Twilio
TWLO · NYSEServices-Prepackaged Software · Fiscal year ends Dec 31
Twilio reported revenue of $5.1B in the fiscal year ended Dec 2025, up 13.7% from the year before. Operating income was $158M, an operating margin of 3.1%, and net income was $34M. Net debt was $310M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.8B | $3.8B | $4.2B | $4.5B | $5.1B |
| Cost of revenue | $1.5B | $2B | $2.1B | $2.2B | $2.6B |
| Gross profit | $1.4B | $1.8B | $2B | $2.3B | $2.5B |
| Research & development | $789M | $1.1B | $943M | $1B | $1B |
| Operating income | −$916M | −$1.2B | −$877M | −$54M | $158M |
| Pre-tax income | −$961M | −$1.2B | −$997M | −$89M | $55M |
| Income tax | −$11M | $13M | $19M | $21M | $21M |
| Net income | −$950M | −$1.3B | −$1B | −$109M | $34M |
| Diluted EPS | −5.45 | −6.86 | −5.54 | −0.66 | 0.21 |
| Diluted shares | 174M | 183M | 183M | 166M | 160M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.5B | $652M | $656M | $421M | $682M |
| Receivables | $388M | $548M | $563M | $589M | $637M |
| Current assets | $5.9B | $5B | $4.9B | $3.4B | $3.6B |
| Goodwill | $5.3B | $5.3B | $5.2B | $5.2B | $5.3B |
| Total assets | $13B | $12.6B | $11.6B | $9.9B | $9.8B |
| Payables | $93M | $125M | $120M | $100M | $85M |
| Deferred revenue | $140M | $139M | $144M | $156M | $159M |
| Current liabilities | $704M | $808M | $738M | $820M | $887M |
| Long-term debt | $986M | $987M | $989M | $991M | $992M |
| Total liabilities | $2B | $2B | $1.9B | $1.9B | $1.9B |
| Shareholders' equity | $11B | $10.6B | $9.7B | $8B | $7.8B |
| Backlog (remaining obligations) | $154M | $155M | $144M | $182M | $175M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$58M | −$254M | $415M | $716M | $1B |
| Capital expenditure | $46M | – | – | – | – |
| Free cash flow | −$104M | – | – | – | – |
| Depreciation & amortisation | $258M | $279M | $284M | $206M | $195M |
| Stock-based compensation | $632M | $799M | $676M | $617M | $600M |
| Acquisitions | $492M | $37M | $6M | $0 | $61M |
| Share buybacks | $0 | $0 | $669M | $2.3B | $869M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 34.6% | 8.6% | 7.3% | 13.7% |
| Gross margin | 48.9% | 47.4% | 49.2% | 51.1% | 48.9% |
| Operating margin | −32.2% | −31.5% | −21.1% | −1.2% | 3.1% |
| Net margin | −33.4% | −32.8% | −24.4% | −2.5% | 0.7% |
| Return on equityBlank when equity is negative | −8.6% | −11.9% | −10.4% | −1.4% | 0.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −7.4% | −10.3% | −8.1% | −0.6% | 1.8% |
| Free cash flow margin | −3.7% | – | – | – | – |
| Cash conversion (CFO ÷ net income) | 0.06x | 0.20x | −0.41x | −6.55x | 29.7x |
| Receivable days | 50 | 52 | 49 | 48 | 46 |
| Payable days | 23 | 23 | 21 | 17 | 12 |
| Debt ÷ equity | 0.09x | 0.09x | 0.10x | 0.12x | 0.13x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$494M | $336M | $333M | $569M | $310M |
| Current ratio | 8.43x | 6.17x | 6.64x | 4.20x | 4.03x |
Recent filings
More in Services-Prepackaged Software
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.