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US cloud communications platform letting developers embed SMS, voice, email and chat into their own applications.
US cloud communications platform letting developers embed SMS, voice, email and chat into their own applications.
Charges per message, call minute or email sent, so revenue rises with customers' own traffic, and a large share of messaging cost is passed through to carriers at low margin. Customers can commit to annual volumes. Segment, bought in 2020, adds subscription-style revenue.
Moat: narrow (switching costs, scale, network effects). Deep API integration into customer applications and carrier relationships create moderate switching costs.
Headquarters: San Francisco, California, US · Founded: 2008 · Employees: 5,587
Size Twilio (TWLO) is a United States Information Technology company (Packaged Software) with a market value of $31.3B, the 356th largest of 3,117 United States companies the cockpit tracks. Shares closed at $202.02 on 6 Nov 2026.
Performance Over six months the shares gained 0.2%, against +24.0% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 19 in its peer set.
Growth Revenue grew 19.1% over the last twelve months (peer median +23.8%); the operating margin is 7.5% (peer median 7.5%).
Valuation It trades at 30.7× forward earnings against a peer median of 23.7× (7th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 38% a year for seven years (Req g). Recent delivered growth is +24%, so the hurdle is +15 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.4 points below its cost of capital (12.1% WACC).
Backlog Backlog (remaining performance obligations) was $121M at 30 Sep 2026, down 28% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit Twilio has 2 bonds outstanding ($1.00B), rated BB+ by the agencies and trading like BBB- at a weighted spread of 121 bp.
Short interest Short interest is 3.9% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.83B | $5.07B | $4.46B | $4.15B | $3.83B |
| Revenue growth | — | +14% | +7% | +9% | — |
| Gross profit | $2.80B | $2.43B | $2.23B | $1.96B | $1.76B |
| EBITDA | $597M | $393M | $185M | -$75.5M | -$667M |
| Net income | $1.27B | $33.8M | -$109M | -$1.02B | -$1.26B |
| Free cash flow | $1.11B | $945M | $657M | $364M | -$335M |
| Capital expenditure | $75.6M | $57.8M | $58.8M | $51.2M | $80.2M |
| Total debt | $1.06B | $1.08B | $1.11B | $1.18B | $1.24B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Twilio TWLO | $31.3B | 0% | +19% | 8% | 30.7× | 38.2% |
| Bandwidth BAND | $1.31B | -19% | +15% | -1% | 19.6× | 19.3% |
| Sinch SINCH.ST | $3.19B | +13% | -6% | 4% | 13.3× | 23.8% |
| Braze BRZE | $5.20B | +111% | +27% | -13% | 57.1× | 27.9% |
| Klaviyo KVYO | $5.90B | +36% | +29% | -2% | 19.7× | 7.0% |
| 8x8 EGHT | $308M | -22% | +4% | 4% | 5.9× | 12.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TWLO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -26.7% | +0.1% | 5th lowest of 21 |
| 6-month return | +0.2% | +24.0% | 6th lowest of 19 |
| Distance from 52-week high | -34.5% | -24.9% | 8th lowest of 21 |
| Revenue growth (TTM) | +19.1% | +23.8% | 9th lowest of 21 |
| Operating margin | 7.5% | 7.5% | 11th highest of 21 |
| Forward P/E | 30.7× | 23.7× | 7th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 38.2% | 20.7% | 4th most demanding of 16 |
| Growth delivered (Del g) | +23.5% | +24.6% | 8th lowest of 16 |
| Hurdle (Req g minus delivered) | +14.7 pp | +0.8 pp | 3rd most demanding of 16 |
| ROIC minus cost of capital | -7.4 pp | -4.3 pp | 9th lowest of 20 |
| EV / EBITDA | 49.3× | 17.3× | 4th most expensive of 13 |
| Net debt / EBITDA | -3.1× | -0.0× | 7th least indebted of 18 |
| Bond spread | 121 bp | 103 bp | 3rd widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Twilio TWLO | United States | $31.3B | 0% | +19% | 8% | 30.7× | 38.2% | +23.5% |
| Zscaler ZS | United States | $32.2B | +30% | +25% | -4% | 40.5× | 20.7% | +37.9% |
| Okta OKTA | United States | $29.5B | +101% | +11% | 8% | 41.3× | 39.2% | +28.4% |
| Bending Spoons BSP | United States | $27.9B | n/a | +95% | 21% | 25.6× | 45.5% | +94.7% |
| NBIS NBIS | United States | $35.2B | -8% | +461% | -49% | n/a | n/a | n/a |
| Amadeus IT AMS.MC | Spain | $27.4B | +18% | +4% | 27% | 17.8× | 4.3% | +24.6% |
| Z.AI Co., Ltd. -H- Reg S 2513.HK | Hong Kong | $26.5B | -56% | +132% | -272% | n/a | n/a | n/a |
| Zoom Communications ZM | United States | $26.2B | -18% | +5% | 24% | 14.7× | 5.8% | +12.9% |
| CoreWeave CRWV | United States | $25.6B | -59% | +115% | -3% | n/a | n/a | n/a |
| Atlassian TEAM | United States | $38.7B | +5% | +26% | 4% | 28.7× | 44.7% | +25.8% |
| MongoDB MDB | United States | $25.2B | +4% | +25% | -1% | 44.7× | 27.9% | +33.1% |
| Dassault Systemes DSY.PA | France | $39.0B | +32% | 0% | 26% | 19.2× | 8.3% | +7.0% |
| Samsara IOT | United States | $24.0B | +38% | +30% | 1% | 48.5× | n/a | n/a |
| Hithink RoyalFlush Information Network 300033.SZ | China | $22.9B | -14% | +48% | 56% | 32.7× | 37.1% | +16.3% |
| Unity Software U | United States | $22.7B | +83% | +14% | -14% | 49.4× | 33.5% | +19.1% |
| PTC PTC | United States | $21.2B | +33% | +20% | 40% | 21.8× | 10.3% | +8.6% |
| Roper Technologies ROP | United States | $47.2B | +39% | +9% | 28% | 19.7× | 12.7% | +10.2% |
| Toast TOST | United States | $20.1B | +38% | +22% | 7% | 20.9× | 28.6% | +49.5% |
| Cerebras Systems CBRS | United States | $20.1B | n/a | +91% | -81% | n/a | n/a | n/a |
| Constellation Software CSU.TO | Canada | $53.3B | +37% | +17% | 16% | 19.7× | 11.2% | +25.0% |
| SS&C Technologies SSNC | United States | $18.2B | +13% | +9% | 24% | 10.2× | 6.9% | +6.1% |
Twilio has 2 bonds outstanding with $1.00B face value. The agencies rate it BB+; its bonds trade like BBB-. Weighted yield 5.75%, a spread of 121 bp over government bonds.
Twilio reported $121M of remaining performance obligations at 30 Sep 2026, down 28% from a year earlier and down 13% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 0.99.