TWLO NYSE Systems Software Financials FY2016βFY2025
Twilio sells tools that let businesses add messaging, voice, email and video to their own apps, and software that helps them manage how they talk to customers. Developers use its application programming interfaces (APIs), the code links that connect one program to another, to send texts, make calls and send email. It also sells products for contact centers, marketing campaigns, and user sign-in and identity checks, and a customer data product called Segment.
Hi! I read Twilioβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+13.7%
Yes. Sales grew 13.7% last year.
Does it make a profit?
0.7%
A little. It keeps 0.7% of every sale as profit.
Does profit turn into cash?
19.7%
Yes. 19.7% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
6 / 9
Mixed. It passes 6 of 9 health tests.
How is the share priced?
36.4x
One share costs 36.4 times its yearly profit per share. Typical for its sector: 33.0x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
About these figures. Twilio had no borrowings before it issued convertible notes in May 2018 (its 2017 10-K says it never drew on its credit line), so debt counts as zero in earlier years.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Twilio did it, and the next one. Share prices often move a lot on those days.
Next results
October 29, 2026
Thursday Β· in 4 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 6, 2026 | Q2 '26 | After the market closes | 8-K β |
| Apr 30, 2026 | Q1 '26 | After the market closes | 8-K β |
| Feb 12, 2026 | Q4 '25 | After the market closes | 8-K β |
| Oct 30, 2025 | Q3 '25 | After the market closes | 8-K β |
| Aug 7, 2025 | Q2 '25 | After the market closes | 8-K β |
| May 1, 2025 | Q1 '25 | After the market closes | 8-K β |
| Jan 19, 2025 | Q4 '24 | Time not announced | 8-K β |
| Oct 30, 2024 | Q3 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Twilio had $5.1B of revenue in fiscal 2025, up 13.7% on the year before. Over five years, revenue changed +23.5% a year on average. Its operating margin was 3.1%, up 4.3Β pts: of every 100 in sales, about 3 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Twilio made $33.8M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $997M in fiscal 2025, 19.7% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Twilio returned $869M to shareholders in fiscal 2025, 87% of free cash flow. The diluted share count fell 3.7%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $156M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$156M
4 insiders
Of sales under plans
13%
$20.7M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 5, 2026 | Khozema ShipchandlerChief Executive Officer, Director | Sold plan | 14,442 | $291.03 | $4.2M | Form 4 |
| Sep 30, 2026 | Aidan ViggianoChief Financial Officer | Sold | 9,084 | $294.65 | $2.7M | Form 4 |
| Sep 30, 2026 | Khozema ShipchandlerChief Executive Officer, Director | Sold | 13,898 | $294.08 | $4.1M | Form 4 |
| Aug 17, 2026 | Aidan ViggianoChief Financial Officer | Sold | 1,394 | $234.48 | $0.3M | Form 4 |
| Aug 12, 2026 | Scott D. FergusonSee Footnotes | Sold | 500,000 | $247.08 | $124M | Form 4 |
| Aug 10, 2026 | Erika RottenbergDirector | Sold plan | 3,500 | $251.82 | $0.9M | Form 4 |
| Jul 6, 2026 | Khozema ShipchandlerChief Executive Officer, Director | Sold plan | 14,458 | $210.43 | $3.0M | Form 4 |
| Jul 2, 2026 | Aidan ViggianoChief Financial Officer | Sold plan | 8,528 | $205.43 | $1.8M | Form 4 |
| Jun 30, 2026 | Aidan ViggianoChief Financial Officer | Sold | 9,093 | $201.25 | $1.8M | Form 4 |
| Jun 30, 2026 | Khozema ShipchandlerChief Executive Officer, Director | Sold | 13,881 | $201.26 | $2.8M | Form 4 |
| Jun 4, 2026 | Khozema ShipchandlerChief Executive Officer, Director | Sold plan | 44,158 | $235.88 | $10.4M | Form 4 |
| Jun 1, 2026 | Erika RottenbergDirector | Sold plan | 2,000 | $199.01 | $0.4M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Twilio has $1.5B more cash than debt.
