Twilio (TWLO) Financials

$187.95 +4.65 (+2.54%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$185.59 -2.36 (-1.25%)

As of 05/22/2026 07:53 PM Eastern

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-142	-365	-55	-32	-9.73	-12	20	22	37	-46	90
Consolidated Net Income / (Loss)	-142	-365	-55	-32	-9.73	-12	20	22	37	-46	90
Net Income / (Loss) Continuing Operations	-142	-365	-55	-32	-9.73	-12	20	22	37	-46	90
Total Pre-Tax Income	-140	-360	-45	-26	-3.65	-14	27	34	33	-38	102
Total Operating Income	-109	-362	-44	-19	-4.89	14	23	37	41	57	108
Total Gross Profit	516	531	544	556	579	600	582	603	632	662	684
Total Revenue	1,034	1,076	1,047	1,083	1,134	1,195	1,172	1,228	1,300	1,366	1,407
Operating Revenue	1,034	1,076	1,047	1,083	1,134	1,195	1,172	1,228	1,300	1,366	1,407
Total Cost of Revenue	517	545	503	527	555	595	591	626	668	704	723
Operating Cost of Revenue	517	545	503	527	555	595	591	626	668	704	723
Total Operating Expenses	625	893	588	575	584	586	558	566	591	606	577
Selling, General & Admin Expense	114	107	113	114	106	117	92	102	108	109	103
Marketing Expense	263	239	215	218	216	217	212	221	221	220	212
Research & Development Expense	242	236	260	243	262	253	254	243	262	260	262
Total Other Income / (Expense), net	-31	2.07	-1.66	-7.21	1.24	-27	3.50	-3.40	-8.26	-95	-5.43
Interest & Investment Income	-31	-28	-30	-24	-25	-29	-19	-25	-28	-110	-27
Other Income / (Expense), net	0.00	30	28	17	27	1.74	23	22	19	15	22
Income Tax Expense	1.75	5.75	10	5.62	6.08	-1.09	6.57	11	-4.56	8.09	12
Basic Earnings per Share	($0.78)	($2.01)	($0.31)	($0.19)	($0.06)	($0.10)	$0.13	$0.15	$0.24	($0.30)	$0.59
Weighted Average Basic Shares Outstanding	181.75M	183.33M	181.02M	170.22M	159.09M	165.93M	153.35M	153.23M	153.12M	152.99M	152.42M
Diluted Earnings per Share	($0.78)	($2.01)	($0.31)	($0.19)	($0.06)	($0.10)	$0.12	$0.14	$0.23	($0.28)	$0.57
Weighted Average Diluted Shares Outstanding	181.75M	183.33M	181.02M	170.22M	159.09M	165.93M	161.79M	159.69M	159.21M	159.79M	157.76M
Weighted Average Basic & Diluted Shares Outstanding	181.04M	182.06M	171.17M	160.60M	153.38M	152.63M	152.67M	153.43M	151.61M	151.51M	151.77M

