Twilio
By combining our leading communications capabilities with rich contextual data and artificial intelligence (“AI”), we provide the infrastructure for businesses of all sizes to revolutionize how they engage with their customers by delivering seamless, trusted, and personalized customer experiences at scale.
10-K, Feb 24, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001447669-26-000021 · filed Feb 24, 2026
Business
How does Twilio make money?
Communications is 93.3% of revenue.
Source and method
Revenue by segments, FY2024.
annual report FY2024 · 0001447669-25-000035 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($4.5B).
- Communications: $4.2B · 93.3%
- Twilio: $298M · 6.7%
What is left of every $100?
Of every $100 in revenue, $1 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $5.1B
- Gross profit: $2.5B
- Operating income: $158M
- Net income: $33.8M
- Free cash flow: not reported (not reported for this fiscal year, nothing estimated)
Where do customers sit?
64.1% of revenue is from United States.
Source and method
Revenue by region, latest annual report.
10-K · 0001447669-26-000021 · XBRL revenue by country · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“We offer highly customizable communications application programming interfaces (“APIs”) that enable developers to embed numerous forms of messaging, voice, email, and video interactions into their customer-facing applications, as well as software products that target specific engagement needs, including our digital engagement centers, marketing campaigns, and user authentication and identity solutions.”
“This combination of flexible APIs and software solutions, together with our customer data capabilities, helps businesses of all sizes and across numerous industries to benefit from smarter and more streamlined engagement at every step of the customer journey, including reduced customer acquisition costs, lasting loyalty, and increased customer value.”
“The value proposition of our offerings has become stronger and our products have become more strategic to our customers as businesses are increasingly prioritizing building more personalized and differentiated customer engagement experiences through digital channels.”
Item 1 · Business · 10-K · 0001447669-26-000021 · filed Feb 24, 2026
Where did the growth actually come from?
Communications drove 94% of Twilio’s growth.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
1 reason in the company’s own words.
Position (in the company’s words)
“Our sales organization targets technical, marketing, and business leaders who are seeking to leverage software to drive superior customer engagement and competitive differentiation.”
Item 1 · Business · 10-K · 0001447669-26-000021 · filed Feb 24, 2026
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
1 of 1 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 14% to $5.1B.
Revenue grew 22% YoY to $1.5B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 51.7%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
3.1% operating margin, up from −1.2%.
48.9% gross margin, down from 51.1%.
Operating income: $158M in FY2025.
Net income: $33.8M in FY2025.
R&D grew 1.1% to $1.0B.
SG&A fell 2.0% to $1.3B.
EPS diluted: $0.21 in FY2025.
5.6% operating margin, up from 3.0%.
48.4% gross margin, down from 49.1%.
Operating income grew 129% YoY to $84.5M.
Net income grew 4659% YoY to $1.1B.
R&D grew 12% YoY to $273M.
SG&A grew 4.0% YoY to $335M.
EPS diluted grew 4671% YoY to $6.68.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Operating cash flow grew 40% to $1.0B.
Buybacks fell 63% to $869M.
Stock-based compensation fell 2.6% to $600M.
Operating cash flow grew 34% YoY to $372M.
Buybacks fell 64% YoY to $70.0M.
Stock-based compensation fell 4.9% YoY to $142M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$682M cash vs $992M debt.
Total debt grew 0.2% to $992M.
Total assets fell 1.0% to $9.8B.
Equity fell 1.7% to $7.8B.
Cash fell 15% YoY to $823M.
Total debt grew 0.2% YoY to $993M.
Total assets grew 10% YoY to $10.8B.
Equity grew 12% YoY to $9.0B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Twilio depend on?
No customer above the disclosure threshold.
Risks
What could go wrong?
4 of 52 risk factors, one per theme.
Supply chain and manufacturing
“Global economic and business activities continue to face widespread macroeconomic uncertainties, including market volatility, changes in international economic and trade relations, supply chain disruptions, changes in the labor market, elevated interest rates and potential increases in inflation, foreign currency exchange rate fluctuations and recession risks, which may continue for an extended period.”
Item 1A · Risk Factors · 10-K · 0001447669-26-000021 · filed Feb 24, 2026
Competition
“The current and prospective markets for our products are intensely competitive and rapidly evolving, and if we do not compete effectively or if these markets fail to grow as expected, our business, results of operations and financial condition could be harmed.”
Item 1A · Risk Factors · 10-K · 0001447669-26-000021 · filed Feb 24, 2026
Trade, government policy and geopolitics
“Global economic and political conditions, including macroeconomic and political uncertainties, have had, and may continue to have, an adverse impact on our business, results of operations and financial condition.”
Item 1A · Risk Factors · 10-K · 0001447669-26-000021 · filed Feb 24, 2026
AI and new products
“We may not be able to develop new products or product enhancements that achieve market acceptance, or adapt and respond effectively to rapidly changing technology, regulations, industry standards, or customer needs and preferences.”
Item 1A · Risk Factors · 10-K · 0001447669-26-000021 · filed Feb 24, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
BlackRock, Inc. holds 10.7%.
BlackRock, Inc.10.7%
13G/A · as of Aug 29, 2025 · filed Sep 4, 2025
Jpmorgan Chase & Co8%
13G/A · as of Jun 30, 2026 · filed Jul 27, 2026
Fmr LLC7%
13G/A · as of Dec 31, 2025 · filed Feb 5, 2026
Vanguard Capital Management LLC5.35%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
Vanguard Portfolio Management LLC5.34%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only.
11 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.12.0%
16.6M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Jpmorgan Chase & Co8.8%
12.2M shares · 13F filed Aug 12, 2026 · share of 13F-reported
Fmr LLC8.1%
11.3M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC5.5%
7.6M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Capital Management LLC4.9%
6.8M shares · 13F filed Aug 13, 2026 · share of 13F-reported
966 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
0 purchases · 96 sales · $619M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 32 SEC metrics, FY2016–FY2025
Income statement 11
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| G&A | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A calc. | ||||||||||
| Sales & marketing | ||||||||||
Balance sheet 8
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | not reported | not reported | ||||||||
| Total assets | ||||||||||
| Total debt calc. | not reported | not reported | ||||||||
| Total liabilities & equity | ||||||||||
Cash flow 6
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | |||||||||
| Capex | not reported | not reported | not reported | not reported | ||||||
| Free cash flow calc. | not reported | not reported | not reported | not reported | ||||||
| Interest paid | not reported | not reported | not reported | not reported | not reported | |||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 3
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values