What is Twilio's operating income?

Twilio's total operating income in 2025 was $157.80 million, based on the following breakdown: Total Gross Profit: $2.48 billion Total Operating Expenses: $2.32 billion

Twilio (TWLO) Financials

$245.75 -10.20 (-3.99%)

As of 08/12/2026 03:58 PM Eastern

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Annual Income Statements for Twilio

This table shows Twilio's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-39	-41	-64	-122	-307	-491	-950	-1,256	-1,015	-109	34
Consolidated Net Income / (Loss)	-36	-41	-64	-122	-307	-491	-950	-1,256	-1,015	-109	34
Net Income / (Loss) Continuing Operations	-36	-41	-64	-122	-307	-491	-950	-1,256	-1,015	-109	34
Total Pre-Tax Income	-35	-41	-63	-121	-362	-504	-961	-1,244	-997	-89	55
Total Operating Income	-35	-41	-66	-115	-370	-493	-916	-1,205	-877	-54	158
Total Gross Profit	92	157	216	349	609	916	1,391	1,814	2,044	2,278	2,479
Total Revenue	167	277	399	650	1,134	1,762	2,842	3,826	4,154	4,458	5,067
Operating Revenue	167	277	399	650	1,134	1,762	2,842	3,826	4,154	4,458	5,067
Total Cost of Revenue	74	121	183	301	526	846	1,451	2,013	2,110	2,180	2,588
Operating Cost of Revenue	74	121	183	301	526	846	1,451	2,013	2,110	2,180	2,588
Total Operating Expenses	128	198	282	464	979	1,409	2,306	3,019	2,920	2,332	2,321
Selling, General & Admin Expense	36	51	61	118	218	311	472	517	468	449	411
Marketing Expense	49	65	101	176	369	567	1,045	1,248	1,023	861	873
Research & Development Expense	43	78	121	171	391	531	789	1,079	943	1,009	1,020
Impairment Charge	-	-	-	-	-	0.00	0.00	98	321	0.00	1.85
Restructuring Charge	-	-	-	-	-	0.00	0.00	77	166	13	15
Total Other Income / (Expense), net	0.01	0.32	3.07	-5.92	7.57	-12	-45	-38	-120	-35	-103
Interest & Investment Income	-	-	-	-	-	0.00	0.00	-35	-122	-108	-182
Other Income / (Expense), net	0.01	0.32	3.07	-5.92	7.57	-12	-45	-3.01	1.71	74	79
Income Tax Expense	0.12	0.33	0.71	0.79	-55	-13	-11	13	19	21	21
Basic Earnings per Share	($2.19)	($0.78)	($0.70)	($1.26)	($2.36)	($3.35)	($5.45)	($6.86)	($5.54)	($0.66)	$0.22
Weighted Average Basic Shares Outstanding	17.75M	53.12M	91.22M	97.13M	130.08M	146.71M	174.18M	182.99M	183.33M	165.93M	152.99M
Diluted Earnings per Share	($2.19)	($0.78)	($0.70)	($1.26)	($2.36)	($3.35)	($5.45)	($6.86)	($5.54)	($0.66)	$0.21
Weighted Average Diluted Shares Outstanding	17.75M	53.12M	91.22M	97.13M	130.08M	146.71M	174.18M	182.99M	183.33M	165.93M	159.79M
Weighted Average Basic & Diluted Shares Outstanding	17.75M	53.12M	91.22M	97.13M	130.08M	146.71M	181.52M	187.27M	182.06M	152.63M	151.51M

This table shows Twilio's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-365	-55	-32	-9.73	-12	20	22	37	-46	90	1,067
Consolidated Net Income / (Loss)	-365	-55	-32	-9.73	-12	20	22	37	-46	90	1,067
Net Income / (Loss) Continuing Operations	-365	-55	-32	-9.73	-12	20	22	37	-46	90	1,067
Total Pre-Tax Income	-360	-45	-26	-3.65	-14	27	34	33	-38	102	76
Total Operating Income	-362	-44	-19	-4.89	14	23	37	41	57	108	85
Total Gross Profit	531	544	556	579	600	582	603	632	662	684	726
Total Revenue	1,076	1,047	1,083	1,134	1,195	1,172	1,228	1,300	1,366	1,407	1,499
Operating Revenue	1,076	1,047	1,083	1,134	1,195	1,172	1,228	1,300	1,366	1,407	1,499
Total Cost of Revenue	545	503	527	555	595	591	626	668	704	723	773
Operating Cost of Revenue	545	503	527	555	595	591	626	668	704	723	773
Total Operating Expenses	893	588	575	584	586	558	566	591	606	577	641
Selling, General & Admin Expense	107	113	114	106	117	92	102	108	109	103	118
Marketing Expense	239	215	218	216	217	212	221	221	220	212	217
Research & Development Expense	236	260	243	262	253	254	243	262	260	262	273
Impairment Charge	286	-	-	-	-	-	0.00	-	-	-	33
Total Other Income / (Expense), net	2.07	-1.66	-7.21	1.24	-27	3.50	-3.40	-8.26	-95	-5.43	-9.02
Interest & Investment Income	-28	-30	-24	-25	-29	-19	-25	-28	-110	-27	-24
Other Income / (Expense), net	30	28	17	27	1.74	23	22	19	15	22	15
Income Tax Expense	5.75	10	5.62	6.08	-1.09	6.57	11	-4.56	8.09	12	-992
Basic Earnings per Share	($2.01)	($0.31)	($0.19)	($0.06)	($0.10)	$0.13	$0.15	$0.24	($0.30)	$0.59	$6.99
Weighted Average Basic Shares Outstanding	183.33M	181.02M	170.22M	159.09M	165.93M	153.35M	153.23M	153.12M	152.99M	152.42M	152.79M
Diluted Earnings per Share	($2.01)	($0.31)	($0.19)	($0.06)	($0.10)	$0.12	$0.14	$0.23	($0.28)	$0.57	$6.68
Weighted Average Diluted Shares Outstanding	183.33M	181.02M	170.22M	159.09M	165.93M	161.79M	159.69M	159.21M	159.79M	157.76M	159.71M
Weighted Average Basic & Diluted Shares Outstanding	182.06M	171.17M	160.60M	153.38M	152.63M	152.67M	153.43M	151.61M	151.51M	151.77M	153.58M

