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Monday 9 November 2026
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Twilio Inc.
TWLOTechnology Software Infrastructure
Twilio Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.1 billion, up 13.7% from fiscal 2024.
- Revenue
- +19.9%
- EPS
- +335.0%
- Free cash flow
- +54.3%
- Total debt
- +0.18%
Quarter to September 2026, against a year earlier
202.02
1.06
+0.53%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 277 | 399 | 650 | 1,134 | 1,762 | 2,842 | 3,826 | 4,154 | 4,458 | 5,067 | 5,831 | +38.1% | 6,070 | 6,759 | 7,491 | +13.9% | |
| Gross margin, % | 56.54 | 54.16 | 53.72 | 53.67 | 51.97 | 48.94 | 47.40 | 49.20 | 51.10 | 48.92 | 48.58 | (7.6) pt | ||||||
| EBT | (41) | (63) | (121) | (362) | (504) | (961) | (1,244) | (997) | (89) | 55 | 279 | n/m | ||||||
| EBT margin, % | (14.78) | (15.79) | (18.64) | (31.93) | (28.63) | (33.81) | (32.50) | (23.99) | (1.99) | 1.09 | 4.79 | +15.9 pt | ||||||
| Net income | (41) | (64) | (122) | (307) | (491) | (950) | (1,256) | (1,015) | (109) | 34 | 1,273 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 5.22 | 4.37 | 6.69 | 8.72 | 12.01 | 16.32 | 20.91 | 22.66 | 26.87 | 33.12 | 37.77 | +22.8% | |||||
| Earnings | (0.78) | (0.70) | (1.26) | (2.36) | (3.35) | (5.45) | (6.86) | (5.54) | (0.66) | 0.22 | 8.32 | n/m | ||||||
| Cash flow | 0.19 | (0.04) | 0.08 | 0.11 | 0.22 | (0.33) | (1.39) | 2.26 | 4.32 | 6.56 | 7.68 | +48.2% | ||||||
| Capex | (0.50) | (0.29) | (0.25) | (0.87) | (0.40) | (0.78) | (0.63) | (0.28) | (0.35) | (0.42) | (0.44) | (2.0%) | ||||||
| Free cash flow | (0.31) | (0.33) | (0.17) | (0.76) | (0.18) | (1.12) | (2.02) | 1.98 | 3.96 | 6.14 | 7.25 | n/m | ||||||
| Book value | 6.20 | 3.94 | 4.51 | 32.90 | 57.62 | 63.33 | 57.70 | 53.09 | 47.93 | 51.13 | 59.40 | +26.4% | ||||||
| Shares, m | 53 | 91 | 97 | 130 | 147 | 174 | 183 | 183 | 166 | 153 | 153 | +12.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 646.55 | 24.27 | 64.7 | |||||
| P/S | 5.08 | 5.74 | 13.34 | 11.27 | 28.19 | 16.14 | 2.41 | 3.14 | 4.02 | 4.29 | 5.35 | 9.4 | ||||||
| P/B | 4.27 | 6.36 | 19.79 | 2.99 | 5.88 | 4.16 | 0.87 | 1.34 | 2.25 | 2.78 | 3.40 | 5.1 | ||||||
| EV/Sales | 3.97 | 5.01 | 12.86 | 10.05 | 26.64 | 14.61 | 1.59 | 2.41 | 3.71 | 4.00 | 5.02 | 8.5 | ||||||
| EV/FCF | (67.24) | (65.71) | (492.28) | (109.78) | (554.57) | (201.17) | (16.17) | 28.73 | 25.32 | 21.66 | 26.55 | (143.1) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 10 | (3) | 8 | 14 | 33 | (58) | (254) | 415 | 716 | 1,003 | 1,186 | +66.7% | |||||
| Capex | (26) | (27) | (25) | (113) | (59) | (136) | (115) | (51) | (59) | (64) | (68) | +10.2% | ||||||
| Free cash flow | (16) | (30) | (17) | (99) | (26) | (194) | (369) | 364 | 657 | 940 | 1,118 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 280 | 275 | 735 | 1,814 | 2,924 | 5,229 | 4,176 | 4,166 | 2,627 | 2,690 | 3,094 | +28.6% | |||||
| Net debt | (306) | (291) | (314) | (1,386) | (2,720) | (4,347) | (3,146) | (3,023) | (1,394) | (1,478) | (1,898) | +19.1% | ||||||
| Shareholders’ equity | 329 | 360 | 438 | 4,279 | 8,453 | 11,031 | 10,559 | 9,733 | 7,953 | 7,822 | 9,171 | +42.2% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (14.49) | (14.77) | (16.50) | (9.94) | (6.71) | (8.45) | (9.83) | (8.40) | (1.02) | 0.34 | 12.23 | +14.8 pt | |||||
| ROIC | (108.58) | (59.87) | (57.90) | (7.99) | (5.37) | (8.56) | (10.16) | (8.17) | (0.51) | 1.55 | 3.42 | +110.1 pt | ||||||
| ROE | (40.09) | (18.49) | (30.56) | (13.02) | (7.71) | (9.75) | (11.64) | (10.01) | (1.24) | 0.43 | 14.91 | +40.5 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 730 | 996 | 1,440 | 2,905 | 4,629 | 7,867 | 3,605 | 5,867 | 5,535 | 5,587 | — | +25.4% | |||||
| Revenue/emp, $m | 0.38 | 0.40 | 0.45 | 0.39 | 0.38 | 0.36 | 1.06 | 0.71 | 0.81 | 0.91 | — | +10.2% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Messaging | 2,878 | 56.80% |
