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• Twilio is like the **Stripe for communications**, providing APIs for developers to easily integrate voice, video, and messaging into their apps.
• Think of Twilio as **AWS for communications infrastructure**, offering the cloud building blocks for companies to add calling, texting, and other communication features without managing complex telecom networks.

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• Twilio Programmable Messaging (SMS): Provides APIs for sending and receiving text messages, enabling notifications, alerts, and conversational interfaces for businesses.
• Twilio Programmable Voice (Voice): Offers APIs to embed voice calling capabilities into applications, facilitating features like call routing, IVRs, and conference calls.
• Twilio SendGrid (Email): A cloud-based platform for sending transactional and marketing emails at scale, focusing on deliverability and performance.
• Twilio Flex (Contact Center): A customizable cloud-based contact center platform, allowing businesses to build tailored customer service experiences across multiple communication channels.
• Twilio Programmable Video (Video): Delivers APIs for integrating real-time video and audio communication into applications, supporting various use cases from telehealth to education.
• Twilio Verify (Authentication): An API for implementing multi-factor authentication (MFA) and user verification via SMS, voice, or email to enhance security and prevent fraud.

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• Uber Technologies, Inc. (NYSE: UBER) - Utilizes Twilio for connecting riders and drivers, sending notifications, and managing support communications.
• Lyft, Inc. (NASDAQ: LYFT) - Similar to Uber, uses Twilio for facilitating communication between passengers and drivers, and for service alerts.
• DoorDash, Inc. (NASDAQ: DASH) - Employs Twilio for coordinating deliveries between customers, dashers, and restaurants.
• Block, Inc. (NYSE: SQ) - Formerly Square, uses Twilio for customer notifications, account verification, and other secure communications across its ecosystem of services (e.g., Square, Cash App).
• Airbnb, Inc. (NASDAQ: ABNB) - Relies on Twilio for facilitating communication between hosts and guests, and for booking notifications.
• Netflix, Inc. (NASDAQ: NFLX) - Uses Twilio for critical customer interactions such as account verification, password resets, and service notifications.
• Shopify Inc. (NYSE: SHOP) - While merchants on Shopify's platform might directly integrate Twilio, Shopify itself, or its larger partners, use Twilio for various communication features related to e-commerce and customer engagement.
• HubSpot, Inc. (NYSE: HUBS) - Integrates Twilio's capabilities to enhance communication features within its CRM, marketing, sales, and customer service platforms.

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• Amazon.com, Inc. (AMZN)
• Alphabet Inc. (GOOGL)

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Khozema Shipchandler Chief Executive Officer

Khozema Shipchandler was appointed CEO of Twilio in January 2024. He has over 25 years of experience in growing businesses and driving financial performance across global public organizations. Prior to his CEO appointment, he served as President of Twilio Communications from March 2023 to January 2024. He also held the roles of Chief Operating Officer at Twilio from October 2021 to October 2021 and Chief Financial Officer from November 2018 to October 2021. Before joining Twilio, Shipchandler spent over two decades at GE, where he held various financial and operating roles across Industrial Internet, Aviation, and Corporate Audit in the U.S., Middle East, and Singapore. His roles at GE included Chief Commercial Officer and Executive Vice President of Corporate Development at GE Digital, and Chief Financial Officer for the Middle East, North Africa & Turkey. He currently serves on the boards of Smartsheet and Ethos.

Aidan Viggiano Chief Financial Officer

Aidan Viggiano became Twilio's Chief Financial Officer in March 2023. She joined Twilio in 2019 as Vice President of Corporate Finance and was promoted to Senior Vice President of Finance in 2021, a role she held until 2023. Before her tenure at Twilio, Viggiano spent 16 years at General Electric, from 2003 to 2019, where she held various finance leadership positions, including Investor Relations and Chief of Staff to the CFO. She holds a B.S. in Economics from the Wharton School of the University of Pennsylvania.