This table details how cash moves in and out of Twilio's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	76	204	-194	385	-252	680	548	-826	-0.15	-224	251
Net Cash From Operating Activities	-19	10	-3.26	7.98	14	33	-58	-254	415	716	1,003
Net Cash From Continuing Operating Activities	-19	10	-3.26	7.98	14	33	-58	-254	415	716	1,003
Net Income / (Loss) Continuing Operations	-36	-41	-64	-122	-307	-491	-950	-1,256	-1,015	-109	34
Consolidated Net Income / (Loss)	-36	-41	-64	-122	-307	-491	-950	-1,256	-1,015	-109	34
Depreciation Expense	4.23	8.32	19	26	110	150	258	279	284	206	195
Amortization Expense	-	-	0.26	14	24	20	68	91	73	53	60
Non-Cash Adjustments To Reconcile Net Income	9.59	26	50	101	232	444	748	1,023	1,289	795	823
Changes in Operating Assets and Liabilities, net	2.93	17	-8.19	-11	-45	-91	-183	-392	-216	-229	-110
Net Cash From Investing Activities	-12	-35	-227	-139	-1,286	-846	-2,490	-616	229	1,371	81
Net Cash From Continuing Investing Activities	-12	-35	-227	-139	-1,286	-846	-2,490	-616	229	1,371	81
Purchase of Property, Plant & Equipment	-10	-26	-27	-25	-67	-59	-90	-80	-51	-59	-58
Acquisitions	-2.26	-9.29	-23	-31	123	-334	-492	-37	-5.77	0.00	-61
Purchase of Investments	-	-	-293	-280	-2,038	-1,637	-3,523	-1,938	-1,953	-924	-1,051
Divestitures	-	-	-	-	-	-	0.00	0.00	38	0.00	0.00
Sale and/or Maturity of Investments	-	-	116	195	697	1,183	1,615	1,439	2,200	2,353	1,251
Net Cash From Financing Activities	107	229	36	516	1,020	1,493	3,096	45	-644	-2,312	-833
Net Cash From Continuing Financing Activities	107	229	36	516	1,020	1,493	3,096	45	-644	-2,312	-833
Repayment of Debt	-	-	0.00	-13	-11	-11	-8.30	-13	-16	-13	-5.31
Repurchase of Common Equity	-22	-4.61	-0.53	-	-	-0.64	-0.69	-0.04	-669	-2,334	-869
Issuance of Common Equity	-	226	0.00	0.00	1,037	1,514	1,903	60	44	37	41
Other Financing Activities, net	3.41	8.07	37	-21	-5.41	-8.78	218	-1.10	-2.57	-2.00	-0.21
Effect of Exchange Rate Changes	-	-	-	0.16	-	0.04	-0.19	0.06	0.11	0.00	0.00
Cash Interest Paid	-	-	-	0.74	2.29	2.14	21	38	38	38	38
Cash Income Taxes Paid	0.05	0.23	0.61	0.56	1.37	3.09	6.15	7.41	38	37	18

This table details how cash moves in and out of Twilio's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-22	17	100	-171	-170	46	503	-246	-52	-141	9.35
Net Cash From Operating Activities	223	190	213	204	108	191	277	264	272	153	372
Net Cash From Continuing Operating Activities	223	190	213	204	108	191	277	264	272	153	100
Net Income / (Loss) Continuing Operations	-365	-55	-32	-9.73	-12	20	22	37	-46	90	1,067
Consolidated Net Income / (Loss)	-365	-55	-32	-9.73	-12	20	22	37	-46	90	1,067
Depreciation Expense	65	53	52	51	50	50	50	48	48	34	30
Amortization Expense	14	13	12	14	15	15	15	15	15	15	14
Non-Cash Adjustments To Reconcile Net Income	500	199	185	191	219	165	181	202	274	164	-64
Changes in Operating Assets and Liabilities, net	8.52	-20	-4.69	-42	-163	-58	8.52	-39	-19	-150	-947
Net Cash From Investing Activities	-137	190	785	267	129	-19	402	-162	-140	-41	-53
Net Cash From Continuing Investing Activities	-137	190	785	267	129	-19	402	-162	-140	-41	-53
Purchase of Property, Plant & Equipment	-12	-13	-16	-15	-15	-13	-14	-16	-15	-21	-20
Purchase of Investments	-561	-436	-154	-150	-184	-214	-195	-371	-271	-353	-138
Sale and/or Maturity of Investments	436	638	955	432	328	207	611	226	207	334	105
Net Cash From Financing Activities	-107	-363	-898	-643	-408	-126	-176	-348	-183	-253	-38
Net Cash From Continuing Financing Activities	-107	-363	-898	-643	-408	-126	-176	-348	-183	-253	-38
Repayment of Debt	-2.37	-4.83	-2.23	-3.15	-2.35	-2.25	-1.98	-1.03	-0.05	-0.06	-0.06
Repurchase of Common Equity	-120	-357	-917	-641	-420	-126	-197	-347	-198	-253	-70
Other Financing Activities, net	-0.03	-1.50	-0.47	-0.02	-0.02	2.71	-2.85	-0.08	-	0.52	-0.56
Cash Interest Paid	0.17	19	0.11	19	0.06	19	0.02	19	0.01	19	0.01
Cash Income Taxes Paid	15	11	8.71	5.75	11	5.26	7.83	2.86	1.76	21	2.30

This table presents Twilio's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	158	413	450	1,029	5,151	9,487	12,999	12,564	11,610	9,865	9,771
Total Current Assets	136	353	353	873	2,061	3,372	5,932	4,984	4,904	3,447	3,577
Cash & Equivalents	109	306	115	487	254	934	1,479	652	656	421	682
Short-Term Investments	-	0.00	176	261	1,599	2,106	3,878	3,503	3,356	1,963	1,788
Accounts Receivable	19	26	43	98	154	251	388	548	563	589	637
Prepaid Expenses	8.55	22	19	27	55	81	186	282	329	474	470
Plant, Property, & Equipment, net	14	38	51	64	0.00	0.00	255	264	210	191	177
Total Noncurrent Assets	6.98	22	46	92	3,089	6,115	6,811	7,316	6,496	6,227	6,017
Long-Term Investments	-	-	-	-	-	-	0.00	700	594	486	302
Goodwill	3.17	3.57	18	38	2,297	4,595	5,263	5,284	5,243	5,243	5,292
Intangible Assets	2.29	10	20	28	461	967	1,050	850	350	239	142
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	-	-	20
Other Noncurrent Operating Assets	0.36	0.48	2.56	8.39	332	553	498	482	309	260	262
Total Liabilities & Shareholders' Equity	158	413	450	1,029	5,151	9,487	12,999	12,564	11,610	9,865	9,771
Total Liabilities	41	83	90	590	871	1,035	1,967	2,005	1,877	1,913	1,949
Total Current Liabilities	40	74	79	138	247	448	704	808	738	820	887
Accounts Payable	2.30	4.17	11	18	39	60	93	125	120	100	85
Accrued Expenses	32	59	54	96	148	253	418	490	424	531	608
Current Deferred Revenue	6.15	10	14	23	26	87	140	139	144	156	159
Other Current Liabilities	-	-	-	-	34	48	52	54	50	34	35
Total Noncurrent Liabilities	0.45	9.54	11	453	624	586	1,264	1,197	1,139	1,092	1,062
Long-Term Debt	-	-	-	434	458	302	986	987	989	991	992
Other Noncurrent Operating Liabilities	0.45	9.54	11	18	157	267	278	210	150	102	70
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	117	329	360	438	4,279	8,453	11,031	10,559	9,733	7,953	7,822
Total Preferred & Common Equity	117	329	360	438	4,279	8,453	11,031	10,559	9,733	7,953	7,822
Preferred Stock	240	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-123	329	360	438	4,279	8,453	11,031	10,559	9,733	7,953	7,822
Common Stock	22	516	608	809	4,953	9,613	13,169	14,056	14,798	15,476	16,148
Retained Earnings	-145	-187	-250	-372	-679	-1,170	-2,120	-3,376	-5,066	-7,522	-8,342
Accumulated Other Comprehensive Income / (Loss)	-	-	2.03	1.28	5.09	9.05	-18	-121	0.62	-1.30	16

