Twilio (TWLO)
Market Price (8/18/2026): $231.01 | Market Cap: $35.3 BilSector: Information Technology | Industry: Systems Software
Twilio (TWLO)
Market Price (8/18/2026): $231.01Market Cap: $35.3 BilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18% Stock buyback supportStock Buyback 3Y Total is 3.7 Bil Megatrend and thematic driversMegatrends include Cloud Computing, E-commerce & DTC Adoption, and Fintech & Digital Payments. Themes include Platform as a Service (PaaS), Show more. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 103x Stock price has recently run up significantly6M Rtn6 month market price return is 102%, 12M Rtn12 month market price return is 116% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 73% Key risksTWLO key risks include [1] significant profitability and margin pressures in its core messaging business, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18% |
| Stock buyback supportStock Buyback 3Y Total is 3.7 Bil |
| Megatrend and thematic driversMegatrends include Cloud Computing, E-commerce & DTC Adoption, and Fintech & Digital Payments. Themes include Platform as a Service (PaaS), Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 103x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 102%, 12M Rtn12 month market price return is 116% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 73% |
| Key risksTWLO key risks include [1] significant profitability and margin pressures in its core messaging business, Show more. |
Qualitative Assessment
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Twilio (TWLO) stock has gained about 55% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat and Upbeat Initial Guidance.
Twilio reported robust financial results for its fiscal Q1 2026 (ended March 31, 2026), with revenue reaching $1.41 billion, surpassing analyst estimates of $1.34 billion, and adjusted earnings per share (EPS) of $1.50, significantly beating the $1.27 consensus. This strong performance prompted management to raise its full-year 2026 revenue growth forecast to 14%-15% (up from a previous forecast of 11.5%-12.5%) and adjusted operating income guidance to $1.08 billion-$1.10 billion, signaling increased confidence in the company's outlook.
2. Exceptional Fiscal Q2 2026 Performance and Further Elevated Full-Year Outlook.
The positive momentum continued into fiscal Q2 2026 (ended June 30, 2026), with Twilio announcing revenue of $1.50 billion, reflecting a 22% reported and 17% organic year-over-year growth, exceeding analyst expectations of $1.43 billion. Non-GAAP diluted EPS for the quarter was $1.47, outperforming the consensus range of $1.18-$1.32. Additionally, the company reported record non-GAAP income from operations of $284.6 million (up 29% year-over-year) and free cash flow of $352.6 million. Following these results, Twilio significantly raised its full-year 2026 revenue growth guidance to 18%-18.5% and increased its non-GAAP income from operations and free cash flow guidance to $1.135 billion-$1.155 billion.
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Twilio (TWLO) stock has gained about 55% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat and Upbeat Initial Guidance.
Twilio reported robust financial results for its fiscal Q1 2026 (ended March 31, 2026), with revenue reaching $1.41 billion, surpassing analyst estimates of $1.34 billion, and adjusted earnings per share (EPS) of $1.50, significantly beating the $1.27 consensus. This strong performance prompted management to raise its full-year 2026 revenue growth forecast to 14%-15% (up from a previous forecast of 11.5%-12.5%) and adjusted operating income guidance to $1.08 billion-$1.10 billion, signaling increased confidence in the company's outlook.
2. Exceptional Fiscal Q2 2026 Performance and Further Elevated Full-Year Outlook.
The positive momentum continued into fiscal Q2 2026 (ended June 30, 2026), with Twilio announcing revenue of $1.50 billion, reflecting a 22% reported and 17% organic year-over-year growth, exceeding analyst expectations of $1.43 billion. Non-GAAP diluted EPS for the quarter was $1.47, outperforming the consensus range of $1.18-$1.32. Additionally, the company reported record non-GAAP income from operations of $284.6 million (up 29% year-over-year) and free cash flow of $352.6 million. Following these results, Twilio significantly raised its full-year 2026 revenue growth guidance to 18%-18.5% and increased its non-GAAP income from operations and free cash flow guidance to $1.135 billion-$1.155 billion.
3. Positive Analyst Sentiment and Upgraded Price Targets.
In response to Twilio's consecutive strong earnings reports, Wall Street analysts generally reacted with increased optimism. After the fiscal Q1 2026 results, Bank of America upgraded Twilio to a "Buy" rating and raised its price target to $190 from $110. Subsequent to the fiscal Q2 2026 earnings, several firms, including Rosenblatt, Needham, and TD Cowen, further increased their price targets, with some reaching as high as $280, reinforcing a "Moderate Buy" or "Buy" consensus rating for the stock.
4. Strategic Focus and Traction in AI-Driven Customer Engagement.
Twilio's emphasis on artificial intelligence (AI) and its positioning as "the infrastructure for customer engagement in the AI era" significantly contributed to investor confidence. The company highlighted "unprecedented demand for voice reimagined through the lens of AI" in fiscal Q1 2026 and at its SIGNAL event, unveiled a revamped platform aimed at enhancing customer engagement through AI integration. This strategic alignment with the growing market interest in AI solutions reinforced Twilio's long-term growth narrative.
