[TWLO] Twilio: Q3 2026 Earnings Test Organic Growth Against 11%-12% Guidance

Twilio sells communications APIs and customer-engagement software: developers embed its messaging, voice, email and video interfaces into their own applications, and the company had more than 402,000 Active Customer Accounts as of December 31, 2025[1]. Ahead of Twilio Q3 2026 earnings, the company is scheduled to report after the U.S. market close on 2026-10-29 for the Third quarter 2026 (three months ended September 30, 2026)[2]. The latest disclosed period is the second quarter of 2026: revenue of $1.4991 billion, up 22% reported and 17% organic; non-GAAP gross profit of $735.7 million, up 18%; non-GAAP income from operations of $284.6 million, up 29%; free cash flow of $352.6 million; and a Dollar-Based Net Expansion Rate (DBNE) of 116%[3]. Of that revenue, $71.1 million came from new A2P messaging fees introduced by U.S. carriers, which Twilio passes through to customers at cost[4]. On August 6 the company guided third-quarter revenue to $1.505 billion to $1.515 billion (16% to 16.5% reported growth, 11% to 12% organic), non-GAAP income from operations to $285 million to $295 million, and non-GAAP diluted EPS to $1.42 to $1.47[3]; the revenue range includes about $56 million of incremental carrier fees[5]. The analyst consensus compiled by Drillr on October 23 stands at $1.5152 billion of third-quarter revenue (16 analysts, range $1.5052 billion to $1.5453 billion) and EPS of $1.468 (18 analysts, range $1.418 to $1.508), both near the top of the company's ranges; for reference, the same source's second-quarter revenue consensus was $1.431 billion, against actual revenue of $1.4991 billion[6].

Three things matter most in this report. The first is whether organic revenue growth clearly exceeds the company's 11% to 12% range: Twilio beat guidance by a wide margin twice in the first half, but the CFO said beats of more than 5% should not be treated as the norm, and because voice and software add-ons began accelerating in the second half of 2025, third- and fourth-quarter comparisons get noticeably tougher[5], so the size of the beat will show how much of the first-half acceleration carries forward. The second is whether voice and software add-ons keep gross profit accelerating: in the second quarter voice grew more than 20%, software add-ons grew more than 25%, and non-GAAP gross profit growth accelerated for a fifth straight quarter[5], and their growth determines whether gross profit can keep outpacing organic revenue. The third is profit and cash flow once carrier pass-through fees are stripped out: the fees cut second-quarter non-GAAP gross margin by 160 basis points year over year, while margin excluding them rose 60 basis points[5], and in August the company raised both its full-year non-GAAP operating income and free cash flow ranges to $1.135 billion to $1.155 billion[3], so the third quarter will show whether the margin decline is only a ratio dilution caused by pass-through fees.

Company Background and Business Structure

Twilio is an API-first communications infrastructure company that charges largely by usage, and its customer base is highly fragmented. It operates and reports as a single segment, serves customers from small businesses to large enterprises across many industries, and no single customer accounted for more than 10% of revenue in 2023 through 2025[1]. The company had 5,492 employees as of June 30, 2026[3].

Messaging is the core of revenue, with voice, email, Segment and other software products making up the rest. Of 2025 revenue of $5.0672 billion, messaging (including SMS, RCS and WhatsApp) contributed $2.8783 billion, or about 57%; voice $615.7 million, about 12%; email $523.5 million, about 10%; the Segment customer data platform $303.3 million, about 6%; and other products, including the Flex contact center, software such as Verify and support services, $746.5 million, about 15%[1]. Customers' developers use these interfaces to send verification codes, transaction notices and marketing texts, to place customer-service calls and, increasingly, to carry AI agent calls.

The way Twilio bills and collects makes its revenue move with customer usage almost immediately. Messaging is billed per message sent or received and voice per minute of call duration, while email and Segment are mainly subscriptions; most usage customers sign up through a self-service process and prepay by credit card, which is drawn down as they use the products, larger customers sign contracts of at least 12 months that typically include minimum revenue commitments and are invoiced monthly in arrears, and subscription customers are generally invoiced at the start of the contract term[4]. In the second quarter of 2026, 75% of revenue came from usage-based fees, compared with 74% a year earlier[4].

