Company file · TWLO

Twilio

Messaging was Twilio's fastest-growing product or service in FY2025, up 18.2%

Revenue rose 13.7% to $5.1B in FY2025, from $4.5B in FY2024. Net income was $34M, against a net loss of $109M a year earlier. Messaging was the largest product or service, at 57% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 24, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 30, 2026) · Data pulled Nov 11, 2026

Key facts

Twilio (NYSE: TWLO) closed fiscal 2025 on Dec 31, 2025 with revenue of $5.1B, up 13.7% from a year before; net income came to $34M, compared with −$109M. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $1.6B, up 19.9% on the same stretch of the prior year, and net income of $161M. Broken down by product or service, Messaging led with 57% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 24, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 30, 2026).

Revenue$5.1BFY2025 · +13.7% vs FY2024

Net income$34MFY2025 · vs −$109M in FY2024

Operating cash flow$1.0BFY2025 · +40.1% vs FY2024

Cash & equivalents$1.1Bat Sep 30, 2026 · +55.6% vs FY2025 end

Total debt$994Mat Sep 30, 2026 · +0.1% vs FY2025 end

Diluted shares160MFY2025 avg · −3.7% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 24, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 1, 2026 · 10-Q filed Aug 7, 2026 · 10-Q filed Oct 30, 2026

How it makes money

By product or service, FY2025

LineAmountSharevs FY2024
Messaging$2.9B57%+18.2%
Other Communications$747M15%+7.6%
Programmable Voice$616M12%+13.4%
Email$523M10%+7.2%
Segment$303M6%+1.9%

Source: 10-K FY2025, XBRL breakdown

By product or service in FY2025: Messaging (57%), Other Communications (15%), Programmable Voice (12%) and Email (10%), as shares of total revenue. Total revenue was $5.1B.

By product or service: three-year mixShare of the total each fiscal year

FY2023

54%16%12%11%7%

FY2024

55%16%12%11%

FY2025

57%15%12%10%

MessagingOther CommunicationsProgrammable VoiceEmailSegment

Source: 10-K FY2025

By region, FY2025

United States$3.2B64%+12.0%

Non-US$1.8B36%+16.7%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$1.6B Q3 2026

$1.3B Q3 2025

19.9% increase

Net income

$161M Q3 2026

$37M Q3 2025

332.7% increase

Source: Twilio 10-Q for the quarter ended Sep 30, 2026, filed Oct 30, 2026

Cash & equivalents $1.1B at Sep 30, 2026, vs $682M at FY2025 end.
Total debt $994M at Sep 30, 2026, vs $992M at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $915M vs $732M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 13.7% in FY2025 to $5.1B, from $4.5B a year earlier. 10-K, FY2025
Net income was $34M in FY2025, against a net loss of $109M in FY2024. 10-K, FY2025
Operating cash flow rose 40.1% in FY2025 to $1.0B. 10-K, FY2025
Diluted shares fell 3.7% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025

The bear case

The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include competition and AI; renewals; security incidents. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Twilio is in the systems software industry, part of the information technology sector. The SEC files it under Services-Prepackaged Software.

The full description of Twilio's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the systems software industry. They are not a summary of Twilio’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Competition and AIRivals, open-source products and shifts such as AI can change which products customers choose.
RenewalsSubscription revenue depends on customers renewing and expanding.
Security incidentsA breach or outage can harm customers and its reputation.
Sales executionGrowth depends on adding customers and selling more to existing ones.
PricingCustomers may negotiate lower prices or switch to cheaper products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$4.2B	$4.5B	$5.1B
Net income	−$1.0B	−$109M	$34M
Operating cash flow	$415M	$716M	$1.0B
Cash & equivalents (year end)	$656M	$421M	$682M
Total debt (year end)	$989M	$991M	$992M
Diluted shares	183M	166M	160M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Oct 30, 2026	Sep 30, 2026
10-Q	Aug 7, 2026	Jun 30, 2026
10-Q	May 1, 2026	Mar 31, 2026
DEF 14A	Apr 28, 2026	Jun 16, 2026
10-K	Feb 24, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Twilio

How does Twilio make money?

Fiscal 2025 revenue: $5.1B. By product or service in FY2025: Messaging (57%), Other Communications (15%), Programmable Voice (12%) and Email (10%), as shares of total revenue. Total revenue was $5.1B. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

What was Twilio's revenue in fiscal 2025?

$5.1B, up 13.7% from fiscal 2024 ($4.5B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $4.2B. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

Is Twilio profitable?

Net income was $34M in fiscal 2025 (compared with −$109M; fiscal 2024 was −$109M). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $161M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

What did Twilio report in its latest quarterly filing?

For the three months to Sep 30, 2026: revenue $1.6B (up 19.9% from $1.3B) and net income $161M (up 332.7% from $37M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 30, 2026.

How much cash and debt does Twilio have?

As of Sep 30, 2026: $1.1B of cash and cash equivalents, $994M of total debt. Total debt here is long-term debt, at carrying value. Source: 10-Q filed Oct 30, 2026.

What are the main risks Twilio faces?

Twilio's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 24, 2026. Risks that are common among companies in the systems software industry include Competition and AI; renewals; security incidents; sales execution; pricing. The first: Rivals, open-source products and shifts such as AI can change which products customers choose. Source: 10-K, Item 1A Risk Factors.

Where do these Twilio numbers come from?

The 10-K filed Feb 24, 2026 (fiscal 2025) and the 10-Q filed Oct 30, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Twilio

Durable Capital Partners: 1,846,153 shares, reported value $380.9M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
Whale Rock Capital: 821,768 shares, reported value $169.6M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
Sachem Head Capital: 620,000 shares, reported value $127.9M at Jun 30, 2026 (−73.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Point72 Asset Management: 212,861 shares, reported value $43.9M at Jun 30, 2026 (−77.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 92,269 shares, reported value $19.0M at Jun 30, 2026 (+86.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 64,265 shares, reported value $13.3M at Jun 30, 2026 (−89.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 17,880 shares, reported value $3.7M at Jun 30, 2026 (−99.1% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Polen Capital Management: 5,572 shares, reported value $1.1M at Jun 30, 2026 (+105.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 4, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in TWLO: The editor holds no position in Twilio (TWLO). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell TWLO from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 9, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold TWLO, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
TwilioTWLO	FY2025	$5.1B	+13.7%	$34M
MicrosoftMSFT	FY2026	$331.8B	+17.8%	$133.7B
Palo Alto NetworksPANW	FY2026	$11.5B	+24.5%	$307M
CrowdStrikeCRWD	FY2026	$4.8B	+21.7%	−$163M
ServiceNowNOW	FY2025	$13.3B	+20.9%	$1.7B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.