Twilio Inc. (TWLO) 10-Year Financial Performance & Capital Metrics

TWLO •

Communication ServicesInternet ServicesConsumer Apps and Utility Platforms

AboutTwilio Inc., together with its subsidiaries, provides a cloud communications platform that enables developers to build, scale, and operate customer engagement within software applications in the United States and internationally. Its customer engagement platform provides a set of application programming interfaces that handle the higher-level communication logic needed for nearly every type of customer engagement, as well as enable developers to embed voice, messaging, video, and email capabilities into their applications. The company was incorporated in 2008 and is headquartered in San Francisco, California.Show more

Revenue $5.07B +13.7%
EBITDA $392M +112.4%
Net Income $34M +130.9%
EPS (Diluted) 0.21 +131.8%
Gross Margin 48.02% -4.0%
EBITDA Margin 7.74% +86.8%
Operating Margin 3.45% +480.1%
Net Margin 0.67% +127.2%
ROE 0.43% +134.7%
ROIC 1.55% +582.1%
Debt/Equity 0.15 +4.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 20.4% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 23.5%
✓Share count reduced 3.7% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y40.68%

5Y23.53%

3Y9.82%

TTM13.66%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM130.93%

EPS CAGR

10Y-

5Y-

3Y-

TTM129.64%

ROCE

10Y Avg-9.22%

5Y Avg-3.72%

3Y Avg-0.63%

Latest1.95%

Peer Comparison

Consumer Apps and Utility Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TWLOTwilio Inc.	18.34B	120.96	576	13.66%	0.67%	0.43%	5.63%	0.15
JFINJiayin Group Inc.	699.84M	6.48	2.24	6.11%	26.17%	39.74%	14.3%	0.02
SEGGLottery.com Inc.	4.46M	1.02	-0.03	-84.82%	-23.09%	-47.91%		0.27
CMCMCheetah Mobile Inc.	6.25B	6.15	-0.04	20.52%	-40.21%	-19.85%		0.03
UPXIUpexi, Inc.	41.92M	0.66	-0.38	-39.19%	-496.88%	-252.34%		0.31
MNYMoneyHero Limited Class A Ordinary Shares	42.6M	1.42	-1.58	-1.44%	-22.13%	-35.56%		0.02
NNNextNav Inc.	2.11B	16.09	-19.15	46.79%	-27.72%	-156.48%		1.43

