Twilio Inc. (TWLO) financials
NYSE · Technology · Software - Infrastructure · 5,587 employees · CEO Khozema Z. Shipchandler
- Price
- $205.03 -15.24%
- Market cap
- $31.5B
- Enterprise value
- $31.5B
- Last report
- Q3 '26 filed 2026-10-30
- Next report
- 2027-02-11 EPS est. $1.54
Revenue (TTM)$5.83B+19.1% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)7.1%+4.8 pp vs a year agoOperating income $415M
Net income (TTM)$1.27B+1,793.3% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$1.23B+57.3% vs a year agoCapex -$9.77M
Diluted EPS (TTM)$7.95+1,839.0% vs a year agoSum of the last 4 quarters
Net cash$1.83B+34.5% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $31.5B EV $31.5B
- Revenue
- $5.83B Trailing 12 months
- Revenue growth
- +20% FY2026 consensus
- Profit margin
- 21.8% Net income / revenue, TTM
- P/E
- 24.6× Forward 33.5× (FY2026)
- P/S
- 5.4× Price / sales, TTM
- EV / EBITDA
- 74.9× TTM
- Free cash flow
- $1.23B Trailing 12 months
- Net income
- $1.27B Trailing 12 months
- Revenue estimate
- $6.06B FY2026 consensus
- Earnings
- 2027-02-11 Revenue est. $1.6B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-29): revenue beat by 2.9%, EPS beat by 12.2%Revenue $1.56B vs $1.52B expected (+2.9%); EPS $1.65 vs $1.47 (+12.2%).
- Revenue growth accelerating: 19.9% year on yearQ3 '26 revenue $1.56B, against an average of 17.8% over the four quarters before.
- Operating margin 7.1% (TTM), +4.8 pp on a year agoOperating income grew 261.4% while revenue grew 19.1%.
- 48.5% of pre-tax profit is eaten by non-operating lossesPre-tax income $279M vs operating income $415M (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 0.2% of revenue (a year ago 1.2%)$9.77M invested in the last 4 quarters (-83.0% on a year earlier). Free cash flow $1.23B = 96.8% of net income.
- Returned $647M to shareholders = 52.5% of free cash flowBuybacks $647M (a year earlier $1.09B), dividends $0, stock-based pay $586M (TTM).
- Diluted share count up 1.6% in a year162M diluted shares in Q3 '26, 159M a year earlier.
- Net cash $1.83BCash + short-term investments $2.89B, debt incl. leases $1.06B; a year ago net cash $1.36B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $1.56B | $1.3B | +19.9% |
| Gross margin | 48.8% | 48.6% | +0.2 pp |
| Operating income | $149M | $40.9M | +263.0% |
| Operating margin | 9.5% | 3.1% | +6.4 pp |
| Net income | $161M | $37.2M | +332.7% |
| Diluted EPS | $1.00 | $0.23 | +334.8% |
| Operating cash flow | $389M | $264M | +47.7% |
| Capex | $19.5M | $16M | +21.7% |
| Free cash flow | $370M | $248M | +49.3% |
| R&D | $280M | $262M | +6.9% |
| Stock-based compensation | $154M | $158M | -2.7% |
Reported vs consensus
2026-10-29| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $1.56B | $1.52B | +2.9% |
| EPS (as estimated) | $1.65 | $1.47 | +12.2% |
From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Communications Segment | $1.15B | +14.5% | 100.0% | $4.43B | – |
Revenue by region
share of total| Segment | Q2 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $997M | +20.1% | 64.0% | $3.74B | +19.1% | |
| Non-US | $562M | +19.7% | 36.0% | $2.09B | +19.1% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '24
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Communications Segment | – | – | $268M | – | – | – | – |
| Twilio Segment | – | – | -$15.8M | – | – | – | – |
| Corporate (unallocated) | – | – | -$69.6M | – | – | – | – |
| Material Reconciling Items | – | – | $182M | – | – | – | – |
