At a glance
Twilio Inc is worth $39.27B, about 1208 times its fiscal 2025 earnings. Revenue grew 13.7% to $5.07B in fiscal 2025, with 0.7% kept as profit; over 5 years it has grown 23.5% a year. It pays no dividend; it spent $3.87B buying back its shares over FY2021–FY2025. The stock returned +123.6% over the past year with dividends reinvested and −2.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.0% in the 2020 crash (S&P 500: 33.7%) and 74.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 49 months after the lows.
The business in plain English
Twilio sells the plumbing that lets businesses reach their customers by text message, phone call, email and video. Its core products are application programming interfaces (APIs). These are ready-made building blocks of code that developers plug into their own apps, so a bank can text a login code or a retailer can email a shipping notice. Twilio also sells finished software for marketing campaigns, digital engagement centers and user verification. Another product, Segment, is a customer data platform that combines what a business knows about each customer into one profile. As of December 31, 2025, Twilio had more than 402,000 active customer accounts, ranging from small businesses to large enterprises.
Messaging, Voice and user authentication are billed mainly by usage, so revenue rises when customers send more texts or make more calls. Email and Segment are sold mainly as subscriptions. Traffic runs through Twilio's Super Network, software that connects to telecom carriers and email inbox providers worldwide. The fourth quarter tends to be busier because consumers are more active.
In fiscal 2025, which ended December 31, 2025, revenue was $5.07 billion. Messaging produced 56.8% of it, followed by Voice at 12.1%, Email at 10.3% and Segment at 6%. Other products made up 14.7%. Customers in the United States supplied 64.1% of revenue, and international customers 35.9%.
Price history
The interactive chart needs JavaScript.
TWLO +123.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Messaging | $2.88B | 56.8% |
| Other | $746.5M | 14.7% |
| Voice | $615.7M | 12.1% |
| $523.5M | 10.3% | |
| Segment | $303.3M | 6% |
By geography
| United States | $3.25B | 64.1% |
| International | $1.82B | 35.9% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.56B, up 19.9% from a year earlier, and net income was $161.2M (+332.7%).
- For fiscal 2025, revenue was $5.07B (+13.7% year over year; +23.5% a year from FY2020 to FY2025) with a 0.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +23.5% good |
|---|---|
| Operating margin | 3.1% weak |
| Return on equity (FY2025) | 0.4% weak |
| Return on assets (FY2025) | 0.3% weak |
| Net cash (cash minus debt) | $1.90B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.76B | $-491.0M | $6.8M |
| FY2021 | $2.84B | $-949.9M | $-104.2M |
| FY2022 | $3.83B | $-1.26B | — |
| FY2023 | $4.15B | $-1.02B | — |
| FY2024 | $4.46B | $-109.4M | — |
| FY2025 | $5.07B | $33.8M | — |
Valuation snapshot
| Market value | $39.27B |
|---|---|
| P/E ratio | 1208.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Twilio’s market value went from $13.74B at the end of 2023 to $39.27B on Oct 28, 2026, about 2.9 times as much; since the end of 2025 it is up 82%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $39.27B | +82.1% |
| 2025 | $21.57B | +30.1% |
| 2024 | $16.58B | +20.7% |
| 2023 | $13.74B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TWLO price data to Oct 28, 2026 | +78.4% | +123.6% | +71.6% | -2.3% | +21.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +78.4% |
| 2025 | +31.6% |
| 2024 | +42.5% |
| 2023 | +55.0% |
| 2022 | -81.4% |
| 2021 | -22.2% |
| 2020 | +244.4% |
| 2019 | +10.1% |
| 2018 | +278.4% |
| 2017 | -18.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.9% over that stretch · deepest drop along the way 44%, back to its old high 1.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 74.4% over that stretch · deepest drop along the way 74.9%, back to its old high 48.5 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 50 sales ($145.1M), 20 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 12, 2026 | Andrew Stafman Director | sell | $123.5M |
| Jul 2, 2026 | Aidan Viggiano Chief Financial Officer | sell (plan) | $1.8M |
| Sep 30, 2026 | Khozema Shipchandler Chief Executive Officer, Director | sell | $1.5M |
| Oct 5, 2026 | Khozema Shipchandler Chief Executive Officer, Director | sell (plan) | $1.5M |
| Sep 30, 2026 | Aidan Viggiano Chief Financial Officer | sell | $1.0M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.7% | Aug 29, 2025 |
| JPMORGAN CHASE & CO. | 8% | Jun 30, 2026 |
| FMR LLC | 7% | Dec 31, 2025 |
| Vanguard Capital Management | 5.35% | Mar 31, 2026 |
| Vanguard Portfolio Management | 4.92% | Sep 30, 2026 |
ETFs with the most weight in TWLO
| CLOU Global X Cloud Computing ETF | 4.63% |
| CNAV Mohr Company Nav ETF | 2.33% |
| FCLD Fidelity Cloud Computing ETF | 2.01% |
| LGRO Level Four Large Cap Growth Active ETF | 1.95% |
| SKYY First Trust Cloud Computing ETF | 1.78% |
| LSAF LeaderShares AlphaFactor US Core Equity ETF | 0.97% |
| RBLD First Trust Alerian US NextGen Infrastructure ETF | 0.88% |
| TAX Cambria Tax Aware ETF | 0.82% |
What could go wrong
- Depends on carriers it doesn't control. Twilio relies on telecom carriers and internet providers to deliver traffic. Outages or higher carrier fees could cut into its gross margin, the 48.9% of revenue left after direct costs in fiscal 2025.