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	277.33M	399.02M	650.07M	1.13B	1.76B	2.84B	3.83B	4.15B	4.46B	5.07B
Revenue Growth %	66.15%	43.88%	62.92%	74.52%	55.3%	61.31%	34.64%	8.56%	7.32%	13.66%
Cost of Goods Sold+	122.96M	187.49M	302.36M	560.65M	885.11M	1.53B	2.06B	2.19B	2.23B	2.63B
COGS % of Revenue	44.34%	46.99%	46.51%	49.42%	50.24%	53.75%	53.87%	52.75%	50%	51.98%
Gross Profit+	154.37M	211.53M	347.71M	573.82M	876.67M	1.31B	1.76B	1.96B	2.23B	2.43B
Gross Margin %	55.66%	53.01%	53.49%	50.58%	49.76%	46.25%	46.13%	47.25%	50%	48.02%
Gross Profit Growth %	69.28%	37.03%	64.38%	65.03%	52.78%	49.93%	34.28%	11.21%	13.57%	9.15%
Operating Expenses+	195.59M	277.3M	461.45M	927.8M	1.35B	2.21B	2.76B	2.35B	2.27B	2.26B
OpEx % of Revenue	70.52%	69.5%	70.98%	81.78%	76.5%	77.94%	72.09%	56.56%	50.91%	44.57%
Selling, General & Admin	116.13M	159.15M	282.99M	543.79M	817.26M	1.43B	1.68B	1.41B	1.26B	1.28B
SG&A % of Revenue	41.88%	39.89%	43.53%	47.93%	46.39%	50.21%	43.93%	33.91%	28.32%	25.34%
Research & Development	75.59M	116.98M	171.34M	384.01M	530.55M	787.96M	1.08B	940.88M	1.01B	1.02B
R&D % of Revenue	27.26%	29.32%	26.36%	33.85%	30.11%	27.73%	28.16%	22.65%	22.59%	20.13%
Other Operating Expenses	3.86M	1.17M	7.12M	0	0	0	0	0	0	-45.61M
Operating Income+	-41.22M	-65.77M	-113.73M	-353.99M	-471.14M	-900.59M	-993.47M	-386.85M	-40.44M	174.68M
Operating Margin %	-14.86%	-16.48%	-17.5%	-31.2%	-26.74%	-31.69%	-25.96%	-9.31%	-0.91%	3.45%
Operating Income Growth %	-20.54%	-59.59%	-72.92%	-211.24%	-33.09%	-91.15%	-10.31%	61.06%	89.55%	532%
EBITDA+	-32.9M	-47.01M	-87.64M	-220.36M	-283.08M	-593.43M	-667.18M	-75.46M	184.64M	392.13M
EBITDA Margin %	-11.86%	-11.78%	-13.48%	-19.42%	-16.07%	-20.88%	-17.44%	-1.82%	4.14%	7.74%
EBITDA Growth %	-9.79%	-42.89%	-86.43%	-151.44%	-28.46%	-109.63%	-12.43%	88.69%	344.68%	112.37%
D&A (Non-Cash Add-back)	8.31M	18.76M	26.09M	133.62M	188.06M	307.16M	326.29M	311.38M	225.08M	217.44M
EBIT	-41M	-63M	-106.25M	-337.14M	-479.45M	-960.93M	-1.24B	-996.73M	-88.61M	174.68M
Net Interest Income+	0	0	-11.9M	-4.27M	7.42M	55.7M	64.6M	77.7M	90.2M	0
Interest Income	0	0	3M	20.8M	32.4M	55.7M	64.6M	77.7M	90.2M	0
Interest Expense	0	0	14.9M	25.07M	24.98M	0	0	0	0	0
Other Income/Expense	217K	2.77M	-7.42M	-8.23M	-33.29M	-60.34M	-250.16M	-609.88M	-48.18M	-119.59M
Pretax Income+	-41M	-63M	-121.16M	-362.22M	-504.43M	-960.93M	-1.24B	-996.73M	-88.61M	55.09M
Pretax Margin %	-14.78%	-15.79%	-18.64%	-31.93%	-28.63%	-33.81%	-32.5%	-23.99%	-1.99%	1.09%
Income Tax+	326K	705K	791K	-55.15M	-13.45M	-11.03M	12.51M	18.71M	20.79M	21.26M
Effective Tax Rate %	100.8%	101.12%	100.65%	84.77%	97.33%	98.85%	101.01%	101.88%	123.46%	61.41%
Net Income+	-41.32M	-63.71M	-121.95M	-307.06M	-490.98M	-949.9M	-1.26B	-1.02B	-109.4M	33.83M
Net Margin %	-14.9%	-15.97%	-18.76%	-27.07%	-27.87%	-33.43%	-32.83%	-24.45%	-2.45%	0.67%
Net Income Growth %	-16.39%	-54.17%	-91.42%	-151.8%	-59.9%	-93.47%	-32.24%	19.16%	89.23%	130.93%
Net Income (Continuing)	-41.32M	-63.71M	-121.95M	-307.06M	-490.98M	-949.9M	-1.26B	-1.02B	-109.4M	33.83M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.47	-0.70	-1.26	-2.36	-3.35	-5.45	-6.86	-5.54	-0.66	0.21
EPS Growth %	-2.17%	-48.94%	-80%	-87.3%	-41.95%	-62.69%	-25.87%	19.24%	88.09%	131.82%
EPS (Basic)	-0.47	-0.70	-1.26	-2.36	-3.35	-5.45	-6.86	-5.54	-0.66	0.22
Diluted Shares Outstanding	88.61M	91.22M	97.13M	130.08M	146.71M	174.18M	182.99M	183.33M	165.93M	159.79M