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	-4.47	-22	17	100	-171	-170	46	503	-246	-52	-141
Net Cash From Operating Activities	206	223	190	213	204	108	191	277	264	272	153
Net Cash From Continuing Operating Activities	206	223	190	213	204	108	191	277	264	272	153
Net Income / (Loss) Continuing Operations	-142	-365	-55	-32	-9.73	-12	20	22	37	-46	90
Consolidated Net Income / (Loss)	-142	-365	-55	-32	-9.73	-12	20	22	37	-46	90
Depreciation Expense	73	65	53	52	51	50	50	50	48	48	34
Amortization Expense	17	14	13	12	14	15	15	15	15	15	15
Non-Cash Adjustments To Reconcile Net Income	255	500	199	185	191	219	165	181	202	274	164
Changes in Operating Assets and Liabilities, net	3.41	8.52	-20	-4.69	-42	-163	-58	8.52	-39	-19	-150
Net Cash From Investing Activities	-144	-137	190	785	267	129	-19	402	-162	-140	-41
Net Cash From Continuing Investing Activities	-144	-137	190	785	267	129	-19	402	-162	-140	-41
Purchase of Property, Plant & Equipment	-11	-12	-13	-16	-15	-15	-13	-14	-16	-15	-21
Acquisitions	-5.60	-	-	-	-	-	0.00	-	-	-	-0.69
Purchase of Investments	-880	-561	-436	-154	-150	-184	-214	-195	-371	-271	-353
Sale and/or Maturity of Investments	715	436	638	955	432	328	207	611	226	207	334
Net Cash From Financing Activities	-67	-107	-363	-898	-643	-408	-126	-176	-348	-183	-253
Net Cash From Continuing Financing Activities	-67	-107	-363	-898	-643	-408	-126	-176	-348	-183	-253
Repayment of Debt	-3.96	-2.37	-4.83	-2.23	-3.15	-2.35	-2.25	-1.98	-1.03	-0.05	-0.06
Repurchase of Common Equity	-64	-120	-357	-917	-641	-420	-126	-197	-347	-198	-253
Other Financing Activities, net	-0.03	-0.03	-1.50	-0.47	-0.02	-0.02	2.71	-2.85	-0.08	-	0.52
Cash Interest Paid	19	0.17	19	0.11	19	0.06	19	0.02	19	0.01	19
Cash Income Taxes Paid	5.34	15	11	8.71	5.75	11	5.26	7.83	2.86	1.76	21

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
Other Noncurrent Operating Assets	0.36	0.48	2.56	8.39	332	553	498	482	309	260	282
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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	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
Total Assets	12,613	12,299	11,904	11,858	11,289	10,508	10,037	9,815	9,848	9,712	9,577
Total Current Assets	4,962	4,857	4,665	4,742	4,678	3,964	3,548	3,468	3,532	3,477	3,447
Cash & Equivalents	633	635	675	678	673	755	584	467	969	735	542
Short-Term Investments	3,576	3,310	3,009	3,179	3,154	2,361	2,114	1,981	1,573	1,724	1,804
Accounts Receivable	488	576	600	557	541	537	551	578	588	613	711
Prepaid Expenses	266	336	315	327	310	310	299	442	401	405	390
Plant, Property, & Equipment, net	264	254	235	222	201	199	195	184	178	176	181
Total Noncurrent Assets	7,387	7,188	7,005	6,894	6,410	6,345	6,294	6,163	6,139	6,059	5,949
Long-Term Investments	732	684	657	623	568	541	515	465	439	413	275
Goodwill	5,285	5,284	5,243	5,243	5,243	5,243	5,243	5,243	5,243	5,243	5,292
Intangible Assets	901	798	728	679	322	293	266	211	184	157	125
Other Noncurrent Operating Assets	468	422	377	349	278	268	270	244	272	246	256
Total Liabilities & Shareholders' Equity	12,613	12,299	11,904	11,858	11,289	10,508	10,037	9,815	9,848	9,712	9,577
Total Liabilities	2,082	1,980	1,928	1,878	1,842	1,828	1,808	1,810	1,804	1,817	1,793
Total Current Liabilities	864	788	760	726	715	711	701	726	720	742	740
Accounts Payable	103	121	94	104	82	62	71	108	76	40	92
Accrued Expenses	573	476	449	424	442	467	452	432	462	508	457
Current Deferred Revenue	136	137	139	146	142	139	139	154	148	159	160
Other Current Liabilities	52	55	53	52	48	43	38	32	34	35	32
Total Noncurrent Liabilities	1,218	1,192	1,168	1,152	1,127	1,117	1,108	1,084	1,084	1,075	1,052
Long-Term Debt	987	988	988	989	989	990	990	991	991	992	993
Other Noncurrent Operating Liabilities	231	204	180	164	138	127	117	93	93	83	60
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	10,531	10,319	9,977	9,979	9,448	8,679	8,229	8,004	8,044	7,895	7,784
Total Preferred & Common Equity	10,531	10,319	9,977	9,979	9,448	8,679	8,229	8,004	8,044	7,895	7,784
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	10,531	10,319	9,977	9,979	9,448	8,679	8,229	8,004	8,044	7,895	7,784
Common Stock	13,842	14,234	14,419	14,611	14,961	15,137	15,299	15,626	15,805	15,971	16,295
Retained Earnings	-3,146	-3,843	-4,382	-4,579	-5,508	-6,447	-7,095	-7,632	-7,786	-8,099	-8,506
Accumulated Other Comprehensive Income / (Loss)	-165	-72	-60	-53	-4.94	-11	24	10	25	23	-4.32