Delivery depends on carrier networks around the world, which are also the main source of cost of revenue. Twilio routes messages and calls to end users through carriers and intermediaries, and because international messaging carries lower gross margins than U.S. messaging, the mix between U.S. and international traffic affects gross margin[1]. A major U.S. carrier raised A2P messaging network fees in June 2025, and other major U.S. carriers followed with increases effective in January and April 2026; Twilio passes these fees through at cost and recognizes equal amounts of revenue and cost of revenue, so gross profit is unaffected while gross margin is diluted[1].

Financial History and Current Position

Twilio's annual revenue growth reaccelerated in 2025, but gross profit grew much more slowly than revenue. The annual report shows revenue of $4.1539 billion, $4.4580 billion and $5.0672 billion in 2023, 2024 and 2025; 2025 revenue rose $609.2 million, or 14%, mainly from higher usage by existing customers (DBNE of 108%) and $242.0 million from new customers, with another $49.5 million from the carrier fees introduced in June 2025[1]. Cost of revenue rose 19% that year, including a $362.4 million increase in network service provider costs, so gross profit rose only $200.5 million, or 9%[1].

In the first quarter of 2026, revenue and profit both came in well ahead of the company's earlier expectations. Revenue was $1.4069 billion, up 20% reported and 16% organic, DBNE was 114%, operating cash flow was $153.2 million and free cash flow was $132.3 million[7]; free cash flow was low because the company paid $141.0 million of 2025 employee bonuses in March[8]. Non-GAAP gross profit was $697 million, up 16%, with a 49.6% margin; non-GAAP income from operations was $279 million, a 19.8% margin; and the company completed $253 million of share repurchases[9].

Growth accelerated again in the second quarter of 2026, while GAAP profit was affected by two one-time items. Revenue was $1.4991 billion, up 22% reported and 17% organic; GAAP gross profit was $725.9 million; GAAP income from operations was $84.5 million; non-GAAP income from operations was $284.6 million; operating cash flow was $372.4 million; and free cash flow was $352.6 million, compared with $277.1 million and $263.5 million a year earlier[3]. Non-GAAP gross margin was 49.1%; GAAP income from operations included a $33 million prepaid asset impairment; GAAP net income gained a one-time, non-cash benefit of $944 million from releasing an allowance against U.S. deferred tax assets; and stock-based compensation fell to 9.5% of revenue[5].

Capital returns come mainly through buybacks, and the company raised its full-year guidance in the second quarter. The board authorized up to $2.0 billion of repurchases in January 2025, running through December 31, 2027; Twilio bought back $66.0 million in the second quarter, has repurchased about $1.2 billion in total and had $826.0 million of authorization left at June 30[3]. The company also raised its 2026 reported revenue growth range from 14%-15% to 18%-18.5% and its organic range from 9.5%-10.5% to 13%-13.5%, and lifted both its non-GAAP operating income and free cash flow ranges from $1.08 billion-$1.10 billion to $1.135 billion-$1.155 billion[3].

Operating Model

Twilio's revenue can be written as usage revenue plus subscription revenue plus pass-through fees, with the usage portion reacting fastest to customer activity. Revenue roughly equals messages times price plus call minutes times price, plus subscription revenue from email and Segment, software add-on revenue and carrier fees passed through at cost[4]. Second-quarter revenue rose $270.7 million year over year, and the increase splits into three parts: higher usage by existing customers as reflected in DBNE, $75.7 million from new accounts outside the DBNE calculation, and $71.1 million of incremental carrier fees[4]. This chain has almost no lag, since a change in customer usage reaches revenue in the same quarter, and the third-quarter range of $1.505 billion to $1.515 billion is only $6 million to $16 million above the second quarter[3].

Non-GAAP income from operations equals revenue times non-GAAP gross margin, minus operating expenses that are mostly people costs. Network fees paid to carriers make up most of cost of revenue: second-quarter cost of revenue rose $147.5 million, or 24%, including a $138.8 million rise in network service provider costs that contains the $71.1 million of incremental pass-through fees[4]. Excluding those fees, second-quarter non-GAAP gross margin rose 60 basis points year over year, and management attributed the improvement to growth in higher-margin products and recovering email margins as the business laps its cloud migration project[5]. Because pass-through fees dilute the ratio without changing the dollar amounts, the direction of profit margin depends on whether gross profit grows faster than operating expenses.