Basic Shares Outstanding	87.93M	91.22M	97.13M	130.08M	146.71M	174.18M	182.99M	183.33M	165.93M	152.99M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	353.38M	353.26M	872.95M	2.06B	3.37B	5.93B	4.98B	4.9B	3.45B	3.58B
Cash & Short-Term Investments	305.67M	290.87M	748.34M	1.85B	3.04B	5.36B	4.16B	4.01B	2.38B	2.47B
Cash Only	305.67M	115.29M	487.21M	253.66M	933.88M	1.48B	651.75M	655.93M	421.3M	682.34M
Short-Term Investments	0	175.59M	261.13M	1.6B	2.11B	3.88B	3.5B	3.36B	1.96B	1.79B
Accounts Receivable	26.2M	43.11M	97.71M	154.07M	251.17M	388.21M	547.51M	562.77M	588.54M	636.74M
Days Sales Outstanding	34.49	39.44	54.86	49.57	52.04	49.86	52.23	49.45	48.19	45.87
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	0	281.51M	132.35M	140.45M	469.65M
Total Non-Current Assets+	59.31M	96.52M	155.76M	3.09B	6.12B	7.07B	7.58B	6.71B	6.42B	6.19B
Property, Plant & Equipment	37.55M	50.54M	63.53M	298M	441.85M	489.9M	385.32M	283.6M	244.45M	215.99M
Fixed Asset Turnover	7.39x	7.89x	10.23x	3.81x	3.99x	5.80x	9.93x	14.65x	18.24x	23.46x
Goodwill	3.56M	17.85M	38.16M	2.3B	4.6B	5.26B	5.28B	5.24B	5.24B	5.29B
Intangible Assets	10.27M	20.06M	27.56M	460.85M	966.57M	1.05B	849.93M	350.49M	238.5M	142.06M
Long-Term Investments	0	0	0	0	0	0	699.91M	593.58M	485.83M	301.64M
Other Non-Current Assets	7.93M	8.06M	26.5M	33.55M	111.28M	263.29M	360.9M	234.8M	206.12M	242.67M
Total Assets+	412.69M	449.78M	1.03B	5.15B	9.49B	13B	12.56B	11.61B	9.87B	9.77B
Asset Turnover	0.67x	0.89x	0.63x	0.22x	0.19x	0.22x	0.30x	0.36x	0.45x	0.52x
Asset Growth %	162%	8.99%	128.71%	400.68%	84.2%	37.01%	-3.34%	-7.6%	-15.02%	-0.96%
Total Current Liabilities+	73.7M	78.53M	137.81M	247.22M	448.31M	703.55M	808.16M	738.3M	820.22M	887.01M
Accounts Payable	4.17M	11.12M	18.5M	39.1M	60.04M	93.33M	124.61M	119.61M	100.17M	85.09M
Days Payables Outstanding	12.39	21.64	22.33	25.45	24.76	22.3	22.06	19.93	16.4	11.79
Short-Term Debt	0	0	0	0	0	0	0	0	0	35.12M
Deferred Revenue (Current)	10.22M	13.8M	19.56M	26.36M	87.03M	140.39M	139.11M	144.5M	155.68M	0
Other Current Liabilities	5.62M	2.55M	4.09M	10.54M	6.27M	64.67M	40.25M	29.09M	110.09M	766.8M
Current Ratio	4.79x	4.50x	6.33x	8.34x	7.52x	8.43x	6.17x	6.64x	4.20x	4.03x
Quick Ratio	4.79x	4.50x	6.33x	8.34x	7.52x	8.43x	6.17x	6.64x	4.20x	4.03x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	9.54M	11.41M	452.67M	623.88M	586.46M	1.26B	1.2B	1.14B	1.09B	1.06B
Long-Term Debt	0	0	434.5M	458.19M	302.07M	985.91M	987.38M	988.95M	990.59M	1.05B
Capital Lease Obligations	0	0	2.17M	147.95M	247.76M	236.38M	185.84M	120.77M	85.88M	54.16M
Deferred Tax Liabilities	0	2.45M	5.18M	7.54M	13.68M	0	0	0	0	0
Other Non-Current Liabilities	9.54M	8.96M	10.82M	10.21M	22.95M	41.29M	23.88M	29.14M	15.82M	-38.27M
Total Liabilities	83.25M	89.94M	590.48M	871.11M	1.03B	1.97B	2.01B	1.88B	1.91B	1.95B
Total Debt+	0	0	436.67M	640.22M	607.23M	1.29B	1.24B	1.16B	1.11B	1.14B
Net Debt	-305.67M	-115.29M	-50.55M	386.56M	-326.66M	-192.47M	587.56M	503.66M	688.85M	453.4M
Debt / Equity	-	-	1.00x	0.15x	0.07x	0.12x	0.12x	0.12x	0.14x	0.15x
Debt / EBITDA	-	-	-	-	-	-	-	-	6.01x	2.90x
Net Debt / EBITDA	-	-	-	-	-	-	-	-	3.73x	1.16x
Interest Coverage	-	-	-7.63x	-14.12x	-18.86x	-	-	-	-	-
Total Equity+	329.45M	359.85M	438.24M	4.28B	8.45B	11.03B	10.56B	9.73B	7.95B	7.82B
Equity Growth %	182.48%	9.23%	21.78%	876.51%	97.52%	30.51%	-4.28%	-7.83%	-18.28%	-1.65%
Book Value per Share	3.72	3.94	4.51	32.90	57.62	63.33	57.70	53.09	47.93	48.95
Total Shareholders' Equity	329.45M	359.85M	438.24M	4.28B	8.45B	11.03B	10.56B	9.73B	7.95B	7.82B
Common Stock	87K	94K	100K	138K	164K	180K	186K	182K	153K	152K