Cash, debt and the ratios that show how comfortably Twilio can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $5.4B | $4.2B | $4.0B | $2.4B | $2.5B |
| Debt incl. finance leases | $1.0B | $1.0B | $1.0B | $991M | $992M |
| Net debt / EBITDA | β | β | β | β9.2x | β4.2x |
| Debt / equity | 0.1x | 0.1x | 0.1x | 0.1x | 0.1x |
| Interest coverage | β44.4x | β32.1x | β22.8x | β1.4x | 4.2x |
| Current ratio | 8.4x | 6.2x | 6.6x | 4.2x | 4.0x |
| Quick ratio | 8.4x | 6.2x | 6.6x | 4.2x | 4.0x |
| Total assets | $13.0B | $12.6B | $11.6B | $9.9B | $9.8B |
| Total liabilities | $2.0B | $2.0B | $1.9B | $1.9B | $1.9B |
| Shareholders' equity | $11.0B | $10.6B | $9.7B | $8.0B | $7.8B |
| Net debt (β = net cash) | β$4.3B | β$3.1B | β$3.0B | β$1.4B | β$1.5B |
KIRA Β· Its return on capital was 1.5%: every 100 invested in the business earned about 2 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Twilio passes 6 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 6 / 9 | 6 / 9 | 6 / 9 |
| Accruals ratio | β11.8% | β7.7% | β9.9% |
| Altman Z'' | 5.87 | 3.59 | 3.34 |
What does the share cost, and how does it compare?
KIRA Β· At $261.79 a share, the company is worth $41.8B: 36.4 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of $1.5B and divides by 159.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 36.4x Β· peers 39.1x Β· sector 33.0x.
KIRA Β· Twilio grew sales faster than 0 of its 4 similar companies. Its P/E is higher than 1 of 2.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Twilio TWLO | $41.8B | 13.7% | 3.1% | 19.7% | 1.5% | 36.4x | 6 | |
| Gen Digital GEN | $15.0B | 27.1% | 42.4% | 30.5% | 13.7% | 14.5x | 7 | Compare β |
| CrowdStrike CRWD | $269.0B | 21.7% | β6.1% | 27.2% | β | β | 4 | Compare β |
| Fortinet FTNT | $133.2B | 14.2% | 30.7% | 32.7% | β | 63.6x | 5 | Compare β |
| Zscaler ZS | $40.9B | 25.4% | β4.0% | 25.4% | β | β | 3 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $277M | $399M | $650M | $1.1B | $1.8B | $2.8B | $3.8B | $4.2B | $4.5B | $5.1B |
| Gross profit | $157M | $216M | $349M | $609M | $916M | $1.4B | $1.8B | $2.0B | $2.3B | $2.5B |
| Research and development | $77.9M | $121M | $171M | $391M | $531M | $789M | $1.1B | $943M | $1.0B | $1.0B |
| Operating income | β$41.3M | β$66.1M | β$115M | β$370M | β$493M | β$916M | β$1.2B | β$877M | β$53.7M | $158M |
| Interest expense | β | β | β | β | β | $20.6M | $37.5M | $38.4M | $37.9M | $37.6M |
| Pretax income | β$41.0M | β$63.0M | β$121M | β$362M | β$504M | β$961M | β$1.2B | β$997M | β$88.6M | $55.1M |
| Income tax | $0.3M | $0.7M | $0.8M | β$55.2M | β$13.4M | β$11.0M | $12.5M | $18.7M | $20.8M | $21.3M |
| Net income | β$41.3M | β$63.7M | β$122M | β$307M | β$491M | β$950M | β$1.3B | β$1.0B | β$109M | $33.8M |
| Diluted EPS | β$0.78 | β$0.70 | β$1.26 | β$2.36 | β$3.35 | β$5.45 | β$6.86 | β$5.54 | β$0.66 | $0.21 |
| Diluted shares | 0.05B | 0.09B | 0.10B | 0.13B | 0.15B | 0.17B | 0.18B | 0.18B | 0.17B | 0.16B |
| Cash flow | ||||||||||
| Cash from operations | $10.1M | β$3.3M | $8.0M | $14.0M | $32.7M | β$58.2M | β$254M | $415M | $716M | $1.0B |
| Capital expenditure | $14.2M | $9.2M | $5.1M | $45.4M | $25.8M | $46.0M | $34.4M | $11.3M | $7.0M | $5.8M |
| Free cash flow | β$4.1M | β$12.5M | $2.9M | β$31.3M | $6.9M | β$104M | β$289M | $403M | $709M | $997M |
| Depreciation and amortization | $8.3M | $18.8M | $26.1M | $110M | $150M | $258M | $279M | $284M | $206M | $195M |
| Stock-based compensation | $24.2M | $49.6M | $93.3M | $264M | $361M | $632M | $799M | $676M | $617M | $600M |
| Acquisitions | $8.5M | $22.6M | $30.6M | $123M | $334M | $492M | $37.4M | $5.8M | $0.0M | $61.5M |
