This page shows Twilio Inc (TWLO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 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).
Twilio’s profit turnaround now reflects leaner overhead and stronger cash conversion more than a change in underlying gross economics.
Across the last two reported years, operating margin moved from-21.1% to3.1% while gross margin stayed broadly flat, which points to a cost-structure reset rather than a sudden improvement in the revenue mix itself. Most recently, operating cash flow of$1.0B far exceeded net income of$33.8M , so the first year of GAAP profitability actually understates how much cash the business is now extracting from its sales base.
Heavy share repurchases did not come with meaningfully heavier leverage: long-term debt was
Goodwill-heavy assets are still a defining balance-sheet feature, with
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Twilio Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Twilio Inc has an operating margin of 3.1%, meaning the company retains $3 of operating profit per $100 of revenue. This results in a moderate score of 33/100, indicating healthy but not exceptional operating efficiency. This is up from -1.2% the prior year.
Twilio Inc's revenue grew 13.7% year-over-year to $5.1B, a solid pace of expansion. This earns a growth score of 66/100.
Twilio Inc has a moderate D/E ratio of 0.13. This balance of debt and equity financing earns a leverage score of 49/100.
With a current ratio of 4.03, Twilio Inc holds $4.03 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 86/100.
Twilio Inc's ROE of 0.4% shows moderate profitability relative to equity, earning a score of 34/100. This is up from -1.4% the prior year.
Twilio Inc scores 9.92, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($33.2B) relative to total liabilities ($1.9B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Twilio Inc passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Twilio Inc generates $29.51 in operating cash flow ($1.0B OCF vs $34.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Twilio Inc generated $5.1B in revenue in fiscal year 2025. This represents an increase of 13.7% from the prior year.
Twilio Inc's EBITDA was $353.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 132.0% from the prior year.
Twilio Inc reported $34.0M in net income in fiscal year 2025. This represents an increase of 131.2% from the prior year.
Twilio Inc earned $0.21 per diluted share (EPS) in fiscal year 2025. This represents an increase of 131.8% from the prior year.
Cash & Balance Sheet
Twilio Inc held $682.3M in cash against $992.3M in long-term debt as of fiscal year 2025.
Twilio Inc had 152M shares outstanding in fiscal year 2025. This represents a decrease of 0.7% from the prior year.
Margins & Returns
Twilio Inc's gross margin was 48.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.2 percentage points from the prior year.
Twilio Inc's operating margin was 3.1% in fiscal year 2025, reflecting core business profitability. This is up 4.3 percentage points from the prior year.
Twilio Inc's net profit margin was 0.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.1 percentage points from the prior year.
Twilio Inc's ROE was 0.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.8 percentage points from the prior year.
Capital Allocation
Twilio Inc invested $1.0B in research and development in fiscal year 2025. This represents an increase of 1.1% from the prior year.
Twilio Inc spent $868.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 62.8% from the prior year.
TWLO Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4B+3.0% | $1.4B+5.0% | $1.3B+5.9% | $1.2B+4.8% | $1.2B-1.9% | $1.2B+5.4% | $1.1B+4.7% | $1.1B |
| Cost of Revenue | $722.7M+2.7% | $703.6M+5.3% | $668.3M+6.8% | $625.7M+5.9% | $590.9M-0.7% | $595.1M+7.2% | $555.0M+5.4% | $526.7M |
| Gross Profit | $684.2M+3.3% | $662.4M+4.8% | $632.1M+4.9% | $602.7M+3.6% | $581.6M-3.0% | $599.7M+3.6% | $578.6M+4.1% | $555.8M |
| R&D Expenses | $262.2M+0.8% | $260.1M-0.9% | $262.3M+7.7% | $243.5M-4.2% | $254.3M+4.2% | $244.0M-6.7% | $261.5M+7.7% | $242.8M |
| SG&A Expenses | $102.5M-5.8% | $108.9M+0.6% | $108.2M+6.6% | $101.5M+10.3% | $92.1M-20.5% | $115.8M+8.8% | $106.5M-6.8% | $114.3M |
| Operating Income | $107.7M+89.6% | $56.8M+38.7% | $40.9M+10.7% | $37.0M+60.3% | $23.1M+68.2% | $13.7M+380.5% | -$4.9M+74.3% | -$19.0M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $12.1M+49.5% | $8.1M+277.2% | -$4.6M-140.9% | $11.2M+70.1% | $6.6M+703.6% | -$1.1M-117.9% | $6.1M+8.2% | $5.6M |
| Net Income | $90.1M+297.3% | -$45.7M-222.7% | $37.2M+66.1% | $22.4M+12.0% | $20.0M+265.9% | -$12.1M-24.1% | -$9.7M+69.5% | -$31.9M |
| EPS (Diluted) | $0.57 | N/A | $0.23+64.3% | $0.14+16.7% | $0.12 | N/A | $-0.06+68.4% | $-0.19 |
TWLO Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.6B-2.0% | $9.8B+0.6% | $9.7B-1.4% | $9.8B+0.3% | $9.8B-0.5% | $9.9B-1.7% | $10.0B-4.5% | $10.5B |