Retained Earnings	-186.73M	-250.44M	-371.67M	-678.81M	-1.17B	-2.12B	-3.38B	-5.07B	-7.52B	-8.34B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-13.45M	2.02M	1.28M	5.09M	9.05M	-18.14M	-121.16M	619K	-1.3M	15.67M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	10.09M	-3.26M	7.98M	14.05M	32.65M	-58.19M	-254.37M	414.75M	716.24M	1.04B
Operating CF Margin %	3.64%	-0.82%	1.23%	1.24%	1.85%	-2.05%	-6.65%	9.98%	16.07%	20.5%
Operating CF Growth %	153.78%	-132.31%	344.88%	75.97%	132.45%	-278.21%	-337.12%	263.05%	72.69%	45.04%
Net Income	-41.32M	-63.71M	-121.95M	-307.06M	-490.98M	-949.9M	-1.26B	-1.02B	-109.4M	33.83M
Depreciation & Amortization	8.31M	18.76M	26.09M	110.43M	149.66M	258.38M	279.13M	284.41M	183.04M	217.44M
Stock-Based Compensation	24.23M	49.62M	93.27M	264.32M	360.94M	632.28M	798.56M	675.86M	616.61M	600.41M
Deferred Taxes	1.86M	1.14M	3.98M	-55.74M	-16.46M	-17.24M	0	0	0	0
Other Non-Cash Items	94K	1.14M	21.4M	50.06M	126.88M	203.39M	320.73M	700.57M	260.13M	265.43M
Working Capital Changes	16.93M	-10.21M	-14.82M	-47.96M	-97.39M	-185.11M	-396.64M	-230.65M	-234.14M	-78.28M
Change in Receivables	-8.25M	-15.28M	-58.23M	-51.36M	-81.3M	-117.94M	-194.66M	-85.09M	-61.16M	-55.07M
Change in Inventory	19.39M	-3.93M	30.48M	-16.82M	-39.97M	-123M	0	0	0	0
Change in Payables	1.71M	5.43M	6.98M	17.25M	10.06M	10.19M	30.34M	12.37M	-20.26M	-14.97M
Cash from Investing+	-42.42M	-223.63M	-139.42M	-1.29B	-845.86M	-2.49B	-616.45M	228.6M	1.37B	80.95M
Capital Expenditures	-26.49M	-26.82M	-24.66M	-67.29M	-59.13M	-90.02M	-80.18M	-11.31M	-58.79M	-57.82M
CapEx % of Revenue	9.55%	6.72%	3.79%	5.93%	3.36%	3.17%	2.1%	0.27%	1.32%	1.14%
Acquisitions	-8.5M	-22.62M	-30.57M	122.75M	-333.59M	-491.52M	-37.41M	32.42M	0	-61.5M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	3.12M	0	0	0	0	0	-39.92M	0	0
Cash from Financing+	229.16M	36.44M	515.82M	1.02B	1.49B	3.1B	45.01M	-643.61M	-2.31B	-868.69M
Debt Issued (Net)	0	0	550M	-11.05M	-10.78M	976.43M	-13.42M	-16.13M	-12.56M	-40.9M
Equity Issued (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-2K	-100K	0	0	0	0	0	-668.75M	-2.33B	-868.94M
Other Financing	-1.04M	-678K	-74.06M	-5.41M	-8.78M	218.02M	-1.1M	-2.56M	-2M	-213K
Net Change in Cash	196.83M	-190.38M	384.55M	-251.6M	680.15M	547.95M	-825.75M	-147K	-224.49M	261.04M
Free Cash Flow+	-16.39M	-30.08M	-16.67M	-53.24M	-26.48M	-148.21M	-334.55M	363.52M	657.46M	1.03B
FCF Margin %	-5.91%	-7.54%	-2.56%	-4.69%	-1.5%	-5.22%	-8.74%	8.75%	14.75%	20.39%
FCF Growth %	44.2%	-83.46%	44.57%	-219.35%	50.27%	-459.74%	-125.72%	208.66%	80.86%	57.12%
FCF per Share	-0.19	-0.33	-0.17	-0.41	-0.18	-0.85	-1.83	1.98	3.96	6.46
FCF Conversion (FCF/Net Income)	-0.24x	0.05x	-0.07x	-0.05x	-0.07x	0.06x	0.20x	-0.41x	-6.55x	30.70x
Interest Paid	0	0	741K	2.29M	2.14M	20.64M	37.5M	38.39M	37.9M	0
Taxes Paid	225K	605K	564K	1.37M	3.09M	6.15M	7.41M	37.82M	36.55M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-18.53%	-18.48%	-30.56%	-13.02%	-7.71%	-9.75%	-11.64%	-10.01%	-1.24%	0.43%
Return on Invested Capital (ROIC)	-195.81%	-36.77%	-26.98%	-10.51%	-5.52%	-7.12%	-6.78%	-2.71%	-0.32%	1.55%
Gross Margin	55.66%	53.01%	53.49%	50.58%	49.76%	46.25%	46.13%	47.25%	50%	48.02%
Net Margin	-14.9%	-15.97%	-18.76%	-27.07%	-27.87%	-33.43%	-32.83%	-24.45%	-2.45%	0.67%
Debt / Equity	-	-	1.00x	0.15x	0.07x	0.12x	0.12x	0.12x	0.14x	0.15x
Interest Coverage	-	-	-7.63x	-14.12x	-18.86x	-	-	-	-	-
FCF Conversion	-0.24x	0.05x	-0.07x	-0.05x	-0.07x	0.06x	0.20x	-0.41x	-6.55x	30.70x
Revenue Growth	66.15%	43.88%	62.92%	74.52%	55.3%	61.31%	34.64%	8.56%	7.32%	13.66%

