TWLO Class A Twilio Inc. Class A Common Stock
NYSE · Technology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 7, 2026TWLO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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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. Founded in 2008, the company received multiple rounds of funding prior to its 2016 initial public offering. Twilio has acquired a number of companies since 2015, including the two-factor authentication service Authy and email marketing platform SendGrid. Twilio was subject to three data breaches in 2022 and 2024.
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 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. 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.
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's initial public offering took place on the New York Stock Exchange on June 23, 2016, with a 92% increase in share price 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.
In September 2022, Twilio laid off 11% of its workforce. 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 founder Jeff Lawson stepped down as CEO and board member in January 2024 and was succeeded by Khozema Shipchandler.
Acquisitions
In February 2015, Twilio acquired Authy, a Y Combinator–backed startup that offers two-factor authentication (2FA) services to end users, developers and enterprises.
The company acquired Tikal Technologies, the development team behind the Kurento WebRTC open-source media server software, for $8.5 million in September 2016.
In February 2017, Twilio acquired Beepsend, a Swedish-based SMS messaging provider, for an undisclosed amount. Twilio acquired the Clef 2FA application in March 2017, after which Clef was discontinued and some of its employees were reassigned to Authy products.
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.
Security incidents
On August 4, 2022, attackers accessed Twilio's internal network through an SMS phishing campaign targeting Twilio's employees. Twilio confirmed the data breach three days later. On August 15, Signal – which used Twilio for phone number validation – announced that it had been impacted by the breach, indicating that the affected customers included enterprise accounts. The hackers obtained the data of 209 Twilio customers and compromised 93 accounts on Authy, Twilio's 2FA service, while registering their own devices to the accounts. In October of that year, Twilio disclosed that it had suffered an earlier data breach in June 2022, after a Twilio employee was tricked into revealing their access credentials in a voice phishing attack; Twilio stated that the attacker gained access to customer data for less than 12 hours.
In a July 2024 data breach, the ShinyHunters hacker group used an unsecured Twilio API to acquire the phone numbers of over 33 million Authy users.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
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?
| Metric | 5Y trend | TWLO | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 40.95Y avg ≈88.9 | ≈88.9 | 57.4 | Undervalued | |
| P/S | 8.95Y avg ≈3.4 | ≈3.4 | 8.5 | Undervalued | |
| P/B | 5.75Y avg ≈1.8 | ≈1.8 | 10.9 | Undervalued | |
| Price / Cash Flow | 44.85Y avg ≈10.5 | ≈10.5 | 17.4 | Overvalued | |
| Price / Tangible Book | 18.85Y avg ≈6.2 | ≈6.2 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | TWLO | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 48.5%5Y avg ≈49.2% | ≈49.2% | 69.4% | Weak | |
| Operating Margin (TTM) | 5.2%5Y avg ≈-12.7% | ≈-12.7% | 6.5% | In line | |
| EBITDA Margin (TTM) | 8.1%5Y avg ≈-7.0% | ≈-7.0% | 6.5% | In line | |
| Pretax Margin (TTM) | 3.1%5Y avg ≈-14.3% | ≈-14.3% | 7.5% | Weak | |
| Net Profit Margin (TTM) | 20.6%5Y avg ≈-14.8% | ≈-14.8% | 9.9% | Top tier | |
| ROA (TTM) | 11.1%5Y avg ≈-4.7% | ≈-4.7% | 1.4% | Below avg | |
| ROE (TTM) | 13.5%5Y avg ≈-5.8% | ≈-5.8% | -5.0% | Top tier | |
| ROIC | 1.2%5Y avg ≈-5.1% | ≈-5.1% | 0.53% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | TWLO | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 4.65Y avg ≈5.3 | ≈5.3 | 1.4 | Strong liquidity | |