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Stock Movement Drivers
Fundamental Drivers
The 54.4% change in TWLO stock from 4/30/2026 to 8/17/2026 was primarily driven by a 2987.5% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8172026 | Change |
|---|---|---|---|
| Stock Price ($) | 148.06 | 228.61 | 54.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,067 | 5,572 | 10.0% |
| Net Income Margin (%) | 0.7% | 20.6% | 2987.5% |
| P/E Multiple | 666.5 | 30.4 | -95.4% |
| Shares Outstanding (Mil) | 152 | 153 | -0.3% |
| Cumulative Contribution | 54.4% |
Market Drivers
4/30/2026 to 8/17/2026| Return | Correlation | |
|---|---|---|
| TWLO | 54.4% | |
| Market (SPY) | 7.5% | 15.2% |
| Sector (XLK) | 19.3% | 18.5% |
Fundamental Drivers
The 89.8% change in TWLO stock from 1/31/2026 to 8/17/2026 was primarily driven by a 1401.6% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8172026 | Change |
|---|---|---|---|
| Stock Price ($) | 120.46 | 228.61 | 89.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,896 | 5,572 | 13.8% |
| Net Income Margin (%) | 1.4% | 20.6% | 1401.6% |
| P/E Multiple | 274.4 | 30.4 | -88.9% |
| Shares Outstanding (Mil) | 153 | 153 | 0.2% |
| Cumulative Contribution | 89.8% |
Market Drivers
1/31/2026 to 8/17/2026| Return | Correlation | |
|---|---|---|
| TWLO | 89.8% | |
| Market (SPY) | 12.0% | 24.2% |
| Sector (XLK) | 32.4% | 25.8% |
Fundamental Drivers
The 77.2% change in TWLO stock from 7/31/2025 to 8/17/2026 was primarily driven by a 45.2% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8172026 | Change |
|---|---|---|---|
| Stock Price ($) | 129.00 | 228.61 | 77.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,583 | 5,572 | 21.6% |
| P/S Multiple | 4.3 | 6.3 | 45.2% |
| Shares Outstanding (Mil) | 153 | 153 | 0.4% |
| Cumulative Contribution | 77.2% |
Market Drivers
7/31/2025 to 8/17/2026| Return | Correlation | |
|---|---|---|
| TWLO | 77.2% | |
| Market (SPY) | 23.3% | 27.4% |
| Sector (XLK) | 45.5% | 28.7% |
Fundamental Drivers
The 246.2% change in TWLO stock from 7/31/2023 to 8/17/2026 was primarily driven by a 101.5% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8172026 | Change |
|---|---|---|---|
| Stock Price ($) | 66.03 | 228.61 | 246.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,958 | 5,572 | 40.8% |
| P/S Multiple | 3.1 | 6.3 | 101.5% |
| Shares Outstanding (Mil) | 186 | 153 | 22.0% |
| Cumulative Contribution | 246.2% |
Market Drivers
7/31/2023 to 8/17/2026| Return | Correlation | |
|---|---|---|
| TWLO | 246.2% | |
| Market (SPY) | 74.7% | 39.6% |
| Sector (XLK) | 117.4% | 37.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TWLO Return | -22% | -81% | 55% | 42% | 32% | 67% | -30% |
| Peers Return | 16% | -45% | 45% | -19% | 25% | 19% | 12% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 107% |
Monthly Win Rates [3] | |||||||
| TWLO Win Rate | 33% | 17% | 50% | 58% | 50% | 75% | |
| Peers Win Rate | 67% | 33% | 58% | 48% | 50% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TWLO Max Drawdown | -44% | -84% | -39% | -30% | -45% | -24% | |
| Peers Max Drawdown | -27% | -57% | -23% | -36% | -37% | -34% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MDB, VRSN, OKTA, AKAM, EXYN. See TWLO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/17/2026 (YTD)
How Low Can It Go
| Event | TWLO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.9% | -18.8% |
| % Gain to Breakeven | 49.0% | 23.1% |
| Time to Breakeven | 59 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.9% | -9.5% |
| % Gain to Breakeven | 20.4% | 10.5% |
| Time to Breakeven | 18 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.3% | -6.7% |
| % Gain to Breakeven | 33.8% | 7.1% |
| Time to Breakeven | 12 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.0% | -33.7% |
| % Gain to Breakeven | 78.6% | 50.9% |
| Time to Breakeven | 52 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.9% | -19.2% |
| % Gain to Breakeven | 26.4% | 23.8% |
| Time to Breakeven | 14 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -66.4% | -3.7% |
| % Gain to Breakeven | 197.7% | 3.9% |
| Time to Breakeven | 455 days | 6 days |
In The Past
Twilio's stock fell -32.9% during the 2025 US Tariff Shock. Such a loss loss requires a 49.0% gain to breakeven.
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Asset Allocation
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| Event | TWLO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.9% | -18.8% |
| % Gain to Breakeven | 49.0% | 23.1% |
| Time to Breakeven | 59 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.3% | -6.7% |
| % Gain to Breakeven | 33.8% | 7.1% |
| Time to Breakeven | 12 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.0% | -33.7% |
| % Gain to Breakeven | 78.6% | 50.9% |
| Time to Breakeven | 52 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.9% | -19.2% |
| % Gain to Breakeven | 26.4% | 23.8% |
| Time to Breakeven | 14 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -66.4% | -3.7% |
| % Gain to Breakeven | 197.7% | 3.9% |
| Time to Breakeven | 455 days | 6 days |
In The Past
Twilio's stock fell -32.9% during the 2025 US Tariff Shock. Such a loss loss requires a 49.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Twilio (TWLO)
Twilio Inc. provides a cloud communications platform that empowers businesses to embed various customer engagement functionalities directly into their software applications. Essentially, it offers the underlying technology for applications to interact with users through diverse communication channels, simplifying complex communication infrastructure for its clients.
The core of Twilio's offering is a comprehensive set of application programming interfaces (APIs). These APIs handle the intricate communication logic, enabling developers to easily integrate essential capabilities such as voice calling, SMS and MMS messaging, video conferencing, and email into their own applications. This allows companies to add robust communication features without needing to build the entire system from scratch.