Operating cash flow broadly tracks non-GAAP operating income, but the annual bonus depresses it in the first quarter. Self-service customers prepay and contract customers pay monthly in arrears[4], so the collection cycle is short; in the first quarter of 2026, capitalized software and long-lived asset purchases totaled about $21 million, leaving operating cash flow and free cash flow close together, while the $141.0 million annual bonus paid in March held free cash flow to $132.3 million[8]. Cash goes mainly to buybacks, with $826.0 million of authorization remaining[3]; the deferred tax allowance release affects only GAAP net income and generates no cash[5].

Seasonality and the timing of fee increases affect quarter-to-quarter comparisons. Increased consumer activity makes the fourth quarter a seasonal high, and first-quarter revenue is often lower sequentially[1]; incremental carrier fees also vary with the timing of price increases, at $71.1 million in the second quarter, and the company assumes about $56 million for the third quarter and about $250 million for the full year, which it estimates will lower 2026 non-GAAP gross margin by about 210 basis points versus 2025[5].

Industry and Competitive Position

Twilio operates in a market where suppliers and competitors overlap. The annual report lists its competitors as other communications platform-as-a-service (CPaaS) companies, regional network service providers that offer limited developer functionality on their own infrastructure, CRM and customer experience vendors, standalone customer data platforms and other software companies; some intermediaries both charge Twilio fees and offer products that compete directly with it[1].

The company's current growth comes from three directions, led by the self-service and ISV channels. In the second quarter, self-service revenue grew more than 30%, ISV revenue grew more than 25%, self-service voice grew more than 50%, and the cohort of customers spending $1 million or more grew over 20%[5]; messaging growth also benefited from newer channels such as WhatsApp and RCS[5]. CEO Khozema Shipchandler said customers seeking a better return are more likely to consolidate traffic with fewer vendors than to spread it further[5].

The available material does not support a rigorous peer comparison. Twilio does not disclose market share, quarterly product revenue, AI customer revenue or customer concentration, and its growth rates for voice, messaging and software add-ons come only as ranges given on earnings calls[5]. HSBC notes that Bandwidth, Sinch and other providers offer similar connectivity[10], but the evidence contains no comparable figures for those companies, so Twilio's position can only be judged from its own metrics, and it is not possible to tell whether it is gaining or losing share against peers.

Core Debates

Revenue beat guidance by a wide margin twice in the first half; against tougher comparisons, can third-quarter organic growth still run clearly above the 11%-12% the company guided?

Organic growth is the key measure of Twilio's real usage growth, and there is a clear gap between third-quarter guidance and second-quarter results. Carrier pass-through fees lift reported revenue growth by 4 to 6 percentage points, so only organic growth excluding the fees reflects customer usage; the company's third-quarter organic guidance of 11% to 12% is well below the second quarter's 17%[3], while the compiled revenue consensus of $1.5152 billion sits near the top of the range[6], so the size of the beat will show directly how much of the first-half acceleration carries into the second half.

The baseline is second-quarter organic growth of 17% (16% in the first quarter and 13% for full-year 2025)[7][3], with second-quarter reported revenue of $1.4991 billion, up 22%[3]; working back from guidance, the third-quarter comparison base is about $1.30 billion. DBNE was 116% in the second quarter, with about 5 points coming from pass-through fees, and management said DBNE still improved by about 1 point sequentially excluding the fees[5]; it was 114% in the first quarter, including about 4 points of fees[9], and 108% for full-year 2025[1]. New accounts outside the DBNE calculation added $75.7 million of year-over-year revenue in the second quarter and $70.9 million in the first[4][8], compared with $242.0 million for full-year 2025, or roughly $60.5 million per quarter[1].

Revenue transmits as follows: growth in enterprise customers' marketing, notification, verification and AI customer-service call volumes, plus adoption of a second channel and software products, drives existing-customer expansion (second-quarter DBNE of 116%, about 111% excluding fees), while the self-service and ISV channels bring new-account revenue ($75.7 million in the second quarter); together these produce 17% organic growth, and adding $71.1 million of pass-through fees yields reported revenue of $1.4991 billion, up 22%[4]. What remains unresolved is whether this acceleration can continue on a higher base: the CFO said first-half beats of more than 5% should not be treated as the norm, and third- and fourth-quarter comparisons for voice and software add-ons are tougher[5]; another explanation is that part of the first-half beat came from concentrated ramps at a few AI-native customers, while the company does not disclose customer concentration.

