Twilio

Twilio Inc. (Twilio) is a company in San Francisco that sells a cloud platform for customer communication. Its customers use it to send text messages, make voice calls, send email, verify identity and build conversations with AI. Most of its revenue comes from usage-based fees, mainly for Messaging and Voice.

It serves customers in more than 180 countries and had 5,625 employees at September 30, 2026. It has one reportable segment. Revenue was $4,465.5 million for nine months of 2026, against $3,701.3 million a year before.

Khozema Shipchandler is Chief Executive Officer. Twilio owns a stake in Syniverse, which it accounts for under the equity method. The Class A common shares trade on the New York Stock Exchange in US dollars.

The market prices Twilio above the AI estimate, because investors pay for organic revenue growth in the mid teens with rising profit and free cash flow. In Q3 2026, revenue rose 20% to $1.56 billion, and organic revenue rose 16%. Non-GAAP operating income rose 39% to $325.7 million, and free cash flow was $369.6 million. The Dollar-Based Net Expansion Rate was 114%, against 109% a year before.

The company raised its guidance for 2026 to organic growth of 15% and non-GAAP operating income of $1.19 billion to $1.20 billion. But it guides Q4 organic growth to 11% to 12%, which is slower. For the price to be earned, three things must be true. Demand from AI developers for messaging, voice and identity must keep organic growth near the current pace.

Non-GAAP margins must keep rising while share-based pay, which was 9.9% of revenue in Q3, falls as a share of revenue. Buybacks must offset the dilution from share awards. The next tests are the Q4 2026 report in February 2027 and its outlook for 2027. If growth slows or share-based pay stays high, the price can fall toward the AI estimate.

AI estimate, checked by Kevin. How it is made

1. Feb 11, 2027 · est.Pending

   Q4 2026 results and the outlook for 2027Revenue lands in the guided range of $1.595 billion to $1.605 billion and the outlook for 2027 keeps organic growth in the low to mid teens, and this passes; slower growth or lower margins fail.
2. Apr 2027 · est.Pending

   Q1 2027 results: organic growth and marginOrganic growth stays above 10% and non-GAAP operating margin keeps rising, and this passes; slower growth or a falling margin fails.

Every passed and failed checkpoint across all picks

• October 29, 2026Twilio reported Q3 2026 results. Revenue was $1,559.5 million, up 20%, and organic revenue was up 16%. GAAP income from operations was $148.6 million, and non-GAAP income from operations was $325.7 million. Non-GAAP EPS was $1.65, against $1.25 a year before.
• October 29, 2026Twilio raised its guidance for 2026 to revenue growth of 20% and non-GAAP income from operations of $1.19 billion to $1.20 billion, and free cash flow of the same range. For Q4 it guided revenue of $1.595 billion to $1.605 billion, non-GAAP income from operations of $300 million to $310 million and non-GAAP EPS of $1.48 to $1.53.
• October 29, 2026Twilio said that it bought back $127.2 million of shares in Q3. It has completed about $1.3 billion of its $2.0 billion program, which ends on December 31, 2027, and about $700 million is left.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about February 11, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 30, 2026 · twlo-20260930
• 8-KEarnings releaseFiled October 29, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 7, 2026 · twlo-20260630
• 8-KEarnings releaseFiled August 6, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Shareholder vote resultsFiled June 17, 2026 · twlo-20260616
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 1, 2026 · twlo-20260331
• 8-KEarnings releaseFiled April 30, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Investor disclosureFiled March 24, 2026 · twlo-20260324
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 24, 2026 · twlo-20251231
• 8-KEarnings releaseFiled February 12, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 1447669)

• Growth can slow. Reported growth of 20% in Q3 includes acquisitions, and organic growth was 16%. The company guides Q4 organic growth to 11% to 12%.
• Share-based pay is a large cost. It was $432.3 million for nine months, which is 9.7% of revenue, and the company excludes it from non-GAAP results. Diluted shares were 161.7 million in Q3, against 154.4 million basic shares.
• Most revenue is usage-based. Customers can cut message and call volumes fast, and prices depend on carriers and on rules for messaging.
• The Syniverse stake loses money. Twilio's share of losses was $77.1 million for nine months, and the carrying value was $225.2 million at September 30, 2026. Twilio can have to write it down.
• Twilio has $1.0 billion of senior notes due in 2029 and 2031. It has more cash than debt, so the risk is small, but buybacks and acquisitions can change this.

At September 30, 2026, Twilio had cash and cash equivalents of $1,061.5 million and short-term marketable securities of $1,829.9 million, which is $2,891.5 million. Debt is $1,000 million of principal in two senior notes: $500 million at 3.625% due 2029 and $500 million at 3.875% due 2031. Read more

Twilio does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.