Twilio primarily serves developers and businesses across numerous industries globally. Its platform is utilized by companies that need to build or enhance customer interaction within their software, providing scalable solutions for customer support, marketing, notifications, and other forms of user engagement directly within their digital products.
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Here are 1-2 brief analogies for Twilio:
Stripe for communications
AWS for customer engagement APIs
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- Voice APIs: Services enabling developers to embed voice calls, conferencing, and interactive voice response (IVR) into applications.
- Messaging APIs: Services allowing developers to integrate SMS, MMS, and other chat messaging functionalities into their software.
- Video APIs: Services for developers to embed real-time video, such as video calls and conferencing, into their applications.
- Email APIs: Services providing developers with tools to programmatically send, receive, and track emails from within their applications.
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Major Customers of Twilio (TWLO)
Twilio primarily sells its cloud communications platform and APIs to other companies, enabling them to embed voice, messaging, video, and email capabilities into their own software applications.
Major customers include:
- Uber (NYSE: UBER)
- Lyft (NASDAQ: LYFT)
- Zendesk (NYSE: ZEN)
- Netflix (NASDAQ: NFLX)
- Salesforce (NYSE: CRM)
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- Amazon Web Services (AWS), a subsidiary of Amazon.com, Inc. (AMZN)
- Google Cloud Platform (GCP), a subsidiary of Alphabet Inc. (GOOGL)
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Khozema Shipchandler has over 25 years of experience, currently serving as the Chief Executive Officer of Twilio since January 2024. Before becoming CEO, he held several key positions at Twilio, including President of Twilio Communications, Chief Operating Officer, and Chief Financial Officer. Prior to joining Twilio in 2018, Shipchandler had an extensive career at GE, where he held various operating and financial leadership roles across Industrial Internet, Corporate Audit, and Aviation sectors in the U.S., Middle East, and Singapore. His roles at GE also included Chief Commercial Officer and CFO & EVP of Corporate Development at GE Digital, as well as Vice President of Corporate Audit Staff at GE. He has also served on the board of directors for SendGrid, Inc. and Quiet Plus I Acquisition Corp., and previously for Pivotal Software, Inc.
Aidan Viggiano, Chief Financial OfficerAidan Viggiano is Twilio's Chief Financial Officer, a position she assumed in March 2023. She joined Twilio in 2019 and previously served as Senior Vice President of Finance and Vice President of Corporate Finance within the company. Viggiano brings over 20 years of experience, having held a variety of finance leadership roles at General Electric prior to her time at Twilio, including Chief of Staff to the GE CFO.
Christy Lake, Chief Administrative OfficerChristy Lake serves as the Chief Administrative Officer at Twilio. She is responsible for ensuring the company's operational excellence and fostering a diverse and inclusive environment.
Thomas Wyatt, Chief Revenue OfficerThomas Wyatt is the Chief Revenue Officer at Twilio. In this role, he is part of the leadership team responsible for setting the strategic direction and vision of the company.
Chris Koehler, Chief Marketing OfficerChris Koehler is the Chief Marketing Officer at Twilio, having joined in May 2024. He has over 25 years of experience in customer engagement and marketing technology, with a background in driving growth and innovation at leading companies. Before joining Twilio, Koehler served as the CMO at Box, where he played a key role in the company exceeding $1 billion in annual revenue. His career also includes leadership positions in marketing, customer success, solution consulting, demand generation, and enablement teams at Adobe Systems, E*TRADE Financial, SunTrust Bank, and Claritas. Notably, a small software startup he worked for was acquired by Adobe.
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Key Risks to Twilio (TWLO)
Twilio Inc. (TWLO) faces several key business risks, primarily stemming from its profitability challenges, intense competitive landscape, and the complexities of navigating a dynamic regulatory environment.
The most significant risk to Twilio is its **thin profit margins and ongoing profitability challenges**. Despite its revenue growth, the company's profits remain slim, and its gross margins are notably lower compared to many of its software peers. This low profitability makes Twilio vulnerable to any slowdown in growth or increases in operating costs. Additionally, substantial stock-based compensation continues to exert financial pressure and dilute investors. The company's core Communications segment is a high-volume, lower-margin business, and while the Segment platform is aimed at higher profitability, its growth has stagnated, indicating challenges in that market.
Secondly, Twilio operates in an **intensely competitive market, leading to pricing pressure and challenges in customer acquisition and retention**. The Communications Platform as a Service (CPaaS) sector sees competition from a diverse array of players, including established telecommunications companies, other CPaaS providers like Sinch, Infobip, and Vonage, and even broader Customer Relationship Management (CRM) platforms. This competitive environment can erode Twilio's pricing power, potentially forcing it to lower prices and impacting its ability to improve margins. Furthermore, large customers may choose to diversify their CPaaS spending or develop internal communication solutions, as seen with past instances involving major clients.
Lastly, **evolving regulatory changes and compliance requirements across various global jurisdictions pose a considerable risk**. As a global cloud communications platform, Twilio must adhere to complex and frequently changing laws regarding data privacy, telecommunications, and "Know Your Customer" (KYC) mandates in numerous countries. Non-compliance with these regulations can lead to increased operational costs, potential penalties, service disruptions, or even the disconnection of phone numbers. Changes in U.S. and global tax laws could also adversely affect the company's financial position.
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The clear emerging threat to Twilio is the increasing competition from hyperscale cloud providers, particularly Microsoft Azure Communication Services (ACS).