Next, watch whether third-quarter revenue is at least $1.530 billion and organic growth is above 13.5%, whether DBNE holds at 113% or higher along with management's commentary on DBNE excluding fees, whether new accounts outside DBNE still add more than $65 million year over year, and whether full-year organic guidance is raised again. If the beat narrows to within 1% and DBNE falls, the first-half acceleration did not carry forward; if organic growth stays around 15% and full-year guidance rises again, that supports continued usage growth from existing and new customers on a higher base.

AI voice customers have pushed Twilio's voice and software add-ons above 20% growth; can these higher-margin products keep gross profit accelerating against a tougher base?

Non-GAAP gross profit growth is the central measure of Twilio's product mix and underlying profitability, because pass-through fees do not change gross profit dollars. Non-GAAP gross profit growth has accelerated for five straight quarters to 18%[5], driven mainly by higher-margin businesses such as voice, software add-ons and services; if those products slow against a high base, gross profit growth would fall back to roughly the pace of organic revenue or below it.

The baseline is second-quarter non-GAAP gross profit of $735.7 million, up 18% year over year[3], after $697 million and 16% growth in the first quarter[9]. In the second quarter, voice grew more than 20%, self-service voice grew more than 50%, branded calling and conversational intelligence grew at triple-digit rates, and software add-ons overall grew more than 25%, with Verify above 30%[5]; in the first quarter, voice grew 20%, its sixth straight quarter of acceleration, and software add-ons grew more than 20%[9], while full-year 2025 voice revenue was $615.7 million, up 13.4% from $543.1 million in 2024[1].

Gross profit transmits as follows: AI-native companies and large ISVs build voice agents, AI customer service and outbound calling on Twilio, call minutes grow, and customers add software add-ons such as branded calling, conversational intelligence and Verify, lifting voice and add-on revenue; these products carry higher gross margins than messaging, so second-quarter non-GAAP gross profit growth of 18% outpaced organic revenue growth of 17%[5]. What remains unresolved is whether the high-margin increment from AI voice will last: AI voice revenue may be concentrated in a few startups whose traffic can move between providers as models and costs change, and HSBC argues that large platforms such as Meta will keep the high-value parts of AI voice inside their own systems, leaving Twilio mostly with the lower-margin connectivity layer[10], while the company does not disclose AI customers' share of revenue.

Next, watch whether management describes third-quarter voice growth as still around 20%, and at least not below 17%; whether software add-ons keep growing above 20% with Verify still around 30%; and whether non-GAAP gross profit grows at least 13% year over year and no slower than organic revenue in the quarter. If voice and software add-ons slow and gross profit growth drops below 13%, the high-margin increment from AI voice is not durable; if voice holds above 20% and gross profit growth is at least 16%, that supports AI voice as a lasting source of high-margin usage.

U.S. carrier pass-through fees have cut Twilio's gross margin by about two points; once the fees are stripped out, can third-quarter profit and cash flow keep beating guidance?

Carrier fees make Twilio's reported revenue growth look faster and its margins look worse, yet neither changes gross profit dollars or operating income dollars. Investors need to separate the fees to judge whether messaging volumes are suffering as customer costs rise, and whether operating income and free cash flow can deliver the full-year ranges raised in August[3].

The baseline is $71.1 million of incremental carrier fees in the second quarter[4], $46.1 million in the first quarter and $117.1 million for the first half[8][4], against $49.5 million for all of 2025[1]. Second-quarter messaging revenue grew 28% reported, with fees contributing about 10 points, or about 18% excluding them; first-quarter messaging grew 25% reported, with fees contributing about 7 points[9][5]. Second-quarter non-GAAP gross margin was 49.1%, down 160 basis points year over year but up 60 basis points excluding fees; non-GAAP income from operations was $284.6 million, a margin of about 19%, including a roughly 90 basis point drag from pass-through fees[5]; and free cash flow was $352.6 million, bringing the first half to $484.9 million[3][7].

