TWLO financial statements

The full income statement, balance sheet, and cash-flow statement for Twilio Inc. (TWLO), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 160.6M2024-09 153.4M2024-12 152.6M2025-03 152.7M2025-06 153.4M2025-09 151.6M2025-12 151.5M2026-03 151.8M2026-06 153.6M-4.4% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	5.07B YoY+13.7%	4.46B YoY+7.3%	4.15B YoY+8.6%	3.83B YoY+34.6%	2.84B YoY+61.3%
	2.48B YoY+8.8%	2.28B YoY+11.5%	2.04B YoY+12.7%	1.81B YoY+30.4%	1.39B YoY+51.9%
Cost of revenue	2.59B YoY+18.7%	2.18B YoY+3.3%	2.11B YoY+4.8%	2.01B YoY+38.7%	1.45B YoY+71.5%
	2.32B YoY-0.5%	2.33B YoY-20.2%	2.92B YoY-3.3%	3.02B YoY+30.9%	2.31B YoY+63.7%
Research & development	1.02B YoY+1.1%	1.01B YoY+7.0%	943M YoY-12.6%	1.08B YoY+36.7%	789M YoY+48.8%
Selling, general & administrative	411M YoY-8.6%	449M YoY-4.1%	468M YoY-9.5%	517M YoY+9.5%	472M YoY+52.1%
General & administrative	411M YoY-8.6%	449M YoY-4.1%	468M YoY-9.5%	517M YoY+9.5%	472M YoY+52.1%
Selling & marketing	873M YoY+1.4%	861M YoY-15.9%	1.02B YoY-18.0%	1.25B YoY+19.5%	1.04B YoY+84.1%
Restructuring	15.0M YoY+13.2%	13.3M YoY-92.0%	166M YoY+116.3%	76.6M	0.00
Amortization of intangibles	108M YoY-3.3%	112M YoY-41.8%	193M YoY-6.7%	206M YoY+3.8%	199M YoY+101.6%
Provision for credit losses	8.23M YoY-76.7%	35.4M YoY-31.8%	51.9M YoY+48.1%	35.0M YoY+385.6%	7.21M YoY-45.5%
Operating income	158M YoY+393.8%	-53.7M YoY+93.9%	-877M YoY+27.3%	-1.21B YoY-31.6%	-916M YoY-85.8%
Interest & investment income	70.6M YoY-21.7%	90.2M YoY+16.1%	77.7M YoY+20.3%	64.6M YoY+16.0%	55.7M YoY+71.9%
Other non-operating income	79.1M YoY-3.2%	81.8M YoY+70.9%	47.9M YoY+1690.7%	-3.01M YoY+93.4%	-45.3M YoY-293.4%
Equity-method income	-101M YoY+6.7%	-108M YoY+11.0%	-122M YoY-245.2%	-35.3M	0.00
Gain (loss) on equity securities	1.02M YoY+160.4%	-1.68M YoY+79.1%	-8.04M	0.00	0.00
Pre-tax income	55.1M YoY+162.2%	-88.6M YoY+91.1%	-997M YoY+19.9%	-1.24B YoY-29.4%	-961M YoY-90.5%
Income tax	21.3M YoY+2.3%	20.8M YoY+11.1%	18.7M YoY+49.5%	12.5M YoY+213.5%	-11.0M YoY+18.0%
	33.8M YoY+130.9%	-109M YoY+89.2%	-1.02B YoY+19.2%	-1.26B YoY-32.2%	-950M YoY-93.5%
Net income to common	—	—	—	-1.26B YoY-32.2%	-950M YoY-93.5%
	$0.21 YoY+131.8%	-$0.66 YoY+88.1%	-$5.54 YoY+19.2%	-$6.86 YoY-25.9%	-$5.45 YoY-62.7%
EPS (basic)	$0.22 YoY+133.3%	-$0.66 YoY+88.1%	-$5.54 YoY+19.2%	-$6.86 YoY-25.9%	-$5.45 YoY-62.7%
	153M YoY-7.8%	166M YoY-9.5%	183M YoY+0.2%	183M YoY+5.1%	174M YoY+18.7%
	160M YoY-3.7%	166M YoY-9.5%	183M YoY+0.2%	183M YoY+5.1%	174M YoY+18.7%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.58B YoY+3.8%	3.45B YoY-29.7%	4.90B YoY-1.6%	4.98B YoY-16.0%	5.93B YoY+75.9%