This table presents Twilio's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	12,299	11,904	11,858	11,289	10,508	10,037	9,815	9,848	9,712	9,577	10,839
Total Current Assets	4,857	4,665	4,742	4,678	3,964	3,548	3,468	3,532	3,477	3,447	3,746
Cash & Equivalents	635	675	678	673	755	584	467	969	735	542	823
Short-Term Investments	3,310	3,009	3,179	3,154	2,361	2,114	1,981	1,573	1,724	1,804	1,833
Accounts Receivable	576	600	557	541	537	551	578	588	613	711	760
Prepaid Expenses	336	315	327	310	310	299	442	401	405	390	330
Plant, Property, & Equipment, net	254	235	222	201	199	195	184	178	176	181	187
Total Noncurrent Assets	7,188	7,005	6,894	6,410	6,345	6,294	6,163	6,139	6,059	5,949	6,906
Long-Term Investments	684	657	623	568	541	515	465	439	413	275	251
Goodwill	5,284	5,243	5,243	5,243	5,243	5,243	5,243	5,243	5,243	5,292	5,292
Intangible Assets	798	728	679	322	293	266	211	184	157	125	114
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	-	-	1,029
Other Noncurrent Operating Assets	422	377	349	278	268	270	244	272	246	256	219
Total Liabilities & Shareholders' Equity	12,299	11,904	11,858	11,289	10,508	10,037	9,815	9,848	9,712	9,577	10,839
Total Liabilities	1,980	1,928	1,878	1,842	1,828	1,808	1,810	1,804	1,817	1,793	1,861
Total Current Liabilities	788	760	726	715	711	701	726	720	742	740	811
Accounts Payable	121	94	104	82	62	71	108	76	40	92	71
Accrued Expenses	476	449	424	442	467	452	432	462	508	457	558
Current Deferred Revenue	137	139	146	142	139	139	154	148	159	160	153
Other Current Liabilities	55	53	52	48	43	38	32	34	35	32	29
Total Noncurrent Liabilities	1,192	1,168	1,152	1,127	1,117	1,108	1,084	1,084	1,075	1,052	1,050
Long-Term Debt	988	988	989	989	990	990	991	991	992	993	993
Other Noncurrent Operating Liabilities	204	180	164	138	127	117	93	93	83	60	57
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	10,319	9,977	9,979	9,448	8,679	8,229	8,004	8,044	7,895	7,784	8,978
Total Preferred & Common Equity	10,319	9,977	9,979	9,448	8,679	8,229	8,004	8,044	7,895	7,784	8,978
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	10,319	9,977	9,979	9,448	8,679	8,229	8,004	8,044	7,895	7,784	8,978
Common Stock	14,234	14,419	14,611	14,961	15,137	15,299	15,626	15,805	15,971	16,295	16,488
Retained Earnings	-3,843	-4,382	-4,579	-5,508	-6,447	-7,095	-7,632	-7,786	-8,099	-8,506	-7,505
Accumulated Other Comprehensive Income / (Loss)	-72	-60	-53	-4.94	-11	24	10	25	23	-4.32	-5.27

