Twilio Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
There is little to fault in Twilio's substance: an 81 percent equity ratio, roughly $1.35 billion of net cash, $945.4 million of free cash flow in 2025, 402,000 active customer accounts and dollar-based net expansion up from 103 to 108 percent. Existential questions do not arise here. What is missing for green is proof that the earning power holds: the first annual profit is razor thin at $33.8 million on $5,067.2 million of revenue, the fourth quarter of 2025 fell back to a $45.9 million loss after the $80.6 million Syniverse impairment, and gross margin keeps sliding because a growing share of revenue is pass-through network fees carrying no gross profit — $46.1 million of a $234.4 million increase in the first quarter of 2026 alone. On top of that sits $5,292.5 million of goodwill inside $7,784.1 million of equity, written by the same management that has already impaired $285.7 million of Segment assets and $80.6 million of Syniverse. That is an open operating question, not a broken balance sheet. Hence yellow. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Twilio turned profitable for the first time since its IPO in 2025, throws off $945.4 million of free cash flow and sits on roughly $1.35 billion of net cash — this is no longer a turnaround hope, it is a working business. The price is in the filings too: a fifth of the latest growth is pass-through carrier fees with no added gross profit, gross margin has slipped for two years, stock compensation costs eighteen times net income, and $275 million is what remains of $750 million paid for Syniverse. Buying here means buying infrastructure with real cash flow — and the open question of how much sticks at the end of the wire. Not investment advice.
Earnings turn
After nine loss-making years since the IPO, 2025 finally showed a profit: $33.8 million, after −$109.4 million (2024) and −$1,015.4 million (2023). Income from operations swung from −$876.5 million through −$53.7 million to +$157.8 million. The first quarter of 2026 confirmed the trend with $90.1 million of net income on $1,406.9 million of revenue.
Cash flow and balance sheet
Operating cash flow climbed from $414.8 million (2023) through $716.2 million (2024) to $1,003.2 million (2025), with free cash flow at $945.4 million — 19 percent of revenue. As of March 31, 2026, $2,346.3 million of cash and securities stood against $992.7 million of notes, and the equity ratio was 81 percent.
Quality of growth
Of the $234.4 million revenue increase in the first quarter of 2026, $46.1 million came from A2P fees charged by major U.S. carriers and passed through; in 2025 the figure was $49.5 million. Twilio itself writes that such pass-throughs lift revenue and cost of revenue together while lowering gross margin. It fell from 51 percent (2024) to 49 percent (2025) and to 48.6 percent in the first quarter of 2026.
Stock-based compensation
At $600.4 million, stock compensation cost roughly eighteen times full-year net income in 2025 and just under 12 percent of revenue. The trend points down — $675.9 million (2023), $616.6 million (2024) — and net burn fell from 5.3 percent to 1.5 percent. Even so, better than 25 percent of the votes cast on June 16, 2026 opposed the new equity plan.
Acquired substance
The Syniverse stake, bought for $750.0 million in 2022, was carried at $275.1 million as of March 31, 2026, including an $80.6 million impairment taken in 2025. The Segment product group grew from $295.3 million (2023) to $303.3 million (2025), and $285.7 million of intangibles there were written off at the end of 2023. Goodwill of $5,292.5 million remains on the balance sheet.
Customer base
Dollar-based net expansion rose from 103 percent (2023) through 104 percent (2024) to 108 percent (2025) and 114 percent in the first quarter of 2026 — existing customers are spending meaningfully more again. The ten largest accounts made up 9 percent of 2025 revenue, so a single defection would be survivable.
Worth Noting
Twilio reached our research list through our in-house stock scanner: on July 25, 2026 the stock ranked 26th on the U.S. side of the turnaround list — 62 hits, turnaround check 6 of 8. That is a dated snapshot: the lists are recomputed daily, and the rank rests on two mandatory pillars (at least 50 percent below the all-time high, Altman Z of at least 1.1). Should the price rise above roughly $221.75 — half the all-time closing high of $443.49 set on February 18, 2021 — the stock drops out of the list. At the 52-week high of $238.48 that had already happened.
Currency of the filings: this analysis works from the annual report 10-K for 2025 (February 24, 2026), the quarterly report 10-Q as of March 31, 2026 (May 1, 2026), the quarterly report 10-Q as of September 30, 2025 (October 31, 2025) for the nine-month figures, and every filing made afterwards — notably the 8-K reports dated June 17, 2026 (annual meeting) and March 24, 2026 (board appointment) and the DEF 14A dated April 28, 2026. After May 1, 2026 only insider and sale notices (Form 4, Form 144) plus those 8-K reports were filed; nothing since changes the states described here. The next quarterly report was not available for this analysis.
Valuation figures are dated and evergreen: the market capitalization of roughly $29.1 billion carries the July 24, 2026 data date and follows from 151,773,860 shares (quarterly report cover page, April 17, 2026) times the $191.46 closing price on July 24, 2026 — the cross-check ties out exactly. As an additional filing-documented anchor, buybacks in the first quarter of 2026 averaged roughly $120.70 per share; the gap to today is price action, not a data error. Analyses are evergreen; daily prices are not a reason to buy.