| Quick Ratio | 1.55Y avg ≈1.5 | ≈1.5 | 1.0 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | TWLO | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 13.7%5Y avg ≈25.1% | ≈25.1% | · | · | |
| Revenue CAGR 3Y | 9.8%5Y avg ≈19.7% | ≈19.7% | · | · | |
| Revenue CAGR 5Y | 23.5% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | TWLO | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.55Y avg ≈0.4 | ≈0.4 | 0.5 | In line | |
| Receivables Turnover | 8.35Y avg ≈7.9 | ≈7.9 | 5.9 | Top tier | |
| Revenue / Employee | ≈$922.7K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 5, 2026 | $1.47 | $1.34 | 9.3% |
| March 31, 2026 | $1.50 | $1.30 | 15.5% | |
| Dec. 31, 2025 | $1.33 | $1.26 | 5.5% | |
| Sept. 30, 2025 | $1.25 | $1.11 | 13.1% | |
| June 30, 2025 | $1.19 | $1.07 | 11.5% | |
| March 31, 2025 | $1.14 | $0.96 | 18.5% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| 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
| 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
| 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
| 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
| 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
| 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 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $51.32 | $52.11 | $53.49 | $56.78 | · | $51.53 | · | $4.38 | $3.83 | $3.78 | · | |
| Revenue / Share | $31.71 | $26.87 | $22.66 | $20.91 | · | · | · | · | · | · | · | |
| Cash Flow / Share | $6.28 | $4.32 | $2.26 | $-1.39 | · | · | · | · | · | · | · | |
| Cash / Share | $4.48 | $2.76 | $3.61 | $3.50 | · | $5.69 | · | $4.87 | $1.23 | $3.50 | · | |
| EPS (TTM) | $0.21 | $-0.66 | $-5.54 | $-6.86 | $-5.45 | $-3.35 | $-2.36 | · | · | · | · |
Growth Rates
| 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)
| 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
| 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 | · | 153,119,639 | 153,228,766 | 153,345,192 | · | 159,091,110 | 170,222,104 | 181,017,726 | · | 181,749,309 | 183,490,982 | 186,403,349 | · | 183,692,564 | |
| Shares (Diluted) | 159,708,166 | 157,759,141 | · | 159,209,951 | 159,691,758 | 161,794,287 | · | 159,091,110 | 170,222,104 | 181,017,726 | · | 181,749,309 | 183,490,982 | 186,403,349 | · | 183,692,564 | |
| EBITDA | $85M | $142M | · | $41M | $37M | $73M | · | $-5M | $-19M | $10M | · | $-109M | $-142M | $-193M | · | $-457M |
Balance Sheet
| 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
| 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
| 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
| 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
| 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 |
Per Share
| 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 / Share | $9.39 | $8.92 | · | $8.17 | $7.69 | $7.25 | · | $7.13 | $6.36 | $5.78 | · | $5.69 | $5.66 | $5.40 | · | $5.35 | |
| Cash Flow / Share | · | $0.97 | · | · | · | $1.18 | · | · | · | $1.05 | · | · | · | $-0.53 | · | · | |
| EPS (TTM) | $7.20 | $0.66 | · | $0.39 | $0.10 | $-0.23 | · | $-2.57 | $-3.29 | $-4.01 | · | $-4.76 | $-6.61 | $-7.47 | · | $-7.27 |
Valuation (TTM)
| 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 | $5.57B | $5.30B | · | $4.90B | $4.73B | $4.58B | · | $4.34B | $4.24B | $4.19B | · | $4.10B | $4.05B | $3.96B | · | $3.64B | |
| Net Income TTM | $1.15B | $104M | · | $67M | $20M | $-34M | · | $-462M | $-594M | $-729M | · | $-879M | $-1.22B | $-1.38B | · | $-1.32B | |
| P/E | 28.7 | 190.6 | · | 256.6 | 1243.6 | -425.7 | · | -25.4 | -17.3 | -15.2 | · | -12.3 | -9.6 | -8.9 | · | -9.5 | |
| Earnings Yield | 3.5% | 0.52% | · | 0.39% | 0.08% | -0.23% | · | -3.9% | -5.8% | -6.6% | · | -8.1% | -10.4% | -11.2% | · | -10.5% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 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 |
| Metric | 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 | · |
Not enough fundamentals data to build this statement yet.