Azure Communication Services directly competes with Twilio by offering a similar suite of application programming interfaces (APIs) for embedding voice, video, chat, SMS, and email capabilities into applications. For organizations already using Microsoft Azure for their cloud infrastructure, ACS can offer a more integrated solution with consolidated billing, simplified management, and potentially competitive pricing, making it a compelling alternative to Twilio for their communication needs.
This situation is analogous to the historical examples provided, where a major incumbent or a new entrant with a strong ecosystem (like Apple with the iPhone or Netflix with streaming) disrupts an existing market leader (BlackBerry, Blockbuster) by offering a competitive or superior alternative.
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- AI-driven Product Innovation and Adoption: Twilio is positioned as a standard for Voice AI agent infrastructure among AI startups. The company is expected to drive future revenue growth through the acceleration of Voice AI adoption, the movement of Voice AI proofs of concept into production, and the launch of new AI-focused products such as Conversational Memory and multi-channel orchestration. These new offerings are designed to be more ISV-friendly and extend AI benefits across various communication channels, particularly within key verticals like Fintech, Healthcare, Real Estate, and Insurance.
- Growth in Core Communications (Messaging and Voice) and High-Margin Add-on Products: Analysts anticipate an increase in messaging and voice volumes in the medium term, which is expected to be a significant driver. This growth in core communication services is also projected to stimulate the sale of high-margin software add-on products. Twilio has already demonstrated strong growth in messaging, both domestically and internationally.
- Customer Base Expansion and Increased Spending from Existing Customers: Twilio continues to expand its active customer accounts, adding tens of thousands of new customers annually. Furthermore, the company's dollar-based net expansion rate indicates that existing customers are increasing their usage and spending on Twilio's platform, contributing to organic revenue growth.
- Incremental Revenue from Carrier Fee Pass-Throughs: While primarily pass-throughs, carrier fee increases are expected to contribute incremental reported revenue. Twilio anticipates approximately $190 million in additional revenue in 2026 from these fees.
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Share Repurchases
- Twilio initiated a $1 billion share repurchase program in early 2023.
- In March 2024, an additional $2 billion share repurchase program was authorized, with the company targeting to complete approximately $2.2 billion in repurchases from both programs by the end of 2024.
- A new $2 billion share repurchase program was announced in January 2025, which is valid until December 31, 2027.
Share Issuance
- In February 2021, Twilio commenced an underwritten public offering of $1 billion of its Class A common stock, with an option for underwriters to purchase an additional $150 million.
Outbound Investments
- Twilio acquired Segment for an estimated $3.2 billion in Twilio Class A stock in October 2020, aiming to bolster its customer engagement software suite.
- Twilio's most recent acquisition was Ionic Security in May 2021.
- Other acquisitions in 2021 included Zipwhip and ValueFirst.
Capital Expenditures
- Twilio's capital expenditures were $46.05 million in 2021, $34.42 million in 2022, $11.31 million in 2023, $6.978 million in 2024, and $5.848 million in 2025.
- Expected capital expenditures are $7.277 million for 2026.
- Capital expenditures include purchases of long-lived and intangible assets.
Peer Outperformance in Systems Software
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 83.5% | 263.3% | 476.9% | FLEX 898% · TTMI 896% · JBL 531% |
| Semiconductor Materials & Equipment | 27 | 200.6% | 113.2% | 158.7% | AEHR 2567% · AXTI 997% · KLAC 580% |
| Technology Distributors | 9 | 21.4% | 71.1% | 80.1% | CLMB 334% · AVT 180% · SNX 129% |
| Electronic Components | 26 | 74.1% | 80.2% | 80.1% | CLS 3813% · BELFA 1579% · LPTH 667% |
