Twilio TWLO

Software - Infrastructure, Technology

$261.79

+3.22%

Market cap: $40.2B
PE: 36.5×
Forward PE: 42.3×; 10y median 25.7×
Price to sales: 7.2×
EV/EBIT: 121×
Revenue, 12 months: $5.6B; +18% on a year ago
Net margin: 20.6%
Free cash flow yield: n/m; not a meaningful number

Twilio trades at 36.5× trailing earnings. Revenue was $5.6B over the last twelve months, up 18% on a year earlier with a 21% net margin.

Charts

Financials

Income statement for TWLO, by quarter
Income statement	Q3 FY23	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
	$1B+5%	$1.1B+5%	$1B+4%	$1.1B+4%	$1.1B+10%	$1.2B+11%	$1.2B+12%	$1.2B+14%	$1.3B+15%	$1.4B+14%	$1.4B+20%	$1.5B+22%
Cost of revenue	$517.4M−1%	$544.8M+0%	$503M−3%	$526.7M−1%	$555M+7%	$595.1M+9%	$590.9M+18%	$625.7M+19%	$668.3M+20%	$703.6M+18%	$722.7M+22%	$773.2M+24%
Gross profit	$516.3M+12%	$531.2M+10%	$544M+11%	$555.8M+10%	$578.6M+12%	$599.7M+13%	$581.6M+7%	$602.7M+8%	$632.1M+9%	$662.4M+10%	$684.2M+18%	$725.9M+20%
R&D	$241.7M−15%	$235.6M−14%	$260.5M+9%	$242.8M+7%	$261.5M+8%	$244M+4%	$254.3M−2%	$243.5M+0%	$262.3M+0%	$260.1M+7%	$262.2M+3%	$273.3M+12%
SG&A	$377M−19%	$345.6M−18%	$327.1M−12%	$332.1M−16%	$322M−15%	$328.7M−5%	$304.2M−7%	$322.3M−3%	$328.8M+2%	$328.6M+0%	$314.4M+3%	$335.2M+4%
	−$108.9M−76%	−$361.7M+66%	−$43.5M−84%	−$19M−87%	−$4.9M−96%	$13.7M	$23.1M	$37M	$40.9M	$56.8M+314%	$107.7M+367%	$84.5M+129%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	−$140M−71%	−$359.7M+63%	−$45.2M−86%	−$26.2M−84%	−$3.7M−97%	−$13.6M−96%	$26.6M	$33.6M	$32.7M	−$37.8M+179%	$102.2M+285%	$75.5M+125%
	$1.7M−51%	$5.8M−37%	$10.2M−3%	$5.6M+655%	$6.1M+248%	−$1.1M	$6.6M−36%	$11.2M+99%	−$4.6M	$8.1M	$12.1M+84%	−$991.7M
Net income	−$141.7M−71%	−$365.4M+59%	−$55.3M−84%	−$31.9M−81%	−$9.7M−93%	−$12.5M−97%	$20M	$22.4M	$37.2M	−$45.9M+268%	$90.1M+350%	$1.1B+4659%
	−$0.78−70%	−$2.01+62%	−$0.31−83%	−$0.19−79%	−$0.06−92%	−$0.08−96%	$0.12	$0.14	$0.23	−$0.30+275%	$0.57+375%	$6.68+4671%
	181.7M−1%	181.8M−2%	181M−3%	170.2M−7%	159.1M−13%	153.6M−16%	161.8M−11%	159.7M−6%	159.2M+0%	152.3M−1%	157.8M−3%	159.7M+0%

Revenue: Q1 FY15 and Q1 FY16: 6 months less the 3 months printed beside them.

Cost of revenue: Q1 FY15 and Q1 FY16: 6 months less the 3 months printed beside them.

Gross profit: Q1 FY15 and Q1 FY16: 6 months less the 3 months printed beside them.

R&D: Q1 FY15 and Q1 FY16: 6 months less the 3 months printed beside them.

SG&A: Q1 FY15 and Q1 FY16: 6 months less the 3 months printed beside them.

Operating income: Q1 FY15 and Q1 FY16: 6 months less the 3 months printed beside them.

Pre-tax income: Q1 FY15 and Q1 FY16: 6 months less the 3 months printed beside them.

Income tax: Q1 FY15 and Q1 FY16: 6 months less the 3 months printed beside them.

Net income: Q1 FY15 and Q1 FY16: 6 months less the 3 months printed beside them. 16 periods, Q1 FY17 to Q1 FY21: not printed by the filing, worked out from its own lines.

EPS, diluted: 13 periods, Q1 FY15 to Q4 FY25: quarter's net income to common over its shares, to the cent.

Diluted shares: Q1 FY15: share-days: the 6-month average less the second quarter's. 11 periods, Q4 FY15 to Q4 FY25: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Estimates

Next earnings report: Oct 29, 2026.

Quarter	Revenue	Range	EPS	Range	Analysts
Q3 FY26	$1.5B	$1.5B to $1.5B	$1.47	$1.42 to $1.51	18
Q4 FY26	$1.6B	$1.5B to $1.6B	$1.49	$1.38 to $1.60	17
Q1 FY27	$1.6B	$1.5B to $1.6B	$1.58	$1.53 to $1.63	7
Q2 FY27	$1.7B	$1.6B to $1.7B	$1.64	$1.59 to $1.69	15
Q3 FY27	$1.7B	$1.6B to $1.7B	$1.71	$1.65 to $1.77	9
Q4 FY27	$1.8B	$1.7B to $1.8B	$1.79	$1.73 to $1.84	7
Q1 FY28	$1.8B	$1.7B to $1.8B	$1.89	$1.82 to $1.94	9
Q2 FY28	$1.8B	$1.8B to $1.9B	$1.94	$1.88 to $2.00	8

Peers

Companies in Software - Infrastructure nearest Twilio's size, closest first.

Company	Market cap	PE	Its 10y median PE	Fwd PE	P/S	Revenue growth	Net margin
TWLOTwilio	$40.2B	36.5×	299×	42.3×	7.2×	+18%	20.6%
ZSZscaler	$41.6B	n/m	n/a	52.3×	12.4×	+25%	−1.9%
OKTAOkta	$37.2B	128×	100×	52.2×	12.1×	+11%	9.6%
XYZBlock	$45.9B	137×	82.4×	16.7×	1.8×	+5%	1.4%
MDBMongoDB	$29.9B	n/m	n/a	53.0×	10.7×	+25%	2.1%
VRSNVeriSign	$27.1B	32.6×	30.7×	29.1×	15.9×	+7%	49.8%
CPAYCorpay	$26.8B	24.9×	24.5×	13.9×	5.3×	+20%	22.7%
RBRKRubrik	$26.7B	n/m	n/a	265×	17.3×	+42%	−16.5%
IOTSamsara	$26.3B	281×	334×	53.2×	14.2×	+30%	4.9%
FFIVF5	$25.8B	36.3×	25.8×	26.2×	7.8×	+9%	22.0%
PTCPTC	$21B	18.9×	60.4×	n/m	7.1×	+19%	41.4%
Peer median	$27B	36.3×	60.4×	52.2×	11.4×	+20%	7.3%