Twilio Inc. (TWLO) is a leading provider of customer engagement solutions, enabling businesses to deliver seamless, personalized, and trusted interactions at scale. The company offers a robust platform that integrates communications APIs and software products, allowing developers and businesses to embed messaging, voice, email, and other interactions into customer-facing applications. Twilio also provides tools for leveraging customer data to create unique profiles and enhance engagement across digital touchpoints.
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Communications - Offers a variety of APIs and software solutions for messaging, voice, email, and marketing campaigns, enabling businesses to optimize communication with their end users.
- Messaging - Provides APIs for sending and receiving SMS, MMS, and other messaging formats.
- Voice - Enables voice call functionality through APIs for customer interactions.
- Email and Marketing Campaigns - Facilitates email communication and marketing campaign management.
- Flex - A customizable cloud-based contact center solution.
- User Identity and Authentication - Includes tools for account security and user verification.
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Segment - Provides software products that help businesses leverage first-party data to create unique customer profiles, enabling personalized and effective customer engagement.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Aidan Viggiano Executive | Chief Financial Officer (CFO) | None | Joined Twilio in 2019 as VP of Corporate Finance, later promoted to SVP of Finance, and became CFO in March 2023. Previously held finance leadership roles at GE. | View Report → |
Dana Wagner Executive | Chief Legal Officer, Chief Compliance Officer, and Corporate Secretary | None | Joined Twilio in December 2021. Previously served as Chief Legal Officer at Impossible Foods and General Counsel at Square. Also held legal roles at Google and the U.S. Department of Justice. | View Report → |
Khozema Shipchandler Executive | Chief Executive Officer (CEO) | Board Member at Smartsheet Inc. and Ethos | Joined Twilio in 2018 as CFO, later served as COO and President of Twilio Communications before becoming CEO in January 2024. Previously held leadership roles at GE. | View Report → |
Andy Stafman Board | Board Member | Partner at Sachem Head Capital Management | Joined Twilio's board in March 2024. Brings expertise in corporate strategy, finance, and governance from his experience in investment management and private equity. | |
Charles Bell Board | Board Member | EVP of Security, Compliance, Identity, and Management at Microsoft | Joined Twilio's board in March 2023. Former SVP at AWS and held leadership roles at Amazon. Brings expertise in cybersecurity and cloud computing. | |
Deval Patrick Board | Board Member | Board Member at Cerevel Therapeutics, Toast Inc., American Well; Senior Advisor at The Vistria Group; Professor at Harvard Kennedy School | Joined Twilio's board in January 2021. Former Governor of Massachusetts. Brings expertise in public policy, investment, and regulatory compliance. | |
Donna Dubinsky Board | Board Member | Board Chair of Numenta, Inc.; Board Member of the National Center for the Advancement of Semiconductor Technology | Joined Twilio's board in 2018. Co-founder of Numenta and former CEO. Brings entrepreneurial and leadership expertise in technology. | |
Erika Rottenberg Board | Board Member | Board Member at Girl Scouts USA and Silicon Valley Law Foundation | Joined Twilio's board in 2016. Former General Counsel at LinkedIn and SumTotal Systems. Brings expertise in corporate governance, risk management, and legal matters. | |
Jeff Epstein Board | Chair of the Board of Directors | Operating Partner at Bessemer Venture Partners; Board Member at AvePoint, Couchbase, Okta | Joined Twilio's board in 2017 and became Chair in January 2024. Former CFO of Oracle and DoubleClick. Brings extensive financial and operational expertise. | |
Jeffrey Immelt Board | Board Member | Venture Partner at NEA; Board Member at Bright Health, Bloom Energy, Desktop Metal, Tuya | Joined Twilio's board in 2019. Former CEO of GE. Brings expertise in global business strategy and corporate governance. | |
Miyuki Suzuki Board | Board Member | Board Member at Western Digital Corporation | Joined Twilio's board in August 2022. Former President of Asia Pacific, Japan, and China at Cisco. Brings expertise in global operations, cybersecurity, and regulatory challenges. |
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Given the higher prepayments expected in Q4 that will drive a sequential decline in free cash flow, can you quantify the headwind in Q4 and explain how it might impact free cash flow margin expansion relative to operating margin expansion next year?
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You mentioned that the ISV channel grows faster than the overall business and carries higher gross margins; can you provide more details on the size of the ISV channel and how it contributes to your revenue and margin profile?
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Despite the acceleration in messaging revenue this quarter and a 10% year-over-year revenue growth, you only modestly raised your guidance for Q4; are there factors specific to Q3 that drove this acceleration, and should we consider any seasonal or one-time effects?