Institutional owners (13F) 1,075 filers · $31.3B total · As of Sept. 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 |
|---|---|---|---|---|
| 237 (+126 vs prior Q) | 61 (-58 vs prior Q) | 330 (+11 vs prior Q) | 317 (+30 vs prior Q) | +5.3M |
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 |
|---|---|---|---|---|
| BlackRock, Inc. | $3,431,272,592 | 16,630,023 | 10.97% | Shares |
| JPMORGAN CHASE & CO | $2,429,770,277 | 12,224,027 | 7.77% | Shares |
| FMR LLC | $2,326,025,924 | 11,273,330 | 7.44% | Shares |
| VANGUARD GROUP INC | $2,197,549,112 | 15,449,586 | 7.03% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,577,093,259 | 7,643,548 | 5.04% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,413,268,271 | 6,849,553 | 4.52% | Shares |
| STATE STREET CORP | $1,237,688,456 | 5,998,587 | 3.96% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $591,745,570 | 2,875,569 | 1.89% | Shares |
| ALKEON CAPITAL MANAGEMENT LLC | $481,924,981 | 2,335,700 | 1.54% | Shares |
| ROYAL BANK OF CANADA | $464,290,000 | 2,250,229 | 1.48% | Shares |
| Pictet Asset Management Holding SA | $463,625,044 | 2,247,629 | 1.48% | Shares |
| Jericho Capital Asset Management L.P. | $452,369,240 | 2,192,455 | 1.45% | Shares |
| NORGES BANK | $399,359,762 | 1,935,539 | 1.28% | Shares |
| Durable Capital Partners LP | $380,916,748 | 1,846,153 | 1.22% | Shares |
| Capital World Investors | $368,709,440 | 1,786,989 | 1.18% | Shares |
| MORGAN STANLEY | $357,391,804 | 1,732,134 | 1.14% | Shares |
| NORTHERN TRUST CORP | $350,553,020 | 1,698,992 | 1.12% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $296,023,162 | 1,435,153 | 0.95% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $253,171,686 | 1,271,006 | 0.81% | Shares |
| Polar Capital Holdings Plc | $248,623,936 | 1,204,982 | 0.80% | Shares |
| GOLDMAN SACHS GROUP INC | $239,392,525 | 1,160,241 | 0.77% | Shares |
| Amundi | $237,443,341 | 1,150,794 | 0.76% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $232,601,586 | 1,127,328 | 0.74% | Shares |
| SRS Investment Management, LLC | $221,945,673 | 1,075,683 | 0.71% | Shares |
| BANK OF AMERICA CORP /DE/ | $209,798,249 | 1,016,809 | 0.67% | Shares |
| Bank of New York Mellon Corp | $199,102,148 | 964,969 | 0.64% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $198,761,609 | 963,319 | 0.64% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $186,708,017 | 904,900 | 0.60% | Call option |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $185,430,370 | 1,473,775 | 0.59% | Shares |
| Legal & General Group Plc | $185,041,912 | 896,825 | 0.59% | Shares |
| CITADEL ADVISORS LLC | $182,375,087 | 883,900 | 0.58% | Call option |
| UBS Group AG | $180,100,918 | 872,878 | 0.58% | Shares |
| Qube Research & Technologies Ltd | $176,258,847 | 854,257 | 0.56% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $172,739,476 | 837,200 | 0.55% | Put option |
| Allspring Global Investments Holdings, LLC | $172,453,835 | 824,034 | 0.55% | Shares |
| DEUTSCHE BANK AG\ | $172,382,937 | 835,472 | 0.55% | Shares |
| FRED ALGER MANAGEMENT, LLC | $171,447,231 | 830,937 | 0.55% | Shares |
| Whale Rock Capital Management LLC | $169,555,391 | 821,768 | 0.54% | Shares |
| Balyasny Asset Management L.P. | $155,900,472 | 755,588 | 0.50% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $155,863,745 | 755,410 | 0.50% | Shares |
| Atreides Management, LP | $148,627,340 | 720,338 | 0.48% | Shares |
| Quantinno Capital Management LP | $139,829,667 | 677,699 | 0.45% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $135,742,650 | 657,891 | 0.43% | Shares |
| JANE STREET GROUP, LLC | $133,309,813 | 646,100 | 0.43% | Call option |
| Sachem Head Capital Management LP | $127,924,600 | 620,000 | 0.41% | Shares |
| FIRST TRUST ADVISORS LP | $121,174,730 | 587,288 | 0.39% | Shares |
| EARNEST PARTNERS LLC | $116,669,505 | 565,451 | 0.37% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $115,678,194 | 560,646 | 0.37% | Shares |
| 1832 Asset Management L.P. | $114,616,315 | 555,500 | 0.37% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $109,210,000 | 529,299 | 0.35% | Shares |
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.
