Twilio Inc Financials

TWLO

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Twilio Inc (TWLO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 62/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Twilio Inc has an operating margin of -1.2%, meaning the company retains $-1 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -21.1% the prior year.

Growth

Twilio Inc's revenue grew 7.3% year-over-year to $4.5B, a solid pace of expansion. This earns a growth score of 49/100.

Leverage

100

Twilio Inc carries a low D/E ratio of 0.12, meaning only $0.12 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 4.20, Twilio Inc holds $4.20 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Piotroski F-Score Neutral

6/9

Twilio Inc passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-6.55x

For every $1 of reported earnings, Twilio Inc generates $-6.55 in operating cash flow ($716.2M OCF vs -$109.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

Export CSV

Revenue

$4.5B

YoY+7.3%

5Y CAGR+31.5%

10Y CAGR+47.9%

Twilio Inc generated $4.5B in revenue in fiscal year 2024. This represents an increase of 7.3% from the prior year.

EBITDA

$152.3M

YoY+125.7%

Twilio Inc's EBITDA was $152.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 125.7% from the prior year.

Free Cash Flow

N/A

Net Income

-$109.4M

YoY+89.2%

Twilio Inc reported -$109.4M in net income in fiscal year 2024. This represents an increase of 89.2% from the prior year.

EPS (Diluted)

$-0.66

YoY+88.1%

Twilio Inc earned $-0.66 per diluted share (EPS) in fiscal year 2024. This represents an increase of 88.1% from the prior year.

Cash & Debt

$421.3M

YoY-35.8%

5Y CAGR+10.7%

10Y CAGR+29.2%

Twilio Inc held $421.3M in cash against $990.6M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

153M

YoY-16.1%

5Y CAGR+2.0%

Twilio Inc had 153M shares outstanding in fiscal year 2024. This represents a decrease of 16.1% from the prior year.

Gross Margin

51.1%

YoY+1.9pp

5Y CAGR-2.6pp

10Y CAGR-2.3pp

Twilio Inc's gross margin was 51.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.9 percentage points from the prior year.

Operating Margin

-1.2%

YoY+19.9pp

5Y CAGR+31.4pp

10Y CAGR+28.8pp

Twilio Inc's operating margin was -1.2% in fiscal year 2024, reflecting core business profitability. This is up 19.9 percentage points from the prior year.

Net Margin

-2.5%

YoY+22.0pp

5Y CAGR+24.6pp

10Y CAGR+27.7pp

Twilio Inc's net profit margin was -2.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 22.0 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$1.0B

YoY+7.0%

5Y CAGR+20.8%

10Y CAGR+46.7%

Twilio Inc invested $1.0B in research and development in fiscal year 2024. This represents an increase of 7.0% from the prior year.

Share Buybacks

$2.3B

YoY+249.1%

10Y CAGR+277.2%

Twilio Inc spent $2.3B on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 249.1% from the prior year.

Capital Expenditures

N/A

TWLO Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$4.5B+7.3%	$4.2B+8.6%	$3.8B+34.6%	$2.8B+61.3%	$1.8B+55.3%	$1.1B
Cost of Revenue	$2.2B+3.3%	$2.1B+4.8%	$2.0B+38.7%	$1.5B+71.5%	$846.1M+61.0%	$525.6M
Gross Profit	$2.3B+11.5%	$2.0B+12.7%	$1.8B+30.4%	$1.4B+51.9%	$915.7M+50.4%	$608.9M
R&D Expenses	$1.0B+7.0%	$942.8M-12.6%	$1.1B+36.7%	$789.2M+48.8%	$530.5M+35.6%	$391.4M
SG&A Expenses	$449.1M-4.1%	$468.5M-9.5%	$517.4M+9.5%	$472.5M+52.1%	$310.6M+42.3%	$218.3M
Operating Income	-$53.7M+93.9%	-$876.5M+27.3%	-$1.2B-31.6%	-$915.6M-85.8%	-$492.9M-33.3%	-$369.8M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$20.8M+11.1%	$18.7M+49.5%	$12.5M+213.5%	-$11.0M+18.0%	-$13.4M+75.6%	-$55.2M
Net Income	-$109.4M+89.2%	-$1.0B+19.2%	-$1.3B-32.2%	-$949.9M-93.5%	-$491.0M-59.9%	-$307.1M
EPS (Diluted)	$-0.66+88.1%	$-5.54+19.2%	$-6.86-25.9%	$-5.45-62.7%	$-3.35-41.9%	$-2.36