| Communications Equipment | 35 | 45.7% | 88.9% | 60.6% | AAOI 2215% · LITE 1086% · FEIM 904% |
| Semiconductors | 54 | 44.1% | 53.3% | 50.0% | POET 2208% · MU 1369% · NVDA 1086% |
| Technology Hardware, Storage & Peripherals | 22 | 37.1% | 88.0% | 32.4% | STX 1197% · WDC 1080% · DELL 981% |
| Internet Services & Infrastructure | 6 | 14.8% | 34.8% | 21.1% | DOCN 155% · GDDY 33% · VRSN 33% |
| Electronic Equipment & Instruments | 27 | 2.4% | 12.9% | -3.2% | PI 257% · SOTK 135% · NSSC 132% |
| IT Consulting & Other Services | 28 | -26.9% | -14.1% | -21.4% | CHRN 583847% · APLD 2415% · TSSI 762% |
| Application Software | 123 | -20.1% | -11.0% | -43.5% | VIDA 220809% · PLTR 583% · RDVT 170% |
| Systems Software ← | 67 | -9.2% | 23.2% | -48.5% | QNC 840% · PANW 522% · PAYS 426% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 185.93 |
| Mkt Cap | 25.2 |
| Rev LTM | 2,996 |
| Op Inc LTM | 340 |
| FCF LTM | 896 |
| FCF 3Y Avg | 743 |
| CFO LTM | 1,061 |
| CFO 3Y Avg | 891 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.7% |
| Rev Chg 3Y Avg | 11.3% |
| Rev Chg Q | 11.2% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Inc Chg LTM | 36.9% |
| Op Inc Chg 3Y Avg | 31.4% |
| Op Mgn LTM | 6.1% |
| Op Mgn 3Y Avg | 0.9% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 30.7% |
| CFO/Rev 3Y Avg | 28.3% |
| FCF/Rev LTM | 22.7% |
| FCF/Rev 3Y Avg | 17.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 25.2 |
| P/S | 8.4 |
| P/Op Inc | 34.5 |
| P/EBIT | 33.4 |
| P/E | 30.4 |
| P/CFO | 27.4 |
| Total Yield | 2.3% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 4.3% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.3% |
| 3M Rtn | 2.6% |
| 6M Rtn | 22.2% |
| 12M Rtn | 60.4% |
| 3Y Rtn | 31.3% |
| 1M Excs Rtn | -3.6% |
| 3M Excs Rtn | -0.9% |
| 6M Excs Rtn | 8.9% |
| 12M Excs Rtn | 43.9% |
| 3Y Excs Rtn | -44.4% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single segment | 5,067 | 4,458 | 4,154 | ||
| Twilio Communications (Communications) | 3,550 | 2,641 | |||
| Twilio Segment (Segment) | 276 | 201 | |||
| Total | 5,067 | 4,458 | 4,154 | 3,826 | 2,842 |
| $ Mil | 2024 | 2022 |
|---|---|---|
| Twilio Communications (Communications) | 1,042 | 319 |
| Payroll taxes related to stock-based compensation | -10 | -24 |
| Restructuring costs | -13 | -77 |
| Charitable contributions | -20 | -10 |
| Twilio Segment (Segment) | -63 | -30 |
| Amortization of acquired intangibles | -112 | -206 |
| Corporate costs not allocated to segments | -265 | -293 |
| Stock-based compensation | -613 | -784 |
| Acquisition and divestiture related expenses | -3 | |
| Impairment of long-lived assets | -98 | |
| Total | -54 | -1,205 |
Price Behavior
| Market Price | $228.61 | |
| Market Cap ($ Bil) | 34.8 | |
| First Trading Date | 06/23/2016 | |
| Distance from 52W High | -10.7% | |
| 50 Days | 200 Days | |
| DMA Price | $204.57 | $155.42 |
| DMA Trend | up | up |
| Distance from DMA | 11.8% | 47.1% |
| 3M | 1YR | |
| Volatility | 76.2% | 61.3% |
| Downside Capture | 154.84 | 164.04 |
| Upside Capture | 189.09 | 217.82 |
| Correlation (SPY) | 17.0% | 28.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.31 | 0.87 | 0.83 | 1.15 | 1.36 | 1.35 |
| Up Beta | -0.18 | -0.81 | -1.88 | -0.15 | 0.48 | 1.19 |
| Down Beta | -0.06 | 0.67 | 0.49 | 0.35 | 0.77 | 1.39 |
| Up Capture | 22% | 163% | 257% | 302% | 307% | 419% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 22 | 33 | 69 | 131 | 403 |
| Down Capture | 92% | 120% | 114% | 133% | 142% | 107% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 21 | 30 | 57 | 121 | 348 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TWLO | |
|---|---|---|---|---|
| TWLO | 127.4% | 61.2% | 1.56 | - |
| Sector ETF (XLK) | 43.0% | 25.9% | 1.34 | 30.0% |
| Equity (SPY) | 20.9% | 12.8% | 1.21 | 28.6% |
| Gold (GLD) | 32.1% | 28.5% | 0.97 | 2.5% |
| Commodities (DBC) | 40.1% | 20.2% | 1.55 | 2.5% |
| Real Estate (VNQ) | 14.2% | 13.9% | 0.72 | 0.2% |
| Bitcoin (BTCUSD) | -46.9% | 42.7% | -1.37 | 21.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TWLO | |
|---|---|---|---|---|
| TWLO | -10.2% | 60.4% | 0.06 | - |
| Sector ETF (XLK) | 20.7% | 25.8% | 0.71 | 46.1% |
| Equity (SPY) | 13.3% | 17.2% | 0.60 | 46.9% |
| Gold (GLD) | 20.2% | 18.5% | 0.89 | 1.8% |