Company insiders 25 insiders · 12 officers · 14 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Khozema Shipchandler | Chief Executive Officer | Sept. 30, 2026 S | 193,305 | 0 | 42 | $-34,995,088 |
| Jeff Lawson | Chief Executive Officer | June 28, 2023 J | 1,022,705 | 0 | 0 | $0 |
| Aidan Viggiano | Chief Financial Officer | Sept. 30, 2026 S | 99,246 | 0 | 36 | $-12,964,415 |
| Lee Kirkpatrick | Chief Financial Officer | Oct. 15, 2018 C | 30,582 | 0 | 0 | $0 |
| DONIO ELENA A. | President, Data & Applications | Nov. 20, 2023 S | 404,832 | 0 | 0 | $0 |
| Roy Ng | Chief Operating Officer | June 28, 2016 J | 0 | 0 | 0 | $0 |
| Dana Wagner | Chief Legal Officer, Secretary | Dec. 31, 2024 S | 32,590 | 0 | 0 | $0 |
| Eyal Manor | Chief Product Officer | Feb. 22, 2023 S | 172,099 | 0 | 0 | $0 |
| Marc Boroditsky | Chief Revenue Officer | March 21, 2022 A | 82,091 | 0 | 0 | $0 |
| Karyn Smith | General Counsel and Secretary | Dec. 3, 2021 G | 2,280 | 0 | 0 | $0 |
| George Hu | Strategic Advisor | Nov. 11, 2021 M | 98,870 | 0 | 0 | $0 |
| Chee Chew | Chief Product Officer | May 17, 2021 S | 109,480 | 0 | 0 | $0 |
| Charles H Bell | Director | Sept. 15, 2026 A | 18,565 | 0 | 0 | $0 |
| Douglas A. Robinson | Director | Sept. 15, 2026 A | 4,228 | 0 | 0 | $0 |
| Miyuki Suzuki | Director | Sept. 15, 2026 A | 18,170 | 0 | 0 | $0 |
| Donna Dubinsky | Director | Sept. 15, 2026 G | 22,698 | 0 | 0 | $0 |
| Erika Rottenberg | Director | Sept. 15, 2026 G | 28,237 | 0 | 10 | $-1,825,622 |
| Jeffrey R Immelt | Director | Sept. 15, 2026 A | 1,463 | 0 | 0 | $0 |
| Jeff Epstein | Director | Sept. 15, 2026 A | 40,367 | 0 | 0 | $0 |
| PATRICK DEVAL L | Director | Sept. 15, 2026 A | 19,055 | 0 | 0 | $0 |
| Byron B Deeter | Director | June 5, 2024 A | 27,073 | 0 | 0 | $0 |
| Richard L Dalzell | Director | June 12, 2023 A | 19,557 | 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 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 104 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 |
|---|---|---|---|---|
| PTF · Invesco Exchange-Traded Fund Trust | 3.86% | 80,883 SH | Oct. 2, 2026 | Daily |
| FMTM · EA Series Trust | 3.28% | 41,869 NS | July 31, 2026 | N-PORT |
| EPMB · Harbor ETF Trust | 2.50% | 578 NS | July 31, 2026 | N-PORT |
| RFG · Invesco Exchange-Traded Fund Trust | 2.37% | 26,391 SH | Oct. 2, 2026 | Daily |
| IVOG · VANGUARD ADMIRAL FUNDS | 1.64% | 149,758 SH | Aug. 19, 2026 | Daily |
| QVMM · Invesco Exchange-Traded Fund Trust … | 1.53% | 20,961 SH | Oct. 2, 2026 | Daily |
| FXL · First Trust Exchange-Traded AlphaDE… | 1.27% | 164,868 NS | July 31, 2026 | N-PORT |
| PNQI · Invesco Exchange-Traded Fund Trust | 1.24% | 21,900 SH | Oct. 2, 2026 | Daily |
| IQSM · New York Life Investments ETF Trust | 1.01% | 16,842 NS | July 31, 2026 | N-PORT |
| PDP · Invesco Exchange-Traded Fund Trust | 1.01% | 49,520 SH | Oct. 2, 2026 | Daily |
| NULV · Nushares ETF Trust | 0.87% | 96,873 NS | July 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.86% | 2,010,799 SH | Aug. 19, 2026 | Daily |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.86% | 245,170 SH | Aug. 19, 2026 | Daily |
| PTMC · Pacer Funds Trust | 0.84% | 16,694 NS | July 31, 2026 | N-PORT |
| LSEQ · Harbor ETF Trust | 0.76% | 588 NS | July 31, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.72% | 23,580 NS | July 31, 2026 | N-PORT |
| NUMV · Nushares ETF Trust | 0.70% | 15,726 NS | July 31, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.64% | 2,229 NS | July 31, 2026 | N-PORT |
| LSVD · ADVISORS' INNER CIRCLE FUND | 0.59% | 19,440 NS | July 31, 2026 | N-PORT |