No confusion: the Segment product group (the customer data platform acquired in 2020) is not the same thing as a reportable segment under accounting rules. Twilio had two reportable segments through the second quarter of 2025 and has reported a single one since the third quarter of 2025 — nothing was sold.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at TWLO since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 100.10 $ to 256.00 $ · Last price: 246.20 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Software - Infrastructure
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Twilio Inc TWLO | 36.9 | 348.0 | 68.1 | 48.6 | 7.6 | 13.7 | 137.8 |
| Microsoft Corporation MSFT | 3,632.6 | 30.8 | 17.6 | 67.9 | 46.3 | 14.9 | -1.6 |
| Oracle Corporation ORCL | 435.3 | 24.7 | 14.8 | 64.0 | 36.2 | 17.4 | -49.5 |
| Palantir Technologies Inc. PLTR | 432.5 | 199.0 | 147.5 | 84.8 | 46.2 | 56.2 | 4.7 |
| Palo Alto Networks Inc PANW | 305.7 | 302.6 | 194.0 | 70.4 | -2.5 | 14.9 | 84.7 |
| Crowdstrike Holdings Inc CRWD | 248.2 | – | 490.1 | 75.2 | -2.2 | 21.7 | 120.6 |
| Fortinet Inc FTNT | 124.2 | 61.8 | 39.6 | 80.2 | 31.3 | 14.2 | 115.0 |
| Cloudflare Inc NET | 115.1 | – | 2,805.8 | 72.6 | -9.7 | 29.9 | 56.1 |
| Synopsys Inc SNPS | 73.0 | 77.0 | 22.3 | 82.9 | 10.4 | 15.1 | -10.4 |
| Median of companies shown | 248.2 | 77.0 | 68.1 | 72.6 | 10.4 | 15.1 | 56.1 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 277 | -41 | -41 | -0.47 | 10 | 329 | 413 |
| 2017 | 399 | -66 | -64 | -0.70 | -3 | 360 | 450 |
| 2018 | 650 | -115 | -122 | -1.26 | 8 | 438 | 1,029 |
| 2019 | 1,134 | -370 | -307 | -2.36 | 14 | 4,279 | 5,151 |
| 2020 | 1,762 | -493 | -491 | -3.35 | 33 | 8,453 | 9,487 |
| 2021 | 2,842 | -916 | -950 | -5.45 | -58 | 11,031 | 12,999 |
| 2022 | 3,826 | -1,031 | -1,256 | -6.86 | -254 | 10,559 | 12,564 |
| 2023 | 4,154 | -390 | -1,015 | -5.54 | 415 | 9,733 | 11,610 |
| 2024 | 4,458 | -40 | -109 | -0.66 | 716 | 7,953 | 9,865 |
| 2025 | 5,067 | 175 | 34 | 0.21 | 1,039 | 7,822 | 9,771 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.08 | – | 1,195 | 11.00 | -1.00 | 108 | 94 |
| 2025: Q1 | 0.12 | – | 1,173 | 12.00 | 1.70 | 191 | 178 |
| 2025: Q2 | 0.14 | – | 1,228 | 13.50 | 1.80 | 277 | 264 |
| 2025: Q3 | 0.23 | – | 1,300 | 14.70 | 2.90 | 264 | 248 |
| 2025: Q4 | -0.30 | – | 1,366 | 14.30 | -3.40 | 307 | 344 |
| 2026: Q1 | 0.57 | 361.80 | 1,407 | 20.00 | 6.40 | 153 | 132 |
| 2026: Q2 | 6.68 | 4,671.40 | 1,499 | 22.00 | 71.20 | 372 | 372 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 18 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- Above the 50- & 200-SMA
- CANSLIM Type RS
- Character Change (CC)
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Swing Trading List
- Oliver Kell: Strength on Down Day
- Power Trend
- Stan Weinstein: Stage 2
Research
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 5.93 | 5.81 – 6.10 | 6,000 | 21.3% | 28 |
| 12/31/2027 | 6.79 | 6.22 – 7.49 | 6,688 | 14.5% | 30 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 14.6% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $1.11B |
|---|---|
| Market cap | $36.92B |
| Free cash flow in year ten | $4.35B |
| Terminal value as a share of market value | 62.0% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Der Geschäftsbericht 10-K für 2025 beschreibt KI in Item 1 als Bestandteil der verkauften Plattform: Die Kundendaten-Plattform Segment nutzt laut Filing generative und vorhersagende KI zur Zielgruppenbildung, die Telefonie-Schnittstelle bindet KI-gestützte virtuelle Agenten ein, und die Plattform selbst wird als Verbindung aus Kommunikationskanälen, Kontextdaten und KI-gestützter Steuerung dargestellt.
View the full file — quotes, sources, reviewed filings
„It also provides privacy and compliance tools, unifies cross-channel data into trusted customer profiles for enrichment and machine learning (“ML”), enables real-time personalization and journey orchestration, and uses generative and predictive AI to build targeted audiences and deliver 1:1 experiences at scale."
