Research · Sep 3, 2026
Twilio Inc. FY25 revenue $5.07B (+14%); op income $175M (vs -$40M FY24); NI $34M (vs -$109M); EPS $0.21 (vs -$0.66). Q4 record: revenue $1.4B / non-GAAP income from operations $256M / FCF $256M. FY non-GAAP income from operations $924M; FCF $945M. Voice revenue accelerated in Q4 driven by Voice AI. Cyber Week messaging volume 6.99B messages (+34.5% YoY). RCS volume +5x QoQ. Branded calling revenue ~6x YoY Q4. Software add-on revenue +20% YoY Q4 (Verify leading). Self-serve revenue +28% YoY Q4. ISVs revenue +26% YoY Q4. Multiproduct customer count +26% YoY Q4. Large deals ($500K+) +36% YoY. Nine-figure renewal with marketing automation platform. AEG partnership signed. FY26 guide: revenue growth 11.5-12.5% reported / 8-9% organic; non-GAAP income from operations $1.04-$1.06B; FCF $1.00-$1.04B. 2027 non-GAAP operating income target at least $1.23B. US carrier fees ~170bp gross margin headwind + ~60-70bp op margin headwind / no dollar profit impact.
Research · Mar 12, 2026
NICE dominates enterprise-wide CCaaS vendor switches — particularly in financial services — with 66% gross margins and 22% operating margins, while Five9 wins mid-market and BPO deals at faster growth rates but thinner margins. At 5.3x forward P/E, Five9 is a turnaround bet; NICE at 11x forward earnings is the quality compounder in a market where Amazon Connect looms as the disruptive low-cost entrant.
Research · Mar 12, 2026
Amazon Connect poses a greater substitution threat to Five9 and NICE than Twilio due to AWS's enterprise distribution advantage, AI infrastructure dominance, and disruptive per-minute pricing model. Five9 is more vulnerable than NICE given its narrower product suite and $33M operating income vs. NICE's $660M, leaving less room to invest defensively against platform giants.
Research · Mar 11, 2026
The $500B contact center market is undergoing structural disruption as AI agents replace human representatives at scale, creating a clear opportunity for cloud CCaaS and infrastructure providers. NICE and Salesforce lead the field with defensible AI platforms and strong profitability, while Five9 faces a binary outcome and Twilio offers durable infrastructure exposure across the broader AI agent ecosystem.