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In your preliminary outlook for 2025, you expect revenue growth of 7% to 8% assuming a neutral macro environment; given your usage-based revenue model, what gives you confidence in this growth rate, and how does the assumed neutral macro compare to current conditions?
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Segment revenue was flat year-over-year at $73 million, and the dollar-based net expansion rate for Segment was 91%; what specific initiatives are you undertaking to improve growth in the Segment business, and how confident are you in achieving breakeven on a non-GAAP operating income basis by Q2 of 2025?
Research analysts who have asked questions during TWILIO earnings calls.
Arjun Bhatia
William Blair
4 questions for TWLO
James Fish
Piper Sandler Companies
4 questions for TWLO
Mark Murphy
JPMorgan Chase & Co.
3 questions for TWLO
Meta Marshall
Morgan Stanley
3 questions for TWLO
Michael Turrin
Wells Fargo
3 questions for TWLO
Nicholas Altmann
Scotiabank
3 questions for TWLO
Patrick Walravens
Citizens JMP
3 questions for TWLO
Aleksandr Zukin
Wolfe Research
2 questions for TWLO
Joshua Reilly
Needham & Company
2 questions for TWLO
Ryan Koontz
Needham & Company, LLC
2 questions for TWLO
Ryan MacWilliams
Barclays
2 questions for TWLO
Taylor McGinnis
UBS
2 questions for TWLO
Alex Zukin
Wolfe Research LLC
1 question for TWLO
Billy Fitzsimmons
Jefferies
1 question for TWLO
Derrick Wood
TD Cowen
1 question for TWLO
Jackson Ader
KeyBanc Capital Markets
1 question for TWLO
Jamie Rollo
Morgan Stanley
1 question for TWLO
Michael Funk
Bank of America
1 question for TWLO
Rich Magnus
Wolfe Research
1 question for TWLO
Rich Poland
Wells Fargo
1 question for TWLO
Siti Panigrahi
Mizuho Securities
1 question for TWLO
William Fitzsimmons
Jefferies
1 question for TWLO
William Power
Baird
1 question for TWLO
Recent press releases and 8-K filings for TWLO.
- Twilio (TWLO) reported an earnings beat with $1.25 earnings per share and $1.30 billion in revenue, marking a 14.7% year-over-year increase.
- Following the earnings, several analysts raised their price targets, including Monness Crespi & Hardt to $175, KeyCorp to $156, Mizuho to $150, and Morgan Stanley to $154.
- Some firms, such as Bank of America and Royal Bank of Canada, maintain cautious "underperform" ratings with targets around $110 and $75, respectively, while UBS Group lowered its price objective to $135.00.
- Twilio holds a consensus rating of "Moderate Buy" with an average target price near $139.
- For the recent quarter, Twilio reported a net margin of 1.37% and a return on equity of 3.35%.
- Twilio reported Q3 2025 revenue of $1,300 million, marking a 15% year-over-year reported revenue growth and 13% organic revenue growth.
- For Q3 2025, the company achieved a non-GAAP gross profit of $652 million with a 50.1% non-GAAP gross margin, and non-GAAP income from operations of $235 million.
- Free cash flow for Q3 2025 was $248 million.
- Twilio provided Q4 2025 guidance, projecting reported revenue between $1.310 billion and $1.320 billion and non-GAAP diluted earnings per share of $1.17 to $1.22.
- The company raised its Full Year 2025 guidance, with reported revenue growth now expected to be 12.4% to 12.6% (up from 10% to 11% previously), non-GAAP income from operations between $900 million and $910 million (up from $850 million to $875 million), and free cash flow between $920 million and $930 million (up from $875 million to $900 million).
- Twilio reported record Q3 2025 financial results, with revenue of $1.3 billion, marking a 15% year-over-year increase on a reported basis and 13% organically. Non-GAAP income from operations reached a record $235 million, up 29% year over year, and free cash flow was $248 million.
- The company raised its full-year 2025 guidance, with organic revenue growth now expected to be 11.3% to 11.5% (up from 9% to 10%) and non-GAAP income from operations projected at $900 to $910 million (up from $850 million to $875 million). Full-year free cash flow guidance was also raised to $920 to $930 million.
- Key growth drivers included mid-to-high teens revenue growth in Messaging and Voice, with Voice AI customers accelerating to nearly 60% year over year, and 20%+ revenue growth from both ISV and self-serve customers. The dollar-based net expansion rate was 109%.
- Twilio entered into a definitive agreement to acquire Stitch, an identity platform for AI agents, for less than $100 million, with an expected immaterial financial impact.
- The company completed $350 million in share repurchases during Q3 2025, bringing year-to-date repurchases to $657 million.