Operating income by segment
quarterlySegment operating margin
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $1.22B
- Capex
- $9.77M
- Buybacks
- -$647M
- Dividends
- $0
- Acquisitions
- -$62.2M
- Net debt issued
- -$35.8M
- Stock-based compensation
- $586M
- Free cash flow
- $1.23B
- Returned to shareholders / FCF
- 52.5%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 24.6× | 646.5× 1 of 5 years | 646.5× – 646.5× |
| EV / EBITDA | 74.9× | 120.0× 2 of 5 years | 81.3× – 158.7× |
| EV / Sales | 5.4× | 6.1× | 2.5× – 16.1× |
| Price / FCF | 25.6× | 28.9× 3 of 5 years | 21.1× – 38.3× |
| Price / Book | 3.5× | 2.3× | 0.8× – 4.2× |
| FCF yield | 3.9% | 1.4% | -3.7% – 4.7% |
| Return on invested capital | 4.0% | -3.8% | -8.7% – 1.2% |
| Return on equity | 15.1% | -6.4% | -11.9% – 0.4% |
Analysts
Consensus target $271.80 (+32.6%)
range $211.00 – $330.00 · rating Buy
Strong buy0
Buy40
Hold10
Sell2
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $6.06B | +19.6% | $6.12 | +2,815.1% | 33.5× | 15 |
| FY2027 | $6.77B | +11.7% | $6.81 | +11.3% | 30.1× | 17 |
| FY2028 | $7.48B | +10.6% | $7.73 | +13.6% | 26.5× | 9 |
| FY2029 | $7.82B | +4.5% | $7.89 | +2.0% | 26.0× | 3 |
| FY2030 | $8.33B | +6.5% | $8.49 | +7.6% | 24.1× | 3 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 253 figures Twilio Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $61.6M | $40.3M | +52.8% | $85.1M | $100M | -15.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $755M | $613M | +23.1% | $637M | $589M | +8.2% |
| Accounts Receivable, Allowance for Credit Loss, Current | $25.6M | $21.5M | +19.1% | $21.5M | $27.5M | -21.8% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $4.34M | $2.68M | +62.2% | $8.23M | $35.4M | -76.7% |
| Accretion (Amortization) of Discounts and Premiums, Investments | $1.82M | $3.29M | -44.8% | $14.1M | $22.9M | -38.4% |
| Accrued Bonuses, Current | $15.7M | $16.7M | -5.9% | $21.9M | $21.6M | +1.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$16.5M | $22.6M | -173.1% | $15.7M | -$1.3M | +1,304.3% |
| Additional Paid in Capital, Common Stock | $16.7B | $16B | +4.3% | $16.1B | $15.5B | +4.3% |
| Advertising Expense | – | – | – | $39.8M | $48.7M | -18.3% |
| Amortization of Intangible Assets | $8.8M | $26.9M | -67.3% | $108M | $112M | -3.3% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 464K | 4.22M | -89.0% | 1.16M | 20.3M | -94.3% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $160M | $164M | -2.5% | $619M | $634M | -2.3% |
| Asset Impairment Charges | $0 | $0 | – | $0 | $0 | – |
| Assets | $11.1B | $9.71B | +14.4% | $9.77B | $9.87B | -1.0% |
| Assets, Current | $3.99B | $3.48B | +14.6% | $3.58B | $3.45B | +3.8% |
| Assets, Fair Value Disclosure | $2.6B | $2.24B | +15.8% | $2.28B | $2.19B | +4.2% |
| Capitalized Computer Software, Additions | $23.3M2026-03-31 | $16.2M | +43.8% | $72.5M | $72.5M | 0.0% |
| Capitalized Contract Cost, Amortization | $15.4M | $18.5M | -17.0% | $74.5M | $76.3M | -2.4% |
| Capitalized Contract Cost, Net | $148M2025-12-31 | $166M | -11.0% | $148M | $166M | -11.0% |
| Cash and Cash Equivalents, at Carrying Value | $1.06B | $735M | +44.5% | $682M | $421M | +62.0% |
| Cash and Cash Equivalents, Fair Value Disclosure | $767M | $520M | +47.7% | $492M | $225M | +118.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.06B | $735M | +44.5% | $683M | $431M | +58.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $238M | -$246M | +196.9% | $251M | -$224M | +211.9% |
