TWILIO INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TWILIO INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	277	399	650	1,134	1,762	2,842	3,826	4,154	4,458	5,067
Cost of revenue	121	183	301	526	846	1,451	2,013	2,110	2,180	2,588
Gross profit	157	216	349	609	916	1,391	1,814	2,044	2,278	2,479
Research and development	77.9	121	171	391	531	789	1,079	943	1,009	1,020
Selling and marketing	65.3	101	176	369	567	1,045	1,248	1,023	861	873
General and administrative	51.1	60.8	118	218	311	472	517	468	449	411
Operating expenses	198	282	464	979	1,409	2,306	3,019	2,920	2,332	2,321
Operating income	-41.3	-66.1	-115	-370	-493	-916	-1,205	-877	-53.7	158
Interest income		2.6	3	20.8	32.4	55.7	64.6	77.7	90.2	70.6
Other non-operating income	0.32	3.07	-5.92	7.57	-11.5	-45.3	-38.3	-120	-34.9	-103
Pre-tax income	-41	-63	-121	-362	-504	-961	-1,244	-997	-88.6	55.1
Income tax	0.33	0.71	0.79	-55.2	-13.4	-11	12.5	18.7	20.8	21.3
Net income	-41.3	-63.7	-122	-307	-491	-950	-1,256	-1,015	-109	33.8
EBITDA	-33	-47.3	-89.1	-259	-343	-657	-926	-592	152	353
EPS, basic	-0.78	-0.70	-1.26	-2.36	-3.35	-5.45	-6.86	-5.54	-0.66	0.22
EPS, diluted	-0.78	-0.70	-1.26	-2.36	-3.35	-5.45	-6.86	-5.54	-0.66	0.21
Shares, basic (weighted)	53.1	91.2	97.1	130	147	174	183	183	166	153
Shares, diluted (weighted)	53.1	91.2	97.1	130	147	174	183	183	166	160

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	306	115	487	254	934	1,479	652	656	421	682
Short-term investments	0	176	261	1,599	2,106	3,878	3,503	3,356	1,963	1,788
Receivables	26.2	43.1	97.7	154	251	388	548	563	589	637
Other current assets	21.5	19.3	26.9	54.6	81.4	186	282	132	140	162
Total current assets	353	353	873	2,061	3,372	5,932	4,984	4,904	3,447	3,577
Property, plant and equipment	37.6	50.5	63.5	141	183	255	264	210	191	177
Lease right-of-use assets			0	157	259	235	121	74	53.4	39
Goodwill	3.57	17.9	38.2	2,297	4,595	5,263	5,284	5,243	5,243	5,292
Intangible assets	10.3	20.1	27.6	461	967	1,050	850	350	239	142
Other non-current assets	0.48	2.56	8.39	33.6	111	263	361	235	206	223
Total assets	413	450	1,029	5,151	9,487	12,999	12,564	11,610	9,865	9,771
Accounts payable	4.17	11.1	18.5	39.1	60	93.3	125	120	100	85.1
Accrued liabilities			9.89	20.5	54.7	78.8	79.7	77.6	76.7	95.8
Deferred revenue	10.2	13.8	23	26.4	87	140	139	144	156	159
Total current liabilities	73.7	78.5	138	247	448	704	808	738	820	887
Long-term debt			0
Lease liabilities			0	139	230	211	165	121	85.9	54.2
Other non-current liabilities	9.54	11.4	18.2	17.7	36.6	41.3	23.9	29.1	15.8	15.9
Total liabilities	83.2	89.9	590	871	1,035	1,967	2,005	1,877	1,913	1,949
Total debt					302	986	987	989	991	992
Paid-in capital	516	608	809	4,953	9,613	13,169	14,056	14,798	15,476	16,148
Retained earnings	-187	-250	-372	-679	-1,170	-2,120	-3,376	-5,066	-7,522	-8,342
Other comprehensive income		2.03	1.28	5.09	9.05	-18.1	-121	0.62	-1.3	15.7
Shareholders' equity	329	360	438	4,279	8,453	11,031	10,559	9,733	7,953	7,822
Total equity	329	360	438	4,279	8,453	11,031	10,559	9,733	7,953	7,822
Total liabilities and equity	413	450	1,029	5,151	9,487	12,999	12,564	11,610	9,865	9,771
Shares outstanding	87.2	94	100	138	164	180	186	182	153	152