Profit transmits as follows: U.S. carriers raise A2P messaging network fees, Twilio passes them through at cost, and revenue and cost of revenue rise by equal amounts, which lifts reported revenue growth by about 5 points and lowers non-GAAP gross margin by about 160 basis points and operating margin by about 90 basis points while leaving gross profit and operating income dollars unchanged; control of operating expenses and stock-based compensation lifted non-GAAP operating income 29% year over year, and free cash flow kept growing[3][5]. What remains unresolved is whether the margin pressure is only accounting dilution: both the annual and quarterly reports warn that these fees may rise further[4], small-business customers may send fewer messages as their costs rise, second-quarter operating margin fell 80 basis points sequentially[5], and the third-quarter guidance implies an operating margin of only about 19%[3].

Next, watch whether third-quarter incremental carrier fees come in near $56 million and whether any carrier announces a new increase; whether messaging growth excluding fees stays above 14% and non-GAAP gross margin excluding fees rises year over year; and whether non-GAAP operating income is at least $304 million, free cash flow is at least $290 million and full-year guidance is raised again. If gross margin excluding fees turns lower, or operating income only just meets guidance, the margin pressure is more than accounting dilution; if operating income beats the top of guidance by more than 3% and margin before fees keeps rising, that supports the view that the margin decline comes mainly from pass-through fees.

Risks and Falsifiers

Because most revenue is usage-based, Twilio's results respond faster to consumer spending and macroeconomic conditions than a subscription company's would. The annual report notes that usage-based fees can make results variable and create differences between the company's own projections and actual results[1]; 75% of second-quarter 2026 revenue, or about $1.12 billion, came from usage-based fees[4], while operating expenses are mostly people costs that are hard to adjust in step with revenue in the short run. This risk is falsified if third- and fourth-quarter organic growth stays above 13% and DBNE stays at 113% or higher.

Once second-half comparisons get tougher, organic growth could fall well below first-half rates. Working back from third-quarter guidance, third-quarter 2025 revenue was about $1.30 billion, so each percentage point of lower organic growth removes about $13 million of quarterly revenue[3]; the CFO has already flagged tougher third- and fourth-quarter comparisons in voice and software add-ons[5]. This risk is falsified if third-quarter organic growth is at least 15% and full-year organic guidance is raised above 14%.

AI-native customers are concentrated and face low switching costs, and large platforms could build their own voice stacks or route traffic to connectivity providers such as Bandwidth and Sinch, leaving Twilio with only the low-margin connectivity layer[10]. Voice revenue was $615.7 million in 2025, about 12% of total revenue[1], and voice and software add-ons are among the main reasons non-GAAP gross profit has grown faster than organic revenue[5]. This risk is falsified if third- and fourth-quarter voice growth stays above 20% and software add-on growth is at least 25%.

Further A2P fee increases by U.S. carriers could lead customers, especially small businesses, to cut messaging volume or move to other channels once their total costs rise. Messaging revenue was $2.8783 billion in 2025, about 57% of total revenue[1]; the company assumes about $250 million of incremental fees for the full year and estimates they will lower 2026 non-GAAP gross margin by about 210 basis points versus 2025[5]. This risk is falsified if third-quarter messaging growth excluding fees is at least 17% and incremental fees land within $10 million of the $56 million assumption.

What to Watch Next

• Organic growth versus guidance: third-quarter revenue against $1.530 billion and organic growth against 13.5%, from a second-quarter base of $1.4991 billion and 17% organic growth and guidance of $1.505 billion to $1.515 billion and 11% to 12%. Organic growth near 15% with another full-year raise would confirm the current reading; a beat narrowed to within 1% would falsify it.
• DBNE and new accounts: DBNE of at least 113% from 116% (including about 5 points of fees), and new-account contribution above $65 million from $75.7 million. Declines in both would mean the first-half acceleration did not carry forward.
• AI voice and software add-ons: voice at least 17% from above 20%, and software add-ons above 20% from above 25%, with Verify above 30%. Voice holding above 20% would confirm; a clear slowdown would falsify.
• Non-GAAP gross profit growth: at least 13% and no slower than organic revenue, from $735.7 million and 18% in the second quarter. Growth of at least 16% would confirm; growth below 13% would falsify.
• Carrier fees and messaging excluding fees: fees near $56 million after $71.1 million in the second quarter, and messaging growth excluding fees above 14% from about 18%. A new carrier increase or ex-fee messaging growth below 14% would be a warning sign.
• Non-GAAP operating income and free cash flow: operating income of at least $304 million against guidance of $285 million to $295 million and $284.6 million in the second quarter, and free cash flow of at least $290 million after $352.6 million. A beat of more than 3% above the top of guidance would confirm; a decline in gross margin excluding fees would falsify.

