TWLO Twilio Inc. Class A Common Stock
About Twilio Inc. Class A Common Stock Company overview from Wikipedia
Twilio Inc. is an American cloud communications company based in San Francisco, California, which provides programmable communication tools for making and receiving phone calls, sending and receiving text messages, and performing other communication functions using its web service APIs.
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Twilio Inc. is an American cloud communications company based in San Francisco, California, which provides programmable communication tools for making and receiving phone calls, sending and receiving text messages, and performing other communication functions using its web service APIs.
History
Twilio was founded in 2008 by University of Michigan graduates Jeff Lawson, Evan Cooke, and John Wolthuis and was based initially in Seattle, Washington, and San Francisco, California.
On November 20, 2008, the company launched Twilio Voice, an API to make and receive phone calls completely hosted in the cloud. Twilio's text messaging API was released in February 2010, and SMS shortcodes were released in public beta in July 2011.
Twilio raised approximately $103 million in venture capital growth funding. Twilio received its first round of seed funding in March 2009 for an undisclosed amount from Mitch Kapor, The Founders Fund, Dave McClure, David G. Cohen, Chris Sacca, Manu Kumar, from K9 Ventures, and Jeff Fluhr.
Twilio's first A round of funding was led by Union Square Ventures for $3.7 million and its second B round of funding, for $12 million, was led by Bessemer Venture Partners.
Twilio received $17 million in a Series C round in December 2011 from Bessemer Venture Partners and Union Square Ventures.
In July 2013 Twilio received another $70 million from Redpoint Ventures, Draper Fisher Jurvetson (DFJ), and Bessemer Venture Partners.
In July 2015, Twilio raised a $130 million Series E from Fidelity, T Rowe Price, Altimeter Capital Management, and Arrowpoint Partners, in addition to Amazon and Salesforce.
Twilio filed for IPO on the New York Stock Exchange and started trading on June 23, 2016, with a 92% increase on the first day.
In March 2020, Twilio announced the appointment of Steve Pugh as Chief Security Officer and Glenn Weinstein as Chief Customer Officer.
In 2021, Twilio shut down its links to Parler due to Parler refusing to agree to monitor hate speech and insurrection on its platform.
On August 4, 2022, an unknown attacker accessed Twilio's internal network through an SMS phishing campaign targeting Twilio's employees. Twilio confirmed the breach three days later, clarifying that it affected only "a limited number" of customer accounts. On August 15, Signal announced that it had been affected by the breach, indicating that the 125 customers affected included at least some enterprise accounts.
In September 2022, Twilio laid off 11% of its workforce. In the company announcement, former CEO Jeff Lawson claimed that the decisions (on which employees to lay off) were made through an "anti-racist/anti-oppression lens". The company announced an additional 17% cut in its workforce, nearly 1,500 employees, in February 2023. As a part of restructuring, the company also announced creation of two business units – Twilio Data & Applications and Twilio Communications. In December 2023, Twilio announced a decision to reduce its workforce by 5%, affecting around 300 employees, primarily within its Data and Applications division.
Twilio is known for using platform evangelism to acquire customers. An early example is GroupMe, which was founded in May 2010 at the hackathon of TechCrunch Disrupt and uses Twilio's text messaging product to facilitate group chat. GroupMe raised $10.6 million in venture funding in January 2011.
Following the success of TechCrunch Disrupt, seed accelerator 500 Startups (now 500 Global) announced the Twilio Fund, a $250,000 "micro-fund" to provide seed money to startups using Twilio in September 2010.
In January 2024, Twilio founder Jeff Lawson stepped down as CEO and board member, succeeded by Khozema Shipchandler. Later that year in July, alleged threat actors acquired the phone numbers of over 33 million users of the company's multi-factor authentication service "Authy".
For full-year 2025, Twilio reported total revenue of $5.07 billion, a 14% year-over-year increase, driven by growth in voice AI, software add-ons, and solution bundles. Q4 2025 revenue was $1.37 billion, up 14% year-over-year.
Acquisitions
In February 2015, Twilio acquired Authy, a Y Combinator–backed startup that offers two-factor authentication services to end users, developers and enterprises.
In September 2016, Twilio acquired Tikal Technologies, the development team behind the Kurento WebRTC open-source media server software, for $8.5 million.
In February 2017, Twilio acquired Beepsend, a Swedish-based SMS messaging provider, for an undisclosed amount.
Twilio announced in September 2018 that it was acquiring Ytica, a Prague, Czech Republic–based speech analytics firm, for an undisclosed amount.
In October 2018 Twilio announced it was acquiring SendGrid, a Denver, Colorado-based customer communication platform for transactional and marketing email, for $2 billion. In February 2019, the two companies were formally merged in a deal valued at $3 billion.
In November 2018, the company acquired Core Network Dynamics GmbH, a Berlin, Germany-based virtual evolved packet core company.
Twilio announced in July 2020 that it had acquired Electric Imp, an internet of things platform company, for an undisclosed amount. In October of that year, the company acquired Segment, a platform to collect, clean, and activate customer data, for $3.2 billion.
In May 2021, Twilio acquired Ionic Security, a data security platform for $30.2 million, and Zipwhip, a toll-free messaging services provider, for $850 million.
In January 2022, Twilio announced that it agreed to acquire Boku Identity, Inc. from Boku, Inc. for $32.3 million.
In October 2025, Twilio announced its agreement to acquire Stytch, an identity platform for AI agents.
Technology
Twilio uses Amazon Web Services to host its communication infrastructure via APIs.
Rather than using industry-standard protocols such as SIP for call control, Twilio uses a customized markup language known as TwiML to allow for direct integration with its services. Twilio and the customer typically exchange TwiML documents via HTTP Webhook.