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Twilio Inc. (TWLO) 10-Year Financial Performance & Capital Metrics

TWLO •

Communication ServicesInternet ServicesConsumer Apps and Utility Platforms

Revenue $5.07B +13.7%
EBITDA $392M +112.4%
Net Income $34M +130.9%
EPS (Diluted) 0.21 +131.8%
Gross Margin 48.02% -4.0%
EBITDA Margin 7.74% +86.8%
Operating Margin 3.45% +480.1%
Net Margin 0.67% +127.2%
ROE 0.43% +134.7%
ROIC 1.55% +582.1%
Debt/Equity 0.15 +4.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 20.4% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 23.5%
✓Share count reduced 3.7% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y40.68%

5Y23.53%

3Y9.82%

TTM13.66%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM130.93%

EPS CAGR

10Y-

5Y-

3Y-

TTM129.64%

ROCE

10Y Avg-9.22%

5Y Avg-3.72%

3Y Avg-0.63%

Latest1.95%

Peer Comparison

Consumer Apps and Utility Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TWLOTwilio Inc.	18.34B	120.96	576	13.66%	0.67%	0.43%	5.63%	0.15
JFINJiayin Group Inc.	699.84M	6.48	2.24	6.11%	26.17%	39.74%	14.3%	0.02
SEGGLottery.com Inc.	4.46M	1.02	-0.03	-84.82%	-23.09%	-47.91%		0.27
CMCMCheetah Mobile Inc.	6.25B	6.15	-0.04	20.52%	-40.21%	-19.85%		0.03
UPXIUpexi, Inc.	41.92M	0.66	-0.38	-39.19%	-496.88%	-252.34%		0.31
MNYMoneyHero Limited Class A Ordinary Shares	42.6M	1.42	-1.58	-1.44%	-22.13%	-35.56%		0.02
NNNextNav Inc.	2.11B	16.09	-19.15	46.79%	-27.72%	-156.48%		1.43