This table displays calculated financial ratios and metrics derived from Twilio's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	87.87%	66.15%	43.88%	62.92%	74.52%	55.30%	61.31%	34.64%	8.56%	7.32%	13.66%
EBITDA Growth	-24.68%	-4.90%	-34.56%	-84.54%	-181.04%	-46.73%	-89.70%	-32.02%	38.25%	153.96%	76.46%
EBIT Growth	-32.29%	-15.87%	-53.67%	-92.31%	-198.96%	-39.26%	-90.50%	-25.74%	27.60%	102.27%	1,092.57%
NOPAT Growth	-32.64%	-16.73%	-59.93%	-74.40%	-220.90%	-33.29%	-85.75%	-31.64%	27.28%	93.87%	357.77%
Net Income Growth	-32.69%	-16.39%	-54.17%	-91.42%	-151.80%	-59.90%	-93.47%	-32.24%	19.16%	89.23%	130.93%
EPS Growth	-38.61%	64.38%	10.26%	-80.00%	-87.30%	-41.95%	-62.69%	-25.87%	19.24%	88.09%	131.82%
Operating Cash Flow Growth	-8.08%	153.82%	-132.24%	345.25%	75.97%	132.45%	-278.21%	-337.12%	263.05%	72.69%	40.07%
Free Cash Flow Firm Growth	0.00%	-23.07%	-141.70%	-32.21%	-2,367.34%	-4.53%	50.77%	44.14%	95.65%	113.17%	2,460.71%
Invested Capital Growth	0.00%	146.78%	288.51%	67.43%	2,622.95%	98.12%	16.16%	0.48%	-8.60%	-0.70%	-0.52%
Revenue Q/Q Growth	0.00%	0.00%	9.10%	15.88%	12.60%	14.04%	11.57%	4.99%	1.25%	2.74%	3.49%
EBITDA Q/Q Growth	0.00%	0.00%	-9.80%	-30.28%	-8.64%	-44.00%	-7.83%	10.07%	-39.65%	630.18%	12.29%
EBIT Q/Q Growth	0.00%	0.00%	-11.55%	-29.53%	-13.24%	-26.49%	-10.98%	7.04%	-17.98%	106.07%	30.77%
NOPAT Q/Q Growth	0.00%	0.00%	-12.61%	-25.99%	-15.57%	-22.79%	-12.03%	5.12%	-19.52%	87.49%	-0.36%
Net Income Q/Q Growth	0.00%	0.00%	-11.00%	-30.13%	-16.32%	-22.17%	-13.37%	4.70%	-15.46%	76.34%	-49.67%
EPS Q/Q Growth	0.00%	0.00%	-118.75%	-27.27%	-9.77%	-16.72%	-9.44%	5.64%	-16.39%	74.32%	-46.15%
Operating Cash Flow Q/Q Growth	0.00%	59,294.12%	-136.56%	-52.00%	597.10%	9.66%	-1,052.77%	-8.63%	210.09%	-13.74%	19.41%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-25.97%	-1.90%	-913.25%	63.95%	-10.42%	91.02%	-97.23%	46.10%
Invested Capital Q/Q Growth	0.00%	0.00%	-0.22%	8.89%	1.07%	97.94%	-0.20%	1.74%	-5.73%	1.12%	0.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	55.40%	56.54%	54.16%	53.72%	53.67%	51.97%	48.94%	47.40%	49.20%	51.10%	48.92%
EBITDA Margin	-18.67%	-11.78%	-11.02%	-12.48%	-20.10%	-19.00%	-22.34%	-21.90%	-12.46%	6.26%	9.73%
Operating Margin	-21.20%	-14.90%	-16.56%	-17.73%	-32.60%	-27.98%	-32.22%	-31.50%	-21.10%	-1.20%	3.11%
EBIT Margin	-21.20%	-14.78%	-15.79%	-18.64%	-31.93%	-28.63%	-33.81%	-31.58%	-21.06%	0.45%	4.68%
Profit (Net Income) Margin	-21.27%	-14.90%	-15.97%	-18.76%	-27.07%	-27.87%	-33.43%	-32.83%	-24.45%	-2.45%	0.67%
Tax Burden Percent	100.34%	100.80%	101.12%	100.65%	84.77%	97.33%	98.85%	101.01%	101.88%	123.46%	61.41%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	102.92%	113.93%	-446.01%	23.25%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	38.59%
Return on Invested Capital (ROIC)	-748.49%	-251.95%	-115.91%	-95.04%	-17.26%	-8.00%	-10.34%	-12.64%	-9.58%	-0.62%	1.60%
ROIC Less NNEP Spread (ROIC-NNEP)	-728.99%	-246.09%	-110.18%	-81.90%	-11.64%	-0.89%	-1.63%	-2.63%	1.16%	2.00%	5.05%
Return on Net Nonoperating Assets (RNNOA)	687.61%	233.43%	97.42%	64.48%	4.24%	0.29%	0.59%	1.00%	-0.43%	-0.62%	-1.17%
Return on Equity (ROE)	-60.89%	-18.53%	-18.49%	-30.56%	-13.02%	-7.71%	-9.75%	-11.64%	-10.01%	-1.24%	0.43%
Cash Return on Invested Capital (CROIC)	-948.49%	-336.61%	-234.03%	-145.47%	-203.09%	-73.82%	-25.30%	-13.12%	-0.59%	0.08%	2.12%
Operating Return on Assets (OROA)	-22.46%	-14.38%	-14.61%	-16.39%	-11.72%	-6.89%	-8.55%	-9.45%	-7.24%	0.19%	2.41%
Return on Assets (ROA)	-22.54%	-14.49%	-14.77%	-16.50%	-9.94%	-6.71%	-8.45%	-9.83%	-8.40%	-1.02%	0.34%
Return on Common Equity (ROCE)	64.36%	-8.56%	-18.49%	-30.56%	-13.02%	-7.71%	-9.75%	-11.64%	-10.01%	-1.24%	0.43%
Return on Equity Simple (ROE_SIMPLE)	-30.44%	-12.54%	-17.70%	-27.83%	-7.18%	-5.81%	-8.61%	-11.90%	-10.43%	-1.38%	0.00%
Net Operating Profit after Tax (NOPAT)	-25	-29	-46	-81	-259	-345	-641	-844	-614	-38	97
NOPAT Margin	-14.84%	-10.43%	-11.59%	-12.41%	-22.82%	-19.58%	-22.55%	-22.05%	-14.77%	-0.84%	1.91%
Net Nonoperating Expense Percent (NNEP)	-19.51%	-5.86%	-5.73%	-13.14%	-5.61%	-7.11%	-8.71%	-10.01%	-10.74%	-2.61%	-3.45%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-7.31%	-5.72%	-0.42%	1.10%
Cost of Revenue to Revenue	44.60%	43.46%	45.84%	46.28%	46.33%	48.03%	51.06%	52.60%	50.80%	48.90%	51.08%
SG&A Expenses to Revenue	21.56%	18.42%	15.24%	18.08%	19.24%	17.63%	16.63%	13.52%	11.28%	10.07%	8.10%
R&D to Revenue	25.50%	28.10%	30.26%	26.36%	34.50%	30.11%	27.77%	28.20%	22.70%	22.63%	20.13%
Operating Expenses to Revenue	76.60%	71.44%	70.72%	71.45%	86.27%	79.95%	81.16%	78.90%	70.31%	52.31%	45.80%
Earnings before Interest and Taxes (EBIT)	-35	-41	-63	-121	-362	-504	-961	-1,208	-875	20	237
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-31	-33	-44	-81	-228	-335	-635	-838	-518	279	493
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	7.63	6.10	20.14	3.15	6.05	4.26	0.85	1.41	2.08	2.76
Price to Tangible Book Value (P/TBV)	0.00	7.96	6.82	23.70	8.86	17.68	9.95	2.04	3.32	6.71	9.03
Price to Revenue (P/Rev)	0.00	9.06	5.50	13.58	11.88	29.00	16.52	2.36	3.31	3.72	4.26
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	637.39
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.16%
Enterprise Value to Invested Capital (EV/IC)	0.00	135.15	30.01	80.12	4.18	8.44	6.40	0.77	1.65	2.42	3.27
Enterprise Value to Revenue (EV/Rev)	0.00	7.96	4.77	13.10	10.66	27.46	14.99	1.35	2.44	3.30	3.90
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	52.63	40.15
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	739.79	83.51
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	204.17
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	218.68	0.00	1,066.53	860.88	1,481.59	0.00	0.00	24.40	20.52	19.72