In June 2010, Twilio launched OpenVBX, an open-source product that lets business users configure phone numbers to receive and route phone calls. One month later, Twilio engineer Kyle Conroy released Stashboard, an open-source status dashboard written in the Python programming language that any API or software service can use to display whether their service is functioning properly.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
TWLO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
TWLO Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
TWLO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 13 34.2%
- Buy 19 50.0%
- Hold 5 13.2%
- Sell 1 2.6%
- Strong Sell 0 0.0%
12-Month Price Target
31 analysts · 2026-08-19Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.47 | $1.34 | 0.12% |
| March 31, 2026 | $1.50 | $1.30 | 0.20% |
| Dec. 31, 2025 | $1.33 | $1.26 | 0.07% |
| Sept. 30, 2025 | $1.25 | $1.11 | 0.14% |
| June 30, 2025 | $1.19 | $1.07 | 0.12% |
| March 31, 2025 | $1.14 | $0.96 | 0.18% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TWLO | $21.68B | 677.3 | 13.7% | 0.67% | 0.43% | 48.9% |
| SNOW | $66.35B | -48.8 | 29.2% | -28.4% | -54.1% | 67.2% |
| NET | — | -679.8 | 29.8% | — | — | — |
| CRWV | $35.95B | -25.5 | 167.9% | -22.7% | -39.0% | — |
| MDB | $30.35B | -428.5 | 22.8% | -2.9% | -2.4% | 71.8% |
| VRSN | $22.33B | 117.4 | 6.4% | 49.8% | -39.8% | — |
| OKTA | — | 65.5 | 11.8% | 8.1% | 3.4% | 77.4% |
| AKAM | $12.63B | 28.4 | 5.4% | 10.7% | 9.6% | — |
| DOCN | $4.42B | 19.1 | 15.5% | 28.8% | -254.3% | 59.9% |
| GDDY | $16.72B | 19.9 | 8.3% | 17.7% | 282.5% | — |
| APLD | $13.61B | -52.0 | 167.5% | -30.1% | -11.6% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.07B | $4.46B | $4.15B | $3.83B | $2.84B | $1.76B | $1.13B | $650M | $399M | $277M | $167M | |
| Cost of Revenue | $2.59B | $2.18B | $2.11B | $2.01B | $1.45B | $846M | $526M | $301M | $183M | $121M | $74M | |
| Gross Profit | $2.48B | $2.28B | $2.04B | $1.81B | $1.39B | $916M | $609M | $349M | $216M | $157M | $92M | |
| R&D Expense | $1.02B | $1.01B | $943M | $1.08B | $789M | $531M | $391M | $171M | $121M | $78M | $43M | |
| SG&A Expense | $411M | $449M | $468M | $517M | $472M | $311M | $218M | $118M | $61M | $51M | $36M | |
| Operating Expenses | $2.32B | $2.33B | $2.92B | $3.02B | $2.31B | $1.41B | $979M | $464M | $282M | $198M | $128M | |
| Operating Income | $158M | $-54M | $-877M | $-1.21B | $-916M | $-493M | $-370M | $-115M | $-66M | $-41M | $-35M | |
| Interest Income | $71M | $90M | $78M | $65M | $56M | $32M | $21M | $3M | $3M | · | · | |
| Other Non-op | $79M | $82M | $48M | $-3M | $-45M | $-12M | $8M | $-6M | $3M | $317.0K | $11.0K | |
| Pretax Income | $55M | $-89M | $-997M | $-1.24B | $-961M | $-504M | $-362M | $-121M | $-63M | $-41M | $-35M | |
| Income Tax | $21M | $21M | $19M | $13M | $-11M | $-13M | $-55M | $791.0K | $705.0K | $326.0K | $122.0K | |
| Net Income | $34M | $-109M | $-1.02B | $-1.26B | $-950M | $-491M | $-307M | $-122M | $-64M | $-41M | $-36M | |
| EPS (Basic) | $0.22 | $-0.66 | $-5.54 | $-6.86 | $-5.45 | $-3.35 | $-2.36 | · | · | · | · | |
| EPS (Diluted) | $0.21 | $-0.66 | $-5.54 | $-6.86 | $-5.45 | $-3.35 | $-2.36 | · | · | · | · | |
| Shares (Basic) | 152,986,390 | 165,925,128 | 183,327,844 | 182,994,038 | 174,180,465 | 146,708,663 | 130,083,046 | · | · | · | · | |
| Shares (Diluted) | 159,788,944 | 165,925,128 | 183,327,844 | 182,994,038 | 174,180,465 | 146,708,663 | 130,083,046 | · | · | · | · | |
| EBITDA | $353M | $152M | $-592M | $-926M | · | $-343M | $-259M | $-89M | $-47M | $-33M | · |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $682M | $421M | $656M | $652M | $1.48B | $934M | $254M | $487M | $115M | $306M | $109M | |
| Receivables | $637M | $589M | $563M | $548M | $388M | $251M | $154M | $98M | $43M | $26M | $19M | |
| Prepaid Expense | $470M | $474M | $329M | $282M | $186M | $81M | $55M | $27M | $19M | $22M | $9M | |
| Other Current Assets | $162M | $140M | $132M | · | · | · | · | · | · | · | · | |
| Current Assets | $3.58B | $3.45B | $4.90B | $4.98B | $5.93B | $3.37B | $2.06B | $873M | $353M | $353M | $136M | |
| PP&E (Net) | · | · | · | · | · | · | $141M | $64M | $51M | $38M | $14M | |
| PP&E (Gross) | · | · | · | · | · | · | $222M | $108M | $77M | $51M | $20M | |
| Accum. Depreciation | · | · | · | · | · | · | $81M | $45M | $26M | $13M | $6M | |
| Goodwill | $5.29B | $5.24B | $5.24B | $5.28B | $5.26B | $4.60B | $2.30B | $38M | $18M | $4M | $3M | |
| Intangibles | $142M | $239M | $350M | $850M | $1.05B | $967M | $461M | $28M | $20M | $10M | $2M | |
| Other Non-current Assets | $223M | $206M | $235M | $361M | $263M | $111M | $34M | $8M | $3M | $484.0K | $356.0K | |
| Total Assets | $9.77B | $9.87B | $11.61B | $12.56B | $13.00B | $9.49B | $5.15B | $1.03B | $450M | $413M | $158M | |
| Accounts Payable | $85M | $100M | $120M | $125M | $93M | $60M | $39M | $18M | $11M | $4M | $2M | |