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	277.33M	399.02M	650.07M	1.13B	1.76B	2.84B	3.83B	4.15B	4.46B	5.07B
Revenue Growth %	66.15%	43.88%	62.92%	74.52%	55.3%	61.31%	34.64%	8.56%	7.32%	13.66%
Cost of Goods Sold+	122.96M	187.49M	302.36M	560.65M	885.11M	1.53B	2.06B	2.19B	2.23B	2.63B
COGS % of Revenue	44.34%	46.99%	46.51%	49.42%	50.24%	53.75%	53.87%	52.75%	50%	51.98%
Gross Profit+	154.37M	211.53M	347.71M	573.82M	876.67M	1.31B	1.76B	1.96B	2.23B	2.43B
Gross Margin %	55.66%	53.01%	53.49%	50.58%	49.76%	46.25%	46.13%	47.25%	50%	48.02%
Gross Profit Growth %	69.28%	37.03%	64.38%	65.03%	52.78%	49.93%	34.28%	11.21%	13.57%	9.15%
Operating Expenses+	195.59M	277.3M	461.45M	927.8M	1.35B	2.21B	2.76B	2.35B	2.27B	2.26B
OpEx % of Revenue	70.52%	69.5%	70.98%	81.78%	76.5%	77.94%	72.09%	56.56%	50.91%	44.57%
Selling, General & Admin	116.13M	159.15M	282.99M	543.79M	817.26M	1.43B	1.68B	1.41B	1.26B	1.28B
SG&A % of Revenue	41.88%	39.89%	43.53%	47.93%	46.39%	50.21%	43.93%	33.91%	28.32%	25.34%
Research & Development	75.59M	116.98M	171.34M	384.01M	530.55M	787.96M	1.08B	940.88M	1.01B	1.02B
R&D % of Revenue	27.26%	29.32%	26.36%	33.85%	30.11%	27.73%	28.16%	22.65%	22.59%	20.13%
Other Operating Expenses	3.86M	1.17M	7.12M	0	0	0	0	0	0	-45.61M
Operating Income+	-41.22M	-65.77M	-113.73M	-353.99M	-471.14M	-900.59M	-993.47M	-386.85M	-40.44M	174.68M
Operating Margin %	-14.86%	-16.48%	-17.5%	-31.2%	-26.74%	-31.69%	-25.96%	-9.31%	-0.91%	3.45%
Operating Income Growth %	-20.54%	-59.59%	-72.92%	-211.24%	-33.09%	-91.15%	-10.31%	61.06%	89.55%	532%
EBITDA+	-32.9M	-47.01M	-87.64M	-220.36M	-283.08M	-593.43M	-667.18M	-75.46M	184.64M	392.13M
EBITDA Margin %	-11.86%	-11.78%	-13.48%	-19.42%	-16.07%	-20.88%	-17.44%	-1.82%	4.14%	7.74%
EBITDA Growth %	-9.79%	-42.89%	-86.43%	-151.44%	-28.46%	-109.63%	-12.43%	88.69%	344.68%	112.37%
D&A (Non-Cash Add-back)	8.31M	18.76M	26.09M	133.62M	188.06M	307.16M	326.29M	311.38M	225.08M	217.44M
EBIT	-41M	-63M	-106.25M	-337.14M	-479.45M	-960.93M	-1.24B	-996.73M	-88.61M	174.68M
Net Interest Income+	0	0	-11.9M	-4.27M	7.42M	55.7M	64.6M	77.7M	90.2M	0
Interest Income	0	0	3M	20.8M	32.4M	55.7M	64.6M	77.7M	90.2M	0
Interest Expense	0	0	14.9M	25.07M	24.98M	0	0	0	0	0
Other Income/Expense	217K	2.77M	-7.42M	-8.23M	-33.29M	-60.34M	-250.16M	-609.88M	-48.18M	-119.59M
Pretax Income+	-41M	-63M	-121.16M	-362.22M	-504.43M	-960.93M	-1.24B	-996.73M	-88.61M	55.09M
Pretax Margin %	-14.78%	-15.79%	-18.64%	-31.93%	-28.63%	-33.81%	-32.5%	-23.99%	-1.99%	1.09%
Income Tax+	326K	705K	791K	-55.15M	-13.45M	-11.03M	12.51M	18.71M	20.79M	21.26M
Effective Tax Rate %	100.8%	101.12%	100.65%	84.77%	97.33%	98.85%	101.01%	101.88%	123.46%	61.41%
Net Income+	-41.32M	-63.71M	-121.95M	-307.06M	-490.98M	-949.9M	-1.26B	-1.02B	-109.4M	33.83M
Net Margin %	-14.9%	-15.97%	-18.76%	-27.07%	-27.87%	-33.43%	-32.83%	-24.45%	-2.45%	0.67%
Net Income Growth %	-16.39%	-54.17%	-91.42%	-151.8%	-59.9%	-93.47%	-32.24%	19.16%	89.23%	130.93%
Net Income (Continuing)	-41.32M	-63.71M	-121.95M	-307.06M	-490.98M	-949.9M	-1.26B	-1.02B	-109.4M	33.83M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.47	-0.70	-1.26	-2.36	-3.35	-5.45	-6.86	-5.54	-0.66	0.21
EPS Growth %	-2.17%	-48.94%	-80%	-87.3%	-41.95%	-62.69%	-25.87%	19.24%	88.09%	131.82%
EPS (Basic)	-0.47	-0.70	-1.26	-2.36	-3.35	-5.45	-6.86	-5.54	-0.66	0.22
Diluted Shares Outstanding	88.61M	91.22M	97.13M	130.08M	146.71M	174.18M	182.99M	183.33M	165.93M	159.79M
Basic Shares Outstanding	87.93M	91.22M	97.13M	130.08M	146.71M	174.18M	182.99M	183.33M	165.93M	152.99M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	353.38M	353.26M	872.95M	2.06B	3.37B	5.93B	4.98B	4.9B	3.45B	3.58B
Cash & Short-Term Investments	305.67M	290.87M	748.34M	1.85B	3.04B	5.36B	4.16B	4.01B	2.38B	2.47B