- Customers can cut usage quickly. Most revenue, including Messaging at 56.8% of fiscal 2025 sales, is billed by usage. If customers send fewer texts, make fewer calls, switch providers or leave, revenue falls.
- Telecom and email rules keep changing. Some products fall under telecom regulation, and access to phone numbers depends on industry rules. Standards set by email inbox providers have interfered with its platform before and could again.
- A crowded field of rivals. Rivals include other communications-platform companies, regional network providers, customer-relationship software vendors and standalone customer data platforms. Twilio expects competition to intensify, which could pressure prices and growth.
- Profits are new and thin. Twilio lost money every year from fiscal 2020 through 2024, and its annual report warns it may not sustain profitability. Fiscal 2025 net income was $33.8 million on $5.07 billion of revenue.
- AI bets may not pay off. Twilio is investing in artificial intelligence (AI) features and partnerships. Its annual report warns these may not deliver the hoped-for benefits and could bring legal liability or damage its reputation.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change; Shareholder vote results
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Twilio does not pay a dividend and paid none from fiscal 2021 through 2025. That means it provides no regular income. Any cash from holding it would have to come from cashing in shares. Instead, it returns cash through buybacks, which are repurchases of its own stock. It spent $3.87 billion on buybacks over those five years, including $2.33 billion in fiscal 2024. The share count fell 15.2%, from about 181.0 million on November 1, 2023 to 153.6 million on July 24, 2026.
The shares have swung sharply in downturns. They fell 44% in the 2020 COVID crash but recovered in under two months, by May 7, 2020. In the 2022 bear market they dropped 74.9% from January 3 to September 6, 2022. They did not regain that peak until September 21, 2026, about 48.5 months after the low. The price history does not cover the 2008 financial crisis. Single stocks like Twilio carry more risk than diversified funds.
Questions investors ask
How does Twilio make money?
Twilio makes money by charging businesses to send text messages, phone calls and emails through its software. Messaging, Voice and user authentication are billed mainly by usage. Email and Segment, its customer data platform, are sold mainly as subscriptions. In fiscal 2025, which ended December 31, 2025, Messaging produced 56.8% of its $5.07 billion revenue. Voice followed at 12.1%, Email at 10.3% and Segment at 6%. Customers in the United States supplied 64.1% of revenue.
Does Twilio pay a dividend?
No. Twilio paid no dividends from fiscal 2021 through 2025. It returns cash through buybacks instead, spending $3.87 billion to repurchase its own stock over those five years. That helped shrink the share count by 15.2% between November 1, 2023 and July 24, 2026. For an income investor, this means no cash payments. Any return depends on the share price, and turning it into spending money would mean cashing in shares.
Is Twilio profitable?
Yes, but only just. Twilio earned net income of $33.8 million in fiscal 2025 on $5.07 billion of revenue, a net margin of 0.7%. Before that it lost money every year from fiscal 2020 through 2024, including $1.26 billion in fiscal 2022. For the quarter ended June 30, 2026, it reported net income of $1.07 billion on revenue of $1.50 billion. That profit is unusually large next to sales, so it is worth reading the quarterly filing before treating it as typical.
What is Twilio's P/E ratio?
Twilio's price-to-earnings (P/E) ratio was about 1,208 as of October 28, 2026, based on fiscal 2025 diluted earnings of $0.21 per share. The P/E divides the share price by one year of profit per share. It is so high here because fiscal 2025 profit was tiny compared with the company's market value of about $39.0 billion. A ratio driven by such thin earnings says little about value on its own.
How much did Twilio stock fall in 2022?
Twilio shares lost 81.4% in calendar 2022, based on price. During that year's bear market, they fell 74.9% between January 3 and September 6, 2022. They did not regain the January peak until September 21, 2026. Their deepest fall over about 10 years of price history was 90.4%. As of October 28, 2026, the stock was up 123.6% over one year but down 11% over five years, which shows how sharply it can swing.