Slide 1: Q4 2025 Earnings Results
Q4 2025 Earnings Results February 12, 2026 1
Slide 2: Legal Disclaimer
Legal Disclaimer This presentation and the accompanying conference call contain This presentation and the accompanying conference call also contain forward-looking statements within the meaning of the federal securities non-GAAP financial measures. The non-GAAP financial measures are laws, including s
Slide 3: Financial Overview
€:) twilio Financial Overview
Slide 4: Company Results Q4 2025
by strong collections and timing of payments during the quarter. Company Results Q4 2025 $1,366M 14% / 12% $682M 49.9% Reported Reported / Organic Non-GAAP Gross Non-GAAP Gross Revenue Revenue Growth Y/Y Profit Margin $256M $256M 109% 402,000+ Non-GAAP Income Free Cash Dollar-Based Net Active Custome
Slide 5: Company Results 2025
by strong collections and timing of payments during the quarter. Company Results 2025 $5,067M 14% / 13% $2,559M 50.5% Reported Reported / Organic Non-GAAP Gross Non-GAAP Gross Revenue Revenue Growth Y/Y Profit Margin $924M $945M 108% 402,000+ Non-GAAP Income Free Cash Dollar-Based Net Active Customer
Slide 6: Execution Since Investor Day
by strong collections and timing of payments during the quarter. Execution Since Investor Day 2025 Y/Y Growth 24% 21% 21% 24% ISV Revenue Self Serve Revenue1 Software Add-On Revenue2 Verify Revenue 17% 26% 14% 49% International Revenue Multi-Product Customer $1M+ Customer Count4 Voice AI Customer Re
Slide 7: Q1 2026 & Full Year 2026 Guidance
Q1 2026 & Full Year 2026 Guidance Q1 2026 Guidance: ● Reported revenue: $1.335 billion to $1.345 billion, up 14% to 15% year-over-year ● Organic revenue growth: 10% to 11% year-over-year ● Non-GAAP income from operations: $240 million to $250 million ● Non-GAAP diluted earnings per share1: $1.21 - $
Slide 8: Quarterly Revenue
Quarterly Revenue Q4’25 Reported 14% Revenue Growth Y/Y FY25 Reported 14% Revenue Growth Y/Y Note: Numbers are rounded to the nearest million (other than percentages). 8
Slide 9: Quarterly Organic Revenue Growth
Quarterly Organic Revenue Growth Q4’25 Organic 12% Revenue Growth Y/Y FY25 Organic 13% Revenue Growth Y/Y Note: Organic revenue growth is a non-GAAP financial measure. See Appendix for non-GAAP definitions and reconciliations. 9
Slide 10: Dollar-Based Net Expansion Rate
Dollar-Based Net Expansion Rate Note: See Appendix for our definition of Dollar-Based Net Expansion Rate. 10
Slide 11: Messaging Revenue Mix %
Messaging Revenue Mix % Note: Messaging Revenue Mix % refers to Messaging revenue as a percentage of revenue. RCS Messaging and WhatsApp Messaging were reclassified from Other to Messaging; prior periods were reclassified to conform with current presentation. 11
Slide 12: Non-GAAP Gross Profit
Non-GAAP Gross Profit 50% Q4’25 Non-GAAP Gross Margin Q4’25 Non-GAAP 10% Gross Profit Growth Y/Y FY25 Non-GAAP 8% Gross Profit Growth Y/Y Note: Non-GAAP gross profit and non-GAAP gross margin are non-GAAP financial measures. See Appendix for non-GAAP definitions and reconciliations. 12
Slide 13: Non-GAAP Operating Expense
Non-GAAP Operating Expense Q4’25 Non-GAAP 1% Operating Expense Growth Y/Y FY25 Non-GAAP -1% Operating Expense Growth Y/Y Note: Non-GAAP operating expense is a non-GAAP financial measure. See Appendix for non-GAAP definitions and reconciliations. 13
Slide 14: Non-GAAP Income from Operations
Non-GAAP Income from Operations 19% Q4’25 Non-GAAP Operating Margin Q4’25 Non-GAAP 30% Income from Operations Growth Y/Y FY25 Non-GAAP 29% Income from Operations Growth Y/Y Note: Non-GAAP income from operations and non-GAAP operating margin are non-GAAP financial measures. See Appendix for non-GAAP d
Slide 15: GAAP Income from Operations
GAAP Income from Operations 4% Q4’25 GAAP Operating Margin 3% FY25 GAAP Operating Margin 15
Slide 16: Stock-Based Compensation Expense
Stock-Based Compensation Expense Q4’25 Stock-Based 11% Compensation as a % of Revenue FY25 Stock-Based 12% Compensation as a % of Revenue FY25 Net Burn1 1.5% (Before Share Repurchases) 1 Net burn is calculated as the number of employee stock units granted in a year net of forfeitures and divided by
Slide 17: Free Cash Flow
Free Cash Flow 19% Q4’25 Free Cash Flow Margin 19% FY25 Free Cash Flow Margin 44% FY25 Free Cash Flow Growth Y/Y Note: Free cash flow and free cash flow margin are non-GAAP financial measures. See Appendix for non-GAAP definitions and reconciliations. 17
Slide 18: Q4 2025: Representative Customer Wins
Q4 2025: Representative Customer Wins 18
Slide 19: Top Customer Wins from the Quarter
Top Customer Wins from the Quarter ● Twilio signed a nine-figure renewal with a leading marketing automation platform, the largest deal in Twilio’s history. ● Ramp, a leading financial operations company, signed a deal to leverage RCS as the branded messaging experience to power account notifications a
Slide 20: Top Customer Wins from the Quarter (cont.)