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	151,513,999.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	151,513,999.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.59
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.15%	5.01%	4.02%	4.31%	9.67%	11.05%	11.98%	13.48%	14.71%	14.32%	20.00%
EBITDA Growth	94.91%	-139.71%	124.24%	265.35%	554.26%	131.65%	118.81%	99.28%	43.94%	67.03%	61.56%
EBIT Growth	76.60%	-67.23%	94.83%	98.77%	119.86%	104.66%	395.49%	2,653.80%	178.30%	345.66%	181.09%
NOPAT Growth	76.17%	-65.50%	83.53%	86.58%	95.51%	103.79%	157.07%	285.28%	1,462.19%	313.66%	446.20%
Net Income Growth	70.62%	-59.27%	83.82%	80.83%	93.14%	96.59%	136.17%	170.38%	482.97%	-267.71%	350.31%
EPS Growth	70.34%	-63.41%	83.15%	79.12%	92.31%	95.02%	138.71%	173.68%	483.33%	-180.00%	375.00%
Operating Cash Flow Growth	278.30%	480.71%	294.27%	155.05%	-1.02%	-51.27%	0.48%	29.88%	28.99%	150.41%	-19.81%
Free Cash Flow Firm Growth	105.90%	274.27%	432.67%	2,350.49%	3,523.34%	-83.80%	-103.79%	-103.06%	-92.20%	36.39%	196.51%
Invested Capital Growth	-1.36%	-8.60%	-9.51%	-8.68%	-7.42%	-0.70%	0.67%	0.69%	0.16%	-0.52%	1.20%
Revenue Q/Q Growth	-0.39%	4.09%	-2.69%	3.39%	4.72%	5.40%	-1.87%	4.77%	5.86%	5.04%	3.00%
EBITDA Q/Q Growth	50.14%	-1,230.52%	120.04%	24.37%	36.98%	-7.30%	38.56%	12.06%	0.00%	8.47%	32.91%
EBIT Q/Q Growth	18.17%	-204.49%	95.30%	89.50%	1,422.00%	-28.51%	197.86%	27.70%	2.34%	19.42%	80.10%
NOPAT Q/Q Growth	23.21%	-232.16%	87.97%	56.24%	74.29%	380.49%	80.88%	42.06%	89.00%	-14.82%	138.83%
Net Income Q/Q Growth	14.73%	-157.86%	84.85%	42.44%	69.47%	-28.21%	260.52%	12.02%	66.12%	-223.10%	296.58%
EPS Q/Q Growth	14.29%	-157.69%	84.58%	38.71%	68.42%	-66.67%	220.00%	16.67%	64.29%	-221.74%	303.57%
Operating Cash Flow Q/Q Growth	146.79%	7.81%	-14.57%	12.21%	-4.23%	-46.93%	76.16%	45.04%	-4.88%	3.03%	-43.58%
Free Cash Flow Firm Q/Q Growth	-42.04%	2,342.29%	87.52%	-7.69%	-14.29%	-89.08%	-143.89%	25.55%	318.47%	91.05%	-68.94%
Invested Capital Q/Q Growth	-1.46%	-5.73%	-1.20%	-0.50%	-0.10%	1.12%	0.15%	-0.48%	-0.64%	0.44%	1.88%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	49.95%	49.37%	51.96%	51.35%	51.04%	50.19%	49.60%	49.07%	48.61%	48.49%	48.63%
EBITDA Margin	-1.83%	-23.43%	4.83%	5.81%	7.59%	6.68%	9.43%	10.09%	9.53%	9.84%	12.70%
Operating Margin	-10.54%	-33.62%	-4.15%	-1.76%	-0.43%	1.15%	1.97%	3.01%	3.15%	4.16%	7.65%
EBIT Margin	-10.54%	-30.82%	-1.49%	-0.15%	1.91%	1.29%	3.93%	4.79%	4.63%	5.26%	9.20%
Profit (Net Income) Margin	-13.71%	-33.96%	-5.29%	-2.94%	-0.86%	-1.04%	1.71%	1.83%	2.86%	-3.36%	6.41%
Tax Burden Percent	101.25%	101.60%	122.56%	121.40%	266.39%	91.98%	75.30%	66.75%	113.96%	121.42%	88.17%
Interest Burden Percent	128.52%	108.46%	289.75%	1,604.10%	-16.88%	-87.69%	57.72%	57.12%	54.30%	-52.54%	78.97%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	24.70%	33.25%	-13.96%	0.00%	11.83%
