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Twilio Inc (TWLO) stock

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NYSE: TWLO NYSE Internet Services & Infrastructure Next results ~February 11, 2027

B Fundamentals grade

Twilio supplies cloud communications infrastructure that lets businesses build customer interactions into their own software. Its application programming interfaces (APIs) let developers embed text messaging, voice calls, email and video, while packaged products handle specific engagement needs. Named offerings include Programmable Messaging (covering SMS, MMS, RCS and over-the-top channels such as WhatsApp), Programmable Voice, SendGrid Email and Marketing Campaigns, the Verify authentication and identity service, and Segment, a platform that unifies first-party customer data. These run on the Super Network, a layer connecting carriers and inbox providers worldwide.

Customers range from small firms to large enterprises across many industries; as of December 2025 the company reported over 402,000 Active Customer Accounts. Twilio charges a mix of usage-based and subscription fees: messaging, voice and authentication are billed by usage, while Email and Segment are largely subscription-based. It reaches customers through self-service sign-up, direct sales and partners, including independent software vendors who resell its APIs.

Growth has been chiefly organic, supplemented by acquisitions. By the end of 2025 Twilio held 382 issued US patents.

Based on Twilio Inc's 10-K filed February 24, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$63

Cash-flow model

Base case. Range ~$50–$79 across our lower- and higher-growth cases (10.8%–20.8% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 70% below it.

Price used: $207.60, November 2, 2026

Twilio Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Twilio files

10-Q filed October 30: Twilio

Model value −17.2%

Revenue for the twelve months to September 2026 was $5.83bn, up 19.1% on a year earlier, faster than the 17.8% growth a quarter earlier. Free-cash-flow margin rose to 18.3% from 14.2% a year earlier. Operating margin widened to 6.8% from 2.3%. Its fundamentals grade moves from C+ to B. Our model value falls from $75.67 to $62.68 a share, against a share price of $205. The rating stays Sell.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Twilio stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $5.57bn, up 17.8% on a year earlier, faster than 15.7% a quarter earlier. Free-cash-flow margin rose to 19.0% from 16.5% a year earlier. Operating margin widened to 5.2% from 1.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 6 financial-health checks. Our cash-flow model value is $65.64 a share, against a share price of $258.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 11, 2027 (estimated)

Twilio Inc's trailing-twelve-month revenue grew 19.1% year on year, with a free-cash-flow margin of 18.3%. Where it stands out: net margin of 21.8% ranks 3 of 34 internet services & infrastructure companies we cover. Where it lags: gross margin of 48.6% ranks 13 of 16 internet services & infrastructure companies we cover.

Our discounted-cash-flow model values the business at ~$63 per share in the base case (~$50–$79 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 53.2% while net income grew 1793.3%: a 1740pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 19.1% over the last 12 months, against a median of 10.1% for internet services & infrastructure companies we cover.
  • Margins widening. Operating margin is up 4.5 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $207.60 is 70% above our value per share of $63.
  • Volatile shares. Over the past year the shares showed annualised volatility of 63% and a beta of 1.5 against the S&P 500.
  • Insiders selling. 4 insiders sold $619M of stock over the past 365 days and none bought (6% under pre-set trading plans).
  • Below peers: gross margin. Gross margin of 48.6% ranks 13 of 16 internet services & infrastructure companies we cover (median 61.5%).

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$1.65 against an average estimate of $1.47: beat by 12.4%
Revenue
$1.56bn, up 19.9% on a year earlier
Share reaction
-19.2% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenue $1.51bn to $1.52bn (third quarter ending September 30, 2026); Y/Y Revenue Growth growth 16% to 16.5% (third quarter ending September 30, 2026)
Next report
October 29, 2026; average EPS estimate $1.48

Twilio's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.3%
  • 1 week-21.3%
  • 1 month-29.5%
  • This year+46.0%
  • 1 year+53.9%
  • 5 years-33.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5.8B
Operating margin
6.8%
Net margin
21.8%
EPS (TTM, diluted)
$7.98