Top Customer Wins from the Quarter (cont.) ● Sierra, a leading company in the customer experience AI space, signed a new deal to continue leveraging Twilio's Voice functionality to power their platform. Additionally, they will use voice software products like Conferencing to support additional use c
Slide 21: Top Customer Wins from the Quarter (cont.)
Top Customer Wins from the Quarter (cont.) ● Numa, an AI platform for automotive dealerships, signed a seven figure deal to leverage Messaging, Voice, and other Advanced Features for their AI Agents that automate appointment bookings, answer calls, detect intent, and schedule appointments. ● Creditas
Slide 22: FY25 Customer Success Stories
FY25 Customer Success Stories Click customer name to learn more ● All My Sons - With Flex and Programmable Voice, All My Sons streamlined sales outreach, simplified operations, and enhanced both customer and employee experiences—without giving up control. ● smava - With secure, verified channels and a
Slide 23: Thank You
THANK YOU 23
Slide 24: Appendix
€:) twilio Appendix
Slide 25: Forward-Looking Statements
Forward-Looking Statements This presentation and the accompanying conference call contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can
Slide 26: Operating Metrics
Operating Metrics We review a number of operational and financial metrics, including Active Customer Accounts and Dollar-Based Net Expansion Rate, to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. These met
Slide 27: Operating Metrics
Operating Metrics Dollar-Based Net Expansion Rate. Our Dollar-Based Net Expansion Rate compares the total revenue from all Active Customer Accounts and customer accounts from Zipwhip in a quarter to the same quarter in the prior year. To calculate the Dollar-Based Net Expansion Rate, we first identif
Slide 28: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to financial information presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation and the accompanying conference call include certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margi
Slide 29: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non‑GAAP Net Income Attributable to Common Stockholders and Non‑GAAP Net Income Per Share Attributable to Common Stockholders. For the periods presented, we define non-GAAP net income attributable to common stockholders and non‑GAAP net income per share attributable to com
Slide 30: Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation unaudited) Non-GAAP gross profit and Non-GAAP gross margin Revenue GAAP gross profit GAAP gross profit growth (Y/Y) GAAP gross margin Non-GAAP adjustments: Stock-based compensation Amortization of acquired intangibles Payroll taxes related to stock-based co
Slide 31: Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation (Dollars in thousands, unaudi Three Months Ended December 31, March 31, June 30, September 30, December 31, 2024 2025 2025 2025 2025 Non-GAAP income from operations and Non-GAAP operating margin GAAP gross profit 599,697 $ 581,567 $ 602,740 $ 632,077 662,35
Slide 32: Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation ( lars in thous unaudited) Year Ended December 31, December 31, 2024 2025 Non-GAAP income from operations and Non-GAAP operating margin GAAP gross profit 2,278,212 $ 2,478,734 Non-GAAP gross profit 2,364,074 $ 2,559,237 GAAP operating expenses 2,331,920 $ 2
Slide 33: Operating expenses growth (Y/Y)
Non-GAAP operating expenses growth (Y/Y) GAAP operating expenses Non-GAAP adjustments: Stock-based compensation Amortization of acquired intangibles Acquisition and divestiture related expenses Payroll taxes related to stock-based compensation Charitable contributions Restructuring costs Impairment
Slide 34: Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation (Dollars in thousands, unaudited) Organic revenue Total revenue A2P revenue Acquisition revenue Organic revenue Revenue growth Organic revenue growth December 31, 1,194,835 1,194,835 Three Months Ended March 31, June 30, September 30, 2025 2025 2025 1,172,4
Slide 35: Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation (Dollars in thousands, unaudited) Organic revenue Total revenue A2P revenue Acquisition revenue Organic revenue Revenue growth Organic revenue growth FY'24 organic revenue, as used in the calculation of FY'25 organic revenue growth, is equal to reported rev
Slide 36: Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation (Dollars in thousands, unaudited) December 31, Free cash flow and free cash flow margin Net cash provided by operating activities Operating cash flow margin Non-GAAP adjustments: 108,446 9.1% Capitalized software development costs Purchases of long-lived an
Slide 37: Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation (Dollars in thousands, unaudited) Year Ended December 31, December 31, 2024 Free cash flow and free cash flow margin Net cash provided by operating activities 716,241 $ Net cash provided by operating activities growth (Y/Y) Operating cash flow margin 16% No