Return on Invested Capital (ROIC)	-4.63%	-15.27%	-1.92%	-0.83%	-0.21%	0.59%	1.12%	1.58%	2.92%	2.43%	5.85%
ROIC Less NNEP Spread (ROIC-NNEP)	-2.87%	-12.27%	-1.21%	-0.22%	0.01%	1.39%	1.02%	1.67%	3.38%	7.11%	6.12%
Return on Net Nonoperating Assets (RNNOA)	1.04%	4.52%	0.43%	0.07%	0.00%	-0.43%	-0.31%	-0.47%	-0.86%	-1.65%	-1.38%
Return on Equity (ROE)	-3.59%	-10.74%	-1.49%	-0.76%	-0.21%	0.16%	0.81%	1.11%	2.06%	0.78%	4.47%
Cash Return on Invested Capital (CROIC)	-6.49%	-0.59%	2.76%	3.14%	2.90%	0.08%	-0.52%	-0.15%	1.46%	2.12%	1.96%
Operating Return on Assets (OROA)	-3.53%	-10.59%	-0.53%	-0.06%	0.76%	0.54%	1.71%	2.22%	2.29%	2.72%	5.03%
Return on Assets (ROA)	-4.60%	-11.67%	-1.88%	-1.11%	-0.34%	-0.43%	0.74%	0.85%	1.42%	-1.73%	3.50%
Return on Common Equity (ROCE)	-3.59%	-10.74%	-1.49%	-0.76%	-0.21%	0.16%	0.81%	1.11%	2.06%	0.78%	4.47%
Return on Equity Simple (ROE_SIMPLE)	-8.81%	0.00%	-7.71%	-6.85%	-5.62%	0.00%	-0.43%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-76	-253	-30	-13	-3.43	9.61	17	25	47	40	95
NOPAT Margin	-7.37%	-23.53%	-2.91%	-1.23%	-0.30%	0.80%	1.48%	2.01%	3.59%	2.91%	6.75%
Net Nonoperating Expense Percent (NNEP)	-1.76%	-3.00%	-0.71%	-0.61%	-0.22%	-0.80%	0.10%	-0.10%	-0.46%	-4.68%	-0.27%
Return On Investment Capital (ROIC_SIMPLE)	-	-2.36%	-	-	-	0.11%	0.19%	0.27%	0.53%	0.45%	1.08%
Cost of Revenue to Revenue	50.05%	50.63%	48.04%	48.65%	48.96%	49.81%	50.40%	50.93%	51.39%	51.51%	51.37%
SG&A Expenses to Revenue	11.04%	9.94%	10.69%	10.53%	9.38%	9.77%	7.85%	8.27%	8.32%	7.97%	7.29%
R&D to Revenue	23.38%	21.90%	24.03%	22.51%	23.01%	21.14%	21.69%	19.82%	20.17%	19.04%	18.63%
Operating Expenses to Revenue	60.49%	82.99%	56.11%	53.11%	51.47%	49.04%	47.63%	46.06%	45.46%	44.33%	40.98%
Earnings before Interest and Taxes (EBIT)	-109	-332	-16	-1.64	22	15	46	59	60	72	129
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-19	-252	51	63	86	80	111	124	124	134	179
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.06	1.41	1.17	1.12	1.27	2.08	1.87	2.36	1.95	2.76	2.45
Price to Tangible Book Value (P/TBV)	2.61	3.32	2.85	3.09	3.85	6.71	5.86	7.26	6.16	9.03	8.06
Price to Revenue (P/Rev)	2.58	3.31	2.64	2.29	2.41	3.72	3.26	4.01	3.14	4.26	3.60
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	937.89	228.47	637.39	183.38
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%	0.11%	0.44%	0.16%	0.55%
Enterprise Value to Invested Capital (EV/IC)	1.10	1.65	1.27	1.17	1.37	2.42	2.14	2.81	2.24	3.27	2.83
Enterprise Value to Revenue (EV/Rev)	1.73	2.44	1.83	1.66	1.90	3.30	2.84	3.59	2.75	3.90	3.29
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	52.63	38.38	42.38	30.71	40.15	31.09
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	739.79	159.77	119.17	74.38	83.51	54.43
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	1,444.62	523.54	138.57	204.17	90.46