Growth

Revenue growth
+19.1%
Change in growth rate
+1.3 pts
Share count change
+0.6%

Cash

Free cash flow (TTM)
$1.1B
FCF margin
18.3%
Stock pay % of revenue
10.0%

Earnings

Last results
October 29, 2026
Next results (est.)
February 11, 2027

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Insider trade
  4. Insider trade
  5. Insider trade
  6. Results
  7. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Twilio Inc valuation models and calculator

What the price is pricing in

The share price implies about 41.4% a year of cash-flow growth for five years.That is faster than the 15.5% a year revenue growth Twilio has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in41.4%
  • Last 12 months19.1%
  • 3 years a year12.4%
  • 5 years a year15.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($210.82, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$63
Price used
$210.82close November 3, 2026
Implied change
▼ 70%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Twilio Inc's free cash flow after stock-based pay with after-tax interest added back ($238M, FY2026 Q3 TTM), growing 12.9% and 14.2% in the next two years (forecasts, guidance and its record), then back to 15.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$50–~$79 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Twilio Inc's free cash flow after stock-based pay ( $238M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Twilio Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.22 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$63 ~$50–$79 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$100 ~$84–$190 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$5.2 ~$2.7–$9.4 Left out: out of range vs price (0.03x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$75 ~$63–$100 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Twilio Inc with Internet Services & Infrastructure in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▲ +27%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $33$41$51$64$81$104
8.5% $28$34$41$50$63$78
10% $25$29$35$42$52$64

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$28.85$23.60$89.30$98.28$338.50$263.34$48.96$75.87$108.08$142.24$207.60
Market value$1.5bn$2.2bn$8.7bn$12.8bn$49.7bn$45.9bn$9.0bn$13.9bn$17.9bn$22.7bn$33.1bn
+ Net debt (− = net cash)−$306m−$115m−$53m$204m−$632m−$494m$336m$333m$569m$310m−$68m
Enterprise value$1.2bn$2.0bn$8.6bn$13.0bn$49.0bn$45.4bn$9.3bn$14.2bn$18.5bn$23.0bn$33.0bn
Multiples
Price / sales 5.5x5.4x13.3x11.3x28.2x16.1x2.3x3.3x4.0x4.5x5.7x
Price / earnings —————————n/m26.0x
Price / free cash flow ——n/m—n/m——33.5x25.0x22.7x27.9x
EV / EBITDA ————————121.5x65.2x64.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

35 /100

Weak moat

How hard Twilio's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Cash operating profit has been a median 2.4% of total assets over 10 years.

  • Pricing power 17 / 20

    Gross margin has been a median 50.5%, moving by 2.6 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -17.1%; its worst year was -34.9%.

  • Cash conversion 4 / 20

    Free cash flow was positive in 4 of 10 years, at a median -1.2% of revenue.

  • Discipline 9 / 20

    The diluted share count fell 5.7% over five years; stock-based pay has been a median 15.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (40 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.93 +21% $6.0bn +18%
Next $6.80 +15% $6.7bn +12%

Next year's EPS estimate has moved +2.3% in 90 days, across 31 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.9% on 90 days ago. In the last 30 days, 1 analyst raised Twilio Inc's forecast and 0 cut it.

Consensus EPS forecast Twilio Inc, last 90 days
$5.50 $6.00 $6.50 $7.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.71 Current fiscal year, 60 days ago: $5.91 Current fiscal year, 30 days ago: $5.93 Current fiscal year, 7 days ago: $5.93 Current fiscal year, Now: $5.93 $5.93 Next fiscal year, 90 days ago: $6.65 Next fiscal year, 60 days ago: $6.77 Next fiscal year, 30 days ago: $6.79 Next fiscal year, 7 days ago: $6.80 Next fiscal year, Now: $6.80 $6.80

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.71$6.65
60 days ago $5.91$6.77
30 days ago $5.93$6.79
7 days ago $5.93$6.80
Now $5.93$6.80