Jeff Lawson Co-Founder (Former CEO and Chairman)

Jeff Lawson co-founded Twilio in 2008 and served as its CEO and Chairman until stepping down in January 2024. He is a serial entrepreneur, having founded Versity.com in 1998, which was later sold. He was also the founding CTO of StubHub and a co-founder and CTO of NineStar. Additionally, he contributed to the development of Amazon Web Services (AWS) during his time at Amazon. Lawson led Twilio through its initial public offering in 2016. In 2024, he acquired the satirical news site The Onion.

Christy Lake Chief People Officer

Christy Lake serves as the Chief People Officer at Twilio. In this role, she is responsible for the company's human resources strategies, which include driving talent acquisition, employee engagement, and organizational development initiatives. With a career spanning over two decades, Lake has held significant HR leadership roles at several companies, including Box, Medallia, and Hewlett-Packard.

Chris Koehler Chief Marketing Officer

Chris Koehler is the Chief Marketing Officer at Twilio, a position he assumed in May 2024. He oversees the company's global marketing strategies and is responsible for driving brand growth. Koehler brings a strong background in marketing and customer success, having held significant roles at companies such as Box and Adobe before joining Twilio.

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1. Profitability and Margin Pressures: Twilio faces challenges with thin profit margins, particularly in its core messaging business, which is impacted by rising carrier fees and cloud infrastructure costs. The company's profitability is also affected by slowing revenue growth and difficulties in improving overall margins, leading to investor concern regarding its long-term financial performance.
2. Intense Competition and Commoditization: The Communications Platform as a Service (CPaaS) market is highly competitive, leading to pricing pressure and the commoditization of Twilio's foundational SMS offerings. Twilio competes with various CPaaS providers, over-the-top (OTT) messaging applications, and major cloud infrastructure providers, making it challenging to differentiate its services and sustain market share and revenue growth.
3. Regulatory and Compliance Complexity: Operating across numerous international markets exposes Twilio to a dynamic and intricate web of data privacy laws (such as GDPR and CCPA), telecommunications regulations, and evolving mandates like Know Your Customer (KYC) requirements. Non-compliance with these diverse regulatory frameworks can lead to substantial financial penalties and operational disruptions, necessitating continuous investment in legal and compliance resources.

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The primary clear emerging threat to Twilio comes from major cloud hyperscalers like Amazon Web Services (AWS) and Microsoft Azure directly competing in the Communications Platform as a Service (CPaaS) space.

AWS offers services such as AWS Chime SDK (for voice, video, and messaging capabilities) and AWS Pinpoint (for marketing and transactional SMS, voice, and email). Microsoft Azure provides Azure Communication Services (ACS), which offers similar APIs for voice, video, chat, and SMS.

These hyperscalers present a threat because they can offer deeply integrated communication services within their existing cloud ecosystems. Customers already heavily invested in AWS or Azure infrastructure may find it simpler, potentially more cost-effective (due to unified billing and reduced egress costs), and more efficient to leverage native communication services from their primary cloud provider rather than integrating a third-party CPaaS like Twilio. This trend could lead to Twilio being disintermediated from new projects, particularly for enterprises already deeply embedded in a specific cloud ecosystem, as the cloud providers build their own compelling communication layers.

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Twilio (symbol: TWLO) operates within large and expanding addressable markets for its main products and services, primarily globally.

• Overall Total Addressable Market (TAM): Twilio's total addressable market for communications and data is projected to reach approximately $119 billion by 2028, growing at an annual rate of 11% globally.

• Expanded Total Addressable Market (TAM) with AI and CXaaS: By focusing on conversational AI and the Customer Experience as a Service (CXaaS) market, Twilio aims to expand its total addressable market to $158 billion by 2028 globally. This expansion includes an additional $39 billion driven by conversational AI and orchestration, covering areas such as Communications Platform as a Service (CPaaS), Contact Center as a Service (CCaaS), and Customer Data Platform (CDP).