| Short-term Debt | · | · | · | · | · | · | · | $0 | · | · | · | |
| Current Liabilities | $887M | $820M | $738M | $808M | $704M | $448M | $247M | $138M | $79M | $74M | $40M | |
| Capital Leases | $54M | $86M | $121M | $165M | $211M | $230M | $139M | $2M | · | · | · | |
| Deferred Tax | · | · | · | · | · | $14M | $8M | $5M | $2M | · | · | |
| Other Non-current Liabilities | $16M | $16M | $29M | $24M | $41M | $37M | $18M | $18M | $11M | $10M | $448.0K | |
| Total Liabilities | $1.95B | $1.91B | $1.88B | $2.01B | $1.97B | $1.03B | $871M | $590M | $90M | $83M | $41M | |
| Long-term Debt | $992M | $991M | $989M | $987M | $986M | $302M | · | · | · | · | · | |
| Common Stock | $152.0K | $153.0K | $182.0K | $186.0K | $180.0K | $164.0K | $138.0K | $100.0K | $94.0K | $87.0K | $17.0K | |
| Retained Earnings | $-8.34B | $-7.52B | $-5.07B | $-3.38B | $-2.12B | $-1.17B | $-679M | $-372M | $-250M | $-187M | $-145M | |
| AOCI | $16M | $-1M | $619.0K | $-121M | $-18M | $9M | $5M | $1M | $2M | · | · | |
| Stockholders' Equity | $7.82B | $7.95B | $9.73B | $10.56B | $11.03B | $8.45B | $4.28B | $438M | $360M | $329M | $117M | |
| Liabilities + Equity | $9.77B | $9.87B | $11.61B | $12.56B | $13.00B | $9.49B | $5.15B | $1.03B | $450M | $413M | $158M | |
| Shares Outstanding | 152,411,346 | 152,610,697 | 181,945,771 | 185,975,709 | 180,468,099 | 164,047,524 | 138,412,799 | 100,080,228 | 93,969,796 | 87,248,548 | 17,324,003 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $195M | $206M | $284M | $279M | $258M | $150M | $110M | $26M | $19M | $8M | $4M | |
| Stock-based Comp | $600M | $617M | $676M | $799M | $632M | $361M | $264M | $93M | $50M | $24M | $9M | |
| Deferred Tax | $-1M | $-2M | $-17M | $-13M | $-20M | $-19M | $-58M | $-229.0K | $-295.0K | $29.0K | $-136.0K | |
| Amort. of Intangibles | $108M | $112M | $192M | $206M | $199M | $99M | $73M | $7M | $6M | $900.0K | $500.0K | |
| Restructuring | $15M | $13M | $166M | $77M | $0 | $0 | · | · | · | · | · | |
| Other Non-cash | $175M | $5M | $487M | $-63M | · | $32M | $4M | $11M | $-8M | $19M | · | |
| Operating Cash Flow | $1.00B | $716M | $415M | $-254M | $-58M | $33M | $14M | $8M | $-3M | $10M | $-19M | |
| CapEx | · | · | · | · | $46M | $26M | $45M | $5M | $10M | $14M | $2M | |
| Investing Cash Flow | $81M | $1.37B | $229M | $-616M | $-2.49B | $-846M | $-1.29B | $-139M | $-227M | $-35M | $-12M | |
| Stock Issued | · | · | · | · | · | · | · | · | · | $65M | · | |
| Stock Repurchased | $869M | $2.33B | $669M | $0 | $0 | · | $0 | $0 | $100.0K | $2.0K | · | |
| Net Stock Activity | $-869M | $-2.33B | $-669M | · | · | · | $0 | · | · | $65M | · | |
| Financing Cash Flow | $-833M | $-2.31B | $-644M | $45M | $3.10B | $1.49B | $1.02B | $516M | $36M | $229M | $107M | |
| Net Change in Cash | $251M | $-224M | $-147.0K | $-826M | $548M | $680M | $-252M | $385M | $-193M | $204M | $76M | |
| Taxes Paid | $18M | $37M | $38M | $7M | $6M | $3M | $1M | $564.0K | $605.0K | · | · | |
| Free Cash Flow | · | · | · | · | · | $7M | $-31M | $3M | $-13M | $-4M | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.9% | 51.1% | 49.2% | 47.4% | · | 52.0% | 53.7% | 53.7% | 54.2% | 56.5% | · | |
| Operating Margin | 3.1% | -1.2% | -21.1% | -31.5% | · | -28.0% | -32.6% | -17.7% | -16.6% | -14.9% | · | |
| Net Margin | 0.67% | -2.5% | -24.4% | -32.8% | · | -27.9% | -27.1% | -18.8% | -16.0% | -14.9% | · | |
| Pretax Margin | 1.1% | -2.0% | -24.0% | -32.5% | · | -28.6% | -31.9% | -18.6% | -15.8% | -14.8% | · | |
| EBITDA Margin | 7.0% | 3.4% | -14.2% | -24.2% | · | -19.5% | -22.9% | -13.7% | -11.9% | -11.9% | · | |
| ROA | 0.34% | -1.0% | -8.4% | -9.8% | · | -6.6% | -9.9% | -16.5% | -14.8% | -14.5% | · | |
| ROE | 0.43% | -1.4% | -10.3% | -11.9% | · | -6.9% | -7.2% | -28.0% | -18.5% | -18.5% | · | |
| ROIC | 1.2% | -0.83% | -9.2% | -11.5% | · | -5.7% | -7.3% | -26.5% | -18.6% | -12.6% | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.0 | 4.2 | 6.6 | 6.2 | · | 7.5 | 8.3 | 6.3 | 4.5 | 4.8 | · | |
| Quick Ratio | 1.5 | 1.2 | 1.7 | 1.5 | · | 2.6 | 1.6 | 4.2 | 2.0 | 4.5 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.4 | 0.3 | 0.3 | · | 0.2 | 0.4 | 0.9 | 0.9 | 1.0 | · | |
| Receivables Turnover | 8.3 | 7.7 | 7.5 | 8.2 | · | 7.9 | 9.0 | 9.2 | 11.5 | 12.2 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 13.7% | 7.3% | 8.6% | 34.6% | 61.3% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 9.8% | 16.2% | 33.1% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 23.5% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $5.07B | $4.46B | $4.15B | $3.83B | $2.84B | $1.76B | $1.13B | $650M | $399M | $277M | · | |
| Net Income TTM | $34M | $-109M | $-1.02B | $-1.26B | $-950M | $-491M | $-307M | $-122M | $-64M | $-41M | · | |
| Market Cap | $21.68B | $16.49B | $13.80B | $9.11B | · | $55.53B | · | $8.94B | $2.22B | $2.52B | · | |
| P/E | 677.3 | -163.8 | -13.7 | -7.1 | -48.3 | -101.0 | -41.6 | · | · | · | · | |