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.47 $1.65 +12.4%
Jun 2026 $1.32 $1.47 +11.1%
Mar 2026 $1.27 $1.50 +18.0%
Dec 2025 $1.23 $1.33 +8.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Y/Y Revenue Growth fiscal year 2026 18% growth to 18.5% growth GAAP Raised
    “For fiscal year 2026, Twilio is raising its reported revenue growth range to 18% to 18.5% compared with 14% to 15% previously, and its organic revenue growth range to 13% to 13.5% year-over-year compared with 9.5% to 10.5% previously.” source
  • Y/Y Organic Revenue Growth fiscal year 2026 13% growth to 13.5% growth Non-GAAP Raised
    “For fiscal year 2026, Twilio is raising its reported revenue growth range to 18% to 18.5% compared with 14% to 15% previously, and its organic revenue growth range to 13% to 13.5% year-over-year compared with 9.5% to 10.5% previously.” source
  • Revenue third quarter ending September 30, 2026 $1.505bn to $1.515bn New
    “For the third quarter ending September 30, 2026, Twilio is initiating a revenue range of $1.505 to $1.515 billion, which implies a reported revenue growth range of 16% to 16.5% and an organic revenue growth range of 11% to 12% year-over-year.” source
  • Y/Y Revenue Growth third quarter ending September 30, 2026 16% growth to 16.5% growth GAAP New
    “For the third quarter ending September 30, 2026, Twilio is initiating a revenue range of $1.505 to $1.515 billion, which implies a reported revenue growth range of 16% to 16.5% and an organic revenue growth range of 11% to 12% year-over-year.” source
  • Y/Y Organic Revenue Growth third quarter ending September 30, 2026 11% growth to 12% growth Non-GAAP New
    “For the third quarter ending September 30, 2026, Twilio is initiating a revenue range of $1.505 to $1.515 billion, which implies a reported revenue growth range of 16% to 16.5% and an organic revenue growth range of 11% to 12% year-over-year.” source
  • Non-GAAP diluted earnings per share third quarter 2026 $1.42 to $1.47 Non-GAAP New
    “Lastly, Twilio expects third quarter non-GAAP diluted earnings per share in a range of $1.42 to $1.47, based on non-GAAP weighted average diluted shares outstanding of 160 million.” source
Show 3 more items
  • Non-GAAP income from operations 2026 $1.135bn to $1.155bn Non-GAAP Raised
    “Lastly, Twilio is raising its 2026 non-GAAP income from operations range to $1.135 billion to $1.155 billion compared to $1.08 billion to $1.10 billion previously, and raising its 2026 free cash flow range to $1.135 billion to $1.155 billion compared to $1.08 billion to $1.10 billion previously.” source
  • Free cash flow 2026 $1.135bn to $1.155bn Raised
    “Lastly, Twilio is raising its 2026 non-GAAP income from operations range to $1.135 billion to $1.155 billion compared to $1.08 billion to $1.10 billion previously, and raising its 2026 free cash flow range to $1.135 billion to $1.155 billion compared to $1.08 billion to $1.10 billion previously.” source
  • Non-GAAP income from operations third quarter 2026 $285m to $295m Non-GAAP New
    “In addition, Twilio is initiating a third quarter non-GAAP income from operations range of $285 to $295 million.” source

How earlier guidance turned out

  • Revenue, third quarter ending September 30, 2026 guided $1.505bn to $1.515bn Above range: $1.559536bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Twilio Inc's revenue by +12.9% next year and +14.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+12.0%, weight 57%) , management guidance (+11.8%, weight 18%) and the company's own record (+15.8%, weight 24%) . How the weights are set.

Analyst recommendations

31 analysts, Oct 2026
Buy2581%
Hold413%
Sell26%

Monthly trend

  1. Oct 2026619431
  2. Sep 2026619330
  3. Aug 2026620431
  4. Jul 2026620432

Counts of recommendations published by analysts covering Twilio Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.1%
of tradable shares
Days to cover
1.39
at average volume
Short interest, 1 month
+12%
to October 15, 2026
Held by institutions
94%
of shares
Held by insiders
0.1%
of shares
Employees
5,492
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +53.9%

$134.88 on October 31, 2025 to $207.60

ThenNowEffect
Revenue (last 12 months) $4.7bn $5.6bn +17.8%
Net margin 0.4% 20.6% +4716.1%
P/E multiple n/m 28.7x −97.3%
Share count 158m 159m −0.2%

Biggest factor: net margin.

