NYSE : TWLO
Twilio Inc. — Financial statements
Technology · Software - Infrastructure · United States
Last price 241.9 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 37.15B
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Financial statements
Twilio Inc. (TWLO) reported revenue of 5.83B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 5.83B | 5.07B | 4.46B | 4.15B | 3.83B | 2.84B |
| Cost of Revenue | 3.00B | 2.59B | 2.18B | 2.11B | 2.01B | 1.45B |
| Gross Profit | 2.83B | 2.48B | 2.28B | 2.04B | 1.81B | 1.39B |
| Selling, General & Admin | 1.31B | 1.28B | 1.31B | 1.49B | 1.76B | 1.51B |
| Research & Development | 1.08B | 1.02B | 1.01B | 942.79M | 1.08B | 789.22M |
| Other Operating Expenses | 1.47M | 1.47M | 1.13M | 699.00K | 539.00K | |
| Operating Expenses | 2.39B | 2.31B | 2.32B | 2.43B | 2.84B | 2.30B |
| Operating Income | 447.76M | 175.17M | -40.44M | -384.75M | -1.03B | -908.13M |
| Interest & Investment Income | 71.00M | 70.60M | 90.20M | 77.70M | 64.60M | 55.70M |
| Earnings From Equity Investments | -106.08M | -101.22M | -108.48M | -121.90M | -35.31M | |
| Other Non Operating Income (Expenses) | -2.80M | 8.54M | -8.40M | -29.84M | -67.61M | -72.08M |
| EBT Excluding Unusual Items | 409.89M | 153.09M | -67.12M | -458.78M | -1.07B | -924.51M |
| Merger & Restructuring Charges | -15.52M | -15.52M | -13.27M | -206.09M | -176.98M | -7.45M |
| Gain (Loss) on Sale of Investments | -80.63M | -80.63M | -8.22M | -46.15M | ||
| Asset Writedown | -34.62M | -1.85M | -285.70M | |||
| Other Unusual Items | -28.96M | |||||
| Pretax Income | 279.12M | 55.09M | -88.61M | -996.73M | -1.24B | -960.93M |
| Income Tax Expense | -993.53M | 21.26M | 20.79M | 18.71M | 12.51M | -11.03M |
| Net Income | 1.27B | 33.83M | -109.40M | -1.02B | -1.26B | -949.90M |
| Net Income to Common | 1.27B | 33.83M | -109.40M | -1.02B | -1.26B | -949.90M |
| Shares Outstanding (Basic) | 154.75M | 152.99M | 165.93M | 183.33M | 182.99M | 174.18M |
| Shares Outstanding (Diluted) | 154.75M | 159.79M | 165.93M | 183.33M | 182.99M | 174.18M |
| EPS (Basic) | 8.22 | 0.22 | -0.66 | -5.54 | -6.86 | -5.45 |
| EPS (Diluted) | 8.22 | 0.21 | -0.66 | -5.54 | -6.86 | -5.45 |
| Free Cash Flow | 1.17B | 997.40M | 709.26M | 403.44M | -288.79M | -104.24M |
| Free Cash Flow Per Share | 7.58 | 6.24 | 4.28 | 2.20 | -1.58 | -0.60 |
| Gross Margin | 48.61% | 48.95% | 51.13% | 49.22% | 47.41% | 48.94% |
| Operating Margin | 7.68% | 3.46% | -0.91% | -9.26% | -26.88% | -31.96% |
| Profit Margin | 21.82% | 0.67% | -2.45% | -24.45% | -32.83% | -33.43% |
| Free Cash Flow Margin | 20.11% | 19.68% | 15.91% | 9.71% | -7.55% | -3.67% |
| EBITDA | 586.72M | 370.61M | 165.55M | -100.34M | -749.20M | -649.76M |
| EBITDA Margin | 10.06% | 7.31% | 3.71% | -2.42% | -19.58% | -22.86% |
| D&A For EBITDA | 138.96M | 195.44M | 205.98M | 284.41M | 279.13M | 258.38M |