| P/S | 4.3 | 3.7 | 3.3 | 2.4 | · | 31.5 | · | 13.7 | 5.6 | 9.1 | · | |
| P/B | 2.8 | 2.1 | 1.4 | 0.9 | · | 6.6 | · | 20.4 | 6.2 | 7.6 | · | |
| P / Tangible Book | 9.1 | 6.7 | 3.3 | 2.1 | 10.1 | 19.2 | · | · | · | · | · | |
| P / Cash Flow | 21.6 | 23.0 | 33.3 | -35.8 | · | 1700.6 | · | 1119.5 | -680.3 | 249.4 | · | |
| P / FCF | · | · | · | · | · | 8107.8 | · | 2696.0 | -177.3 | -616.5 | · | |
| Earnings Yield | 0.15% | -0.61% | -7.3% | -14.0% | -2.1% | -0.99% | -2.4% | · | · | · | · |
Income Statement 17
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.50B | $1.41B | $1.37B | $1.30B | $1.23B | $1.17B | $1.19B | $1.13B | $1.08B | $1.05B | $1.08B | $1.03B | $1.04B | $1.01B | $1.02B | $983M | |
| Cost of Revenue | $773M | $723M | $704M | $668M | $626M | $591M | $595M | $555M | $527M | $503M | $545M | $517M | $532M | $516M | $543M | $521M | |
| Gross Profit | $726M | $684M | $662M | $632M | $603M | $582M | $600M | $579M | $556M | $544M | $531M | $516M | $506M | $491M | $481M | $462M | |
| R&D Expense | $273M | $262M | $260M | $262M | $243M | $254M | $244M | $262M | $243M | $260M | $236M | $242M | $227M | $239M | $274M | $285M | |
| SG&A Expense | $118M | $103M | $109M | $108M | $102M | $92M | $116M | $106M | $114M | $113M | $107M | $114M | $135M | $113M | $125M | $135M | |
| Operating Expenses | $641M | $577M | $606M | $591M | $566M | $558M | $586M | $584M | $575M | $588M | $893M | $625M | $648M | $755M | $700M | $919M | |
| Operating Income | $85M | $108M | $57M | $41M | $37M | $23M | $14M | $-5M | $-19M | $-44M | $-362M | $-109M | $-142M | $-264M | $-219M | $-457M | |
| Interest Income | $18M | $18M | $18M | $16M | $18M | $19M | $19M | $20M | $24M | $27M | $24M | $19M | $17M | $17M | $17M | $16M | |
| Other Non-op | $15M | $22M | $15M | $19M | $22M | $23M | $11M | $27M | $17M | $28M | $30M | $1.0K | $9M | $9M | $20M | $-8M | |
| Pretax Income | $76M | $102M | $-38M | $33M | $34M | $27M | $-14M | $-4M | $-26M | $-45M | $-360M | $-140M | $-165M | $-332M | $-220M | $-479M | |
| Income Tax | $-992M | $12M | $8M | $-5M | $11M | $7M | $-1M | $6M | $6M | $10M | $6M | $2M | $744.0K | $10M | $9M | $4M | |
| Net Income | $1.07B | $90M | $-46M | $37M | $22M | $20M | $-12M | $-10M | $-32M | $-55M | $-365M | $-142M | $-166M | $-342M | $-229M | $-482M | |
| EPS (Basic) | $6.99 | $0.59 | $-0.30 | $0.24 | $0.15 | $0.13 | $-0.10 | $-0.06 | $-0.19 | $-0.31 | $-2.01 | $-0.78 | $-0.91 | $-1.84 | $-1.23 | $-2.63 | |
| EPS (Diluted) | $6.68 | $0.57 | $-0.28 | $0.23 | $0.14 | $0.12 | $-0.10 | $-0.06 | $-0.19 | $-0.31 | $-2.01 | $-0.78 | $-0.91 | $-1.84 | $-1.23 | $-2.63 | |
| Shares (Basic) | 152,785,292 | 152,424,306 | -306,707,207 | 153,119,639 | 153,228,766 | 153,345,192 | -344,405,812 | 159,091,110 | 170,222,104 | 181,017,726 | -368,315,796 | 181,749,309 | 183,490,982 | 186,403,349 | -363,945,103 | 183,692,564 | |
| Shares (Diluted) | 159,708,166 | 157,759,141 | -320,907,052 | 159,209,951 | 159,691,758 | 161,794,287 | -344,405,812 | 159,091,110 | 170,222,104 | 181,017,726 | -368,315,796 | 181,749,309 | 183,490,982 | 186,403,349 | -363,945,103 | 183,692,564 | |
| EBITDA | $85M | $142M | · | $41M | $37M | $73M | · | $-5M | $-19M | $10M | · | $-109M | $-142M | $-193M | · | $-457M |
Balance Sheet 21
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $823M | $542M | $682M | $735M | $969M | $467M | $421M | $584M | $755M | $673M | $656M | $678M | $675M | $635M | $652M | $633M | |
| Receivables | $760M | $711M | $637M | $613M | $588M | $578M | $589M | $551M | $537M | $541M | · | $557M | $600M | $576M | · | $488M | |
| Prepaid Expense | $330M | $390M | $470M | $405M | $401M | $442M | $474M | $299M | $310M | $310M | · | $327M | $315M | $336M | · | $266M | |
| Other Current Assets | $106M | $113M | $162M | $125M | $139M | $121M | $140M | · | · | · | · | · | · | · | · | · | |
| Current Assets | $3.75B | $3.45B | $3.58B | $3.48B | $3.53B | $3.47B | $3.45B | $3.55B | $3.96B | $4.68B | · | $4.74B | $4.66B | $4.86B | · | $4.96B | |
| Goodwill | $5.29B | $5.29B | $5.29B | $5.24B | $5.24B | $5.24B | $5.24B | $5.24B | $5.24B | $5.24B | $5.24B | $5.24B | $5.24B | $5.28B | $5.28B | $5.28B | |
| Intangibles | $114M | $125M | $142M | $157M | $184M | $211M | $239M | $266M | $293M | $322M | · | $679M | $728M | $798M | · | $901M | |
| Other Non-current Assets | $189M | $226M | $243M | $199M | $219M | $195M | $206M | $212M | $204M | $209M | · | $270M | $291M | $319M | · | $341M | |
| Total Assets | $10.84B | $9.58B | $9.77B | $9.71B | $9.85B | $9.81B | $9.87B | $10.04B | $10.51B | $11.29B | · | $11.86B | $11.90B | $12.30B | · | $12.61B | |
| Accounts Payable | $71M | $92M | $85M | $40M | $76M | $108M | $100M | $71M | $62M | $82M | · | $104M | $94M | $121M | · | $103M | |
| Current Liabilities | $811M | $740M | $887M | $742M | $720M | $726M | $820M | $701M | $711M | $715M | · | $726M | $760M | $788M | · | $864M | |