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2,931.76	154.12
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.99	0.11	0.04	0.09	0.09	0.10	0.12	0.13
Long-Term Debt to Equity	0.00	0.00	0.00	0.99	0.11	0.04	0.09	0.09	0.10	0.12	0.13
Financial Leverage	-0.94	-0.95	-0.88	-0.79	-0.36	-0.32	-0.36	-0.38	-0.37	-0.31	-0.23
Leverage Ratio	1.35	1.28	1.25	1.85	1.31	1.15	1.15	1.18	1.19	1.21	1.24
Compound Leverage Factor	1.35	1.28	1.25	1.85	1.31	1.15	1.15	1.22	1.36	-5.42	0.29
Debt to Total Capital	0.00%	0.00%	0.00%	49.79%	9.84%	3.65%	8.20%	8.55%	9.22%	11.08%	11.26%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	49.79%	9.84%	3.65%	8.20%	8.55%	9.22%	11.08%	11.26%
Preferred Equity to Total Capital	205.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-105.71%	100.00%	100.00%	50.21%	90.16%	96.35%	91.80%	91.45%	90.78%	88.92%	88.74%
Debt to EBITDA	0.00	0.00	0.00	-5.35	-2.05	-0.96	-1.55	-1.18	-1.91	3.55	2.01
Net Debt to EBITDA	0.00	0.00	0.00	3.87	6.08	8.13	6.89	4.61	6.99	-6.73	-3.61
Long-Term Debt to EBITDA	0.00	0.00	0.00	-5.35	-2.05	-0.96	-1.55	-1.18	-1.91	3.55	2.01
Debt to NOPAT	0.00	0.00	0.00	-5.39	-1.80	-0.93	-1.54	-1.17	-1.61	-26.35	10.24
Net Debt to NOPAT	0.00	0.00	0.00	3.89	5.35	7.88	6.82	4.58	5.89	50.00	-18.36
Long-Term Debt to NOPAT	0.00	0.00	0.00	-5.39	-1.80	-0.93	-1.54	-1.17	-1.61	-26.35	10.24
Altman Z-Score	0.00	18.64	15.03	9.57	9.51	29.84	14.55	2.71	4.32	4.91	6.37
Noncontrolling Interest Sharing Ratio	205.71%	53.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.37	4.79	4.50	6.33	8.34	7.52	8.43	6.17	6.64	4.20	4.03
Quick Ratio	3.16	4.50	4.25	6.14	8.12	7.34	8.17	5.82	6.20	3.62	3.50
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-31	-39	-93	-123	-3,046	-3,184	-1,568	-876	-38	5.01	128
Operating Cash Flow to CapEx	-185.32%	39.29%	-12.14%	32.38%	20.88%	55.22%	-64.64%	-317.24%	809.51%	1,218.39%	1,735.21%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.06	0.97	0.93	0.88	0.37	0.24	0.25	0.30	0.34	0.42	0.52
Accounts Receivable Turnover	8.74	12.25	11.51	9.23	9.01	8.70	8.89	8.18	7.48	7.74	8.27
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	11.87	10.75	9.06	11.40	0.00	0.00	0.00	14.74	17.54	22.25	27.54
Accounts Payable Turnover	32.39	37.24	23.92	20.32	18.25	17.07	18.92	18.47	17.28	19.84	27.94
Days Sales Outstanding (DSO)	41.75	29.81	31.70	39.54	40.50	41.98	41.06	44.63	48.78	47.13	44.13
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	11.27	9.80	15.26	17.96	20.00	21.38	19.29	19.76	21.12	18.40	13.06
Cash Conversion Cycle (CCC)	30.48	20.01	16.45	21.57	20.50	20.59	21.77	24.87	27.66	28.73	31.07
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6.62	16	63	106	2,894	5,733	6,659	6,691	6,116	6,073	6,042
Invested Capital Turnover	50.43	24.16	10.00	7.66	0.76	0.41	0.46	0.57	0.65	0.73	0.84
Increase / (Decrease) in Invested Capital	6.62	9.72	47	43	2,787	2,839	927	32	-576	-43	-31
Enterprise Value (EV)	0.00	2,208	1,905	8,514	12,094	48,380	42,589	5,158	10,119	14,698	19,786
Market Capitalization	0.00	2,514	2,196	8,828	13,479	51,100	46,961	9,025	13,736	16,578	21,565
Book Value per Share	($6.95)	$3.78	$3.87	$4.43	$31.20	$55.99	$61.86	$57.28	$53.76	$51.85	$51.59
Tangible Book Value per Share	($7.25)	$3.62	$3.46	$3.77	$11.10	$19.15	$26.46	$24.00	$22.86	$16.11	$15.75
Total Capital	117	329	360	873	4,746	8,773	12,017	11,546	10,722	8,944	8,814
Total Debt	0.00	0.00	0.00	434	467	320	986	987	989	991	992
Total Long-Term Debt	0.00	0.00	0.00	434	467	320	986	987	989	991	992
Net Debt	-109	-306	-291	-314	-1,386	-2,720	-4,372	-3,868	-3,617	-1,880	-1,780
Capital Expenditures (CapEx)	10	26	27	25	67	59	90	80	51	59	58
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-13	-26	-16	-13	-39	-116	-129	21	154	243	219
Debt-free Net Working Capital (DFNWC)	96	280	275	735	1,814	2,924	5,229	4,176	4,166	2,627	2,690
Net Working Capital (NWC)	96	280	275	735	1,814	2,924	5,229	4,176	4,166	2,627	2,690
Net Nonoperating Expense (NNE)	11	12	17	41	48	146	309	412	402	72	63
Net Nonoperating Obligations (NNO)	-110	-313	-296	-332	-1,386	-2,720	-4,372	-3,868	-3,617	-1,880	-1,780
Total Depreciation and Amortization (D&A)	4.23	8.32	19	40	134	170	326	370	357	259	256
Debt-free, Cash-free Net Working Capital to Revenue	-7.67%	-9.37%	-4.04%	-2.03%	-3.40%	-6.57%	-4.55%	0.55%	3.70%	5.44%	4.33%
Debt-free Net Working Capital to Revenue	57.53%	100.84%	68.85%	113.09%	159.91%	165.97%	183.99%	109.14%	100.28%	58.93%	53.08%
Net Working Capital to Revenue	57.53%	100.84%	68.85%	113.09%	159.91%	165.97%	183.99%	109.14%	100.28%	58.93%	53.08%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.19)	($0.78)	($0.70)	($1.26)	($2.36)	($3.35)	($5.45)	($6.86)	($5.54)	($0.66)	$0.22
Adjusted Weighted Average Basic Shares Outstanding	17.75M	87.53M	94.23M	123.58M	139.71M	170.48M	174.18M	182.99M	183.33M	165.93M	152.99M
Adjusted Diluted Earnings per Share	($2.19)	($0.78)	($0.70)	($1.26)	($2.36)	($3.35)	($5.45)	($6.86)	($5.54)	($0.66)	$0.21
Adjusted Weighted Average Diluted Shares Outstanding	17.75M	87.53M	94.23M	123.58M	139.71M	170.48M	174.18M	182.99M	183.33M	165.93M	159.79M
Adjusted Basic & Diluted Earnings per Share	($2.19)	($0.78)	($0.70)	($1.26)	($2.36)	($3.35)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	17.75M	53.12M	91.22M	97.13M	130.08M	146.71M	181.52M	187.27M	182.06M	152.63M	151.51M
Normalized Net Operating Profit after Tax (NOPAT)	-25	-29	-46	-81	-259	-345	-641	-722	-273	-28	107
Normalized NOPAT Margin	-14.84%	-10.43%	-11.59%	-12.41%	-22.82%	-19.58%	-22.55%	-18.86%	-6.58%	-0.63%	2.12%
Pre Tax Income Margin	-21.20%	-14.78%	-15.79%	-18.64%	-31.93%	-28.63%	-33.81%	-32.50%	-23.99%	-1.99%	1.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-60.57%	-11.15%	-0.83%	0.00%	0.00%	-0.13%	-0.07%	0.00%	-65.86%	-2,133.76%	2,568.24%

