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Twilio cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$389M in Q3 2026 · $1.2B over twelve months

Operating cash flow$389M
Free cash flow+$389M
Cash / net income2.4×
Cash conversion cycle37 days

Analysis

In Q3 2026, Twilio generated $389M of operating cash flow. That is $126M more than in Q3 2025 ($264M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.2B; the largest uses were buybacks ($647M), other investing ($203M), acquisitions ($62.2M); besides operations, cash came from other financing ($52.4M); the cash balance rose by $327M.

Operating cash flow was $389M against net income of $161M — 2.4× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$154M, accrued liabilities +$86.8M, depreciation & amortization +$27.7M.

Its cash conversion cycle was 37 days (receivables 45 + inventory 0 − payables 8).

Free cash flow

Twilio: free cash flow by quarterTwilio: free cash flow by quarter$108MQ4 2024$191MQ1 2025$277MQ2 2025$264MQ3 2025$272MQ4 2025$153MQ1 2026$372MQ2 2026$389MQ3 2026
Operating cash flow less capital spending.
Twilio: operating cash flow against capital spendingTwilio: operating cash flow against capital spendingOperating cash flowCapital spending$108M$0Q4 2024$191M$0Q1 2025$277M$0Q2 2025$264M$0Q3 2025$272M$0Q4 2025$153M$0Q1 2026$372M$0Q2 2026$389M$0Q3 2026
Latest (Q3 2026): Operating cash flow $389M, Capital spending $0.

Capital allocation, year by year

Twilio: where the cash came from (up) and went (down), by fiscal yearTwilio: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$58.2MFY2021: Net borrowing $976MFY2021: Shares issued $1.9BFY2021: Capital spending −$46.0MFY2021: Acquisitions −$492M$2.9BFY2021FY2022: Operating cash flow −$254MFY2022: Net borrowing −$13.4MFY2022: Shares issued $59.6MFY2022: Acquisitions −$37.4M$59.6MFY2022FY2023: Operating cash flow $415MFY2023: Net borrowing −$16.1MFY2023: Shares issued $43.8MFY2023: Asset sales $38.2MFY2023: Acquisitions −$5.8MFY2023: Buybacks −$669M$497MFY2023FY2024: Operating cash flow $716MFY2024: Net borrowing −$12.6MFY2024: Shares issued $37.4MFY2024: Buybacks −$2.3B$754MFY2024FY2025: Operating cash flow $1.0BFY2025: Net borrowing −$5.3MFY2025: Shares issued $41.4MFY2025: Acquisitions −$61.5MFY2025: Buybacks −$869M$1.0BFY2025
Over these 5 years operating cash flow totalled $1.8B; the largest uses were buybacks ($3.9B) and acquisitions ($596M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.9B
Debt$994M
Net cash$1.9B

Twilio funds itself: free cash flow was $1.2B over the last twelve months, and $2.9B of cash and investments stands against $994M of debt.

Where the cash came from and went

Twilio: sources (+) and uses (−) of cash, Q3 2026Twilio: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$389MCash drawn (+) / kept (−)−$238MBuybacks−$125MOther investing−$30.1MShares issued$4.5MNet borrowing (+) / repaid (−)−$65KTaxes on employees’ shares−$19K
Twilio: sources (+) and uses (−) of cash, TTM to Q3 2026Twilio: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.2BBuybacks−$647MCash drawn (+) / kept (−)−$327MOther investing−$203MAcquisitions−$62.2MOther financing$52.4MNet borrowing (+) / repaid (−)−$244KTaxes on employees’ shares−$62K

From profit to cash

Twilio: net income to operating cash flow, Q3 2026Twilio: net income to operating cash flow, Q3 2026Net income$161MDepreciation & amortization$27.7MStock-based pay$154MReceivables$271KPayables−$10.3MAccrued liabilities$86.8MDeferred revenue$4.0MPrepaid and other assets−$8.4MOther liabilities$475KOperating cash flow$389M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202645—837
Q2 202645—1035
Q1 202643—1132
Q4 202542—834
Q3 202542—834
Q2 202543—1330
Q1 202545—1629
Q4 202444—1331

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$389M—−$125M−$65K$4.5M−$238M$389M
Q2 2026$372M—−$70.0M−$64K—−$281M$372M
Q1 2026$153M−$685K−$253M−$64K$559K$141M$153M
Q4 2025$272M−$61.5M−$198M−$51K$15.1M$52.3M$272M
Q3 2025$264M—−$347M−$1.0M$373K$246M$264M
Q2 2025$277M—−$197M−$2.0M—−$503M$277M
Q1 2025$191M—−$126M−$2.3M$2.8M−$46.1M$191M
Q4 2024$108M—−$420M−$2.4M$14.7M$170M$108M

Twilio: income statement and cash flow

Twilio, Q3 2026: revenue $1.6B (+20% year over year), operating margin 9.5%. The chart follows the revenue to costs, profit and cash.

Twilio: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.