| Capital Leases | $43M | $43M | $54M | $68M | $77M | $78M | $86M | $95M | $103M | $110M | · | $134M | $146M | $162M | · | $176M | |
| Other Non-current Liabilities | $14M | $16M | $16M | $15M | $16M | $15M | $16M | $23M | $19M | $20M | · | $18M | $19M | $24M | · | $29M | |
| Total Liabilities | $1.86B | $1.79B | $1.95B | $1.82B | $1.80B | $1.81B | $1.91B | $1.81B | $1.83B | $1.84B | · | $1.88B | $1.93B | $1.98B | · | $2.08B | |
| Long-term Debt | $993M | $993M | $992M | $992M | $991M | $991M | $991M | $990M | $990M | $989M | · | $989M | $988M | $988M | · | $987M | |
| Common Stock | $154.0K | $152.0K | $152.0K | $152.0K | $154.0K | $153.0K | $153.0K | $155.0K | $164.0K | $177.0K | · | $182.0K | $181.0K | $186.0K | · | $184.0K | |
| Retained Earnings | $-7.51B | $-8.51B | $-8.34B | $-8.10B | $-7.79B | $-7.63B | $-7.52B | $-7.09B | $-6.45B | $-5.51B | · | $-4.58B | $-4.38B | $-3.84B | · | $-3.15B | |
| AOCI | $-5M | $-4M | $16M | $23M | $25M | $10M | $-1M | $24M | $-11M | $-5M | · | $-53M | $-60M | $-72M | · | $-165M | |
| Stockholders' Equity | $8.98B | $7.78B | $7.82B | $7.90B | $8.04B | $8.00B | $7.95B | $8.23B | $8.68B | $9.45B | $9.73B | $9.98B | $9.98B | $10.32B | $10.56B | $10.53B | |
| Liabilities + Equity | $10.84B | $9.58B | $9.77B | $9.71B | $9.85B | $9.81B | $9.87B | $10.04B | $10.51B | $11.29B | · | $11.86B | $11.90B | $12.30B | · | $12.61B | |
| Shares Outstanding | · | · | 152,411,346 | · | · | · | 152,610,697 | · | · | · | · | · | · | · | · | · |
Cash Flow 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $30M | $34M | $48M | $48M | $50M | $50M | $50M | $51M | $52M | $53M | $65M | $73M | $75M | $71M | $71M | $70M | |
| Stock-based Comp | $142M | $137M | $154M | $158M | $149M | $139M | $156M | $155M | $148M | $159M | $166M | $185M | $153M | $171M | $192M | $209M | |
| Amort. of Intangibles | $11M | $17M | $27M | $27M | $27M | $27M | $27M | $28M | $28M | $29M | $43M | $49M | $50M | $51M | $51M | $52M | |
| Restructuring | · | · | · | · | · | · | $-57.0K | $4M | $-310.0K | $10M | $25M | $3M | $15M | $122M | $4M | $72M | |
| Other Non-cash | · | $-108M | · | · | · | $-18M | · | · | · | $34M | · | · | · | $2M | · | · | |
| Operating Cash Flow | $372M | $153M | $272M | $264M | $277M | $191M | $108M | $204M | $213M | $190M | $223M | $206M | $84M | $-98M | $-58M | $-116M | |
| CapEx | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $18M | |
| Investing Cash Flow | $-53M | $-41M | $-140M | $-162M | $402M | $-19M | $129M | $267M | $785M | $190M | $-137M | $-144M | $307M | $202M | $66M | $-47M | |
| Stock Repurchased | $70M | $253M | $198M | $347M | $197M | $126M | $420M | $641M | $917M | $357M | $120M | $64M | $370M | $115M | $0 | $0 | |
| Net Stock Activity | · | $-253M | · | · | · | $-126M | · | · | · | $-357M | · | · | · | $-115M | · | · | |
| Financing Cash Flow | $-38M | $-253M | $-183M | $-348M | $-176M | $-126M | $-408M | $-643M | $-898M | $-363M | $-107M | $-67M | $-348M | $-122M | $12M | $-1M | |
| Net Change in Cash | $281M | $-141M | $-52M | $-246M | $503M | $46M | $-170M | $-171M | $100M | $17M | $-22M | $-4M | $43M | $-17M | $19M | $-164M | |
| Taxes Paid | $2M | $21M | $2M | $3M | $8M | $5M | $11M | $6M | $9M | $11M | $15M | $5M | $14M | $3M | $2M | $1M |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.4% | 48.6% | · | 48.6% | 49.1% | 49.6% | · | 51.0% | 51.3% | 52.0% | · | 50.0% | 48.7% | 48.8% | · | 47.0% | |
| Operating Margin | 5.6% | 7.6% | · | 3.1% | 3.0% | 2.0% | · | -0.43% | -1.8% | -4.2% | · | -10.5% | -13.7% | -26.2% | · | -46.5% | |
| Net Margin | 71.2% | 6.4% | · | 2.9% | 1.8% | 1.7% | · | -0.86% | -2.9% | -5.3% | · | -13.7% | -16.0% | -34.0% | · | -49.1% | |
| Pretax Margin | 5.0% | 7.3% | · | 2.5% | 2.7% | 2.3% | · | -0.32% | -2.4% | -4.3% | · | -13.5% | -15.9% | -33.0% | · | -48.7% | |
| EBITDA Margin | 5.6% | 10.1% | · | 3.1% | 3.0% | 6.2% | · | -0.43% | -1.8% | 0.94% | · | -10.5% | -13.7% | -19.1% | · | -46.5% | |
| ROA | 10.3% | 0.93% | · | 0.38% | 0.22% | 0.19% | · | -0.09% | -0.28% | -0.47% | · | -1.2% | -1.3% | -2.7% | · | -3.8% | |
| ROE | 12.5% | 1.1% | · | 0.46% | 0.27% | 0.23% | · | -0.11% | -0.34% | -0.56% | · | -1.4% | -1.6% | -3.2% | · | -4.5% | |
| ROIC | 13.3% | 1.2% | · | 0.59% | 0.31% | 0.22% | · | -0.16% | -0.27% | -0.56% | · | -1.1% | -1.4% | -2.6% | · | -4.4% |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.6 | 4.7 | · | 4.7 | 4.9 | 4.8 | · | 5.1 | 5.6 | 6.5 | · | 6.5 | 6.1 | 6.2 | · | 5.7 | |
| Quick Ratio | 2.0 | 1.7 | · | 1.8 | 2.2 | 1.4 | · | 1.6 | 1.8 | 1.7 | · | 1.7 | 1.7 | 1.5 | · | 1.3 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 2.2 | 2.2 | · | 2.2 | 2.2 | 2.1 | · | 2.0 | 1.9 | 1.9 | · | 2.0 | 1.9 | 2.0 | · | 2.4 |
Valuation (TTM) 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $5.43B | $5.11B | · | $4.83B | $4.62B | $4.44B | · | $4.30B | $4.20B | $4.13B | · | $4.06B | $3.97B | $3.81B | · | $3.54B | |