Cash & equivalents	682M YoY+62.0%	421M YoY-35.8%	656M YoY+0.6%	652M YoY-55.9%	1.48B YoY+58.4%
Accounts receivable	637M YoY+8.2%	589M YoY+4.6%	563M YoY+2.8%	548M YoY+41.0%	388M YoY+54.6%
Prepaid expenses	470M YoY-1.0%	474M YoY+44.1%	329M YoY+16.9%	282M YoY+51.2%	186M YoY+128.7%
Other current assets	162M YoY+15.6%	140M YoY+6.1%	132M	—	—
	9.77B YoY-1.0%	9.87B YoY-15.0%	11.6B YoY-7.6%	12.6B YoY-3.3%	13.0B YoY+37.0%
Operating lease right-of-use	39.0M YoY-26.9%	53.4M YoY-27.8%	74.0M YoY-39.0%	121M YoY-48.3%	235M YoY-9.3%
Goodwill	5.29B YoY+0.9%	5.24B YoY+0.0%	5.24B YoY-0.8%	5.28B YoY+0.4%	5.26B YoY+14.5%
Intangible assets	142M YoY-40.4%	239M YoY-32.0%	350M YoY-58.8%	850M YoY-19.1%	1.05B YoY+8.6%
Deferred tax assets	20.0M	—	—	—	—
Other non-current assets	223M YoY+8.0%	206M YoY-12.2%	235M YoY-34.9%	361M YoY+37.1%	263M YoY+136.6%
	887M YoY+8.1%	820M YoY+11.1%	738M YoY-8.6%	808M YoY+14.9%	704M YoY+56.9%
Accounts payable	85.1M YoY-15.1%	100M YoY-16.3%	120M YoY-4.0%	125M YoY+33.5%	93.3M YoY+55.4%
Deferred revenue	159M YoY+1.9%	156M YoY+7.7%	144M YoY+3.9%	139M YoY-0.9%	140M YoY+61.3%
Current lease liability	35.1M YoY+4.3%	33.7M YoY-32.5%	49.9M YoY-8.0%	54.2M YoY+3.6%	52.3M YoY+8.2%
Finance lease liability (current)	—	—	8.49M YoY-28.5%	11.9M YoY-4.0%	12.4M YoY+36.5%
	1.95B YoY+1.9%	1.91B YoY+1.9%	1.88B YoY-6.4%	2.01B YoY+1.9%	1.97B YoY+90.1%
Long-term debt	992M YoY+0.2%	991M YoY+0.2%	989M YoY+0.2%	987M YoY+0.1%	986M YoY+226.4%
Non-current lease liability	54.2M YoY-36.9%	85.9M YoY-28.9%	121M YoY-26.6%	165M YoY-22.1%	211M YoY-8.1%
Operating lease liability (total)	89.3M YoY-25.3%	120M YoY-29.9%	171M YoY-22.0%	219M YoY-17.0%	264M YoY-5.3%
Finance lease liability	—	—	9.19M YoY-56.8%	21.3M YoY-15.3%	25.1M YoY+40.7%
Other non-current liabilities	15.9M YoY+0.4%	15.8M YoY-45.7%	29.1M YoY+22.0%	23.9M YoY-42.2%	41.3M YoY+12.7%
	7.82B YoY-1.7%	7.95B YoY-18.3%	9.73B YoY-7.8%	10.6B YoY-4.3%	11.0B YoY+30.5%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	152K YoY-0.7%	153K YoY-15.9%	182K YoY-2.2%	186K YoY+3.3%	180K YoY+9.8%
Additional paid-in capital	16.1B YoY+4.3%	15.5B YoY+4.6%	14.8B YoY+5.3%	14.1B YoY+6.7%	13.2B YoY+37.0%
Retained earnings	-8.34B YoY-10.9%	-7.52B YoY-48.5%	-5.07B YoY-50.1%	-3.38B YoY-59.3%	-2.12B YoY-81.2%
Accumulated other comprehensive income	15.7M YoY+1304.3%	-1.30M YoY-310.2%	619K YoY+100.5%	-121M YoY-567.9%	-18.1M YoY-300.5%
Total liabilities & equity	9.77B YoY-1.0%	9.87B YoY-15.0%	11.6B YoY-7.6%	12.6B YoY-3.3%	13.0B YoY+37.0%
	152M YoY-0.1%	153M YoY-16.1%	182M YoY-2.2%	186M YoY+3.1%	180M YoY+10.0%
	152M YoY-0.1%	153M YoY-16.1%	182M YoY-2.2%	186M YoY+3.1%	180M YoY+10.0%
	152M YoY-0.7%	153M	—	—	—