| FBCG · FIDELITY COVINGTON TRUST | 0.48% | 169,520 NS | July 31, 2026 | N-PORT |
| IMCG · iShares Trust | 0.46% | 79,903 SH | Sept. 11, 2026 | Daily |
| NULC · Nushares ETF Trust | 0.43% | 1,535 NS | July 31, 2026 | N-PORT |
| VLUE · iShares Trust | 0.38% | 156,036 SH | Sept. 11, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.37% | 3,481,229 SH | Aug. 19, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.35% | 1,741,716 SH | Aug. 19, 2026 | Daily |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.30% | 12,835 SH | Oct. 2, 2026 | Daily |
| SUSA · iShares Trust | 0.30% | 52,371 SH | Sept. 11, 2026 | Daily |
| IWS · iShares Trust | 0.29% | 187,886 SH | Sept. 11, 2026 | Daily |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.28% | 35,118 NS | July 31, 2026 | N-PORT |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.27% | 11,501 NS | July 31, 2026 | N-PORT |
| TECB · iShares Trust | 0.27% | 5,797 SH | Sept. 11, 2026 | Daily |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.27% | 110,529 NS | July 31, 2026 | N-PORT |
| IWR · iShares Trust | 0.25% | 606,181 SH | Sept. 11, 2026 | Daily |
| IMCB · iShares Trust | 0.23% | 16,941 SH | Sept. 11, 2026 | Daily |
| JHAI · Janus Detroit Street Trust | 0.23% | 272 NS | July 31, 2026 | N-PORT |
| SIZE · iShares Trust | 0.22% | 4,154 SH | Sept. 11, 2026 | Daily |
| EUSA · iShares, Inc. | 0.21% | 17,585 SH | Sept. 11, 2026 | Daily |
| SMDX · Tidal Trust III | 0.21% | 1,353 NS | July 31, 2026 | N-PORT |
| MTUM · iShares Trust | 0.20% | 209,017 SH | Sept. 11, 2026 | Daily |
| FFSM · FIDELITY COVINGTON TRUST | 0.19% | 14,639 NS | July 31, 2026 | N-PORT |
| IYW · iShares Trust | 0.17% | 183,245 SH | Sept. 11, 2026 | Daily |
| FTEC · FIDELITY COVINGTON TRUST | 0.17% | 170,338 NS | July 31, 2026 | N-PORT |
| VGT · VANGUARD WORLD FUND | 0.16% | 1,333,597 SH | Aug. 19, 2026 | Daily |
| IGM · iShares Trust | 0.16% | 71,470 SH | Sept. 11, 2026 | Daily |
| IWP · iShares Trust | 0.15% | 123,334 SH | Sept. 11, 2026 | Daily |
| GARP · iShares Trust | 0.14% | 19,054 SH | Sept. 11, 2026 | Daily |
| EVUS · iShares Trust | 0.14% | 2,327 SH | Sept. 11, 2026 | Daily |
| ACWV · iShares, Inc. | 0.14% | 20,478 SH | Sept. 11, 2026 | Daily |
| USXF · iShares Trust | 0.13% | 8,544 SH | Sept. 11, 2026 | Daily |
| QLC · FlexShares Trust | 0.13% | 6,720 NS | July 31, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.13% | 99,381 NS | July 31, 2026 | N-PORT |
| ESMV · iShares Trust | 0.12% | 39 SH | Sept. 11, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.11% | 12,904 NS | July 31, 2026 | N-PORT |
| ESGU · iShares Trust | 0.11% | 81,666 SH | Sept. 11, 2026 | Daily |
| ILCG · iShares Trust | 0.10% | 13,971 SH | Sept. 11, 2026 | Daily |
| REVS · Columbia ETF Trust I | 0.10% | 1,720 NS | July 31, 2026 | N-PORT |
| SUSL · iShares Trust | 0.10% | 5,088 SH | Sept. 11, 2026 | Daily |
| DSI · iShares Trust | 0.09% | 22,087 SH | Sept. 11, 2026 | Daily |
| VEGN · ETF Series Solutions | 0.09% | 845 NS | July 31, 2026 | N-PORT |
| IUSG · iShares Trust | 0.09% | 133,529 SH | Sept. 11, 2026 | Daily |
| VFMF · VANGUARD WELLINGTON FUND | 0.09% | 3,124 SH | Aug. 19, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.09% | 213,397 NS | July 31, 2026 | N-PORT |
| DFLV · Dimensional ETF Trust | 0.09% | 30,084 NS | July 31, 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.08% | 2,188 SH | Oct. 2, 2026 | Daily |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.08% | 2,629 SH | Oct. 2, 2026 | Daily |
| IWD · iShares Trust | 0.08% | 280,736 SH | Sept. 11, 2026 | Daily |