| Share buybacks | $0.0M | $0.1M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $669M | $2.3B | $869M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.1M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $669M | $2.3B | $869M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $306M | $291M | $748M | $1.9B | $3.0B | $5.4B | $4.2B | $4.0B | $2.4B | $2.5B |
| Total debt | $0.0M | $0.0M | $435M | $458M | $302M | $986M | $987M | $989M | $991M | $992M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $15.7M | $26.9M | $37.5M | $33.2M | $17.7M | $0.0M | $0.0M |
| Current assets | $353M | $353M | $873M | $2.1B | $3.4B | $5.9B | $5.0B | $4.9B | $3.4B | $3.6B |
| Current liabilities | $73.7M | $78.5M | $138M | $247M | $448M | $704M | $808M | $738M | $820M | $887M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $37.6M | $50.5M | $63.5M | $141M | $183M | $255M | $264M | $210M | $191M | $177M |
| Total assets | $413M | $450M | $1.0B | $5.2B | $9.5B | $13.0B | $12.6B | $11.6B | $9.9B | $9.8B |
| Total liabilities | $83.2M | $89.9M | $591M | $871M | $1.0B | $2.0B | $2.0B | $1.9B | $1.9B | $1.9B |
| Shareholders' equity | $329M | $360M | $438M | $4.3B | $8.5B | $11.0B | $10.6B | $9.7B | $8.0B | $7.8B |
| Margins | ||||||||||
| Gross margin | 56.5% | 54.2% | 53.7% | 53.7% | 52.0% | 48.9% | 47.4% | 49.2% | 51.1% | 48.9% |
| Operating margin | β14.9% | β16.6% | β17.7% | β32.6% | β28.0% | β32.2% | β31.5% | β21.1% | β1.2% | 3.1% |
| EBITDA margin | β11.9% | β11.9% | β13.7% | β22.9% | β19.5% | β23.1% | β24.2% | β14.3% | 3.4% | 7.0% |
| Net margin | β14.9% | β16.0% | β18.8% | β27.1% | β27.9% | β33.4% | β32.8% | β24.5% | β2.5% | 0.7% |
| FCF margin | β1.5% | β3.1% | 0.4% | β2.8% | 0.4% | β3.7% | β7.6% | 9.7% | 15.9% | 19.7% |
| Returns | ||||||||||
| Return on capital | β | β112.6% | β94.2% | β19.3% | β9.0% | β11.6% | β13.5% | β9.8% | β0.6% | 1.5% |
| Return on capital employed | β18.1% | β18.6% | β18.3% | β12.8% | β7.1% | β8.6% | β10.0% | β7.8% | β0.5% | 1.8% |
| Return on equity | β18.5% | β18.5% | β30.6% | β13.0% | β7.7% | β9.8% | β11.6% | β10.0% | β1.2% | 0.4% |
| Return on assets | β14.5% | β14.8% | β16.5% | β9.9% | β6.7% | β8.5% | β9.8% | β8.4% | β1.0% | 0.3% |
| Growth | ||||||||||
| Revenue growth | 66.2% | 43.9% | 62.9% | 74.5% | 55.3% | 61.3% | 34.6% | 8.6% | 7.3% | 13.7% |
| FCF growth | β | β | β | β1,189.8% | β | β1,622.0% | β | β | 75.8% | 40.6% |
| Share count change | 199.3% | 71.7% | 6.5% | 33.9% | 12.8% | 18.7% | 5.1% | 0.2% | β9.5% | β3.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β | β | β | β | β | β | β | β9.2x | β4.2x |
| Debt / equity | 0.0x | 0.0x | 1.0x | 0.1x | 0.0x | 0.1x | 0.1x | 0.1x | 0.1x | 0.1x |
| Interest coverage | β | β | β | β | β | β44.4x | β32.1x | β22.8x | β1.4x | 4.2x |
| Current ratio | 4.8x | 4.5x | 6.3x | 8.3x | 7.5x | 8.4x | 6.2x | 6.6x | 4.2x | 4.0x |
| Quick ratio | 4.8x | 4.5x | 6.3x | 8.3x | 7.5x | 8.4x | 6.2x | 6.6x | 4.2x | 4.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 5.1% | 2.3% | 0.8% | 4.0% | 1.5% | 1.6% | 0.9% | 0.3% | 0.2% | 0.1% |
| Stock comp / revenue | 8.7% | 12.4% | 14.4% | 23.3% | 20.5% | 22.3% | 20.9% | 16.3% | 13.8% | 11.9% |
| Payouts / FCF | β | β | 0.0% | β | 0.0% | β | β | 165.8% | 329.1% | 87.1% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 2.0 | 4.0 | 4.0 | 4.0 | 2.0 | 3.0 | 6.0 | 6.0 | 6.0 |
| Altman Z'' | 6.5 | 5.4 | 3.5 | 6.6 | 9.9 | 7.5 | 6.2 | 5.9 | 3.6 | 3.3 |
| Accruals ratio | β18.0% | β14.0% | β17.6% | β10.4% | β7.2% | β7.9% | β7.8% | β11.8% | β7.7% | β9.9% |
Source: SEC EDGAR XBRL filings (CIK 0001447669). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