Cash Only	305.67M	115.29M	487.21M	253.66M	933.88M	1.48B	651.75M	655.93M	421.3M	682.34M
Short-Term Investments	0	175.59M	261.13M	1.6B	2.11B	3.88B	3.5B	3.36B	1.96B	1.79B
Accounts Receivable	26.2M	43.11M	97.71M	154.07M	251.17M	388.21M	547.51M	562.77M	588.54M	636.74M
Days Sales Outstanding	34.49	39.44	54.86	49.57	52.04	49.86	52.23	49.45	48.19	45.87
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	0	281.51M	132.35M	140.45M	469.65M
Total Non-Current Assets+	59.31M	96.52M	155.76M	3.09B	6.12B	7.07B	7.58B	6.71B	6.42B	6.19B
Property, Plant & Equipment	37.55M	50.54M	63.53M	298M	441.85M	489.9M	385.32M	283.6M	244.45M	215.99M
Fixed Asset Turnover	7.39x	7.89x	10.23x	3.81x	3.99x	5.80x	9.93x	14.65x	18.24x	23.46x
Goodwill	3.56M	17.85M	38.16M	2.3B	4.6B	5.26B	5.28B	5.24B	5.24B	5.29B
Intangible Assets	10.27M	20.06M	27.56M	460.85M	966.57M	1.05B	849.93M	350.49M	238.5M	142.06M
Long-Term Investments	0	0	0	0	0	0	699.91M	593.58M	485.83M	301.64M
Other Non-Current Assets	7.93M	8.06M	26.5M	33.55M	111.28M	263.29M	360.9M	234.8M	206.12M	242.67M
Total Assets+	412.69M	449.78M	1.03B	5.15B	9.49B	13B	12.56B	11.61B	9.87B	9.77B
Asset Turnover	0.67x	0.89x	0.63x	0.22x	0.19x	0.22x	0.30x	0.36x	0.45x	0.52x
Asset Growth %	162%	8.99%	128.71%	400.68%	84.2%	37.01%	-3.34%	-7.6%	-15.02%	-0.96%
Total Current Liabilities+	73.7M	78.53M	137.81M	247.22M	448.31M	703.55M	808.16M	738.3M	820.22M	887.01M
Accounts Payable	4.17M	11.12M	18.5M	39.1M	60.04M	93.33M	124.61M	119.61M	100.17M	85.09M
Days Payables Outstanding	12.39	21.64	22.33	25.45	24.76	22.3	22.06	19.93	16.4	11.79
Short-Term Debt	0	0	0	0	0	0	0	0	0	35.12M
Deferred Revenue (Current)	10.22M	13.8M	19.56M	26.36M	87.03M	140.39M	139.11M	144.5M	155.68M	0
Other Current Liabilities	5.62M	2.55M	4.09M	10.54M	6.27M	64.67M	40.25M	29.09M	110.09M	766.8M
Current Ratio	4.79x	4.50x	6.33x	8.34x	7.52x	8.43x	6.17x	6.64x	4.20x	4.03x
Quick Ratio	4.79x	4.50x	6.33x	8.34x	7.52x	8.43x	6.17x	6.64x	4.20x	4.03x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	9.54M	11.41M	452.67M	623.88M	586.46M	1.26B	1.2B	1.14B	1.09B	1.06B
Long-Term Debt	0	0	434.5M	458.19M	302.07M	985.91M	987.38M	988.95M	990.59M	1.05B
Capital Lease Obligations	0	0	2.17M	147.95M	247.76M	236.38M	185.84M	120.77M	85.88M	54.16M
Deferred Tax Liabilities	0	2.45M	5.18M	7.54M	13.68M	0	0	0	0	0
Other Non-Current Liabilities	9.54M	8.96M	10.82M	10.21M	22.95M	41.29M	23.88M	29.14M	15.82M	-38.27M
Total Liabilities	83.25M	89.94M	590.48M	871.11M	1.03B	1.97B	2.01B	1.88B	1.91B	1.95B
Total Debt+	0	0	436.67M	640.22M	607.23M	1.29B	1.24B	1.16B	1.11B	1.14B
Net Debt	-305.67M	-115.29M	-50.55M	386.56M	-326.66M	-192.47M	587.56M	503.66M	688.85M	453.4M
Debt / Equity	-	-	1.00x	0.15x	0.07x	0.12x	0.12x	0.12x	0.14x	0.15x
Debt / EBITDA	-	-	-	-	-	-	-	-	6.01x	2.90x
Net Debt / EBITDA	-	-	-	-	-	-	-	-	3.73x	1.16x
Interest Coverage	-	-	-7.63x	-14.12x	-18.86x	-	-	-	-	-
Total Equity+	329.45M	359.85M	438.24M	4.28B	8.45B	11.03B	10.56B	9.73B	7.95B	7.82B
Equity Growth %	182.48%	9.23%	21.78%	876.51%	97.52%	30.51%	-4.28%	-7.83%	-18.28%	-1.65%
Book Value per Share	3.72	3.94	4.51	32.90	57.62	63.33	57.70	53.09	47.93	48.95
Total Shareholders' Equity	329.45M	359.85M	438.24M	4.28B	8.45B	11.03B	10.56B	9.73B	7.95B	7.82B
Common Stock	87K	94K	100K	138K	164K	180K	186K	182K	153K	152K
Retained Earnings	-186.73M	-250.44M	-371.67M	-678.81M	-1.17B	-2.12B	-3.38B	-5.07B	-7.52B	-8.34B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-13.45M	2.02M	1.28M	5.09M	9.05M	-18.14M	-121.16M	619K	-1.3M	15.67M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	10.09M	-3.26M	7.98M	14.05M	32.65M	-58.19M	-254.37M	414.75M	716.24M	1.04B
Operating CF Margin %	3.64%	-0.82%	1.23%	1.24%	1.85%	-2.05%	-6.65%	9.98%	16.07%	20.5%