Enterprise Value to Operating Cash Flow (EV/OCF)	53.15	24.40	10.91	8.48	9.94	20.52	18.16	21.77	16.04	19.72	18.06
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	43.64	35.64	45.54	2,931.76	0.00	0.00	153.37	154.12	145.39
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.10	0.10	0.10	0.11	0.12	0.12	0.12	0.12	0.13	0.13	0.13
Long-Term Debt to Equity	0.10	0.10	0.10	0.11	0.12	0.12	0.12	0.12	0.13	0.13	0.13
Financial Leverage	-0.36	-0.37	-0.36	-0.32	-0.31	-0.31	-0.31	-0.28	-0.25	-0.23	-0.22
Leverage Ratio	1.19	1.19	1.19	1.20	1.20	1.21	1.21	1.22	1.22	1.24	1.23
Compound Leverage Factor	1.53	1.29	3.46	19.27	-0.20	-1.06	0.70	0.70	0.67	-0.65	0.97
Debt to Total Capital	9.01%	9.22%	9.48%	10.24%	10.74%	11.08%	11.02%	10.97%	11.16%	11.26%	11.31%
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	9.01%	9.22%	9.48%	10.24%	10.74%	11.08%	11.02%	10.97%	11.16%	11.26%	11.31%
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	90.99%	90.78%	90.52%	89.76%	89.26%	88.92%	88.98%	89.03%	88.84%	88.74%	88.69%
Debt to EBITDA	-2.67	-1.91	-3.83	-6.28	-18.80	3.55	2.92	2.47	2.26	2.01	1.77
Net Debt to EBITDA	9.42	6.99	13.17	16.91	42.20	-6.73	-5.66	-4.96	-4.28	-3.61	-2.90
Long-Term Debt to EBITDA	-2.67	-1.91	-3.83	-6.28	-18.80	3.55	2.92	2.47	2.26	2.01	1.77
Debt to NOPAT	-1.93	-1.61	-2.15	-2.65	-3.30	-26.35	109.93	30.54	10.20	10.24	5.15
Net Debt to NOPAT	6.80	5.89	7.42	7.15	7.40	50.00	-213.17	-61.30	-19.33	-18.36	-8.45
Long-Term Debt to NOPAT	-1.93	-1.61	-2.15	-2.65	-3.30	-26.35	109.93	30.54	10.20	10.24	5.15
Altman Z-Score	3.57	4.47	3.71	3.11	3.27	4.91	4.68	6.05	4.77	6.32	6.07
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	6.53	6.64	6.55	5.57	5.06	4.20	4.78	4.90	4.68	4.03	4.66
Quick Ratio	6.08	6.20	6.11	5.13	4.64	3.62	4.17	4.35	4.14	3.50	4.13
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	13	322	604	558	478	52	-23	-17	37	71	22
Operating Cash Flow to CapEx	1,840.47%	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%
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	0.34	0.36	0.38	0.40	0.42	0.43	0.46	0.50	0.52	0.55
Accounts Receivable Turnover	7.85	7.48	7.51	7.46	7.83	7.74	8.20	8.41	8.41	8.27	8.23
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	16.88	17.54	18.42	19.54	20.81	22.25	23.82	25.12	26.44	27.54	29.05
Accounts Payable Turnover	20.31	17.28	20.63	26.93	24.23	19.84	23.88	34.30	44.43	27.94	27.28
Days Sales Outstanding (DSO)	46.48	48.78	48.58	48.95	46.61	47.13	44.54	43.42	43.39	44.13	44.34
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)	17.97	21.12	17.70	13.55	15.06	18.40	15.28	10.64	8.22	13.06	13.38
Cash Conversion Cycle (CCC)	28.51	27.66	30.89	35.40	31.54	28.73	29.26	32.78	35.17	31.07	30.96
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,487	6,116	6,042	6,012	6,006	6,073	6,083	6,054	6,015	6,042	6,155
Invested Capital Turnover	0.63	0.65	0.66	0.67	0.69	0.73	0.76	0.78	0.81	0.84	0.87
