Filing Flows › Twilio (TWLO) › Q2 2026 › vs Q2 2025
Twilio (TWLO) Q2 2026 vs Q2 2025 (year over year)
Twilio's revenue rose $271M (+22%) from $1.2B in Q2 2025 to $1.5B in Q2 2026. Gross margin 48.4% against 49.1% (-0.6 pts).
Twilio, Q2 2026: revenue $1.5B (+22% year over year), operating margin 5.6%, net earnings $1.1B, operating cash flow $372M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 48.4% | 49.1% | -0.6 pts |
| Operating margin | 5.6% | 3.0% | +2.6 pts |
| Net margin | 71.2% | 1.8% | +69.4 pts |
| Free cash flow margin | 23.5% | 21.4% | +2.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $1.5B | $1.2B | $271M | +22% |
| Gross profit | $726M | $603M | $123M | +20% |
| Cost of revenue | $773M | $626M | $148M | +24% |
| Operating profit | $84.5M | $37.0M | $47.6M | +129% |
| Operating expenses | $641M | $566M | $75.6M | +13% |
| Pre-tax earnings | $75.5M | $33.6M | $41.9M | +125% |
| Other expense, net | $9.0M | $3.4M | $5.6M | +166% |
| Research & development | $273M | $243M | $29.8M | +12% |
| Sales & marketing | $217M | $221M | −$3.9M | -2% |
| General & admin | $118M | $102M | $16.9M | +17% |
| Income tax benefit | $992M | −$11.2M | $1.0B | — |
| Net earnings | $1.1B | $22.4M | $1.0B | 48× |
| Depreciation & amortization | $29.5M | $49.8M | −$20.3M | -41% |
| Share-based compensation | $142M | $149M | −$7.3M | -5% |
| Working capital & other | $866M | −$55.6M | $922M | — |
| Operating cash flow | $372M | $277M | $95.3M | +34% |
| Free cash flow (company-reported) | $353M | $263M | $89.2M | +34% |
| Capitalized software development costs | $16.7M | $12.6M | $4.1M | +32% |
| Purchase of long-lived assets | $3.1M | $1.0M | $2.1M | +205% |
Questions
How much did Twilio's revenue grow year over year in Q2 2026?
Twilio's revenue rose $271M (+22%) from $1.2B in Q2 2025 to $1.5B in Q2 2026. Gross margin 48.4% against 49.1% (-0.6 pts).