|---|---|---|
| Other | 747 | 14.73% |
| Voice | 616 | 12.15% |
| 523 | 10.33% | |
| Segment | 303 | 5.98% |
| Gross margin | 48.92% | |
| Operating margin | 3.11% | |
| Pre-tax margin | 1.09% |
Twilio Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| NBIS Nebius Group N.V. | $35.2B | 498× | — (loss-making) | +454.04% (above 0%: growing) | n/m | −399.28% (below 0%: shrinking) | 77.06% | (30.21%) | Compare |
| NTAP NetApp, Inc. | $33.2B | 23.6× | 21.8× | +29.89% (above 0%: growing) | +64.66% (above 0%: growing) | −35.32% (below 0%: shrinking) | 70.07% | 23.90% | Compare |
| ZS Zscaler, Inc. | $32.2B | — (loss-making) | 7,375× | +24.88% (above 0%: growing) | n/m | −64.66% (below 0%: shrinking) | 76.73% | (1.72%) | Compare |
| TWLO Twilio Inc. | $31.3B | 24.3× | 22.5× | +19.93% (above 0%: growing) | +334.96% (above 0%: growing) | +54.25% (above 0%: growing) | 48.77% | 9.53% | |
| OKTA Okta, Inc. | $29.5B | 99.8× | 84.7× | +10.58% (above 0%: growing) | +76.32% (above 0%: growing) | +38.89% (above 0%: growing) | 79.63% | 13.29% | Compare |
| CPAY Corpay, Inc. | $29.1B | 24.6× | 22.2× | +17.86% (above 0%: growing) | +47.55% (above 0%: growing) | −71.00% (below 0%: shrinking) | 100.00% | 44.96% | Compare |
| VRSN VeriSign, Inc. | $27.7B | 33.2× | 32.4× | +5.70% (above 0%: growing) | +3.51% (above 0%: growing) | −13.96% (below 0%: shrinking) | 88.76% | 66.93% | Compare |
| GPN Global Payments Inc. | $25.8B | — (loss-making) | — (loss-making) | +64.69% (above 0%: growing) | −58.68% (below 0%: shrinking) | −165.59% (below 0%: shrinking) | 60.78% | 7.45% | Compare |
| MDB MongoDB, Inc. | $25.2B | 423× | 482× | +30.50% (above 0%: growing) | n/m | +94.79% (above 0%: growing) | 73.83% | 3.68% | Compare |
| Median of peers | $29.3B | 66.5× | 58.6× | +27.39% | +47.55% | −49.99% | 76.90% | 10.37% |
From the latest earnings call
- CFO Aidan Viggiano said messaging’s organic growth slowed in Q3, while voice, software add-ons and the self-service business grew consistently with the prior quarter.
- CEO Khozema Shipchandler said Twilio launched an identity offering in private beta to help businesses validate whom an AI agent represents, with general availability planned for next year.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
89.91%
Held by the ten largest
48.22%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 16.63m | 10.83% | +23.87k |
| Vanguard | 15.91m | 10.36% | −332.10k |
| JPMorgan Chase | 12.22m | 7.96% | +2.85m |
| Fidelity (FMR) | 11.27m | 7.34% | −267.76k |
| State Street | 6.00m | 3.91% | +143.15k |
| Geode Capital Management | 2.88m | 1.87% | +43.52k |
| UBS | 2.45m | 1.59% | −369.23k |
| Royal Bank of Canada | 2.25m | 1.47% | −1.01m |
| Pictet Asset Management | 2.25m | 1.46% | −83.84k |
| Jericho Capital Asset Management L.P. | 2.19m | 1.43% | +1.49m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 28 April 2026
Ownership
Directors and executive officers, together
less than 1%
The Vanguard Group
11.80%
BlackRock, Inc.
10.80%
FMR LLC
7.00%
JPMORGAN CHASE & CO.
6.00%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Twilio Inc. (TWLO) Latest News
31 Oct
30 Oct
29 Oct
26 Oct
23 Oct
22 Oct
TWLO metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Twilio provides software that businesses use to communicate with their customers. Its tools let developers add messaging, phone calls, email and video to applications rather than build those communications systems themselves. Customers range from small businesses to large enterprises across many industries.
The company’s application programming interfaces, or APIs, are connections that let other software use Twilio’s services. A retailer, for example, can use Messaging to send order confirmations, while a business can use Voice to handle calls through an application or contact center. Twilio also sells software for marketing campaigns, user verification and customer service.