| Commodities (DBC) | 10.3% | 19.6% | 0.41 | 5.0% |
| Real Estate (VNQ) | 2.2% | 18.9% | 0.01 | 31.2% |
| Bitcoin (BTCUSD) | 6.3% | 52.7% | 0.31 | 23.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TWLO | |
|---|---|---|---|---|
| TWLO | 18.1% | 60.2% | 0.53 | - |
| Sector ETF (XLK) | 24.6% | 24.9% | 0.89 | 45.7% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 42.3% |
| Gold (GLD) | 12.3% | 16.2% | 0.62 | 4.6% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 9.1% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 25.8% |
| Bitcoin (BTCUSD) | 60.0% | 66.1% | 1.00 | 15.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 24.9% | 29.1% | |
| 4/30/2026 | 23.8% | 33.1% | 53.7% |
| 2/12/2026 | 2.3% | 2.5% | 14.4% |
| 10/30/2025 | 19.5% | 13.0% | 15.0% |
| 8/7/2025 | -19.4% | -17.6% | -10.9% |
| 5/1/2025 | 2.3% | 7.5% | 22.2% |
| 2/13/2025 | -15.0% | -22.4% | -31.8% |
| 10/30/2024 | 14.3% | 28.0% | 48.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 9 | 9 |
| # Negative | 13 | 16 | 15 |
| Median Positive | 9.7% | 11.4% | 15.0% |
| Median Negative | -12.6% | -12.3% | -14.1% |
| Max Positive | 24.9% | 33.1% | 53.7% |
| Max Negative | -34.6% | -22.4% | -34.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 24.9% | 29.1% | |
| 4/30/2026 | 23.8% | 33.1% | 53.7% |
| 2/12/2026 | 2.3% | 2.5% | 14.4% |
| 10/30/2025 | 19.5% | 13.0% | 15.0% |
| 8/7/2025 | -19.4% | -17.6% | -10.9% |
| 5/1/2025 | 2.3% | 7.5% | 22.2% |
| 2/13/2025 | -15.0% | -22.4% | -31.8% |
| 10/30/2024 | 14.3% | 28.0% | 48.1% |
| 8/1/2024 | 11.7% | 7.7% | 11.5% |
| 5/7/2024 | -7.5% | -1.8% | -9.5% |
| 2/14/2024 | -15.4% | -21.8% | -17.4% |
| 11/8/2023 | 0.3% | 11.4% | 26.5% |
| 8/8/2023 | 2.2% | 4.8% | 14.5% |
| 5/9/2023 | -12.6% | -15.4% | 12.5% |
| 2/15/2023 | 14.2% | -1.8% | -4.8% |
| 11/3/2022 | -34.6% | -22.4% | -29.5% |
| 8/4/2022 | -13.5% | -12.8% | -31.8% |
| 5/4/2022 | -1.5% | -21.8% | -14.1% |
| 2/9/2022 | 1.9% | -7.4% | -34.4% |
| 10/27/2021 | -17.6% | -9.6% | -16.0% |
| 7/29/2021 | -4.7% | -3.9% | -7.9% |
| 5/5/2021 | -9.4% | -11.7% | -7.7% |
| 2/17/2021 | 7.7% | -0.7% | -14.5% |
| 10/26/2020 | -4.8% | -9.1% | -2.9% |
| 8/4/2020 | -2.0% | -13.8% | -6.9% |
| SUMMARY STATS | |||
| # Positive | 12 | 9 | 9 |
| # Negative | 13 | 16 | 15 |
| Median Positive | 9.7% | 11.4% | 15.0% |
| Median Negative | -12.6% | -12.3% | -14.1% |
| Max Positive | 24.9% | 33.1% | 53.7% |
| Max Negative | -34.6% | -22.4% | -34.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | 1.50 Bil | 1.51 Bil | 1.51 Bil | ||||
| Q3 2026 Revenue Growth | 16.0% | 16.25% | 16.5% | ||||
| Q3 2026 Organic Revenue Growth | 11.0% | 11.5% | 12.0% | ||||
| Q3 2026 Non-GAAP Income from Operations | 285.00 Mil | 290.00 Mil | 295.00 Mil | ||||
| Q3 2026 Non-GAAP Diluted EPS | 1.42 | 1.45 | 1.47 | ||||
| 2026 Revenue Growth | 18.0% | 18.25% | 18.5% | 3.8% | Raised | Guidance: 14.5% for 2026 | |
| 2026 Organic Revenue Growth | 13.0% | 13.25% | 13.5% | 3.2% | Raised | Guidance: 10.0% for 2026 | |
| 2026 Non-GAAP Income from Operations | 1.14 Bil | 1.15 Bil | 1.16 Bil | 5.0% | Raised | Guidance: 1.09 Bil for 2026 | |
| 2026 Free Cash Flow | 1.14 Bil | 1.15 Bil | 1.16 Bil | 5.0% | Raised | Guidance: 1.09 Bil for 2026 | |
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 1.42 Bil | 1.43 Bil | 1.43 Bil | ||||
| Q2 2026 Y/Y Revenue Growth | 15.5% | 16.0% | 16.5% | ||||
| Q2 2026 Y/Y Organic Revenue Growth | 10.0% | 10.5% | 11.0% | ||||
| Q2 2026 Non-GAAP income from operations | 250.00 Mil | 255.00 Mil | 260.00 Mil | ||||
| Q2 2026 Non-GAAP diluted earnings per share | 1.27 | 1.29 | 1.32 | ||||
| 2026 Y/Y Revenue Growth | 14.0% | 14.5% | 15.0% | 2.5% | Higher New | Guidance: 12.0% for 2026 | |
| 2026 Y/Y Organic Revenue Growth | 9.5% | 10.0% | 10.5% | 1.5% | Higher New | Guidance: 8.5% for 2026 | |
| 2026 Non-GAAP income from operations | 1.08 Bil | 1.09 Bil | 1.10 Bil | 3.8% | Higher New | Guidance: 1.05 Bil for 2026 | |
| 2026 Free cash flow | 1.08 Bil | 1.09 Bil | 1.10 Bil | 3.8% | Higher New | Guidance: 1.05 Bil for 2026 | |
Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 1.33 Bil | 1.34 Bil | 1.34 Bil | 1.9% | Higher New | Guidance: 1.31 Bil for Q4 2025 | |
| Q1 2026 Revenue Growth | 14.0% | 14.5% | 15.0% | 4.5% | Higher New | Guidance: 10.0% for Q4 2025 | |