Last 3 years +283.7%

$54.10 on November 3, 2023 to $207.60

ThenNowEffect
Revenue (last 12 months) $4.1bn $5.6bn +37.5%
P/S multiple 2.5x 5.9x +139.9%
Share count 185m 159m +16.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TWLO−22%−81%+55%+43%+32%+46%
Industry peers (median)+13%−80%+44%−17%−12%−30%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TWLO33%17%50%58%50%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TWLO−44%−84%−39%−30%−45%−32%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since June 23, 2016: 90% from February 18, 2021 to November 4, 2022. Getting back needed a 938% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$108.49 – $301.27
From 52-week high
−31.1%
vs 50-day average
−19.0%
vs 200-day average
+9.7%
Volatility (1 year)
63%
Beta vs S&P 500
1.49

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±15.5%
After a week
8 up, 3 down
typical move ±18.2%
After a month
8 up, 3 down
typical move ±22.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −19.2% −2.1% — —
August 6, 2026 +24.9% +0.5% +29.1% +20.6%
April 30, 2026 +30.1% +1.3% +39.9% +61.5%
February 12, 2026 +2.3% −1.5% +2.4% +14.4%
October 30, 2025 +20.8% −0.8% +14.2% +14.3%
August 7, 2025 −24.2% +0.7% −22.6% −16.2%
May 1, 2025 +3.5% +2.2% +8.8% +23.7%
February 13, 2025 −13.4% +1.1% −20.9% −30.6%
January 23, 2025 +20.9% +0.3% +31.7% +4.8%
October 30, 2024 +13.1% −2.3% +26.7% +46.6%
August 1, 2024 +6.3% −3.3% +2.5% +6.1%
May 7, 2024 −7.4% +0.1% −1.7% −9.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Twilio Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.95× the last 60 days’ realised volatility , richer than 16% of the 229 stocks we screen today.
  • Puts are priced 4 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

TWLO Twilio Inc Grade B $211.72

Own 100 shares, sell the $250 call expiring December 18, 2026 (46 days) for $5.60 a share — $560 per contract.

Previous session · Bid $5.60, ask $6.30, quoted Mon 2 Nov, 17:38 New York time with TWLO at $211.72. Option prices move with the shares: check the live chain at your broker before trading.

  • If TWLO ends below $250: you keep your shares and the $560 — 2.6% extra on the position, 21.0% a year at that pace.
  • If it ends above $250: your shares are sold at $250, a total return of 20.7% including the premium — at or above our value of ~$63.
$4.4k $0 −$4.1k Break-even $206.12 Price $211.72 ← Our value ~$63
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$560
Annualised
21.0%
Break-even
$206.12
Max gain
$4,388.5
Chance of selling
~27%

Collar

Own the shares, buy the $185 put and sell the $250 call, both expiring December 18, 2026 (46 days).

