669-26-000021, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
United States	3.2B	64.1%	+12.0%
International	1.8B	35.9%	+16.7%

10-K 0001447669-26-000021, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	277.3M	399.0M	650.1M	1.1B	1.8B	2.8B	3.8B	4.2B	4.5B	5.1B
Cost of revenue	120.5M	182.9M	300.8M	525.6M	846.1M	1.5B	2.0B	2.1B	2.2B	2.6B
Gross profit	156.8M	216.1M	349.2M	608.9M	915.7M	1.4B	1.8B	2.0B	2.3B	2.5B
R&D	77.9M	120.7M	171.4M	391.4M	530.5M	789.2M	1.1B	942.8M	1.0B	1.0B
SG&A	51.1M	60.8M	117.5M	218.3M	310.6M	472.5M	517.4M	468.5M	449.1M	410.7M
Operating income	-41.3M	-66.1M	-115.2M	-369.8M	-492.9M	-915.6M	-1.2B	-876.5M	-53.7M	157.8M
Interest expense	-	-	-	-	-	20.6M	37.5M	38.4M	37.9M	37.6M
Pretax income	-41.0M	-63.0M	-121.2M	-362.2M	-504.4M	-960.9M	-1.2B	-996.7M	-88.6M	55.1M
Income tax	326K	705K	791K	-55.2M	-13.4M	-11.0M	12.5M	18.7M	20.8M	21.3M
Net income	-41.3M	-63.7M	-121.9M	-307.1M	-491.0M	-949.9M	-1.3B	-1.0B	-109.4M	33.8M
EPS (diluted)	-0.78	-0.70	-1.26	-2.36	-3.35	-5.45	-6.86	-5.54	-0.66	0.21
Diluted shares	-	-	-	130.1M	146.7M	174.2M	183.0M	183.3M	165.9M	159.8M
Depreciation & amortization	8.3M	18.8M	26.1M	110.4M	149.7M	258.4M	279.1M	284.4M	206.0M	195.4M
EBITDA	-33.0M	-47.3M	-89.1M	-259.4M	-343.2M	-657.2M	-926.2M	-592.1M	152.3M	353.2M
Gross margin	56.5%	54.2%	53.7%	53.7%	52.0%	48.9%	47.4%	49.2%	51.1%	48.9%
Operating margin	-14.9%	-16.6%	-17.7%	-32.6%	-28.0%	-32.2%	-31.5%	-21.1%	-1.2%	3.1%
Net margin	-14.9%	-16.0%	-18.8%	-27.1%	-27.9%	-33.4%	-32.8%	-24.4%	-2.5%	0.7%
Revenue growth	-	+43.9%	+62.9%	+74.5%	+55.3%	+61.3%	+34.6%	+8.6%	+7.3%	+13.7%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	305.7M	115.3M	487.2M	253.7M	933.9M	1.5B	651.8M	655.9M	421.3M	682.3M
Short-term investments	0	175.6M	261.1M	1.6B	2.1B	3.9B	3.5B	3.4B	2.0B	1.8B
Receivables	26.2M	43.1M	97.7M	154.1M	251.2M	388.2M	547.5M	562.8M	588.5M	636.7M
Current assets	353.4M	353.3M	872.9M	2.1B	3.4B	5.9B	5.0B	4.9B	3.4B	3.6B
Property & equipment	37.6M	50.5M	63.5M	141.3M	-	-	-	-	-	-
Goodwill	3.6M	17.9M	38.2M	2.3B	4.6B	5.3B	5.3B	5.2B	5.2B	5.3B
Total assets	412.7M	449.8M	1.0B	5.2B	9.5B	13.0B	12.6B	11.6B	9.9B	9.8B
Accounts payable	4.2M	11.1M	18.5M	39.1M	60.0M	93.3M	124.6M	119.6M	100.2M	85.1M
Current liabilities	73.7M	78.5M	137.8M	247.2M	448.3M	703.5M	808.2M	738.3M	820.2M	887.0M
Total debt	-	-	0	-	302.1M	985.9M	987.4M	989.0M	990.6M	992.3M
Total liabilities	83.2M	89.9M	590.5M	871.1M	1.0B	2.0B	2.0B	1.9B	1.9B	1.9B
Shareholders' equity	329.4M	359.8M	438.2M	4.3B	8.5B	11.0B	10.6B	9.7B	8.0B	7.8B
Retained earnings	-186.7M	-250.4M	-371.7M	-678.8M	-1.2B	-2.1B	-3.4B	-5.1B	-7.5B	-8.3B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	10.1M	-3.3M	8.0M	14.0M	32.7M	-58.2M	-254.4M	414.8M	716.2M	1.0B
Capital spending	14.2M	9.2M	5.1M	45.4M	25.8M	46.0M	-	-	-	-
Free cash flow	-4.1M	-12.5M	2.9M	-31.3M	6.8M	-104.2M	-	-	-	-
Stock-based pay (added back)	24.2M	49.6M	93.3M	264.3M	360.9M	632.3M	798.6M	675.9M	616.6M	600.4M
Buybacks	2K	100K	0	0	-	0	0	668.8M	2.3B	868.9M
Acquisitions	8.5M	22.6M	30.6M	-122.7M	333.6M	491.5M	37.4M	5.8M	0	61.5M
Debt raised	-	-	-	0	0	984.7M	0	0	-	-
Investing cash flow	-35.0M	-226.7M	-139.4M	-1.3B	-845.9M	-2.5B	-616.5M	228.6M	1.4B	80.9M
Financing cash flow	229.2M	36.4M	515.8M	1.0B	1.5B	3.1B	45.0M	-643.6M	-2.3B	-833.1M

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	24.2M	49.6M	93.3M	264.3M	360.9M	632.3M	798.6M	675.9M	616.6M	600.4M
Stock-based pay / revenue	8.7%	12.4%	14.3%	23.3%	20.5%	22.2%	20.9%	16.3%	13.8%	11.8%
Operating lease cost	-	-	-	32.6M	49.3M	61.0M	57.8M	35.7M	25.4M	27.0M
Operating lease cash paid	-	-	-	28.3M	46.9M	60.1M	64.5M	65.5M	54.4M	40.7M
Finance lease principal paid	-	-	-	5.6M	8.8M	-	-	-	-	-
Right-of-use assets	-	-	0	156.7M	258.6M	234.6M	121.3M	74.0M	53.4M	39.0M
Operating lease liabilities	-	-	132.0M	166.4M	278.2M	263.6M	218.8M	170.6M	119.6M	89.3M
Finance lease liabilities	-	-	-	15.7M	26.9M	-	-	-	-	-

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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