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Revenue	$1.3B+5.9%	$1.2B+4.8%	$1.2B+9.0%	$1.1B+4.1%	$1.0B-0.4%	$1.0B+3.1%	$1.0B-1.8%	$1.0B
Cost of Revenue	$668.3M+6.8%	$625.7M+5.9%	$590.9M+8.5%	$544.8M+5.3%	$517.4M-2.8%	$532.0M+3.1%	$515.9M-5.1%	$543.4M
Gross Profit	$632.1M+4.9%	$602.7M+3.6%	$581.6M+9.5%	$531.2M+2.9%	$516.3M+2.1%	$505.8M+3.1%	$490.7M+2.0%	$481.1M
R&D Expenses	$262.3M+7.7%	$243.5M-4.2%	$254.3M+7.9%	$235.6M-2.5%	$241.7M+6.5%	$226.9M-4.9%	$238.6M-13.0%	$274.1M
SG&A Expenses	$108.2M+6.6%	$101.5M+10.3%	$92.1M-13.9%	$107.0M-6.2%	$114.1M-15.4%	$134.9M+19.8%	$112.6M-10.0%	$125.1M
Operating Income	$40.9M+10.7%	$37.0M+60.3%	$23.1M+106.4%	-$361.7M-232.2%	-$108.9M+23.2%	-$141.8M+46.3%	-$264.1M-20.8%	-$218.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	-$4.6M-140.9%	$11.2M+70.1%	$6.6M+14.1%	$5.8M+229.4%	$1.7M+134.8%	$744K-92.9%	$10.5M+13.8%	$9.2M
Net Income	$37.2M+66.1%	$22.4M+12.0%	$20.0M+105.5%	-$365.4M-157.9%	-$141.7M+14.7%	-$166.2M+51.4%	-$342.1M-49.1%	-$229.4M
EPS (Diluted)	$0.23+64.3%	$0.14+16.7%	$0.12+106.0%	$-2.01-157.7%	$-0.78+14.3%	$-0.91+50.5%	$-1.84-49.6%	$-1.23

TWLO Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$9.9B-15.0%	$11.6B-7.6%	$12.6B-3.3%	$13.0B+37.0%	$9.5B+84.2%	$5.2B
Current Assets	$3.4B-29.7%	$4.9B-1.6%	$5.0B-16.0%	$5.9B+75.9%	$3.4B+63.6%	$2.1B
Cash & Equivalents	$421.3M-35.8%	$655.9M+0.6%	$651.8M-55.9%	$1.5B+58.4%	$933.9M+268.1%	$253.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$588.5M+4.6%	$562.8M+2.8%	$547.5M+41.0%	$388.2M+54.6%	$251.2M+63.0%	$154.1M
Goodwill	$5.2B0.0%	$5.2B-0.8%	$5.3B+0.4%	$5.3B+14.5%	$4.6B+100.1%	$2.3B
Total Liabilities	$1.9B+1.9%	$1.9B-6.4%	$2.0B+1.9%	$2.0B+90.1%	$1.0B+18.8%	$871.1M
Current Liabilities	$820.2M+11.1%	$738.3M-8.6%	$808.2M+14.9%	$703.5M+56.9%	$448.3M+81.3%	$247.2M
Long-Term Debt	$990.6M+0.2%	$989.0M+0.2%	$987.4M+0.1%	$985.9M+226.4%	$302.1M	N/A
Total Equity	$8.0B-18.3%	$9.7B-7.8%	$10.6B-4.3%	$11.0B+30.5%	$8.5B+97.5%	$4.3B
Retained Earnings	-$7.5B-48.5%	-$5.1B-50.1%	-$3.4B-59.3%	-$2.1B-81.2%	-$1.2B-72.3%	-$678.8M