  • Net cost of $4.50 a share ($450 per contract of 100 shares).
  • Worst case at expiry: -14.7%, if the shares fall below $185 (-12.6% from today).
  • Best case at expiry: +16.0%, if the shares rise above $250 (+18.1%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $63.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Twilio Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Twilio Inc
$4B $4.5B $5B $5.5B $6B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $4.2B Revenue (TTM), FY24 Q1: $4.2B Revenue (TTM), FY24 Q2: $4.2B Revenue (TTM), FY24 Q3: $4.3B Revenue (TTM), FY24 Q4: $4.5B Revenue (TTM), FY25 Q1: $4.6B Revenue (TTM), FY25 Q2: $4.7B Revenue (TTM), FY25 Q3: $4.9B Revenue (TTM), FY25 Q4: $5.1B Revenue (TTM), FY26 Q1: $5.3B Revenue (TTM), FY26 Q2: $5.6B Revenue (TTM), FY26 Q3: $5.8B $5.8B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $4.2B
FY24 Q1 $4.2B
FY24 Q2 $4.2B
FY24 Q3 $4.3B
FY24 Q4 $4.5B
FY25 Q1 $4.6B
FY25 Q2 $4.7B
FY25 Q3 $4.9B
FY25 Q4 $5.1B
FY26 Q1 $5.3B
FY26 Q2 $5.6B
FY26 Q3 $5.8B
Revenue growth, TTM YoY Twilio Inc
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 8.6% Revenue growth, TTM YoY, FY24 Q1: 6.0% Revenue growth, TTM YoY, FY24 Q2: 4.6% Revenue growth, TTM YoY, FY24 Q3: 5.8% Revenue growth, TTM YoY, FY24 Q4: 7.3% Revenue growth, TTM YoY, FY25 Q1: 9.3% Revenue growth, TTM YoY, FY25 Q2: 11.6% Revenue growth, TTM YoY, FY25 Q3: 12.8% Revenue growth, TTM YoY, FY25 Q4: 13.7% Revenue growth, TTM YoY, FY26 Q1: 15.7% Revenue growth, TTM YoY, FY26 Q2: 17.8% Revenue growth, TTM YoY, FY26 Q3: 19.1% 19.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 8.6%
FY24 Q1 6.0%
FY24 Q2 4.6%
FY24 Q3 5.8%
FY24 Q4 7.3%
FY25 Q1 9.3%
FY25 Q2 11.6%
FY25 Q3 12.8%
FY25 Q4 13.7%
FY26 Q1 15.7%
FY26 Q2 17.8%
FY26 Q3 19.1%
Operating margin (TTM) Twilio Inc
-30% -20% -10% 0% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -21.1% Operating margin (TTM), FY24 Q1: -15.6% Operating margin (TTM), FY24 Q2: -12.6% Operating margin (TTM), FY24 Q3: -9.9% Operating margin (TTM), FY24 Q4: -1.2% Operating margin (TTM), FY25 Q1: 0.3% Operating margin (TTM), FY25 Q2: 1.5% Operating margin (TTM), FY25 Q3: 2.3% Operating margin (TTM), FY25 Q4: 3.1% Operating margin (TTM), FY26 Q1: 4.6% Operating margin (TTM), FY26 Q2: 5.2% Operating margin (TTM), FY26 Q3: 6.8% 6.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -21.1%
FY24 Q1 -15.6%
FY24 Q2 -12.6%
FY24 Q3 -9.9%
FY24 Q4 -1.2%
FY25 Q1 0.3%
FY25 Q2 1.5%
FY25 Q3 2.3%
FY25 Q4 3.1%
FY26 Q1 4.6%
FY26 Q2 5.2%
FY26 Q3 6.8%
FCF margin (TTM) Twilio Inc
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 5.5% FCF margin (TTM), FY24 Q1: 12.8% FCF margin (TTM), FY24 Q2: 15.7% FCF margin (TTM), FY24 Q3: 15.3% FCF margin (TTM), FY24 Q4: 12.7% FCF margin (TTM), FY25 Q1: 12.5% FCF margin (TTM), FY25 Q2: 13.5% FCF margin (TTM), FY25 Q3: 14.2% FCF margin (TTM), FY25 Q4: 17.0% FCF margin (TTM), FY26 Q1: 15.8% FCF margin (TTM), FY26 Q2: 16.9% FCF margin (TTM), FY26 Q3: 18.3% 18.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 5.5%
FY24 Q1 12.8%
FY24 Q2 15.7%
FY24 Q3 15.3%
FY24 Q4 12.7%
FY25 Q1 12.5%
FY25 Q2 13.5%
FY25 Q3 14.2%
FY25 Q4 17.0%
FY26 Q1 15.8%
FY26 Q2 16.9%
FY26 Q3 18.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Twilio took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $5.1B
  2. Cost of revenue $2.6B · 51.1%
  3. Gross profit $2.5B · 48.9%
  4. Research and development $1B · 20.1%
  5. Selling, general and admin $1.3B · 25.3%
  6. Operating income $158M · 3.1%
  7. Interest and other $103M · 2.0%
  8. Net income $33.8M · 0.7%