While specific market sizes for individual products are often integrated into these broader categories, Twilio's main offerings contribute to these substantial global markets:

• Communications Platform (CPaaS): This core offering includes programmable messaging (SMS, MMS, WhatsApp), voice, video, and email APIs. This is a significant component of the $119 billion global "communications and data" TAM.

• Twilio Segment (Customer Data Platform - CDP): Segment helps businesses collect, clean, and activate customer data to create unified customer profiles. It underpins Twilio's customer engagement strategy and contributes to the larger CXaaS market.

• Twilio Flex (Contact Center as a Service - CCaaS): Flex is a customizable cloud contact center platform. As part of the CXaaS market, it contributes to the projected $158 billion global TAM by 2028.

• Twilio SendGrid (Email API and Marketing Campaigns): SendGrid provides email API services and marketing campaign tools, reliably delivering billions of emails monthly. Its market size is embedded within the broader communications and customer engagement markets, operating globally.

• Twilio Engage (Marketing Automation Platform): Built on Twilio Segment and communication APIs, Engage is a growth automation platform for marketers. Its market size is part of the larger customer engagement and CXaaS markets.

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• Expansion of AI-Powered Products and Solutions: Twilio is heavily focused on integrating artificial intelligence into its offerings, with management seeing sustained revenue growth potential from increased adoption of AI-powered voice, conversation management, and authentication tools. The company has reported explosive voice AI revenue growth, with voice AI adoption growing 60% year-over-year. These higher-margin AI use cases are expected to become a larger portion of the revenue mix, directly boosting overall profitability. Twilio's acquisition of Stytch, an identity platform, is also aimed at accelerating capabilities in digital trust and expanding into identity solutions for AI agents.
• Growth in Customer Accounts and Increased Spending from Existing Customers: Twilio has demonstrated strong performance in growing its customer base, achieving a notable 22.5% year-over-year growth in customer accounts in Q3 2025. Furthermore, the company's Dollar-Based Net Expansion Rate (DBNER) of 109% in Q3 2025 (up from 108% in the previous quarter and 102% in Q2 2024) indicates that existing customers are increasing their spending on Twilio's platform. This expansion within the existing customer base, along with attracting new customers through self-serve and Independent Software Vendor (ISV) channels, is a significant driver.
• Acceleration of Core Communication Services (Messaging and Voice): Despite the focus on AI, Twilio's core messaging and voice services continue to be strong revenue drivers. Messaging revenue grew in the high teens for the second consecutive quarter in Q3 2025, and voice revenue growth accelerated to the mid-teens, its fastest growth rate in over three years. The company continues to see broad-based strength across its product suite, with significant growth in both voice services and messaging.
• International Expansion: Twilio's CEO, Khozema Shipchandler, has emphasized the company's strategic focus on international expansion as a key driver for future growth. This is further supported by strong growth observed in messaging internationally.

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Share Repurchases

• Twilio authorized a $1.0 billion share repurchase program in February 2023, set to expire on December 31, 2024.
• An additional $2.0 billion share repurchase program was authorized in March 2024, also expiring by December 31, 2024. By that time, nearly $800 million had already been repurchased from the initial program, with a target to complete both programs, totaling approximately $2.2 billion in further repurchases, by the end of 2024.
• In January 2025, a new $2.0 billion share repurchase program was authorized, slated to expire on December 31, 2027. By September 30, 2025, Twilio had repurchased $670.5 million under this program, with approximately $1.3 billion remaining.

Share Issuance

• In August 2020, Twilio commenced an underwritten public offering of $1.25 billion of Class A common stock.
• Twilio announced the pricing of an upsized $1.54 billion public offering of Class A common stock in February 2021.
• A follow-on offering in May 2021 raised an additional $1.8 billion.

Outbound Investments

• Twilio acquired Segment, a customer data platform, for approximately $3.2 billion in an all-stock deal in October 2020.
• In May 2021, Twilio acquired Ionic Security, a cloud data security solutions provider, and Zipwhip, a text messaging platform, for undisclosed amounts.
• Twilio has made 25 investments across various sectors, with its most recent being a Series B round in Hyro on December 10, 2024.