| EBIT | 447.76M | 175.17M | -40.44M | -384.75M | -1.03B | -908.13M |
| EBIT Margin | 7.68% | 3.46% | -0.91% | -9.26% | -26.88% | -31.96% |
| Effective Tax Rate | 38.59% | |||||
| Advertising Expenses | 39.80M | 48.70M | 71.10M | 92.60M | 78.80M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.06B | 682.34M | 421.30M | 655.93M | 651.75M | 1.48B |
| Short-Term Investments | 1.83B | 1.79B | 1.96B | 3.36B | 3.50B | 3.88B |
| Cash & Short-Term Investments | 2.89B | 2.47B | 2.38B | 4.01B | 4.16B | 5.36B |
| Receivables | 755.01M | 636.74M | 588.54M | 562.77M | 547.51M | 388.21M |
| Prepaid Expenses | 229.20M | 307.06M | 333.91M | 329.20M | 277.20M | 184.59M |
| Restricted Cash | 199.00K | 4.31M | 1.54M | |||
| Other Current Assets | 109.77M | 162.39M | 140.45M | |||
| Total Current Assets | 3.99B | 3.58B | 3.45B | 4.90B | 4.98B | 5.93B |
| Property, Plant & Equipment | 209.61M | 215.99M | 244.45M | 283.60M | 385.32M | 489.90M |
| Long-Term Investments | 249.38M | 326.14M | 509.33M | 624.28M | 699.91M | 68.30M |
| Goodwill | 5.29B | 5.29B | 5.24B | 5.24B | 5.28B | 5.26B |
| Other Intangible Assets | 105.30M | 142.06M | 238.50M | 350.49M | 849.93M | 1.05B |
| Other Long-Term Assets | 205.81M | 218.17M | 182.62M | 204.10M | 360.90M | 194.99M |
| Total Assets | 11.11B | 9.77B | 9.87B | 11.61B | 12.56B | 13.00B |
| Accounts Payable | 61.62M | 85.09M | 100.17M | 119.61M | 124.61M | 93.33M |
| Accrued Expenses | 361.02M | 381.24M | 356.95M | 239.50M | 315.83M | 287.13M |
| Current Portion of Leases | 26.58M | 35.12M | 33.69M | 49.87M | 66.09M | 64.69M |
| Current Unearned Revenue | 157.05M | 158.68M | 155.68M | 144.50M | 139.11M | 140.39M |
| Other Current Liabilities | 285.22M | 226.88M | 173.74M | 184.81M | 162.52M | 118.00M |
| Total Current Liabilities | 891.50M | 887.01M | 820.22M | 738.30M | 808.16M | 703.55M |
| Long-Term Debt | 993.61M | 992.29M | 990.59M | 988.95M | 987.38M | 985.91M |
| Long-Term Leases | 36.81M | 54.16M | 85.88M | 120.77M | 185.84M | 236.38M |
| Other Long-Term Liabilities | 14.43M | 15.89M | 15.82M | 29.14M | 23.88M | 41.29M |
| Total Liabilities | 1.94B | 1.95B | 1.91B | 1.88B | 2.01B | 1.97B |
| Common Stock | 155.00K | 152.00K | 153.00K | 182.00K | 186.00K | 180.00K |
| Additional Paid-In Capital | 16.66B | 16.15B | 15.48B | 14.80B | 14.06B | 13.17B |
| Retained Earnings | -7.47B | -8.34B | -7.52B | -5.07B | -3.38B | -2.12B |
| Comprehensive Income & Other | -16.52M | 15.67M | -1.30M | 619.00K | -121.16M | -18.14M |
| Total Common Equity | 9.17B | 7.82B | 7.95B | 9.73B | 10.56B | 11.03B |
| Shareholders' Equity | 9.17B | 7.82B | 7.95B | 9.73B | 10.56B | 11.03B |
| Total Liabilities & Equity | 11.11B | 9.77B | 9.87B | 11.61B | 12.56B | 13.00B |
| Total Debt | 1.06B | 1.08B | 1.11B | 1.16B | 1.24B | 1.29B |
| Net Cash (Debt) | 1.83B | 1.39B | 1.27B | 2.85B | 2.92B | 4.07B |
| Net Cash Per Share | 11.85 | 8.69 | 7.68 | 15.56 | 15.93 | 23.37 |