| GLBL · Pacer Funds Trust | 0.07% | 4 NS | July 31, 2026 | N-PORT |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.07% | 76,055 SH | Aug. 19, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.07% | 11,318 NS | July 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.07% | 1,844 NS | July 31, 2026 | N-PORT |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.07% | 25,001 SH | Oct. 2, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.07% | 21,244 SH | Oct. 2, 2026 | Daily |
| USCL · iShares Trust | 0.06% | 7,576 SH | Sept. 11, 2026 | Daily |
| ESGG · FlexShares Trust | 0.06% | 323 NS | July 31, 2026 | N-PORT |
| ILCB · iShares Trust | 0.05% | 2,820 SH | Sept. 11, 2026 | Daily |
| IYY · iShares Trust | 0.05% | 6,534 SH | Sept. 11, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.05% | 33,441 SH | Aug. 19, 2026 | Daily |
| ESG · FlexShares Trust | 0.05% | 330 NS | July 31, 2026 | N-PORT |
| IWB · iShares Trust | 0.05% | 102,047 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.05% | 196,895 SH | Sept. 11, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.05% | 29,732 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.05% | 40,614 SH | Sept. 11, 2026 | Daily |
| GLOF · iShares Trust | 0.05% | 391 SH | Sept. 11, 2026 | Daily |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.04% | 19,907 NS | July 31, 2026 | N-PORT |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.04% | 6,867 SH | Oct. 2, 2026 | Daily |
| VOTE · TCW ETF Trust | 0.04% | 2,442 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.04% | 44,833 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.04% | 4,817,826 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.04% | 24,381 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.04% | 12,448 SH | Aug. 19, 2026 | Daily |
| TOV · EA Series Trust | 0.04% | 548 NS | July 31, 2026 | N-PORT |
| TOK · iShares Trust | 0.04% | 398 SH | Sept. 11, 2026 | Daily |
| CRBN · iShares Trust | 0.04% | 1,858 SH | Sept. 11, 2026 | Daily |
| URTH · iShares, Inc. | 0.04% | 12,939 SH | Sept. 11, 2026 | Daily |
| TILT · FlexShares Trust | 0.03% | 3,634 NS | July 31, 2026 | N-PORT |
| ACWI · iShares Trust | 0.03% | 46,753 SH | Sept. 11, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.03% | 123,442 SH | Aug. 19, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.02% | 1,982 SH | Aug. 19, 2026 | Daily |
| DYNF · BlackRock ETF Trust | 0.02% | 30,857 SH | Sept. 11, 2026 | Daily |
| IWF · iShares Trust | 0.02% | 82,336 SH | Sept. 11, 2026 | Daily |
| VONG · VANGUARD SCOTTSDALE FUNDS | 0.01% | 34,957 SH | Aug. 19, 2026 | Daily |
| IJH · iShares Trust | · | 5,325,486 SH | Sept. 11, 2026 | Daily |
| IJK · iShares Trust | · | 879,739 SH | Sept. 11, 2026 | Daily |
| XJH · iShares Trust | · | 20,734 SH | Sept. 8, 2026 | Daily |
TWLO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
28 analysts · 2026-09-30Mean target $263.04 -10.7%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| 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% |
| NET | · | -679.8 | 29.8% | · | · | · |
| SNOW | $66.35B | -48.8 | 29.2% | -28.4% | -54.1% | 67.2% |
| CRWV | $35.95B | -25.5 | 167.9% | -22.7% | -39.0% | · |
| OKTA | · | 65.5 | 11.8% | 8.1% | 3.4% | 77.4% |
| MDB | $30.35B | -428.5 | 22.8% | -2.9% | -2.4% | 71.8% |
| VRSN | $22.33B | 117.4 | 6.4% | 49.8% | -39.8% | · |
| DOCN | $4.42B | 19.1 | 15.5% | 28.8% | -254.3% | 59.9% |
| AKAM | $12.63B | 28.4 | 5.4% | 10.7% | 9.6% | · |
| GDDY | $16.72B | 19.9 | 8.3% | 17.7% | 282.5% | · |
| APLD | $13.61B | -52.0 | 167.5% | -30.1% | -11.6% | · |
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