| Q1 2026 Organic Revenue Growth | 10.0% | 10.5% | 11.0% | 2.0% | Higher New | Guidance: 8.5% for Q4 2025 | |
| Q1 2026 Non-GAAP Income from Operations | 240.00 Mil | 245.00 Mil | 250.00 Mil | 4.3% | Higher New | Guidance: 235.00 Mil for Q4 2025 | |
| Q1 2026 Non-GAAP Diluted EPS | 1.21 | 1.24 | 1.26 | 3.3% | Higher New | Guidance: 1.2 for Q4 2025 | |
| 2026 Revenue Growth | 11.5% | 12.0% | 12.5% | -0.5% | Lower New | Guidance: 12.5% for 2025 | |
| 2026 Organic Revenue Growth | 8.0% | 8.5% | 9.0% | -2.9% | Lower New | Guidance: 11.4% for 2025 | |
| 2026 Non-GAAP Income from Operations | 1.04 Bil | 1.05 Bil | 1.06 Bil | 16.0% | Higher New | Guidance: 905.00 Mil for 2025 | |
| 2026 Free Cash Flow | 1.04 Bil | 1.05 Bil | 1.06 Bil | 13.5% | Higher New | Guidance: 925.00 Mil for 2025 | |
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 1.31 Bil | 1.31 Bil | 1.32 Bil | ||||
| Q4 2025 Revenue Growth | 9.5% | 10.0% | 10.5% | ||||
| Q4 2025 Organic Revenue Growth | 8.0% | 8.5% | 9.0% | ||||
| Q4 2025 Non-GAAP income from operations | 230.00 Mil | 235.00 Mil | 240.00 Mil | ||||
| Q4 2025 Non-GAAP diluted earnings per share | 1.17 | 1.2 | 1.22 | ||||
| 2025 Revenue Growth | 12.4% | 12.5% | 12.6% | 2.0% | Raised | Guidance: 10.5% for 2025 | |
| 2025 Organic Revenue Growth | 11.3% | 11.4% | 11.5% | 1.9% | Raised | Guidance: 9.5% for 2025 | |
| 2025 Non-GAAP income from operations | 900.00 Mil | 905.00 Mil | 910.00 Mil | 4.9% | Raised | Guidance: 862.50 Mil for 2025 | |
| 2025 Free Cash Flow | 920.00 Mil | 925.00 Mil | 930.00 Mil | 4.2% | Raised | Guidance: 887.50 Mil for 2025 | |
Insider Activity
Updated 8/12/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Stafman, Andrew | See footnotes | Sell | 8122026 | 247.08 | 500,000 | 123,540,000 | 29,649,600 | Form | |
| 2 | Rottenberg, Erika | Trust | Sell | 8122026 | 251.82 | 3,500 | 881,378 | 7,024,082 | Form | |
| 3 | Shipchandler, Khozema | Chief Executive Officer | Direct | Sell | 7082026 | 210.43 | 14,458 | 3,042,343 | 43,600,955 | Form |
| 4 | Viggiano, Aidan | Chief Financial Officer | Direct | Sell | 7072026 | 205.43 | 8,528 | 1,751,907 | 22,540,601 | Form |
| 5 | Viggiano, Aidan | Chief Financial Officer | Direct | Sell | 7022026 | 201.25 | 9,093 | 1,829,978 | 23,798,364 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Stafman, Andrew | See footnotes | Sell | 8122026 | 247.08 | 500,000 | 123,540,000 | 29,649,600 | Form | |
| 2 | Rottenberg, Erika | Trust | Sell | 8122026 | 251.82 | 3,500 | 881,378 | 7,024,082 | Form | |
| 3 | Shipchandler, Khozema | Chief Executive Officer | Direct | Sell | 7082026 | 210.43 | 14,458 | 3,042,343 | 43,600,955 | Form |
| 4 | Viggiano, Aidan | Chief Financial Officer | Direct | Sell | 7072026 | 205.43 | 8,528 | 1,751,907 | 22,540,601 | Form |
| 5 | Viggiano, Aidan | Chief Financial Officer | Direct | Sell | 7022026 | 201.25 | 9,093 | 1,829,978 | 23,798,364 | Form |
| 6 | Shipchandler, Khozema | Chief Executive Officer | Direct | Sell | 7022026 | 201.26 | 13,881 | 2,793,699 | 44,611,631 | Form |
| 7 | Shipchandler, Khozema | Chief Executive Officer | Direct | Sell | 6082026 | 235.88 | 44,158 | 10,416,148 | 55,560,495 | Form |
| 8 | Rottenberg, Erika | Trust | Sell | 6032026 | 199.01 | 2,000 | 398,015 | 6,168,237 | Form | |
| 9 | Shipchandler, Khozema | Chief Executive Officer | Direct | Sell | 5282026 | 185.70 | 32,158 | 5,971,688 | 43,739,762 | Form |
| 10 | Stafman, Andrew | See footnotes | Sell | 5272026 | 184.14 | 1,000,000 | 184,140,000 | 114,166,800 | Form | |
| 11 | Viggiano, Aidan | Chief Financial Officer | Direct | Sell | 5212026 | 200.00 | 1,828 | 365,600 | 25,469,000 | Form |
| 12 | Viggiano, Aidan | Chief Financial Officer | Direct | Sell | 5192026 | 197.44 | 1,376 | 271,676 | 25,503,792 | Form |
| 13 | Stafman, Andrew | See footnotes | Sell | 5122026 | 193.54 | 675,000 | 130,639,500 | 313,534,800 | Form | |
| 14 | Rottenberg, Erika | Trust | Sell | 5062026 | 185.32 | 1,500 | 277,974 | 6,114,498 | Form | |
| 15 | Rottenberg, Erika | Trust | Sell | 4232026 | 149.02 | 1,800 | 268,239 | 5,140,497 | Form | |
| 16 | Shipchandler, Khozema | Chief Executive Officer | Direct | Sell | 4082026 | 133.39 | 15,715 | 2,096,193 | 31,418,483 | Form |