This table displays calculated financial ratios and metrics derived from Twilio's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	151,513,999.00	151,773,860.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	151,513,999.00	151,773,860.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.59	7.03
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.01%	4.02%	4.31%	9.67%	11.05%	11.98%	13.48%	14.71%	14.32%	20.00%	22.03%
EBITDA Growth	-139.71%	124.24%	265.35%	554.26%	131.65%	118.81%	99.28%	43.94%	67.03%	61.56%	16.09%
EBIT Growth	-67.23%	94.83%	98.77%	119.86%	104.66%	395.49%	2,653.80%	178.30%	345.66%	181.09%	69.81%
NOPAT Growth	-65.50%	83.53%	86.58%	95.51%	103.79%	157.07%	285.28%	1,462.19%	313.66%	446.20%	4,738.55%
Net Income Growth	-59.27%	83.82%	80.83%	93.14%	96.59%	136.17%	170.38%	482.97%	-267.71%	350.31%	4,659.44%
EPS Growth	-63.41%	83.15%	79.12%	92.31%	95.02%	138.71%	173.68%	483.33%	-180.00%	375.00%	4,671.43%
Operating Cash Flow Growth	480.71%	294.27%	155.05%	-1.02%	-51.27%	0.48%	29.88%	28.99%	150.41%	-19.81%	34.39%
Free Cash Flow Firm Growth	274.27%	432.67%	2,350.49%	3,523.34%	-83.80%	-103.79%	-103.06%	-92.20%	36.39%	196.51%	1,180.09%
Invested Capital Growth	-8.60%	-9.51%	-8.68%	-7.42%	-0.70%	0.67%	0.69%	0.16%	-0.52%	1.20%	16.69%
Revenue Q/Q Growth	4.09%	-2.69%	3.39%	4.72%	5.40%	-1.87%	4.77%	5.86%	5.04%	3.00%	6.55%
EBITDA Q/Q Growth	-1,230.52%	120.04%	24.37%	36.98%	-7.30%	38.56%	12.06%	0.00%	8.47%	32.91%	-19.48%
EBIT Q/Q Growth	-204.49%	95.30%	89.50%	1,422.00%	-28.51%	197.86%	27.70%	2.34%	19.42%	80.10%	-22.85%
NOPAT Q/Q Growth	-232.16%	87.97%	56.24%	74.29%	380.49%	80.88%	42.06%	89.00%	-14.82%	138.83%	1,158.47%
Net Income Q/Q Growth	-157.86%	84.85%	42.44%	69.47%	-28.21%	260.52%	12.02%	66.12%	-223.10%	296.58%	1,083.96%
EPS Q/Q Growth	-157.69%	84.58%	38.71%	68.42%	-66.67%	220.00%	16.67%	64.29%	-221.74%	303.57%	1,071.93%
Operating Cash Flow Q/Q Growth	7.81%	-14.57%	12.21%	-4.23%	-46.93%	76.16%	45.04%	-4.88%	3.03%	-43.58%	143.06%
Free Cash Flow Firm Q/Q Growth	2,342.29%	87.52%	-7.69%	-14.29%	-89.08%	-143.89%	25.55%	318.47%	91.05%	-68.94%	733.17%
Invested Capital Q/Q Growth	-5.73%	-1.20%	-0.50%	-0.10%	1.12%	0.15%	-0.48%	-0.64%	0.44%	1.88%	14.76%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	49.37%	51.96%	51.35%	51.04%	50.19%	49.60%	49.07%	48.61%	48.49%	48.63%	48.42%
EBITDA Margin	-23.43%	4.83%	5.81%	7.59%	6.68%	9.43%	10.09%	9.53%	9.84%	12.70%	9.60%
Operating Margin	-33.62%	-4.15%	-1.76%	-0.43%	1.15%	1.97%	3.01%	3.15%	4.16%	7.65%	5.64%
EBIT Margin	-30.82%	-1.49%	-0.15%	1.91%	1.29%	3.93%	4.79%	4.63%	5.26%	9.20%	6.66%
Profit (Net Income) Margin	-33.96%	-5.29%	-2.94%	-0.86%	-1.04%	1.71%	1.83%	2.86%	-3.36%	6.41%	71.19%
Tax Burden Percent	101.60%	122.56%	121.40%	266.39%	91.98%	75.30%	66.75%	113.96%	121.42%	88.17%	1,413.04%
Interest Burden Percent	108.46%	289.75%	1,604.10%	-16.88%	-87.69%	57.72%	57.12%	54.30%	-52.54%	78.97%	75.62%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	24.70%	33.25%	-13.96%	0.00%	11.83%	-1,313.04%
Return on Invested Capital (ROIC)	-15.27%	-1.92%	-0.83%	-0.21%	0.59%	1.12%	1.58%	2.92%	2.43%	5.85%	67.71%
ROIC Less NNEP Spread (ROIC-NNEP)	-12.27%	-1.21%	-0.22%	0.01%	1.39%	1.02%	1.67%	3.38%	7.11%	6.12%	74.24%
Return on Net Nonoperating Assets (RNNOA)	4.52%	0.43%	0.07%	0.00%	-0.43%	-0.31%	-0.47%	-0.86%	-1.65%	-1.38%	-17.03%
Return on Equity (ROE)	-10.74%	-1.49%	-0.76%	-0.21%	0.16%	0.81%	1.11%	2.06%	0.78%	4.47%	50.68%
Cash Return on Invested Capital (CROIC)	-0.59%	2.76%	3.14%	2.90%	0.08%	-0.52%	-0.15%	1.46%	2.12%	1.96%	14.00%
Operating Return on Assets (OROA)	-10.59%	-0.53%	-0.06%	0.76%	0.54%	1.71%	2.22%	2.29%	2.72%	5.03%	3.59%
Return on Assets (ROA)	-11.67%	-1.88%	-1.11%	-0.34%	-0.43%	0.74%	0.85%	1.42%	-1.73%	3.50%	38.35%
Return on Common Equity (ROCE)	-10.74%	-1.49%	-0.76%	-0.21%	0.16%	0.81%	1.11%	2.06%	0.78%	4.47%	50.68%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-7.71%	-6.85%	-5.62%	0.00%	-0.43%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-253	-30	-13	-3.43	9.61	17	25	47	40	95	1,195
NOPAT Margin	-23.53%	-2.91%	-1.23%	-0.30%	0.80%	1.48%	2.01%	3.59%	2.91%	6.75%	79.69%
Net Nonoperating Expense Percent (NNEP)	-3.00%	-0.71%	-0.61%	-0.22%	-0.80%	0.10%	-0.10%	-0.46%	-4.68%	-0.27%	-6.53%
Return On Investment Capital (ROIC_SIMPLE)	-2.36%	-	-	-	0.11%	0.19%	0.27%	0.53%	0.45%	1.08%	11.98%
Cost of Revenue to Revenue	50.63%	48.04%	48.65%	48.96%	49.81%	50.40%	50.93%	51.39%	51.51%	51.37%	51.58%
SG&A Expenses to Revenue	9.94%	10.69%	10.53%	9.38%	9.77%	7.85%	8.27%	8.32%	7.97%	7.29%	7.90%
R&D to Revenue	21.90%	24.03%	22.51%	23.01%	21.14%	21.69%	19.82%	20.17%	19.04%	18.63%	18.23%
Operating Expenses to Revenue	82.99%	56.11%	53.11%	51.47%	49.04%	47.63%	46.06%	45.46%	44.33%	40.98%	42.78%
Earnings before Interest and Taxes (EBIT)	-332	-16	-1.64	22	15	46	59	60	72	129	100
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-252	51	63	86	80	111	124	124	134	179	144
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.41	1.17	1.12	1.27	2.08	1.87	2.36	1.95	2.76	2.45	3.49
Price to Tangible Book Value (P/TBV)	3.32	2.85	3.09	3.85	6.71	5.86	7.26	6.16	9.03	8.06	8.77
Price to Revenue (P/Rev)	3.31	2.64	2.29	2.41	3.72	3.26	4.01	3.14	4.26	3.60	5.62
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	937.89	228.47	637.39	183.38	27.26
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.11%	0.44%	0.16%	0.55%	3.67%
Enterprise Value to Invested Capital (EV/IC)	1.65	1.27	1.17	1.37	2.42	2.14	2.81	2.24	3.27	2.83	4.16
Enterprise Value to Revenue (EV/Rev)	2.44	1.83	1.66	1.90	3.30	2.84	3.59	2.75	3.90	3.29	5.28
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	52.63	38.38	42.38	30.71	40.15	31.09	50.62
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	739.79	159.77	119.17	74.38	83.51	54.43	81.36
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	1,444.62	523.54	138.57	204.17	90.46	15.24