Shares of revenue. Source: Twilio's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 89 167 277 399 650 1,134 1,762 2,842 3,826 4,154 4,458 5,067 5,831
Gross profit 47 92 157 216 349 609 916 1,391 1,814 2,044 2,278 2,479 2,833
EBITDA −25 −31 −33 −47 −89 −259 −343 −657 −926 −592 152 353 515
Operating income −27 −35 −41 −66 −115 −370 −493 −916 −1,205 −877 −54 158 398
Net income −27 −36 −41 −64 −122 −307 −491 −950 −1,256 −1,015 −109 34 1,273
Diluted EPS −$0.53 −$0.73 −$0.78 −$0.70 −$1.26 −$2.36 −$3.35 −$5.45 −$6.86 −$5.54 −$0.66 $0.21 $7.98
Growth (year on year)
Revenue — +87.9% +66.1% +43.9% +62.9% +74.5% +55.3% +61.3% +34.6% +8.6% +7.3% +13.7% +19.1%
EBITDA — — — — — — — — — — — +132.0% +100.1%
Operating income — — — — — — — — — — — — +246.5%
Margins
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% 48.6%
EBITDA margin −28.1% −18.7% −11.9% −11.9% −13.7% −22.9% −19.5% −23.1% −24.2% −14.3% 3.4% 7.0% 8.8%
Operating 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% 6.8%
Net margin −30.1% −21.3% −14.9% −16.0% −18.8% −27.1% −27.9% −33.4% −32.8% −24.4% −2.5% 0.7% 21.8%
Free-cash-flow margin −20.7% −12.3% −1.5% −3.1% 0.4% −2.8% 0.4% −3.7% −6.6% 10.0% 16.1% 19.8% 20.3%
Cash flow
Cash from operations −17 −19 10 −3 8 14 33 −58 −254 415 716 1,003 1,186
Capital spending 1 2 14 9 5 45 26 46 0 0 0 0 0
Free cash flow −18 −20 −4 −13 3 −31 7 −104 −254 415 716 1,003 1,186
Stock-based pay 4 9 24 50 93 264 361 632 799 676 617 600 586
Free cash flow after stock pay −22 −29 −28 −62 −90 −296 −354 −737 −1,053 −261 100 403 600
Balance sheet
Cash 33 109 306 115 487 254 934 1,479 652 656 421 682 1,062
Total debt 0 0 0 0 434 458 302 986 987 989 991 992 994
Net debt (negative = net cash) −33 −109 −306 −115 −53 204 −632 −494 336 333 569 310 −68
Diluted shares 51m 53m 53m 91m 97m 130m 147m 174m 183m 183m 166m 160m 159m
Returned to shareholders
Buybacks 0 21 0 0 0 0 — 0 0 669 2,334 869 647
Total returned 0 21 0 0 0 0 — 0 0 669 2,334 869 647