| Net Income TTM | $1.22B | $170M | · | $70M | $856.0K | $-77M | · | $-239M | $-395M | $-705M | · | $-1.13B | $-1.31B | $-1.37B | · | $-1.25B | |
| P/E | 27.1 | 118.7 | · | 232.8 | 12436.0 | -222.5 | · | -48.7 | -25.9 | -15.9 | · | -9.5 | -8.9 | -8.9 | · | -10.0 | |
| Earnings Yield | 3.7% | 0.84% | · | 0.43% | 0.01% | -0.45% | · | -2.1% | -3.9% | -6.3% | · | -10.5% | -11.2% | -11.2% | · | -10.0% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $5.07B | $4.46B | $4.15B | $3.83B | $2.84B |
| Gross Margin % | 48.9% | 51.1% | 49.2% | 47.4% | — |
| Operating Margin % | 3.1% | -1.2% | -21.1% | -31.5% | — |
| Net Income | $34M | $-109M | $-1.02B | $-1.26B | $-950M |
| Diluted EPS | $0.21 | $-0.66 | $-5.54 | $-6.86 | $-5.45 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 4.0 | 4.2 | 6.6 | 6.2 | — |
| Quick Ratio | 1.5 | 1.2 | 1.7 | 1.5 | — |
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Institutional owners (13F) 1,080 filers · $17.3B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 240 (+137 vs prior Q) | 59 (-61 vs prior Q) | 318 (+13 vs prior Q) | 304 (+13 vs prior Q) | +17.2M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| FMR LLC | $1,682,806,540 | 8,155,899 | 9.72% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,577,093,259 | 7,643,548 | 9.11% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,413,268,271 | 6,849,553 | 8.16% | Shares |
| STATE STREET CORP | $1,237,688,456 | 5,998,587 | 7.15% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $469,591,608 | 2,283,537 | 2.71% | Shares |
| Pictet Asset Management Holding SA | $463,625,044 | 2,247,629 | 2.68% | Shares |
| Jericho Capital Asset Management L.P. | $452,369,240 | 2,192,455 | 2.61% | Shares |
| NORGES BANK | $399,359,762 | 1,935,539 | 2.31% | Shares |
| Durable Capital Partners LP | $380,916,748 | 1,846,153 | 2.20% | Shares |
| Capital World Investors | $368,709,440 | 1,786,989 | 2.13% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $249,609,558 | 1,209,760 | 1.44% | Shares |
| Polar Capital Holdings Plc | $248,623,936 | 1,204,982 | 1.44% | Shares |
| SRS Investment Management, LLC | $221,945,673 | 1,075,683 | 1.28% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $198,761,609 | 963,319 | 1.15% | Shares |
| CITADEL ADVISORS LLC | $182,375,087 | 883,900 | 1.05% | Call option |
| Qube Research & Technologies Ltd | $176,258,847 | 854,257 | 1.02% | Shares |
| FRED ALGER MANAGEMENT, LLC | $171,447,231 | 830,937 | 0.99% | Shares |
| Whale Rock Capital Management LLC | $169,555,391 | 821,768 | 0.98% | Shares |
| Balyasny Asset Management L.P. | $155,900,472 | 755,588 | 0.90% | Shares |
| Atreides Management, LP | $148,627,340 | 720,338 | 0.86% | Shares |
| Quantinno Capital Management LP | $139,829,667 | 677,699 | 0.81% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $135,742,650 | 657,891 | 0.78% | Shares |
| JANE STREET GROUP, LLC | $133,309,813 | 646,100 | 0.77% | Call option |
| Sachem Head Capital Management LP | $127,924,600 | 620,000 | 0.74% | Shares |
| MORGAN STANLEY | $126,295,225 | 612,103 | 0.73% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $126,020,143 | 632,663 | 0.73% | Shares |
| FIRST TRUST ADVISORS LP | $121,174,730 | 587,288 | 0.70% | Shares |
| EARNEST PARTNERS LLC | $116,669,505 | 565,451 | 0.67% | Shares |
| 1832 Asset Management L.P. | $114,616,315 | 555,500 | 0.66% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $109,210,000 | 529,299 | 0.63% | Shares |
| No Street GP LP | $105,228,300 | 510,000 | 0.61% | Shares |
| Robeco Institutional Asset Management B.V. | $104,404,427 | 506,007 | 0.60% | Shares |
| BANK OF AMERICA CORP /DE/ | $98,010,463 | 475,018 | 0.57% | Shares |
| RHUMBLINE ADVISERS | $94,674,432 | 458,850 | 0.55% | Shares |
| AMERICAN CENTURY COMPANIES INC | $91,392,429 | 442,943 | 0.53% | Shares |
| Artisan Partners Limited Partnership | $85,364,629 | 413,729 | 0.49% | Shares |
| Swiss National Bank | $83,769,980 | 406,000 | 0.48% | Shares |
| JANE STREET GROUP, LLC | $82,985,926 | 402,200 | 0.48% | Put option |
| Dorsal Capital Management, LP | $82,532,000 | 400,000 | 0.48% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $78,205,206 | 379,034 | 0.45% | Shares |
| BLAIR WILLIAM & CO/IL | $77,668,836 | 376,430 | 0.45% | Shares |
| GOLDMAN SACHS GROUP INC | $76,998,661 | 373,182 | 0.44% | Shares |
| Artemis Investment Management LLP | $76,355,718 | 370,066 | 0.44% | Shares |
| GLENMEDE TRUST CO NA | $73,462,558 | 356,044 | 0.42% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $71,461,986 | 346,348 | 0.41% | Shares |
| ALKEON CAPITAL MANAGEMENT LLC | $71,367,896 | 345,892 | 0.41% | Shares |
| CITIGROUP INC | $70,152,200 | 340,000 | 0.41% | Put option |
| Connor, Clark & Lunn Investment Management Ltd. | $65,831,856 | 319,061 | 0.38% | Shares |
| California Public Employees Retirement System | $63,571,305 | 308,105 | 0.37% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $63,141,107 | 306,020 | 0.36% | Shares |