| 17 | Viggiano, Aidan | Chief Financial Officer | Direct | Sell | 4062026 | 127.51 | 9,389 | 1,197,216 | 16,620,120 | Form |
| 18 | Viggiano, Aidan | Chief Financial Officer | Direct | Sell | 4022026 | 122.79 | 8,231 | 1,010,653 | 17,156,917 | Form |
| 19 | Shipchandler, Khozema | Chief Executive Officer | Direct | Sell | 4022026 | 122.81 | 12,624 | 1,550,337 | 30,856,550 | Form |
| 20 | Viggiano, Aidan | Chief Financial Officer | Direct | Sell | 3042026 | 125.00 | 806 | 100,750 | 18,495,125 | Form |
| 21 | Viggiano, Aidan | Chief Financial Officer | Direct | Sell | 2192026 | 110.66 | 1,023 | 113,205 | 12,306,782 | Form |
| 22 | Viggiano, Aidan | Chief Financial Officer | Direct | Sell | 1072026 | 135.97 | 7,213 | 980,752 | 15,260,729 | Form |
| 23 | Viggiano, Aidan | Chief Financial Officer | Direct | Sell | 1052026 | 143.38 | 8,109 | 1,162,670 | 17,126,622 | Form |
| 24 | Shipchandler, Khozema | Chief Executive Officer | Direct | Sell | 1052026 | 143.37 | 13,266 | 1,901,948 | 29,694,385 | Form |
| 25 | Stafman, Andrew | See footnotes | Sell | 12022025 | 129.00 | 1,000,000 | 129,000,000 | 296,055,000 | Form | |
| 26 | Viggiano, Aidan | Chief Financial Officer | Direct | Sell | 11212025 | 120.70 | 546 | 65,902 | 15,396,251 | Form |
| 27 | Viggiano, Aidan | Chief Financial Officer | Direct | Sell | 11192025 | 123.28 | 1,514 | 186,642 | 15,792,315 | Form |
| 28 | Viggiano, Aidan | Chief Financial Officer | Direct | Sell | 10142025 | 115.00 | 8,035 | 924,025 | 14,906,070 | Form |
| 29 | Shipchandler, Khozema | Chief Executive Officer | Direct | Sell | 10072025 | 104.09 | 12,922 | 1,344,998 | 22,938,766 | Form |
| 30 | Shipchandler, Khozema | Chief Executive Officer | Direct | Sell | 10022025 | 100.59 | 13,681 | 1,376,146 | 23,467,702 | Form |
| 31 | Viggiano, Aidan | Chief Financial Officer | Direct | Sell | 10022025 | 100.59 | 8,363 | 841,210 | 13,846,123 | Form |
| 32 | Viggiano, Aidan | Chief Financial Officer | Direct | Sell | 8192025 | 105.94 | 1,807 | 191,433 | 15,468,892 | Form |
Investor Activity (13F)
Updated Aug 18, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Sachem Head Capital Management LP | $288.8 Mil | 7.0% | 19 | Hold | 13F |
| No Street GP LP | $90.5 Mil | 6.0% | 31 | TRIM -6.9% | 13F |
| Dorsal Capital Management, LP | $88.1 Mil | 3.5% | 25 | ADD +27.3% | 13F |
| RJA Asset Management LLC | $8.6 Mil | 3.2% | 4 | Hold | 13F |
| SRS Investment Management, LLC | $259.7 Mil | 2.7% | 29 | ADD +14.0% | 13F |
| Alta Park Capital, LP | $14.9 Mil | 2.4% | 24 | TRIM -16.0% | 13F |
| California First Leasing Corp | $5.5 Mil | 1.8% | 39 | Hold | 13F |
| Slate Path Capital LP | $93.5 Mil | 1.4% | 44 | TRIM -52.5% | 13F |
| Jericho Capital Asset Management L.P. | $87.8 Mil | 1.3% | 23 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Durable Capital Partners LP | $136.8 Mil | 1.3% | 40 | Exited | Dec 31, 2025 | 13F |
| Blue Grotto Capital, LLC | $42.5 Mil | 4.4% | 24 | Exited | Dec 31, 2025 | 13F |
| O'Neil Global Advisors, Inc. | $12.3 Mil | 4.2% | 45 | Exited | Dec 31, 2025 | 13F |
| Nishkama Capital, LLC | $9.1 Mil | 1.2% | 49 | Exited | Dec 31, 2025 | 13F |
| Exane Asset Management | $5.8 Mil | 1.2% | 34 | Exited | Dec 31, 2025 | 13F |
| Melqart Asset Management (UK) Ltd | $5.8 Mil | 0.6% | 44 | Exited | Dec 31, 2025 | 13F |
| Slate Path Capital LP | $93.5 Mil | 1.4% | 44 | TRIM -52.5% | Mar 31, 2026 | 13F |
| Alta Park Capital, LP | $14.9 Mil | 2.4% | 24 | TRIM -16.0% | Mar 31, 2026 | 13F |
| No Street GP LP | $90.5 Mil | 6.0% | 31 | TRIM -6.9% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Sachem Head Capital Management LP | $288.8 Mil | 7.0% | 19 | Hold | 13F |
| SRS Investment Management, LLC | $259.7 Mil | 2.7% | 29 | ADD +14.0% | 13F |
| Slate Path Capital LP | $93.5 Mil | 1.4% | 44 | TRIM -52.5% | 13F |
| No Street GP LP | $90.5 Mil | 6.0% | 31 | TRIM -6.9% | 13F |
| Dorsal Capital Management, LP | $88.1 Mil | 3.5% | 25 | ADD +27.3% | 13F |
| Jericho Capital Asset Management L.P. | $87.8 Mil | 1.3% | 23 | New | 13F |
| Alta Park Capital, LP | $14.9 Mil | 2.4% | 24 | TRIM -16.0% | 13F |
| RJA Asset Management LLC | $8.6 Mil | 3.2% | 4 | Hold | 13F |
| California First Leasing Corp | $5.5 Mil | 1.8% | 39 | Hold | 13F |
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