Es bietet außerdem Werkzeuge für Datenschutz und Regelkonformität, führt kanalübergreifende Daten zu verlässlichen Kundenprofilen für Anreicherung und maschinelles Lernen („ML“) zusammen, ermöglicht Personalisierung in Echtzeit und die Steuerung von Kundenreisen und nutzt generative und vorhersagende KI, um Zielgruppen zu bilden und 1:1-Erlebnisse in großem Maßstab auszuliefern.
10-K · 2026-02-24 · View SEC filing
„The Twilio platform combines our communications channels and software solutions with contextual data and AI-powered orchestration, enabling businesses to deliver amazing customer engagement across the entire customer journey."
Die Twilio-Plattform verbindet unsere Kommunikationskanäle und Software-Lösungen mit Kontextdaten und KI-gestützter Steuerung und versetzt Unternehmen in die Lage, entlang der gesamten Kundenreise beeindruckende Kundenansprache zu liefern.
10-K · 2026-02-24 · View SEC filing
„We are continuing to invest in AI-enabled products and features for our customers, as well as internal applications to automate processes and help our business run more efficiently."
Wir investieren weiterhin in KI-gestützte Produkte und Funktionen für unsere Kunden sowie in interne Anwendungen, die Abläufe automatisieren und unser Geschäft effizienter machen.
10-K · 2026-02-24 · View SEC filing
Filings Reviewed: 10-K 2026-02-24 · 10-Q 2026-05-01 · 8-K 2026-06-17 · 8-K 2026-03-24 · DEF 14A 2026-04-28
Rated on July 26, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 9.8%
- More than 10% revenue growth is expected for the coming year 9.5%
- Share count grows by less than 3% a year -4.4%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 34.1%
- Gross margin at 40% or higher and without meaningful erosion 48.9%
- Goodwill from acquisitions does not grow faster than revenue 54.2%
- Net debt below twice EBITDA 1,389 m net cash
- Operating cash flow covers the profits of the last three years 3,261 m
- Return on capital at 15% or higher, or up versus two years ago 2.0%
- Insiders hold at least 10% or are net buyers 0.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 38.1%
- Exp. sales growth 3Y > 5% 14.9%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 466.2%
- Net debt < 4x EBIT -8.0x
- EBIT positive, 10Y straight 1
- Max. EBIT decline < 50% 0.0%
- Return on equity > 15% 1.4%
- ROCE > 15% 2.0%
- Expected return > 10% 482.1%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 17, 2026 | Viggiano Aidan | Chief Financial Officer | Sell | 170 | 238.10 | 40,477 |
| Aug 17, 2026 | Viggiano Aidan | Chief Financial Officer | Sell | 304 | 234.95 | 71,426 |
| Aug 17, 2026 | Viggiano Aidan | Chief Financial Officer | Sell | 310 | 234.30 | 72,633 |
| Aug 17, 2026 | Viggiano Aidan | Chief Financial Officer | Sell | 610 | 233.32 | 142,328 |
| Aug 12, 2026 | Stafman Andrew | Director | Sell | 500,000 | 247.08 | 123,540,000 |
| Aug 10, 2026 | Rottenberg Erika | Director | Sell | 334 | 254.78 | 85,096 |
| Aug 10, 2026 | Rottenberg Erika | Director | Sell | 190 | 253.56 | 48,176 |
| Aug 10, 2026 | Rottenberg Erika | Director | Sell | 628 | 252.55 | 158,602 |
| Aug 10, 2026 | Rottenberg Erika | Director | Sell | 1,504 | 251.74 | 378,613 |
| Aug 10, 2026 | Rottenberg Erika | Director | Sell | 357 | 250.83 | 89,548 |
The company
About the Company
Twilio Inc. bietet mit ihren Tochtergesellschaften Lösungen für die Kundeninteraktion in den USA und international an.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 5,492
- Headquarters
- San Francisco, CA
- Address
- 101 Spear Street, 94105 San Francisco, United States
- Phone
- 415 390 2337
- Website
- twilio.com
- IPO Date
- 06/23/2016
- ISIN
- US90138F1021
Management
| Name | Title | Birth Year |
|---|---|---|
| Khozema Zoher Shipchandler | CEO & Director | 1974 |
| Aidan Viggiano | Chief Financial Officer | 1980 |
| Thomas Wyatt | Chief Operating Officer | – |
| Inbal Shani | Chief Product & Technology Officer | – |
| Christy Lake | Chief Administrative Officer | 1974 |
| Bryan Vaniman | Senior Vice President of Corporate Development, Investor Relations & Treasury | 1976 |
| Chris Koehler | Chief Marketing Officer | – |
| Amy Holcroft | Chief Privacy Officer | – |
| Juliana Chen | Corporate Secretary | – |
| Robin Grochol | Vice President of Product, Data, Security & Identity, | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/06/2026 TWILIO INC (TWLO): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.