| AMERIPRISE FINANCIAL INC | $60,679,798 | 294,091 | 0.35% | Shares |
| CITADEL ADVISORS LLC | $60,289,626 | 292,200 | 0.35% | Put option |
| VANGUARD ASSET MANAGEMENT, Ltd | $57,910,847 | 280,671 | 0.33% | Shares |
| Pacific Heights Asset Management LLC | $56,740,750 | 275,000 | 0.33% | Shares |
| Glenmede Investment Management, LP | $54,152,093 | 541,034 | 0.31% | Shares |
| National Pension Service | $53,915,473 | 261,307 | 0.31% | Shares |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC | $53,214,777 | 257,911 | 0.31% | Shares |
| Legal & General Group Plc | $51,719,299 | 250,663 | 0.30% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $51,366,266 | 248,952 | 0.30% | Shares |
| Retirement Systems of Alabama | $50,896,453 | 246,675 | 0.29% | Shares |
| PICTON MAHONEY ASSET MANAGEMENT | $49,519,200 | 240,000 | 0.29% | Call option |
| Kodai Capital Management LP | $48,851,313 | 498,941 | 0.28% | Shares |
| FIL Ltd | $47,588,158 | 230,641 | 0.27% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $46,408,982 | 224,926 | 0.27% | Shares |
| BlackRock, Inc. | $45,111,785 | 218,639 | 0.26% | Shares |
| Caisse de depot et placement du Quebec | $44,744,517 | 216,859 | 0.26% | Shares |
| Point72 Asset Management, L.P. | $43,919,610 | 212,861 | 0.25% | Shares |
| Shannon River Fund Management LLC | $41,544,958 | 201,352 | 0.24% | Shares |
| LPL Financial LLC | $41,431,064 | 200,800 | 0.24% | Shares |
| Walleye Trading LLC | $40,461,313 | 196,100 | 0.23% | Put option |
| WELLINGTON MANAGEMENT GROUP LLP | $40,112,822 | 194,411 | 0.23% | Shares |
| Woodline Partners LP | $38,911,775 | 188,590 | 0.22% | Shares |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | $37,741,884 | 182,920 | 0.22% | Shares |
| Zurich Insurance Group Ltd/FI | $37,371,728 | 181,126 | 0.22% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $35,371,771 | 171,433 | 0.20% | Shares |
| Vinva Investment Management Ltd | $34,636,805 | 174,000 | 0.20% | Shares |
| TRUIST FINANCIAL CORP | $33,810,074 | 163,864 | 0.20% | Shares |
| ROYAL BANK OF CANADA | $32,475,000 | 157,394 | 0.19% | Shares |
| Baird Financial Group, Inc. | $32,377,716 | 156,922 | 0.19% | Shares |
| Man Group plc | $30,254,374 | 146,631 | 0.17% | Shares |
| Driehaus Capital Management LLC | $29,293,289 | 141,973 | 0.17% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $29,281,334 | 232,724 | 0.17% | Shares |
| Walleye Trading LLC | $29,030,631 | 140,700 | 0.17% | Call option |
| CONGRESS ASSET MANAGEMENT CO | $28,497,062 | 138,114 | 0.16% | Shares |
| KING LUTHER CAPITAL MANAGEMENT CORP | $27,479,442 | 133,182 | 0.16% | Shares |
| Freestone Grove Partners LP | $27,271,668 | 132,175 | 0.16% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $26,470,488 | 128,292 | 0.15% | Shares |
| AVIVA PLC | $26,057,003 | 126,288 | 0.15% | Shares |
| STRS OHIO | $25,871,512 | 125,389 | 0.15% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $25,749,984 | 124,800 | 0.15% | Shares |
| Korea Investment CORP | $25,464,011 | 123,414 | 0.15% | Shares |
| PFA Pension, Forsikringsaktieselskab | $25,324,105 | 122,736 | 0.15% | Shares |
| Assenagon Asset Management S.A. | $24,879,684 | 120,582 | 0.14% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $24,771,567 | 120,058 | 0.14% | Shares |
| RAYMOND JAMES FINANCIAL INC | $23,843,907 | 115,562 | 0.14% | Shares |
| Portolan Capital Management, LLC | $23,809,863 | 115,397 | 0.14% | Shares |
| ALLIANCEBERNSTEIN L.P. | $23,775,954 | 188,968 | 0.14% | Shares |
| NEUBERGER BERMAN GROUP LLC | $23,483,172 | 113,814 | 0.14% | Shares |
| Benchstone Capital Management LP | $23,160,955 | 112,252 | 0.13% | Shares |
| UBS Group AG | $23,002,494 | 111,484 | 0.13% | Shares |
Company insiders 21 insiders · 7 officers · 14 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Khozema Shipchandler | Chief Executive Officer | July 6, 2026 S | 207,203 | 0 | 13 | $-16,252,192 |
| Jeff Lawson | Chief Executive Officer | Nov. 18, 2019 C | 38,701 | 0 | 0 | $0 |
| Aidan Viggiano | Chief Financial Officer | July 2, 2026 S | 109,724 | 0 | 6 | $-3,581,887 |
| Lee Kirkpatrick | Chief Financial Officer | Oct. 15, 2018 C | 30,582 | 0 | 0 | $0 |
| George Hu | Chief Operating Officer | Nov. 15, 2019 S | 160,641 | 0 | 0 | $0 |
| Roy Ng | Chief Operating Officer | June 28, 2016 J | 0 | 0 | 0 | $0 |
| Karyn Smith | General Counsel and Secretary | Nov. 15, 2019 G | 4,756 | 0 | 0 | $0 |
| Charles H Bell | Director | June 15, 2026 A | 18,220 | 0 | 0 | $0 |
| Douglas A. Robinson | Director | June 15, 2026 A | 3,887 | 0 | 0 | $0 |
| Miyuki Suzuki | Director | June 15, 2026 A | 17,829 | 0 | 0 | $0 |
| Donna Dubinsky | Director | June 15, 2026 G | 22,361 | 0 | 0 | $0 |
| Jeffrey R Immelt | Director | June 15, 2026 A | 1,111 | 0 | 0 | $0 |
| Jeff Epstein | Director | June 15, 2026 A | 39,902 | 0 | 0 | $0 |
| PATRICK DEVAL L | Director | June 15, 2026 A | 18,718 | 0 | 0 | $0 |