| Filing Date Shares Outstanding | 154.73M | 151.51M | 152.63M | 182.06M | 187.27M | 181.52M |
| Total Common Shares Outstanding | 154.75M | 152.41M | 152.61M | 181.95M | 185.98M | 180.47M |
| Working Capital | 3.09B | 2.69B | 2.63B | 4.17B | 4.18B | 5.23B |
| Book Value Per Share | 59.26 | 51.32 | 52.11 | 53.49 | 56.78 | 61.13 |
| Tangible Book Value | 3.77B | 2.39B | 2.47B | 4.14B | 4.42B | 4.72B |
| Tangible Book Value Per Share | 24.38 | 15.67 | 16.19 | 22.75 | 23.79 | 26.14 |
| Machinery | 75.66M | 83.55M | 93.45M | 107.61M | 113.56M | 88.94M |
| Leasehold Improvements | 63.24M | 62.14M | 78.10M | 92.31M | 91.66M | 85.30M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.27B | 33.83M | -109.40M | -1.02B | -1.26B | -949.90M |
| Depreciation & Amortization | 138.96M | 195.44M | 205.98M | 284.41M | 279.13M | 258.38M |
| Other Amortization | 66.55M | 74.53M | 76.35M | 72.89M | 57.91M | 31.54M |
| Loss (Gain) From Sale of Assets | 32.28M | |||||
| Asset Writedown & Restructuring Costs | 41.94M | 1.85M | 320.50M | 97.72M | ||
| Loss (Gain) From Sale of Investments | 71.05M | 65.48M | -13.04M | 54.15M | 33.16M | 36.16M |
| Loss (Gain) on Equity Investments | 106.08M | 101.22M | 108.48M | 121.90M | 35.31M | |
| Stock-Based Compensation | 586.05M | 600.41M | 616.61M | 675.86M | 798.56M | 632.28M |
| Provision & Write-off of Bad Debts | 16.97M | 8.23M | 35.39M | 51.86M | 35.01M | 7.21M |
| Other Operating Activities | -896.46M | 36.12M | 30.01M | 46.99M | 61.61M | 111.25M |
| Change in Accounts Receivable | -157.51M | -55.07M | -61.16M | -85.09M | -194.66M | -117.94M |
| Change in Accounts Payable | 20.11M | -14.97M | -20.26M | 12.37M | 30.34M | 10.19M |
| Change in Unearned Revenue | -3.08M | 2.04M | 11.18M | 5.37M | -2.69M | 45.63M |
| Change in Other Net Operating Assets | 3.59M | -45.87M | -163.91M | -163.29M | -229.64M | -123.00M |
| Operating Cash Flow | 1.19B | 1.00B | 716.24M | 414.75M | -254.37M | -58.19M |
| Capital Expenditures | -13.61M | -5.85M | -6.98M | -11.31M | -34.42M | -46.05M |
| Cash Acquisitions | -62.18M | -61.50M | -5.77M | -37.41M | -491.52M | |
| Divestitures | 38.19M | |||||
| Sale (Purchase) of Intangibles | -61.97M | -51.97M | -51.81M | -39.92M | -45.76M | -43.97M |
| Investment in Securities | -127.16M | 200.26M | 1.43B | 247.41M | -498.86M | -1.91B |
| Investing Cash Flow | -264.93M | 80.95M | 1.37B | 228.60M | -616.45M | -2.49B |
| Long-Term Debt Issued | 984.72M | |||||
| Long-Term Debt Repaid | -5.31M | -12.56M | -16.13M | -13.42M | -8.29M | |
| Net Debt Issued (Repaid) | -244.00K | -5.31M | -12.56M | -16.13M | -13.42M | 976.43M |
| Issuance of Common Stock | 52.38M | 41.36M | 37.39M | 43.84M | 59.56M | 1.90B |
| Repurchase of Common Stock | -646.83M | -869.15M | -2.34B | -671.32M | -1.10M | -10.39M |
| Other Financing Activities | -35.00K | 227.72M | ||||