Enterprise Value to Operating Cash Flow (EV/OCF)	24.40	10.91	8.48	9.94	20.52	18.16	21.77	16.04	19.72	18.06	27.72
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	43.64	35.64	45.54	2,931.76	0.00	0.00	153.37	154.12	145.39	32.01
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.10	0.10	0.11	0.12	0.12	0.12	0.12	0.13	0.13	0.13	0.11
Long-Term Debt to Equity	0.10	0.10	0.11	0.12	0.12	0.12	0.12	0.13	0.13	0.13	0.11
Financial Leverage	-0.37	-0.36	-0.32	-0.31	-0.31	-0.31	-0.28	-0.25	-0.23	-0.22	-0.23
Leverage Ratio	1.19	1.19	1.20	1.20	1.21	1.21	1.22	1.22	1.24	1.23	1.22
Compound Leverage Factor	1.29	3.46	19.27	-0.20	-1.06	0.70	0.70	0.67	-0.65	0.97	0.92
Debt to Total Capital	9.22%	9.48%	10.24%	10.74%	11.08%	11.02%	10.97%	11.16%	11.26%	11.31%	9.96%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	9.22%	9.48%	10.24%	10.74%	11.08%	11.02%	10.97%	11.16%	11.26%	11.31%	9.96%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	90.78%	90.52%	89.76%	89.26%	88.92%	88.98%	89.03%	88.84%	88.74%	88.69%	90.04%
Debt to EBITDA	-1.91	-3.83	-6.28	-18.80	3.55	2.92	2.47	2.26	2.01	1.77	1.71
Net Debt to EBITDA	6.99	13.17	16.91	42.20	-6.73	-5.66	-4.96	-4.28	-3.61	-2.90	-3.30
Long-Term Debt to EBITDA	-1.91	-3.83	-6.28	-18.80	3.55	2.92	2.47	2.26	2.01	1.77	1.71
Debt to NOPAT	-1.61	-2.15	-2.65	-3.30	-26.35	109.93	30.54	10.20	10.24	5.15	0.51
Net Debt to NOPAT	5.89	7.42	7.15	7.40	50.00	-213.17	-61.30	-19.33	-18.36	-8.45	-0.99
Long-Term Debt to NOPAT	-1.61	-2.15	-2.65	-3.30	-26.35	109.93	30.54	10.20	10.24	5.15	0.51
Altman Z-Score	4.47	3.71	3.11	3.27	4.91	4.68	6.05	4.77	6.32	6.07	10.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.64	6.55	5.57	5.06	4.20	4.78	4.90	4.68	4.03	4.66	4.62
Quick Ratio	6.20	6.11	5.13	4.64	3.62	4.17	4.35	4.14	3.50	4.13	4.21
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	322	604	558	478	52	-23	-17	37	71	22	184
Operating Cash Flow to CapEx	1,903.72%	1,482.44%	1,353.18%	1,342.86%	723.99%	1,501.08%	2,038.58%	1,642.44%	1,757.52%	734.41%	1,886.45%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.34	0.36	0.38	0.40	0.42	0.43	0.46	0.50	0.52	0.55	0.54
Accounts Receivable Turnover	7.48	7.51	7.46	7.83	7.74	8.20	8.41	8.41	8.27	8.23	8.27
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	17.54	18.42	19.54	20.81	22.25	23.82	25.12	26.44	27.54	29.05	30.57
Accounts Payable Turnover	17.28	20.63	26.93	24.23	19.84	23.88	34.30	44.43	27.94	27.28	39.09
Days Sales Outstanding (DSO)	48.78	48.58	48.95	46.61	47.13	44.54	43.42	43.39	44.13	44.34	44.15
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	21.12	17.70	13.55	15.06	18.40	15.28	10.64	8.22	13.06	13.38	9.34
Cash Conversion Cycle (CCC)	27.66	30.89	35.40	31.54	28.73	29.26	32.78	35.17	31.07	30.96	34.81
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,116	6,042	6,012	6,006	6,073	6,083	6,054	6,015	6,042	6,155	7,064
Invested Capital Turnover	0.65	0.66	0.67	0.69	0.73	0.76	0.78	0.81	0.84	0.87	0.85
Increase / (Decrease) in Invested Capital	-576	-635	-571	-482	-43	40	42	9.39	-31	73	1,010
Enterprise Value (EV)	10,119	7,665	7,057	8,251	14,698	13,023	16,996	13,477	19,786	17,435	29,402
Market Capitalization	13,736	11,071	9,724	10,474	16,578	14,944	18,987	15,357	21,565	19,063	31,316
Book Value per Share	$53.76	$52.19	$50.71	$51.24	$51.85	$52.44	$52.69	$51.46	$51.59	$51.38	$59.15
Tangible Book Value per Share	$22.86	$21.45	$18.36	$16.94	$16.11	$16.70	$17.14	$16.26	$15.75	$15.62	$23.53
Total Capital	10,722	10,437	9,669	9,219	8,944	8,995	9,035	8,887	8,814	8,777	9,971
Total Debt	989	989	990	990	991	991	991	992	992	993	993
Total Long-Term Debt	989	989	990	990	991	991	991	992	992	993	993
Net Debt	-3,617	-3,405	-2,667	-2,223	-1,880	-1,922	-1,990	-1,880	-1,780	-1,629	-1,914
Capital Expenditures (CapEx)	12	13	16	15	15	13	14	16	15	21	20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	154	136	136	149	243	294	269	276	219	360	279
Debt-free Net Working Capital (DFNWC)	4,166	3,963	3,252	2,848	2,627	2,742	2,812	2,735	2,690	2,706	2,936
Net Working Capital (NWC)	4,166	3,963	3,252	2,848	2,627	2,742	2,812	2,735	2,690	2,706	2,936
Net Nonoperating Expense (NNE)	112	25	19	6.30	22	-2.64	2.27	9.42	86	4.79	127
Net Nonoperating Obligations (NNO)	-3,617	-3,405	-2,667	-2,223	-1,880	-1,922	-1,990	-1,880	-1,780	-1,629	-1,914
Total Depreciation and Amortization (D&A)	79	66	64	64	64	65	65	64	63	49	44
Debt-free, Cash-free Net Working Capital to Revenue	3.70%	3.25%	3.21%	3.44%	5.44%	6.41%	5.69%	5.64%	4.33%	6.79%	5.01%
Debt-free Net Working Capital to Revenue	100.28%	94.48%	76.72%	65.63%	58.93%	59.82%	59.45%	55.86%	53.08%	51.05%	52.68%
Net Working Capital to Revenue	100.28%	94.48%	76.72%	65.63%	58.93%	59.82%	59.45%	55.86%	53.08%	51.05%	52.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.01)	($0.31)	($0.19)	($0.06)	($0.10)	$0.13	$0.15	$0.24	($0.30)	$0.59	$6.99
Adjusted Weighted Average Basic Shares Outstanding	183.33M	181.02M	170.22M	159.09M	165.93M	153.35M	153.23M	153.12M	152.99M	152.42M	152.79M
Adjusted Diluted Earnings per Share	($2.01)	($0.31)	($0.19)	($0.06)	($0.10)	$0.12	$0.14	$0.23	($0.28)	$0.57	$6.68
Adjusted Weighted Average Diluted Shares Outstanding	183.33M	181.02M	170.22M	159.09M	165.93M	161.79M	159.69M	159.21M	159.79M	157.76M	159.71M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	182.06M	171.17M	160.60M	153.38M	152.63M	152.67M	153.43M	151.61M	151.51M	151.77M	153.58M
Normalized Net Operating Profit after Tax (NOPAT)	-35	-23	-14	-0.84	9.57	17	25	29	40	95	82
Normalized NOPAT Margin	-3.26%	-2.24%	-1.25%	-0.07%	0.80%	1.48%	2.01%	2.20%	2.91%	6.75%	5.48%
Pre Tax Income Margin	-33.43%	-4.31%	-2.42%	-0.32%	-1.13%	2.27%	2.73%	2.51%	-2.76%	7.27%	5.04%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-65.86%	-124.98%	-245.21%	-439.97%	-2,133.76%	-6,180.79%	6,836.35%	1,622.47%	2,568.24%	957.82%	75.63%