Increase / (Decrease) in Invested Capital	-89	-576	-635	-571	-482	-43	40	42	9.39	-31	73
Enterprise Value (EV)	7,109	10,119	7,665	7,057	8,251	14,698	13,023	16,996	13,477	19,786	17,435
Market Capitalization	10,601	13,736	11,071	9,724	10,474	16,578	14,944	18,987	15,357	21,565	19,063
Book Value per Share	$55.10	$53.76	$52.19	$50.71	$51.24	$51.85	$52.44	$52.69	$51.46	$51.59	$51.38
Tangible Book Value per Share	$22.40	$22.86	$21.45	$18.36	$16.94	$16.11	$16.70	$17.14	$16.26	$15.75	$15.62
Total Capital	10,968	10,722	10,437	9,669	9,219	8,944	8,995	9,035	8,887	8,814	8,777
Total Debt	989	989	989	990	990	991	991	991	992	992	993
Total Long-Term Debt	989	989	989	990	990	991	991	991	992	992	993
Net Debt	-3,492	-3,617	-3,405	-2,667	-2,223	-1,880	-1,922	-1,990	-1,880	-1,780	-1,629
Capital Expenditures (CapEx)	11	12	13	16	15	15	13	14	16	15	21
Debt-free, Cash-free Net Working Capital (DFCFNWC)	158	154	136	136	149	243	294	269	276	219	360
Debt-free Net Working Capital (DFNWC)	4,015	4,166	3,963	3,252	2,848	2,627	2,742	2,812	2,735	2,690	2,706
Net Working Capital (NWC)	4,015	4,166	3,963	3,252	2,848	2,627	2,742	2,812	2,735	2,690	2,706
Net Nonoperating Expense (NNE)	65	112	25	19	6.30	22	-2.64	2.27	9.42	86	4.79
Net Nonoperating Obligations (NNO)	-3,492	-3,617	-3,405	-2,667	-2,223	-1,880	-1,922	-1,990	-1,880	-1,780	-1,629
Total Depreciation and Amortization (D&A)	90	79	66	64	64	64	65	65	64	63	49
Debt-free, Cash-free Net Working Capital to Revenue	3.85%	3.70%	3.25%	3.21%	3.44%	5.44%	6.41%	5.69%	5.64%	4.33%	6.79%
Debt-free Net Working Capital to Revenue	97.88%	100.28%	94.48%	76.72%	65.63%	58.93%	59.82%	59.45%	55.86%	53.08%	51.05%
Net Working Capital to Revenue	97.88%	100.28%	94.48%	76.72%	65.63%	58.93%	59.82%	59.45%	55.86%	53.08%	51.05%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.78)	($2.01)	($0.31)	($0.19)	($0.06)	($0.10)	$0.13	$0.15	$0.24	($0.30)	$0.59
Adjusted Weighted Average Basic Shares Outstanding	181.75M	183.33M	181.02M	170.22M	159.09M	165.93M	153.35M	153.23M	153.12M	152.99M	152.42M
Adjusted Diluted Earnings per Share	($0.78)	($2.01)	($0.31)	($0.19)	($0.06)	($0.10)	$0.12	$0.14	$0.23	($0.28)	$0.57
Adjusted Weighted Average Diluted Shares Outstanding	181.75M	183.33M	181.02M	170.22M	159.09M	165.93M	161.79M	159.69M	159.21M	159.79M	157.76M
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	181.04M	182.06M	171.17M	160.60M	153.38M	152.63M	152.67M	153.43M	151.61M	151.51M	151.77M
Normalized Net Operating Profit after Tax (NOPAT)	-72	-35	-23	-14	-0.84	9.57	17	25	29	40	95
Normalized NOPAT Margin	-6.93%	-3.26%	-2.24%	-1.25%	-0.07%	0.80%	1.48%	2.01%	2.20%	2.91%	6.75%
Pre Tax Income Margin	-13.54%	-33.43%	-4.31%	-2.42%	-0.32%	-1.13%	2.27%	2.73%	2.51%	-2.76%	7.27%
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	-62.41%	-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%