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · September 30, 2026
What it owns · $11.1bn
Short-term assets $4.0bnLonger-term assets $7.1bn
What it owes, and who funded it · $11.1bn
Short-term liabilities $891mLonger-term liabilities $1.0bnShareholders' equity $9.2bn
  • Short-term assets cover short-term liabilities $4.0bn of assets due within a year against $891m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.0bn short-term assets against $1.0bn of longer-dated liabilities.
  • More cash than debt $1.1bn of cash against $994m of debt.
  • Debt below 40% of shareholders' equity Debt is 11% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 9% to 11% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.2bn of operating cash flow against $994m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Twilio Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$647M
Returned to shareholders
61%
of free cash flow
Buybacks, last 3 fiscal years
$3.9B
Diluted share count
+0.6%
year over year
Total shareholder yield
1.9%
dividends 0.0% + buybacks 1.9% of market value
R&D spending
18.5%
of revenue
Days sales outstanding
47 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in internet services & infrastructure
Last 12 months unless stated TWLO GDDY AKAM RXT NET VRSN Median
Revenue, last 12 months $5.8bn $5.2bn $4.3bn $2.7bn $2.5bn $1.7bn $242m
Revenue growth, last 12 months 19.1% 6.4% 5.9% 0.3% 33.5% 6.5% 8.3%
Revenue growth, 3-year average 12.4% 7.3% 5.7% −4.3% 30.6% 5.3% 7.6%
Revenue growth, latest quarter 19.9% 6.0% 5.4% 0.6% 35.9% 5.7% 5.5%
Gross margin 48.6% — 57.5% 17.9% 72.6% 88.6% 49.5%
Operating margin 6.8% 25.7% 10.5% −3.3% −14.1% 67.6% −56.0%
Operating margin, 3-year average −0.2% 22.0% 13.5% −15.7% −11.9% 67.8% −25.3%
Net margin 21.8% 18.6% 9.5% −5.9% −8.2% 49.1% −55.8%
Cash from operations / revenue 20.3% 34.2% 33.5% 3.8% 25.2% 61.3% −10.4%
Free-cash-flow margin 18.3% 33.7% 22.1% 1.5% 12.5% 59.1% −25.9%
Free-cash-flow margin, 3-year average 16.0% 30.9% 25.1% 2.9% 10.9% 58.7% −17.4%
Stock pay / revenue 10.0% 5.6% 11.8% 1.5% 20.2% 4.4% 11.9%
Change in share count 0.6% 36.1% −1.2% 7.1% 2.0% −3.1% 5.2%

Median of all 34 companies we cover in internet services & infrastructure. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

34 internet services & infrastructure companies
Measure Company Peer median Rank
Revenue growth Growth 19.1% 10.1% 13 of 34
Change in growth rate Growth +1.3pp -0.6pp 12 of 34
Gross margin Profitability 48.6% 61.5% 13 of 16
Operating margin Profitability 6.8% -49.3% 6 of 33
Net margin Profitability 21.8% -47.1% 3 of 34
Free-cash-flow margin Cash generation 18.3% 16.2% 7 of 17
Stock pay as % of revenue Cash generation 10.0% 12.4% 14 of 32
Long-term debt as % of assets Balance sheet 8.9% 20.2% 9 of 25
Change in share count Balance sheet 0.6% 5.2% 9 of 26
Days sales outstanding Balance sheet 47 days 48 days 7 of 14

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Messaging $2.9B 56.8% ▲ 18.2%
Other Communications $747M 14.7% ▲ 7.6%
Programmable Voice $616M 12.1% ▲ 13.4%
Email $523M 10.3% ▲ 7.2%
twlo:SegmentMember $303M 6.0% ▲ 1.9%
Geography
Region Revenue Share YoY
United States $3.2B 64.1% ▲ 12.0%
Outside the US $1.8B 35.9% ▲ 16.7%

From Twilio Inc's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$28.5B
Institutions reporting
955
Shares held vs prior quarter
▲ 1.9%
Positions opened / closed
212 / 64

