Twilio (TWLO) financial statements
Twilio reported revenue of $5.1B in fiscal 2025, up 38.1% a year over 9 years.
Net income was $34M and the operating margin 3.1%, against -14.9% in 2016.
Free cash flow was $951M, and the company returned $869M in net buybacks.
The diluted share count rose 201% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Twilio's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $277M | $399M | $650M | $1.1B | $1.8B | $2.8B | $3.8B | $4.2B | $4.5B | $5.1B |
| Cost of revenue | $121M | $183M | $301M | $526M | $846M | $1.5B | $2.0B | $2.1B | $2.2B | $2.6B |
| Gross profit | $157M | $216M | $349M | $609M | $916M | $1.4B | $1.8B | $2.0B | $2.3B | $2.5B |
| Research and development | $78M | $121M | $171M | $391M | $531M | $789M | $1.1B | $943M | $1.0B | $1.0B |
| Selling, general and admin | $116M | $161M | $293M | $587M | $878M | $1.5B | $1.8B | $1.5B | $1.3B | $1.3B |
| Operating income | -$41M | -$66M | -$115M | -$370M | -$493M | -$916M | -$1.2B | -$877M | -$54M | $158M |
| Pre-tax income | -$41M | -$63M | -$121M | -$362M | -$504M | -$961M | -$1.2B | -$997M | -$89M | $55M |
| Income tax | $326,000 | $705,000 | $791,000 | -$55M | -$13M | -$11M | $13M | $19M | $21M | $21M |
| Net income | -$41M | -$64M | -$122M | -$307M | -$491M | -$950M | -$1.3B | -$1.0B | -$109M | $34M |
| EPS (diluted) | -$0.78 | -$0.70 | -$1.26 | -$2.36 | -$3.35 | -$5.45 | -$6.86 | -$5.54 | -$0.66 | $0.21 |
| Diluted shares | 53M | 91M | 97M | 130M | 147M | 174M | 183M | 183M | 166M | 160M |
| Gross margin | 56.5% | 54.2% | 53.7% | 53.7% | 52.0% | 48.9% | 47.4% | 49.2% | 51.1% | 48.9% |
| Operating margin | -14.9% | -16.6% | -17.7% | -32.6% | -28.0% | -32.2% | -31.5% | -21.1% | -1.2% | 3.1% |
| Net margin | -14.9% | -16.0% | -18.8% | -27.1% | -27.9% | -33.4% | -32.8% | -24.4% | -2.5% | 0.7% |
Balance sheet
Fiscal years, from Twilio's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $306M | $291M | $748M | $1.9B | $3.0B | $5.4B | $4.2B | $4.0B | $2.4B | $2.5B |
| Receivables | $26M | $43M | $98M | $154M | $251M | $388M | $548M | $563M | $589M | $637M |
| Total current assets | $353M | $353M | $873M | $2.1B | $3.4B | $5.9B | $5.0B | $4.9B | $3.4B | $3.6B |
| Property, plant and equipment | $38M | $51M | $64M | $141M | $183M | $255M | $264M | $210M | $191M | $177M |
| Goodwill | $4M | $18M | $38M | $2.3B | $4.6B | $5.3B | $5.3B | $5.2B | $5.2B | $5.3B |
| Total assets | $413M | $450M | $1.0B | $5.2B | $9.5B | $13.0B | $12.6B | $11.6B | $9.9B | $9.8B |
| Total current liabilities | $74M | $79M | $138M | $247M | $448M | $704M | $808M | $738M | $820M | $887M |
| Total liabilities | $83M | $90M | $590M | $871M | $1.0B | $2.0B | $2.0B | $1.9B | $1.9B | $1.9B |
| Shareholders' equity | $329M | $360M | $438M | $4.3B | $8.5B | $11.0B | $10.6B | $9.7B | $8.0B | $7.8B |
| Net debt | -$306M | -$115M | -$487M | -$254M | -$934M | -$1.5B | -$652M | -$656M | -$421M | -$682M |
Cash flow
Fiscal years, from Twilio's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $10M | -$3M | $8M | $14M | $33M | -$58M | -$254M | $415M | $716M | $1.0B |
| Capital spending | $26M | $27M | $25M | $67M | $59M | $90M | $46M | $40M | $52M | $52M |
| Free cash flow | -$16M | -$30M | -$17M | -$53M | -$26M | -$148M | -$300M | $375M | $664M | $951M |
| Stock-based compensation | $24M | $50M | $93M | $264M | $361M | $632M | $799M | $676M | $617M | $600M |
| Share buybacks (net) | -$2,000 | -$100,000 | $0 | $0 | — | $0 | $0 | -$669M | -$2.3B | -$869M |
| Free cash flow margin | -5.6% | -7.5% | -2.6% | -4.7% | -1.5% | -5.2% | -7.8% | 9.0% | 14.9% | 18.8% |
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Open TWLO in InvestinglyQuestions
What was Twilio's revenue in 2025?
$5.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Twilio generate?
$951M in fiscal 2025 (operating cash flow minus capital spending).
From Twilio's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.