Financials Breakdown Chart

Key Financial Trends

Twilio’s latest quarter shows a notable improvement in profitability and cash generation, even though revenue growth has slowed compared with the prior year. In Q1 2026, revenue rose to $1.41 billion from $1.37 billion in Q4 2025 and $1.30 billion in Q3 2025. More importantly, Twilio produced $90.1 million in net income and $153.2 million in operating cash flow, suggesting the business is still generating solid cash while moving deeper into profitability.

On a year-over-year basis, the turnaround is clear. Q1 2026 net income improved sharply from a $45.9 million loss in Q4 2025 and a $37.2 million profit in Q3 2025 to $90.1 million. Operating margin also strengthened, with operating income of $107.7 million versus just $56.8 million in Q4 2025 and $40.9 million in Q3 2025. Compared with Q1 2025, the company’s revenue grew from $1.17 billion to $1.41 billion, while net income improved from $20.0 million to $90.1 million.

Cash flow remains a major strength. Twilio generated $153.2 million in operating cash flow in Q1 2026, after $271.6 million in Q4 2025 and $263.6 million in Q3 2025. That follows a long pattern of positive operating cash flow dating back through 2024, which is important because it gives the company flexibility to invest, pay down debt, and return capital to shareholders.

The balance sheet looks solid on liquidity, but goodwill remains very large. As of March 31, 2026, Twilio held $541.9 million in cash and equivalents plus $1.80 billion in short-term investments, for a strong liquid position. Total current assets were $3.45 billion versus $740.3 million in current liabilities, indicating good near-term coverage. However, goodwill was $5.29 billion, a large portion of total assets, so investors should keep an eye on whether acquired assets continue to justify their value.

Shareholder returns are being supported by ongoing buybacks. Twilio repurchased $253.0 million of common equity in Q1 2026, following $198.5 million in Q4 2025 and $347.2 million in Q3 2025. That has helped offset dilution and may support per-share results over time.

Q1 2026 revenue reached $1.41 billion, up from $1.17 billion in Q1 2025.
Net income improved to $90.1 million in Q1 2026, up sharply from prior quarters.
Operating cash flow remained positive at $153.2 million in Q1 2026.
Gross profit was $684.2 million in Q1 2026, reflecting continued scale in the business.
Cash and short-term investments totaled about $2.35 billion at the end of Q1 2026.
Current assets of $3.45 billion exceeded current liabilities of $740.3 million.
Twilio continued aggressive share repurchases in the quarter.
Goodwill of $5.29 billion remains a major balance-sheet item and warrants monitoring.
Revenue growth has slowed versus the strongest prior-year comparisons, suggesting a maturing growth profile.
Long-term debt of $992.7 million remains on the balance sheet.

Looking at the longer trend, Twilio has made meaningful progress since 2023 and early 2024. In 2023, the company posted heavy quarterly losses, including a $342.1 million loss in Q1 2023 and a $482.3 million loss in Q3 2023. By 2024, losses had narrowed and cash generation improved, and in 2025–2026 the company moved into more consistent profitability. That shift suggests management has materially improved operating discipline.

The big question for investors is whether Twilio can keep turning revenue growth into durable earnings growth. The latest quarter supports a positive view, but the stock’s long-term case will depend on maintaining operating leverage, protecting gross margin, and avoiding a return to large restructuring or impairment charges like those seen in earlier periods.

08/13/26 12:34 AM ETAI Generated. May Contain Errors.

Twilio Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Twilio's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Twilio's net income appears to be on an upward trend, with a most recent value of $33.83 million in 2025, falling from -$35.50 million in 2015. The previous period was -$109.40 million in 2024. See where experts think Twilio is headed by visiting Twilio's forecast page.

Twilio's total operating income in 2025 was $157.80 million, based on the following breakdown:

Total Gross Profit: $2.48 billion
Total Operating Expenses: $2.32 billion

Over the last 10 years, Twilio's total revenue changed from $166.92 million in 2015 to $5.07 billion in 2025, a change of 2,935.7%.

Twilio's total liabilities were at $1.95 billion at the end of 2025, a 1.9% increase from 2024, and a 4,667.2% increase since 2015.

In the past 10 years, Twilio's cash and equivalents has ranged from $108.84 million in 2015 to $1.48 billion in 2021, and is currently $682.34 million as of their latest financial filing in 2025.

Over the last 10 years, Twilio's book value per share changed from -6.95 in 2015 to 51.59 in 2025, a change of -842.6%.

Related Companies

Financial statements for NYSE:TWLO last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Twilio (TWLO) Financials

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Twilio (TWLO) Financials

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