- Twilio reported Q3 2025 revenue of $1.3 billion, an increase of 15% reported and 13% organic year-over-year, with non-GAAP income from operations reaching $235 million, up 29% year-over-year.
- The company raised its full-year 2025 guidance, now projecting reported revenue growth of 12.4% - 12.6%, organic revenue growth of 11.3% - 11.5%, non-GAAP income from operations between $900 million and $910 million, and free cash flow between $920 million and $930 million.
- During Q3 2025, Twilio repurchased $349.8 million in Class A common stock, contributing to $656.7 million in year-to-date repurchases through September 30, 2025, with approximately $1.3 billion remaining under the authorized program.
- Twilio entered into a definitive agreement on October 30, 2025, to acquire Stytch, Inc., an identity platform for AI agents, with the transaction expected to close in mid-November.
- Twilio reported revenue of $1.3 billion, an increase of 15% reported and 13% organic year-over-year for the third quarter ended September 30, 2025.
- For Q3 2025, non-GAAP income from operations was $235 million, up 29% year-over-year, and non-GAAP diluted net income per share was $1.25.
- The company raised its full-year 2025 guidance, with reported revenue growth now expected to be 12.4% - 12.6%, organic revenue growth 11.3% - 11.5%, non-GAAP income from operations $900 - $910 million, and free cash flow $920 - $930 million.
- During the third quarter of 2025, Twilio repurchased $349.8 million in aggregate value of shares of Class A common stock, contributing to approximately $656.7 million in year-to-date repurchases under a $2.0 billion program authorized in January 2025.
- On October 30, 2025, Twilio entered into a definitive agreement to acquire Stytch, Inc., an identity platform for AI agents, with the transaction expected to close in mid-November.
- Totaligent, Inc. (OTCID: TGNT) has launched the final beta version of its AI-driven omnichannel ad platform.
- The platform integrates programmatic ad targeting, AI-generated content, and various ad delivery methods, emphasizing fraud-resistant attribution and API interoperability.
- This launch occurs amidst a significant $50 billion adtech M&A wave, with private equity firm Novacap making a major acquisition, indicating increased institutional interest in AI-first and fraud-resistant ad platforms.
- Totaligent's platform is designed to empower businesses, particularly small and medium businesses (SMBs), to execute precise and fraud-free marketing campaigns by leveraging advanced AI and real-time consumer insights.
- Twilio delivered a solid quarter with accelerated growth, record non-GAAP income from operations, and free cash flow, and raised its guidance for free cash for the year [0:06].
- The company expects to be a significant beneficiary of AI, making short-term investments in voice AI to drive medium-term benefits, as many AI startups are launching with voice-based use cases [0:59][2:04].
- Twilio is focused on disciplined operations and taking market share in a price-disciplined way, not returning to a "growth at all cost" dynamic [0:59].
- The company's share price has seen a 63% increase over the past year [3:01].
- On June 10, 2025, Twilio’s stockholders approved major amendments to its Certificate of Incorporation, declassifying the board, eliminating supermajority voting provisions, and removing inoperative Class B stock references.
- TWLO's 2025 AGM was held virtually on June 10, 2025, focusing on key proxy vote matters including amendments, director elections, and governance proposals.
- The amendments were effected by filing an Amended and Restated Certificate of Incorporation with the Delaware Secretary of State, becoming effective immediately.
- Voting results led to the election of Donna Dubinsky, Duval Patrick, and Miyuki Suzuki and ratified KPMG LLP as the external auditor, with final results pending audit and Form 8-K filing.
- The Amended Charter (Exhibit 3.1) maintains authorized capital of 1,000,000,000 Class A Common shares and 100,000,000 Preferred shares, transitioning to annual director elections after the 2028 Annual Meeting.
- CEO Khozema Shipchandler described a major transformation with increased financial discipline, a streamlined product focus on communications, data, and AI, and significant operational changes including workforce reductions.
- The company launched new offerings such as Conversation Relay, which integrates voice, data, and AI to enhance customer interactions and accelerate revenue growth, while also forming a strategic partnership with Microsoft for AI integration.
- Twilio generated $1.17 billion in Q1 2025 revenue (12% YoY), including a Communications segment delivering approximately $1.10 billion (13% YoY)
- Achieved non‑GAAP income from operations of $213 million (18% margin)
- Updated guidance: Q2 2025 revenue of $1.18–$1.19B, with full‑year outlook now including organic revenue growth of 7.5–8.5% and non‑GAAP income of $850–$875 million
- Announced a $2 billion share repurchase program with over $220 million repurchased, including $130.2 million in Class A shares
- GAAP income from operations improved to $23 million from a loss last year