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.00B YoY+40.1%	716M YoY+72.7%	415M YoY+263.1%	-254M YoY-337.1%	-58.2M YoY-278.2%
Depreciation & amortization	195M YoY-5.1%	206M YoY-27.6%	284M YoY+1.9%	279M YoY+8.0%	258M YoY+72.6%
Intangible amortization	108M YoY-3.3%	112M YoY-41.8%	193M YoY-6.7%	206M YoY+3.8%	199M YoY+101.6%
Share-based compensation	600M YoY-2.6%	617M YoY-8.8%	676M YoY-15.4%	799M YoY+26.3%	632M YoY+75.2%
Deferred income taxes	-1.29M YoY+35.0%	-1.98M YoY+88.2%	-16.7M YoY-29.1%	-13.0M YoY+34.7%	-19.8M YoY-4.8%
Change in receivables	55.1M YoY-10.0%	61.2M YoY-28.1%	85.1M YoY-56.3%	195M YoY+65.0%	118M YoY+45.1%
Change in payables	-15.0M YoY+26.1%	-20.3M YoY-263.8%	12.4M YoY-59.2%	30.3M YoY+197.7%	10.2M YoY+1.3%
Other operating activities	4.18M YoY-16.5%	5.01M YoY-65.9%	14.7M YoY+199.1%	4.91M YoY+110.6%	2.33M YoY-65.9%
	80.9M YoY-94.1%	1.37B YoY+499.7%	229M YoY+137.1%	-616M YoY+75.2%	-2.49B YoY-194.4%
Capital expenditure	5.85M YoY-16.2%	6.98M YoY-38.3%	11.3M YoY-67.1%	34.4M YoY-25.2%	46.0M YoY+78.4%
Free cash flow	997M YoY+40.6%	709M YoY+75.8%	403M YoY+239.7%	-289M YoY-177.0%	-104M YoY-1622.0%
Acquisitions	61.5M	0.00 YoY-100.0%	5.77M YoY-84.6%	37.4M YoY-92.4%	492M YoY+47.3%
Purchases of investments	1.05B YoY+13.7%	924M YoY-52.7%	1.95B YoY+0.8%	1.94B YoY-45.0%	3.52B YoY+115.3%
Sales/maturities of investments	1.25B YoY-46.8%	2.35B YoY+7.0%	2.20B YoY+52.9%	1.44B YoY-10.9%	1.61B YoY+36.4%
	-833M YoY+64.0%	-2.31B YoY-259.2%	-644M YoY-1530.0%	45.0M YoY-98.5%	3.10B YoY+107.3%
Long-term debt issued	0.00	0.00	0.00	0.00 YoY-100.0%	985M
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	869M YoY-62.8%	2.33B YoY+249.1%	669M	0.00	0.00
Dividends paid	0.00	0.00	0.00	0.00	0.00
FX effect on cash	0.00	0.00 YoY-100.0%	108K YoY+80.0%	60.0K YoY+131.4%	-191K YoY-577.5%
Net change in cash	251M YoY+211.9%	-224M YoY-152617.0%	-147K YoY+100.0%	-826M YoY-250.7%	548M YoY-19.4%
Interest paid	37.6M YoY-0.9%	37.9M YoY-1.3%	38.4M YoY+2.4%	37.5M YoY+81.7%	20.6M
Income taxes paid	17.7M YoY-51.5%	36.5M YoY-3.4%	37.8M YoY+410.2%	7.41M YoY+20.6%	6.15M YoY+98.8%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	21.6B YoY+30.6%	16.5B YoY+20.1%	13.7B YoY+52.7%	8.99B YoY-81.1%	47.5B YoY-14.4%
P/E	637.0×	—	—	—	—
P/S	4.3× YoY+14.9%	3.7× YoY+10.5%	3.3× YoY+35.7%	2.5× YoY-85.2%	16.7× YoY-46.9%
P/B	2.8× YoY+32.8%	2.1× YoY+50.7%	1.4× YoY+61.2%	0.9× YoY-80.2%	4.3× YoY-34.4%
P/FCF	21.6× YoY-7.1%	23.3×	—	—	—
	0.16%	—	—	—	—
	4.6% YoY+7.6%	4.3%	—	—	—
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: TWLO's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all TWLO filings on SEC EDGAR → Not investment advice.