| Common Stock, Capital Shares Reserved for Future Issuance | 34.1M | 56.2M | -39.3% | 54.2M | 53.1M | +2.2% |
| Common Stock, Par or Stated Value Per Share | $0.002025-12-31 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 1B2025-12-31 | 1B | 0.0% | 1B | 1B | 0.0% |
| Common Stock, Shares, Issued | 152M2025-12-31 | 153M | -0.1% | 152M | 153M | -0.1% |
| Common Stock, Shares, Outstanding | 152M2025-12-31 | 153M | -0.1% | 152M | 153M | -0.1% |
| Common Stock, Value, Issued | $155K | $152K | +2.0% | $152K | $153K | -0.7% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $150M | $35.1M | +326.6% | $50.8M | -$111M | +145.6% |
| Contract with Customer, Liability | $157M | $159M | -1.4% | $159M | $156M | +1.9% |
| Contract with Customer, Liability, Current | $157M | $159M | -1.3% | $159M | $156M | +1.9% |
| Contract with Customer, Liability, Revenue Recognized | $20.3M | $20.6M | -1.5% | $134M | $121M | +11.1% |
| Conversion of Stock, Amount Converted | – | – | – | $02023-12-31 | – | – |
| Cost of Revenue | $799M | $668M | +19.6% | $2.59B | $2.18B | +18.7% |
| Current Federal Tax Expense (Benefit) | – | – | – | $341K | $5.62M | -93.9% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $20.7M | $14.9M | +39.3% |
| Current Income Tax Expense (Benefit) | – | – | – | $22.5M | $22.8M | -1.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1.52M | $2.31M | -34.3% |
| Debt Securities, Available-for-sale | $1.83B | $1.72B | +6.3% | $1.78B | $1.96B | -9.0% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $266K | $11.2M | -97.6% | $10.6M | $7.69M | +37.3% |
| Debt Securities, Available-for-sale, Amortized Cost | $1.85B | $1.71B | +8.1% | $1.77B | $1.95B | -9.3% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $32K | $5K | +540.0% | $1K | $612K | -99.8% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $19.4M | $75K | +25,756.0% | $93K | $1.89M | -95.1% |
| Debt Securities, Available-for-sale, Current | $1.83B | $1.72B | +6.1% | $1.79B | $1.96B | -8.9% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $695M | $589M | +18.0% | $588M | $684M | -14.1% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | $694M | $591M | +17.3% | $591M | $685M | -13.7% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $95K | $196K | -51.5% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$1.36M | -$2.33M | +41.7% |
| Deferred Income Tax Assets, Net | $1.06B | – | – | – | – | – |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$1.29M | -$1.98M | +35.0% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$27K | $149K | -118.1% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $136M2025-12-31 | $136M | 0.0% | $136M | $136M | 0.0% |
| Deferred Tax Assets, Gross | $1.69B2025-12-31 | $1.65B | +2.3% | $1.69B | $1.65B | +2.3% |
| Deferred Tax Assets, in Process Research and Development | $230M2025-12-31 | $299M | -23.0% | $230M | $299M | -23.0% |
| Deferred Tax Assets, Investments | $126M2025-12-31 | $81.2M | +55.5% | $126M | $81.2M | +55.5% |
| Deferred Tax Assets, Net | $16.9M2025-12-31 | $14.1M | +19.9% | $16.9M | $14.1M | +19.9% |
| Deferred Tax Assets, Net of Valuation Allowance | $136M2025-12-31 | $164M | -17.4% | $136M | $164M | -17.4% |
| Deferred Tax Assets, Operating Loss Carryforwards | $818M2025-12-31 | $810M | +1.0% | $818M | $810M | +1.0% |
| Deferred Tax Assets, Other | $8.99M2025-12-31 | $18.1M | -50.4% | $8.99M | $18.1M | -50.4% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-02