Operating CF Growth %	153.78%	-132.31%	344.88%	75.97%	132.45%	-278.21%	-337.12%	263.05%	72.69%	45.04%
Net Income	-41.32M	-63.71M	-121.95M	-307.06M	-490.98M	-949.9M	-1.26B	-1.02B	-109.4M	33.83M
Depreciation & Amortization	8.31M	18.76M	26.09M	110.43M	149.66M	258.38M	279.13M	284.41M	183.04M	217.44M
Stock-Based Compensation	24.23M	49.62M	93.27M	264.32M	360.94M	632.28M	798.56M	675.86M	616.61M	600.41M
Deferred Taxes	1.86M	1.14M	3.98M	-55.74M	-16.46M	-17.24M	0	0	0	0
Other Non-Cash Items	94K	1.14M	21.4M	50.06M	126.88M	203.39M	320.73M	700.57M	260.13M	265.43M
Working Capital Changes	16.93M	-10.21M	-14.82M	-47.96M	-97.39M	-185.11M	-396.64M	-230.65M	-234.14M	-78.28M
Change in Receivables	-8.25M	-15.28M	-58.23M	-51.36M	-81.3M	-117.94M	-194.66M	-85.09M	-61.16M	-55.07M
Change in Inventory	19.39M	-3.93M	30.48M	-16.82M	-39.97M	-123M	0	0	0	0
Change in Payables	1.71M	5.43M	6.98M	17.25M	10.06M	10.19M	30.34M	12.37M	-20.26M	-14.97M
Cash from Investing+	-42.42M	-223.63M	-139.42M	-1.29B	-845.86M	-2.49B	-616.45M	228.6M	1.37B	80.95M
Capital Expenditures	-26.49M	-26.82M	-24.66M	-67.29M	-59.13M	-90.02M	-80.18M	-11.31M	-58.79M	-57.82M
CapEx % of Revenue	9.55%	6.72%	3.79%	5.93%	3.36%	3.17%	2.1%	0.27%	1.32%	1.14%
Acquisitions	-8.5M	-22.62M	-30.57M	122.75M	-333.59M	-491.52M	-37.41M	32.42M	0	-61.5M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	3.12M	0	0	0	0	0	-39.92M	0	0
Cash from Financing+	229.16M	36.44M	515.82M	1.02B	1.49B	3.1B	45.01M	-643.61M	-2.31B	-868.69M
Debt Issued (Net)	0	0	550M	-11.05M	-10.78M	976.43M	-13.42M	-16.13M	-12.56M	-40.9M
Equity Issued (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-2K	-100K	0	0	0	0	0	-668.75M	-2.33B	-868.94M
Other Financing	-1.04M	-678K	-74.06M	-5.41M	-8.78M	218.02M	-1.1M	-2.56M	-2M	-213K
Net Change in Cash	196.83M	-190.38M	384.55M	-251.6M	680.15M	547.95M	-825.75M	-147K	-224.49M	261.04M
Free Cash Flow+	-16.39M	-30.08M	-16.67M	-53.24M	-26.48M	-148.21M	-334.55M	363.52M	657.46M	1.03B
FCF Margin %	-5.91%	-7.54%	-2.56%	-4.69%	-1.5%	-5.22%	-8.74%	8.75%	14.75%	20.39%
FCF Growth %	44.2%	-83.46%	44.57%	-219.35%	50.27%	-459.74%	-125.72%	208.66%	80.86%	57.12%
FCF per Share	-0.19	-0.33	-0.17	-0.41	-0.18	-0.85	-1.83	1.98	3.96	6.46
FCF Conversion (FCF/Net Income)	-0.24x	0.05x	-0.07x	-0.05x	-0.07x	0.06x	0.20x	-0.41x	-6.55x	30.70x
Interest Paid	0	0	741K	2.29M	2.14M	20.64M	37.5M	38.39M	37.9M	0
Taxes Paid	225K	605K	564K	1.37M	3.09M	6.15M	7.41M	37.82M	36.55M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-18.53%	-18.48%	-30.56%	-13.02%	-7.71%	-9.75%	-11.64%	-10.01%	-1.24%	0.43%
Return on Invested Capital (ROIC)	-195.81%	-36.77%	-26.98%	-10.51%	-5.52%	-7.12%	-6.78%	-2.71%	-0.32%	1.55%
Gross Margin	55.66%	53.01%	53.49%	50.58%	49.76%	46.25%	46.13%	47.25%	50%	48.02%
Net Margin	-14.9%	-15.97%	-18.76%	-27.07%	-27.87%	-33.43%	-32.83%	-24.45%	-2.45%	0.67%
Debt / Equity	-	-	1.00x	0.15x	0.07x	0.12x	0.12x	0.12x	0.14x	0.15x
Interest Coverage	-	-	-7.63x	-14.12x	-18.86x	-	-	-	-	-
FCF Conversion	-0.24x	0.05x	-0.07x	-0.05x	-0.07x	0.06x	0.20x	-0.41x	-6.55x	30.70x
Revenue Growth	66.15%	43.88%	62.92%	74.52%	55.3%	61.31%	34.64%	8.56%	7.32%	13.66%

Twilio Inc. (TWLO) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

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Profit & Loss

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Deep Dive Analysis

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Dividend History

Earnings History

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Revenue History

Financial Ratios

Twilio Inc. (TWLO) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare TWLO vs Peers

vs CMCM

vs NN

Compare Top 5

Profit & Loss

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