| Financing Cash Flow | -594.69M | -833.10M | -2.31B | -643.61M | 45.01M | 3.10B |
| Foreign Exchange Rate Adjustments | 108.00K | 60.00K | -191.00K | |||
| Net Cash Flow | 326.69M | 251.10M | -224.49M | -147.00K | -825.75M | 547.95M |
| Free Cash Flow | 1.17B | 997.40M | 709.26M | 403.44M | -288.79M | -104.24M |
| Free Cash Flow Margin | 20.11% | 19.68% | 15.91% | 9.71% | -7.55% | -3.67% |
| Free Cash Flow Per Share | 7.58 | 6.24 | 4.28 | 2.20 | -1.58 | -0.60 |
| Levered Free Cash Flow | 1.08B | 943.91M | 742.07M | 624.86M | 261.25M | 270.75M |
| Unlevered Free Cash Flow | 1.08B | 943.91M | 742.07M | 624.86M | 261.25M | 270.75M |
| Cash Interest Paid | 37.52M | 37.58M | 37.90M | 38.39M | 37.50M | 20.64M |
| Cash Income Tax Paid | 27.50M | 17.71M | 36.55M | 37.82M | 7.41M | 6.15M |
| Change in Working Capital | -217.47M | -113.87M | -234.14M | -230.65M | -396.64M | -185.11M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 32.10B | 21.57B | 16.58B | 13.74B | 9.03B | 46.96B |
| Enterprise Value | 30.26B | 20.20B | 15.01B | 11.07B | 6.07B | 42.86B |
| Last Close Price | 205.03 | 142.24 | 108.08 | 75.87 | 48.96 | 263.34 |
| PE Ratio | 25.23 | 637.39 | ||||
| Forward PE | 31.75 | 27.39 | 26.20 | 33.33 | ||
| PS Ratio | 5.53 | 4.26 | 3.72 | 3.31 | 2.36 | 16.52 |
| PB Ratio | 3.46 | 2.76 | 2.08 | 1.41 | 0.85 | 4.26 |
| P/TBV Ratio | 8.55 | 9.03 | 6.71 | 3.32 | 2.04 | 9.95 |
| P/FCF Ratio | 27.52 | 21.62 | 23.37 | 34.05 | ||
| P/OCF Ratio | 27.20 | 21.50 | 23.14 | 33.12 | ||
| PEG Ratio | 1.63 | 0.77 | 0.89 | 1.11 | 164.85 | 240.11 |
| EV/Sales Ratio | 5.22 | 3.99 | 3.37 | 2.67 | 1.59 | 15.08 |
| EV/EBITDA Ratio | 51.88 | 54.51 | 90.64 | |||
| EV/EBIT Ratio | 67.98 | 115.33 | ||||
| EV/FCF Ratio | 25.96 | 20.25 | 21.16 | 27.45 | ||
| Debt / Equity Ratio | 0.12 | 0.14 | 0.14 | 0.12 | 0.12 | 0.12 |
| Debt / EBITDA Ratio | 1.72 | 2.72 | 5.81 | |||
| Debt / FCF Ratio | 0.90 | 1.08 | 1.56 | 2.87 | ||
| Net Debt / Equity Ratio | -0.20 | -0.18 | -0.16 | -0.29 | -0.28 | -0.37 |
| Net Debt / EBITDA Ratio | -3.13 | -3.75 | -7.70 | 28.43 | 3.89 | 6.26 |
| Net Debt / FCF Ratio | -1.56 | -1.39 | -1.80 | -7.07 | 10.10 | 39.05 |
| Asset Turnover | 0.56 | 0.52 | 0.41 | 0.34 | 0.30 | 0.25 |
| Quick Ratio | 4.09 | 3.50 | 3.62 | 6.20 | 5.82 | 8.17 |
| Current Ratio | 4.47 | 4.03 | 4.20 | 6.64 | 6.17 | 8.43 |
| Return on Equity (ROE) | 14.92% | 0.43% | -1.24% | -10.01% | -11.64% | -9.75% |
| Return on Assets (ROA) | 2.69% | 1.11% | -0.24% | -1.99% | -5.03% | -5.05% |
| Return on Invested Capital (ROIC) | 6.08% | 1.64% | -0.60% | -5.30% | -14.08% | -13.99% |
| Return on Capital Employed (ROCE) | 4.40% | 2.00% | -0.40% | -3.50% | -8.70% | -7.40% |
| Earnings Yield | 3.96% | 0.16% | -0.66% | -7.39% | -13.92% | -2.02% |
| FCF Yield | 3.63% | 4.62% | 4.28% | 2.94% | -3.20% | -0.22% |
| Buyback Yield / Dilution | 2.39% | 3.70% | 9.49% | -0.18% | -5.06% | -18.73% |