Conclusion

Twilio's results are driven by customer usage: about 75% of revenue is billed per message and per call minute, and second-quarter revenue was $1.4991 billion with 17% organic growth, non-GAAP gross profit grew 18%, non-GAAP income from operations was $284.6 million and free cash flow was $352.6 million[3][4]. Carrier pass-through fees inflate revenue and depress gross margin without changing profit dollars, so the real question is three linked issues: whether organic growth can run clearly above the 11% to 12% guidance on a higher base, whether voice and software add-ons can keep gross profit growing faster than revenue, and whether margin excluding fees is still improving.

Outside interpretations published after the August results diverge sharply on AI voice. Citizens, as reported by Investing.com on September 8, said Twilio is benefiting from rapid adoption of AI-driven voice use cases, that voice revenue growth of more than 20% came partly from Conversation Suite adoption, that gross margin pressure stems largely from incremental U.S. carrier fees, and that non-GAAP gross profit growth has accelerated for five straight quarters[11]; that reading matches the company's statement that margin excluding fees rose 60 basis points year over year, and it bears on the second and third debates. HSBC analyst Sameer Lam turned negative on September 25, as reported by CoinCentral, arguing that rising AI-agent traffic will benefit the industry but "does not guarantee Twilio captures disproportionate economics," because large platforms such as Meta keep the most valuable parts of that traffic inside their own AI voice stacks, while Bandwidth, Sinch and other providers offer substitutable connectivity; the same report said Stifel acknowledged that consumer AI agents would have only a small effect on third-quarter numbers[10]. Both readings accept that AI voice is bringing traffic; they differ on whether that traffic lands in high-margin software or low-margin connectivity, and HSBC's argument concerns Meta Muse, traffic that Twilio has not confirmed it carries.

The current understanding would be materially strengthened by a combination of results arriving together: third-quarter organic growth above 13.5% and DBNE of at least 113%, voice around 20% and software add-ons above 20%, non-GAAP gross profit growth no slower than organic revenue, gross margin excluding fees still rising year over year, and non-GAAP operating income beating the top of guidance by more than 3%. Conversely, a beat narrowed to within 1%, a lower DBNE, gross profit growth below 13% or a decline in gross margin excluding fees would show that the first-half acceleration and margin improvement are less durable than they appear.

Sources

[1] TWLO FY2025 10-K filed 2026-02-24 · 2026-02-24 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001447669&type=10-K&dateb=&owner=include&count=40

[2] TWLO earnings calendar updated 2026-10-24 · 2026-10-24 · Drillr earnings calendar

[3] TWLO Q2 2026 8-K filed 2026-08-06 · 2026-08-06 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001447669&type=8-K&dateb=&owner=include&count=40

[4] TWLO Q2 2026 10-Q filed 2026-08-07 · 2026-08-07 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001447669&type=10-Q&dateb=&owner=include&count=40

[5] TWLO Q2 2026 earnings call 2026-08-06 · 2026-08-06 · earnings-call · https://gateway.drillr.ai/mcp/private

[6] Drillr analyst estimates TWLO Q3 2026 retrieved 2026-10-23 · 2026-10-23 · Drillr analyst estimates · https://gateway.drillr.ai/mcp/private

[7] TWLO Q1 2026 8-K filed 2026-04-30 · 2026-04-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001447669&type=8-K&dateb=&owner=include&count=40

[8] TWLO Q1 2026 10-Q filed 2026-05-01 · 2026-05-01 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001447669&type=10-Q&dateb=&owner=include&count=40

[9] TWLO Q1 2026 earnings call 2026-04-30 · 2026-04-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[10] HSBC view on Twilio via CoinCentral 2026-09-25 · 2026-09-25 · HSBC · https://coincentral.com/twilio-twlo-stock-falls-4-after-hsbc-downgrade-over-meta-muse-doubts/

[11] Citizens view on Twilio via Investing.com 2026-09-08 · 2026-09-08 · Citizens · https://www.investing.com/news/analyst-ratings/jci-upgrades-twilio-stock-rating-on-ai-voice-growth-platform-strength-93CH-4891074