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-41.3	-63.7	-122	-307	-491	-950	-1,256	-1,015	-109	33.8
Depreciation and amortization	8.32	18.8	26.1	110	150	258	279	284	206	195
Stock-based compensation	24.2	49.6	93.3	264	361	632	799	676	617	600
Deferred income tax	0.03	-0.3	-0.23	-58	-18.9	-19.8	-13	-16.7	-1.98	-1.29
Change in receivables	-8.25	-15.3	-58.2	-51.4	-81.3	-118	-195	-85.1	-61.2	-55.1
Change in payables	1.71	5.43	6.98	17.3	10.1	10.2	30.3	12.4	-20.3	-15
Cash from operations	10.1	-3.26	7.98	14	32.7	-58.2	-254	415	716	1,003
Capital expenditures	-14.2	-9.25	-5.11	-45.4	-25.8	-46
Acquisitions	-8.5	-22.6	-30.6	123	-334	-492	-37.4	-5.77	0	-61.5
Purchases of investments		-293	-280	-2,038	-1,637	-3,523	-1,938	-1,953	-924	-1,051
Sales and maturities of investments		116	195	697	1,183	1,615	1,439	2,200	2,353	1,251
Cash from investing	-35	-227	-139	-1,286	-846	-2,490	-616	229	1,371	80.9
Debt issued				0	0	985	0	0
Stock issued	65.3	37.6	39.9	57.5	105
Share buybacks	-0	-0.1	0	0		0	0	-669	-2,334	-869
Cash from financing	229	36.4	516	1,020	1,493	3,096	45	-644	-2,312	-833
Exchange rate effect		0.07	0.16	0	0.04	-0.19	0.06	0.11	0	0
Net change in cash	204	-193	385	-252	680	548	-826	-0.15	-224	251
Free cash flow	-4.08	-12.5	2.87	-31.3	6.85	-104
Interest paid						20.6	37.5	38.4	37.9	37.6
Income taxes paid	0.23	0.61	0.56	1.37	3.09	6.15	7.41	37.8	36.5	17.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $275.80 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	48.5%	Gross profit / revenue.
Operating margin	5.2%	Operating income / revenue.
EBITDA margin	7.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.1%	Pre-tax income / revenue.
Net margin	20.6%	Net income / revenue.
Operating cash flow margin	19.0%	Cash from operations / revenue.
Effective tax rate	-565.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.6%	Net income / average total assets.
Return on invested capital (ROIC)	2.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	19.0%	Research and development expense / revenue.
Stock-based pay / revenue	10.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	23.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	22.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	132.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	40.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	98.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-1.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-9.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-1.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-8.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.62x	Current assets / current liabilities.
Quick ratio	4.21x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.28x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.11x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	9.2%	Total debt / total assets.
Liabilities / assets	17.2%	Total liabilities / total assets.
Net debt	-$1.66B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-4.05x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$2.94B	Current assets - current liabilities.
Goodwill and intangibles / assets	49.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.57B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.51x	Revenue / average total assets.
Fixed asset turnover	29.9x	Revenue / average property, plant and equipment.
Receivables turnover	7.33x	Revenue / average receivables.
Days sales outstanding	50 days	365 x average receivables / revenue.
Days payables	9 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.19	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$34.89	Revenue / diluted weighted shares.
Operating cash flow per share	$6.64	Cash from operations / diluted weighted shares.
Book value per share	$56.21	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$22.36	Tangible book value / shares outstanding.
Cash per share	$16.63	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$42.36B	Share price x shares outstanding.
Enterprise value	$40.69B	Market cap + total debt - cash - short-term investments.
P/E	36.9x	Market cap / net income. Only when net income is positive.
P/S	7.60x	Market cap / revenue.
P/B	4.72x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	11.9x	Market cap / tangible book value, when positive.
P/OCF	39.9x	Market cap / cash from operations, when positive.
EV/Sales	7.30x	Enterprise value / revenue.
EV/EBIT	140x	Enterprise value / operating income, when both are positive.
EV/EBITDA	99.1x	Enterprise value / EBITDA, when both are positive.
Earnings yield	2.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.1%	(Dividends paid + share buybacks) / market cap.

What was TWILIO INC's revenue in fiscal 2025?

TWILIO INC reported revenue of $5.07B for fiscal 2025, 13.7% higher than the year before.

Was TWILIO INC profitable in fiscal 2025?

Yes. Net income was $33.8M, a net margin of 0.7%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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