| Current Assets | $3.4B-3.6% | $3.6B+2.9% | $3.5B-1.5% | $3.5B+1.8% | $3.5B+0.6% | $3.4B-2.8% | $3.5B-10.5% | $4.0B |
| Cash & Equivalents | $542.0M-20.6% | $682.3M-7.1% | $734.8M-24.2% | $969.2M+107.5% | $467.1M+10.9% | $421.3M-27.9% | $584.0M-22.7% | $755.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $710.5M+11.6% | $636.7M+3.9% | $613.1M+4.3% | $588.0M+1.8% | $577.6M-1.9% | $588.5M+6.8% | $550.9M+2.5% | $537.3M |
| Goodwill | $5.3B0.0% | $5.3B+0.9% | $5.2B0.0% | $5.2B0.0% | $5.2B0.0% | $5.2B0.0% | $5.2B0.0% | $5.2B |
| Total Liabilities | $1.8B-8.0% | $1.9B+7.3% | $1.8B+0.7% | $1.8B-0.3% | $1.8B-5.3% | $1.9B+5.8% | $1.8B-1.1% | $1.8B |
| Current Liabilities | $740.3M-16.5% | $887.0M+19.5% | $742.3M+3.1% | $720.1M-0.8% | $725.9M-11.5% | $820.2M+17.1% | $700.7M-1.5% | $711.5M |
| Long-Term Debt | $992.7M0.0% | $992.3M0.0% | $991.9M0.0% | $991.4M0.0% | $991.0M0.0% | $990.6M0.0% | $990.2M0.0% | $989.8M |
| Total Equity | $7.8B-0.5% | $7.8B-0.9% | $7.9B-1.8% | $8.0B+0.5% | $8.0B+0.6% | $8.0B-3.4% | $8.2B-5.2% | $8.7B |
| Retained Earnings | -$8.5B-2.0% | -$8.3B-3.0% | -$8.1B-4.0% | -$7.8B-2.0% | -$7.6B-1.5% | -$7.5B-6.0% | -$7.1B-10.1% | -$6.4B |
TWLO Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $153.2M-43.6% | $271.6M+3.0% | $263.6M-4.9% | $277.1M+45.0% | $191.0M+76.2% | $108.4M-46.9% | $204.3M-4.2% | $213.3M |
| 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 | -$41.2M+70.7% | -$140.4M+13.0% | -$161.5M-140.2% | $402.0M+2200.4% | -$19.1M-114.8% | $129.1M-51.7% | $267.4M-65.9% | $784.6M |
| Financing Cash Flow | -$252.6M-37.7% | -$183.4M+47.3% | -$348.0M-97.8% | -$175.9M-39.8% | -$125.8M+69.2% | -$407.8M+36.6% | -$642.8M+28.4% | -$897.8M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $253.0M+27.5% | $198.5M-42.8% | $347.2M+76.3% | $197.0M+56.0% | $126.3M-69.9% | $420.1M-34.4% | $640.6M-30.1% | $916.8M |
TWLO Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.6%+0.1pp | 48.5%-0.1pp | 48.6%-0.5pp | 49.1%-0.5pp | 49.6%-0.6pp | 50.2%-0.8pp | 51.0%-0.3pp | 51.3% |
| Operating Margin | 7.6%+3.5pp | 4.2%+1.0pp | 3.1%+0.1pp | 3.0%+1.0pp | 2.0%+0.8pp | 1.1%+1.6pp | -0.4%+1.3pp | -1.8% |
| Net Margin | 6.4%+9.8pp | -3.3%-6.2pp | 2.9%+1.0pp | 1.8%+0.1pp | 1.7%+2.7pp | -1.0%-0.1pp | -0.9%+2.1pp | -2.9% |
| Return on Equity | 1.2%+1.7pp | -0.6%-1.1pp | 0.5%+0.2pp | 0.3%+0.0pp | 0.3%+0.4pp | -0.2%-0.0pp | -0.1%+0.3pp | -0.4% |
| Return on Assets | 0.9%+1.4pp | -0.5%-0.9pp | 0.4%+0.1pp | 0.2%+0.0pp | 0.2%+0.3pp | -0.1%-0.0pp | -0.1%+0.2pp | -0.3% |
| Current Ratio | 4.66+0.6 | 4.03-0.7 | 4.68-0.2 | 4.90+0.1 | 4.78+0.6 | 4.20-0.9 | 5.06-0.5 | 5.57 |
| Debt-to-Equity | 0.130.0 | 0.130.0 | 0.130.0 | 0.120.0 | 0.120.0 | 0.120.0 | 0.120.0 | 0.11 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Twilio Inc's annual revenue?
Twilio Inc (TWLO) reported $5.1B in total revenue for fiscal year 2025. This represents a 13.7% 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 13.7% year-over-year, from $4.5B to $5.1B in fiscal year 2025.
Is Twilio Inc profitable?
Yes, Twilio Inc (TWLO) reported a net income of $34.0M in fiscal year 2025, with a net profit margin of 0.7%.
What is Twilio Inc's EBITDA?
Twilio Inc (TWLO) had EBITDA of $353.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Twilio Inc have?
As of fiscal year 2025, Twilio Inc (TWLO) had $682.3M in cash and equivalents against $992.3M in long-term debt.
What is Twilio Inc's gross margin?
Twilio Inc (TWLO) had a gross margin of 48.9% in fiscal year 2025, 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 3.1% in fiscal year 2025, 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 0.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Twilio Inc's return on equity (ROE)?
Twilio Inc (TWLO) has a return on equity of 0.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Twilio Inc's operating cash flow?
Twilio Inc (TWLO) generated $1.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Twilio Inc's total assets?
Twilio Inc (TWLO) had $9.8B in total assets as of fiscal year 2025, 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 2025.
What is Twilio Inc's current ratio?
Twilio Inc (TWLO) had a current ratio of 4.03 as of fiscal year 2025, which is generally considered healthy.
What is Twilio Inc's debt-to-equity ratio?
Twilio Inc (TWLO) had a debt-to-equity ratio of 0.13 as of fiscal year 2025, 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 0.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Twilio Inc's Altman Z-Score?
Twilio Inc (TWLO) has an Altman Z-Score of 9.92, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
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 to 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 29.51x, considered cash-backed (high 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 45 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.