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Total Assets	$9.7B-1.4%	$9.8B+0.3%	$9.8B-15.5%	$11.6B-2.1%	$11.9B-0.4%	$11.9B-3.2%	$12.3B-2.1%	$12.6B
Current Assets	$3.5B-1.5%	$3.5B+1.8%	$3.5B-29.3%	$4.9B+3.4%	$4.7B+1.7%	$4.7B-4.0%	$4.9B-2.6%	$5.0B
Cash & Equivalents	$734.8M-24.2%	$969.2M+107.5%	$467.1M-28.8%	$655.9M-3.2%	$677.9M+0.4%	$675.1M+6.3%	$634.8M-2.6%	$651.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$613.1M+4.3%	$588.0M+1.8%	$577.6M+2.6%	$562.8M+1.0%	$557.2M-7.1%	$599.8M+4.2%	$575.7M+5.1%	$547.5M
Goodwill	$5.2B0.0%	$5.2B0.0%	$5.2B0.0%	$5.2B0.0%	$5.2B0.0%	$5.2B-0.8%	$5.3B0.0%	$5.3B
Total Liabilities	$1.8B+0.7%	$1.8B-0.3%	$1.8B-3.6%	$1.9B-0.1%	$1.9B-2.6%	$1.9B-2.6%	$2.0B-1.3%	$2.0B
Current Liabilities	$742.3M+3.1%	$720.1M-0.8%	$725.9M-1.7%	$738.3M+1.7%	$726.1M-4.4%	$759.8M-3.6%	$788.4M-2.4%	$808.2M
Long-Term Debt	$991.9M0.0%	$991.4M0.0%	$991.0M+0.2%	$989.0M0.0%	$988.6M0.0%	$988.2M0.0%	$987.8M0.0%	$987.4M
Total Equity	$7.9B-1.8%	$8.0B+0.5%	$8.0B-17.8%	$9.7B-2.5%	$10.0B0.0%	$10.0B-3.3%	$10.3B-2.3%	$10.6B
Retained Earnings	-$8.1B-4.0%	-$7.8B-2.0%	-$7.6B-50.6%	-$5.1B-10.6%	-$4.6B-4.5%	-$4.4B-14.0%	-$3.8B-13.8%	-$3.4B

TWLO Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$716.2M+72.7%	$414.8M+263.1%	-$254.4M-337.1%	-$58.2M-278.2%	$32.7M+132.4%	$14.0M
Capital Expenditures	N/A	N/A	N/A	$46.0M+78.4%	$25.8M-43.1%	$45.4M
Free Cash Flow	N/A	N/A	N/A	-$104.2M-1622.0%	$6.8M+121.9%	-$31.3M
Investing Cash Flow	$1.4B+499.7%	$228.6M+137.1%	-$616.5M+75.2%	-$2.5B-194.4%	-$845.9M+34.2%	-$1.3B
Financing Cash Flow	-$2.3B-259.2%	-$643.6M-1530.0%	$45.0M-98.5%	$3.1B+107.3%	$1.5B+46.4%	$1.0B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$2.3B+249.1%	$668.8M	$0	$0	N/A	$0

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Operating Cash Flow	$263.6M-4.9%	$277.1M+45.0%	$191.0M-14.2%	$222.5M+7.8%	$206.4M+146.8%	$83.6M+185.5%	-$97.9M-67.4%	-$58.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$161.5M-140.2%	$402.0M+2200.4%	-$19.1M+86.0%	-$137.1M+4.8%	-$144.0M-146.9%	$307.3M+51.8%	$202.5M+208.2%	$65.7M
Financing Cash Flow	-$348.0M-97.8%	-$175.9M-39.8%	-$125.8M-17.1%	-$107.4M-60.6%	-$66.9M+80.8%	-$347.8M-186.2%	-$121.5M-1133.9%	$11.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$347.2M+76.3%	$197.0M+56.0%	$126.3M+5.3%	$119.9M+88.0%	$63.8M-82.8%	$370.1M+221.9%	$115.0M	$0

TWLO Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	51.1%+1.9pp	49.2%+1.8pp	47.4%-1.5pp	48.9%-3.0pp	52.0%-1.7pp	53.7%
Operating Margin	-1.2%+19.9pp	-21.1%+10.4pp	-31.5%+0.7pp	-32.2%-4.2pp	-28.0%+4.6pp	-32.6%
Net Margin	-2.5%+22.0pp	-24.4%+8.4pp	-32.8%+0.6pp	-33.4%-5.6pp	-27.9%-0.8pp	-27.1%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-1.1%+7.6pp	-8.8%+1.3pp	-10.0%-2.7pp	-7.3%-2.1pp	-5.2%+0.8pp	-6.0%
Current Ratio	4.20-2.4	6.64+0.5	6.17-2.3	8.43+0.9	7.52-0.8	8.34
Debt-to-Equity	0.12+0.0	0.100.0	0.090.0	0.09+0.1	0.04-0.2	0.20
FCF Margin	N/A	N/A	N/A	-3.7%-4.1pp	0.4%+3.1pp	-2.8%