Top buyers and sellers, Q2 2026: 530 institutions bought and 372 sold ; the biggest buyer was Jpmorgan Chase & Co (+2.9M shares) and the biggest seller Fil Ltd (−2.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $3.4B 16.6M 12.0% ▲ 0.1%
Jpmorgan Chase & Co $2.4B 12.2M 8.5% ▲ 30.4%
FMR LLC $2.3B 11.3M 8.2% ▼ 2.3%
Vanguard Portfolio Management LLC $1.6B 7.6M 5.5% ▼ 5.4%
Vanguard Capital Management LLC $1.4B 6.8M 5.0% ▲ 0.9%
State Street Corp $1.2B 6.0M 4.3% ▲ 2.4%
Geode Capital Management, LLC $592M 2.9M 2.1% ▲ 1.5%
Alkeon Capital Management LLC $482M 2.3M 1.7% ▲ 26.9%
Royal Bank Of Canada $464M 2.3M 1.6% ▼ 31.0%
Pictet Asset Management Holding SA $464M 2.2M 1.6% ▼ 3.6%
Jericho Capital Asset Management L.P. $452M 2.2M 1.6% ▲ 214.3%
Norges Bank $399M 1.9M 1.4% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Twilio Inc's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $619M 96 trades by 4 insiders · 6% under pre-set plans
Net ▼ $619M net selling
Insider Date Trade Shares Price Value
Shipchandler Khozema Chief Executive Officer October 5, 2026 Sell pre-set plan 2,551 $294.53 $751,346
Shipchandler Khozema Chief Executive Officer October 5, 2026 Sell pre-set plan 1,600 $293.14 $469,020
Shipchandler Khozema Chief Executive Officer October 5, 2026 Sell pre-set plan 800 $292.33 $233,863
Shipchandler Khozema Chief Executive Officer October 5, 2026 Sell pre-set plan 501 $291.47 $146,025
Shipchandler Khozema Chief Executive Officer October 5, 2026 Sell pre-set plan 5,156 $290.24 $1.5M
Shipchandler Khozema Chief Executive Officer October 5, 2026 Sell pre-set plan 1,900 $289.13 $549,353
Shipchandler Khozema Chief Executive Officer October 5, 2026 Sell pre-set plan 1,934 $288.02 $557,036
Shipchandler Khozema Chief Executive Officer September 30, 2026 Sell 960 $296.29 $284,442
Shipchandler Khozema Chief Executive Officer September 30, 2026 Sell 2,670 $295.56 $789,158
Shipchandler Khozema Chief Executive Officer September 30, 2026 Sell 5,168 $294.55 $1.5M
Shipchandler Khozema Chief Executive Officer September 30, 2026 Sell 2,330 $293.44 $683,724
Shipchandler Khozema Chief Executive Officer September 30, 2026 Sell 1,450 $292.10 $423,547

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 11 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Twilio Inc shares.

  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded May 4, 2026, filed June 3, 2026
  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded April 17, 2025, filed May 14, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Purchase, $1,001 - $15,000, traded March 4, 2025, filed March 27, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • August 6, 2026
  • April 30, 2026
  • February 12, 2026
  • October 30, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Twilio Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Twilio Inc in brief

What does Twilio Inc do?
Twilio Inc is a US-listed company in the internet services & infrastructure industry. Its financial year ends in December.
What is Twilio Inc's stock ticker?
Twilio Inc trades under the ticker TWLO on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Twilio Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Twilio Inc reported revenue of $5.8B, 19.1% higher than a year earlier, according to its SEC filings.
What is Twilio Inc's free cash flow?
Twilio Inc's free-cash-flow margin is 18.3% of revenue over the trailing twelve months, ranking 7 of the 17 internet services & infrastructure companies we cover.
What is Twilio Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Twilio Inc's free cash flow after stock-based pay gives ~$63 per share in the base case, and ~$50–$79 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Twilio Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Jpmorgan Chase & Co and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Twilio Inc buying back stock, and does it pay a dividend?
Twilio Inc spent $647M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.6% over the year.
What is Twilio Inc's market cap?
On November 2, 2026, Twilio Inc's market capitalisation was about $33.1B, with a price-to-earnings ratio of 26.0 and net debt of -$67.9M. Market figures come from third-party market data and may be delayed.
How much debt does Twilio Inc have?
Twilio Inc's debt-to-equity ratio is 10.8%, from its latest balance sheet (9.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Twilio Inc's competitors?
In our Internet Services & Infrastructure peer group, the companies closest to Twilio Inc are Godaddy Inc., Akamai Technologies, Rackspace Technology, Inc., Cloudflare, Inc. and Verisign Inc. The side-by-side comparison below sets their revenue, margins and growth against Twilio Inc's.
Are insiders buying or selling Twilio Inc stock?
Over the last 12 months, Twilio Inc's directors and officers reported 0 open-market purchases and 96 sales on Form 4. The insider trading page charts every trade.
When is Twilio Inc's next earnings date?
Around February 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Twilio Inc announces its own schedule.