| Byron B Deeter | Director | June 5, 2024 A | 27,073 | 0 | 0 | $0 |
| Richard L Dalzell | Director | Oct. 15, 2019 C | 11,383 | 0 | 0 | $0 |
| DONIO ELENA A. | Director | June 18, 2019 A | 9,941 | 0 | 0 | $0 |
| James Mcgeever | Director | June 12, 2017 A | 6,005 | 0 | 0 | $0 |
| Scott Campbell Raney | Director | Feb. 9, 2017 C | 0 | 0 | 0 | $0 |
| UNION SQUARE VENTURES 2008 LP | 10% owner | Dec. 20, 2016 J | 750,000 | 0 | 0 | $0 |
| Erika Rottenberg | — | Aug. 10, 2026 S | 27,893 | 0 | 8 | $-1,557,383 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Twilio Inc. ×2 filings | Aug. 9, 2021 | — | Initial filing | — | SEC |
| DEER VII & CO. LTD., DEER VII & CO. L.P., BESSEMER VENTURE PARTNERS VII L.P., BESSEMER VENTURE PARTNERS VII INSTITUTIONAL L.P., BVP VII SPECIAL OPPORTUNITY FUND L.P., 15 ANGELS LLC, DEER VIII & CO. LTD., DEER VIII & CO. L.P., BESSEMER VENTURE PARTNERS VIII L.P., BESSEMER VENTURE PARTNERS VIII INSTITUTIONAL L.P. ×3 filings | March 7, 2019 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 146 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| CLOU · Global X Funds | 4.36% | 61,503 NS | May 31, 2026 | N-PORT |
| FMTM · EA Series Trust | 3.30% | 25,997 NS | April 30, 2026 | N-PORT |
| LGRO · ALPS ETF Trust | 3.12% | 22,061 NS | May 31, 2026 | N-PORT |
| BUL · Pacer Funds Trust | 2.82% | 24,200 NS | April 30, 2026 | N-PORT |
| FDCF · Fidelity Covington Trust | 2.62% | 14,657 NS | May 31, 2026 | N-PORT |
| SMRI · EA Series Trust | 2.22% | 81,186 NS | April 30, 2026 | N-PORT |
| FDTX · Fidelity Covington Trust | 2.09% | 28,217 NS | May 31, 2026 | N-PORT |
| AMID · EA Series Trust | 1.93% | 10,657 NS | May 29, 2026 | N-PORT |
| EPMB · Harbor ETF Trust | 1.90% | 578 NS | April 30, 2026 | N-PORT |
| RFG · Invesco Exchange-Traded Fund Trust | 1.82% | 27,074 SH | Aug. 8, 2026 | Daily |
| IVOG · VANGUARD ADMIRAL FUNDS | 1.64% | 149,758 SH | Aug. 8, 2026 | Daily |
| IJK · iShares Trust | 1.57% | 887,649 SH | Aug. 8, 2026 | Daily |
| TAX · EA Series Trust | 1.47% | 1,969 NS | May 29, 2026 | N-PORT |
| TMFX · RBB Fund, Inc. | 1.43% | 2,413 NS | May 31, 2026 | N-PORT |
| FXL · First Trust Exchange-Traded AlphaDE… | 1.28% | 128,948 NS | April 30, 2026 | N-PORT |
| SKYU · ProShares Trust | 1.26% | 238 NS | May 31, 2026 | N-PORT |
| MIDE · DBX ETF Trust | 1.16% | 205 NS | May 29, 2026 | N-PORT |
| QVMM · Invesco Exchange-Traded Fund Trust … | 1.01% | 18,560 SH | Aug. 8, 2026 | Daily |
| PNQI · Invesco Exchange-Traded Fund Trust | 1.01% | 22,680 SH | Aug. 8, 2026 | Daily |
| XJH · iShares Trust | 0.92% | 20,511 SH | Aug. 8, 2026 | Daily |
| IQSM · New York Life Investments ETF Trust | 0.88% | 18,628 NS | April 30, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.86% | 2,010,799 SH | Aug. 8, 2026 | Daily |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.86% | 245,170 SH | Aug. 8, 2026 | Daily |
| IJH · iShares Trust | 0.81% | 5,236,686 SH | Aug. 8, 2026 | Daily |
| NULV · Nushares ETF Trust | 0.69% | 96,199 NS | April 30, 2026 | N-PORT |
| PTMC · Pacer Funds Trust | 0.66% | 17,464 NS | April 30, 2026 | N-PORT |
| MVV · ProShares Trust | 0.63% | 5,240 NS | May 31, 2026 | N-PORT |
| NUMV · Nushares ETF Trust | 0.59% | 17,090 NS | April 30, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.57% | 23,750 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.54% | 409,970 NS | May 31, 2026 | N-PORT |
| ITAN · EA Series Trust | 0.50% | 2,362 NS | May 29, 2026 | N-PORT |
| HGRO · ETF Opportunities Trust | 0.50% | 3,265 NS | April 30, 2026 | N-PORT |
| LSVD · ADVISORS' INNER CIRCLE FUND | 0.48% | 19,440 NS | April 30, 2026 | N-PORT |
| OASC · Unified Series Trust | 0.46% | 2,039 NS | May 31, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.44% | 2,511 NS | April 30, 2026 | N-PORT |
| UMDD · ProShares Trust | 0.44% | 732 NS | May 31, 2026 | N-PORT |
| AFMC · First Trust Exchange-Traded Fund VI… | 0.39% | 3,333 NS | May 31, 2026 | N-PORT |
| FBCG · FIDELITY COVINGTON TRUST | 0.38% | 157,598 NS | April 30, 2026 | N-PORT |
| IMCG · iShares Trust | 0.37% | 78,493 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.37% | 3,481,229 SH | Aug. 8, 2026 | Daily |
| COWZ · Pacer Funds Trust | 0.36% | 443,474 NS | April 30, 2026 | N-PORT |
| QQWZ · Pacer Funds Trust | 0.36% | 1,135 NS | April 30, 2026 | N-PORT |
| AIQ · Global X Funds | 0.36% | 202,325 NS | May 31, 2026 | N-PORT |
| NULC · Nushares ETF Trust | 0.35% | 1,363 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.35% | 1,741,716 SH | Aug. 8, 2026 | Daily |
| VLUE · iShares Trust | 0.32% | 155,380 SH | Aug. 8, 2026 | Daily |
| FNDA · SCHWAB STRATEGIC TRUST | 0.27% | 128,468 NS | May 31, 2026 | N-PORT |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.26% | 130,616 NS | April 30, 2026 | N-PORT |
| SUSA · iShares Trust | 0.25% | 53,301 SH | Aug. 8, 2026 | Daily |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.25% | 12,288 NS | April 30, 2026 | N-PORT |