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Gross Margin	48.6%-0.5pp	49.1%-0.5pp	49.6%+0.2pp	49.4%-0.6pp	50.0%+1.2pp	48.7%0.0pp	48.8%+1.8pp	47.0%
Operating Margin	3.1%+0.1pp	3.0%+1.0pp	2.0%+35.6pp	-33.6%-23.1pp	-10.5%+3.1pp	-13.7%+12.6pp	-26.2%-4.9pp	-21.3%
Net Margin	2.9%+1.0pp	1.8%+0.1pp	1.7%+35.7pp	-34.0%-20.3pp	-13.7%+2.3pp	-16.0%+18.0pp	-34.0%-11.6pp	-22.4%
Return on Equity	0.5%+0.2pp	0.3%+0.0pp	0.3%	N/A	N/A	N/A	N/A	N/A
Return on Assets	0.4%+0.1pp	0.2%+0.0pp	0.2%+3.4pp	-3.1%-1.9pp	-1.2%+0.2pp	-1.4%+1.4pp	-2.8%-0.9pp	-1.8%
Current Ratio	4.68-0.2	4.90+0.1	4.78-1.9	6.64+0.1	6.53+0.4	6.14-0.0	6.160.0	6.17
Debt-to-Equity	0.130.0	0.120.0	0.12+0.0	0.100.0	0.100.0	0.100.0	0.100.0	0.09
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Similar Companies

$14.5B

$10.8B

$15.8B

$14.1B

$12.0B

Frequently Asked Questions

What is Twilio Inc's annual revenue?

Twilio Inc (TWLO) reported $4.5B in total revenue for fiscal year 2024. This represents a 7.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Twilio Inc's revenue growing?

Twilio Inc (TWLO) revenue grew by 7.3% year-over-year, from $4.2B to $4.5B in fiscal year 2024.

Is Twilio Inc profitable?

No, Twilio Inc (TWLO) reported a net income of -$109.4M in fiscal year 2024, with a net profit margin of -2.5%.

What is Twilio Inc's earnings per share (EPS)?

Twilio Inc (TWLO) reported diluted earnings per share of $-0.66 for fiscal year 2024. This represents a 88.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Twilio Inc's EBITDA?

Twilio Inc (TWLO) had EBITDA of $152.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Twilio Inc have?

As of fiscal year 2024, Twilio Inc (TWLO) had $421.3M in cash and equivalents against $990.6M in long-term debt.

What is Twilio Inc's gross margin?

Twilio Inc (TWLO) had a gross margin of 51.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Twilio Inc's operating margin?

Twilio Inc (TWLO) had an operating margin of -1.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Twilio Inc's net profit margin?

Twilio Inc (TWLO) had a net profit margin of -2.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Twilio Inc's operating cash flow?

Twilio Inc (TWLO) generated $716.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Twilio Inc's total assets?

Twilio Inc (TWLO) had $9.9B in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Twilio Inc spend on research and development?

Twilio Inc (TWLO) invested $1.0B in research and development during fiscal year 2024.

Does Twilio Inc buy back shares?

Yes, Twilio Inc (TWLO) spent $2.3B on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Twilio Inc have outstanding?

Twilio Inc (TWLO) had 153M shares outstanding as of fiscal year 2024.

What is Twilio Inc's current ratio?

Twilio Inc (TWLO) had a current ratio of 4.20 as of fiscal year 2024, which is generally considered healthy.

What is Twilio Inc's debt-to-equity ratio?

Twilio Inc (TWLO) had a debt-to-equity ratio of 0.12 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Twilio Inc's return on assets (ROA)?

Twilio Inc (TWLO) had a return on assets of -1.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Twilio Inc's Piotroski F-Score?

Twilio Inc (TWLO) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Twilio Inc's earnings high quality?

Twilio Inc (TWLO) has an earnings quality ratio of -6.55x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Twilio Inc?

Twilio Inc (TWLO) scores 62 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.