Financials Breakdown Chart

Key Financial Trends

Twilio (TWLO) has shown revenue growth over the four-year window ending with Q4 2025, but profitability remains challenged by higher operating costs and interest/other expense. Below are the key takeaways for retail investors based on the latest quarterly and year‑over‑year data.

Revenue growth: Q4 2025 operating revenue was 1,365,930,000, up from Q4 2024’s 1,194,835,000 (about a 14% year‑over‑year increase), indicating continued top‑line expansion.
Improved quarterly operating income: Q4 2025 total operating income reached 56,783,000, an improvement from Q4 2024’s 13,727,000, signaling rising operating leverage as revenue grows.
Solid quarterly cash generation: Q4 2025 net cash from continuing operating activities was 271,555,000, with capex of about 15,451,000, implying roughly 256,000,000 in potential free cash flow for the quarter.
Gross margin relatively stable: Q4 2025 gross profit was 662,350,000 on 1,365,930,000 in revenue (roughly 48.5% gross margin), a touch below Q4 2024’s margin of about 50%; margins have hovered in the mid‑40s to ~50% range over the period.
Operating expense structure trending with growth: Total operating expenses in Q4 2025 were 605,567,000, versus prior year levels, indicating continued investment in SG&A, marketing, and R&D in line with revenue growth.
Debt level remains modest and stable: Long‑term debt figures sit around the 990–992 million range in 2025, with only minor quarterly changes, suggesting limited leverage growth relative to asset size.
Liquidity remains solid: Cash & equivalents plus short‑term investments run in the low to mid‑billions across the window (e.g., substantial cash and investments in 2025), supporting ongoing operations and growth investments.
Net income remains negative: Q4 2025 net income attributable to common shareholders was -45,854,000, with basic EPS of -0.30 and diluted EPS of -0.28, reflecting ongoing profitability pressures.
Interest/financing headwinds: Interest & investment income was negative 109,647,000 in Q4 2025, a meaningful drag on pretax income and overall profitability.
Other income/expense and pretax results weaker: Total other income/(expense), net was -94,549,000 in Q4 2025, contributing to negative pretax income and underscoring non‑core headwinds.
Financing activities.pressure: Net cash from financing activities was negative 183,435,000 in Q4 2025, and net change in cash and equivalents was -52,309,000 for the quarter, highlighting funding/financing headwinds alongside growth investments.

05/23/26 11:09 PM 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. Check out Twilio's forecast to explore projected trends and price targets.

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%.

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Financial statements for NYSE:TWLO last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Twilio (TWLO) Financials

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