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Twilio TWLO Communications Segment — Cost of Revenue, Adjusted

Discontinued — last reported Q2 '25

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Other financials

Income statement

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Revenue$1.4B+20.0%
Gross profit$684.2M+17.7%
Operating income$107.7M+366%
Net income$90.1M+350%
EPS (diluted)$0.57+375%

Balance sheet

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Cash & equivalents$542.0M+13.5%
Total debt$1.1B-3.0%
Total equity$7.8B-2.8%
Total assets$9.6B-2.4%

Cash flow

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Operating cash flow$153.2M-19.8%
CapEx$17.9M-16.7%
Free cash flow-$133.6M-97.7%

Valuation

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Market cap$28.26B+27.6%
Enterprise value$28.78B+25.8%
P/E166.4×
P/S5.3×+0.5×

Profitability

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Gross margin48.7%-1.8pp
Operating margin4.6%
Net margin1.4%+0.7pp
FCF margin-7.6%-10.9pp

Returns & leverage

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Return on equity0.8%+0.4pp
Debt / equity0.1×0.0×
Current ratio4.7×-0.1×

Where this comes from

Reported directly by Twilio in its filing.

Tagged under the XBRL concept twlo:CostOfRevenueAdjusted.

The official record: Twilio’s 10-Q, filed August 8, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is Twilio's communications segment — cost of revenue, adjusted?
Twilio (TWLO) reported communications segment — cost of revenue, adjusted of $586.15M in Q2 2025.
How has Twilio's communications segment — cost of revenue, adjusted changed year-over-year?
Twilio's communications segment — cost of revenue, adjusted increased by 20.8% year-over-year, from $485.16M to $586.15M.
What does communications segment — cost of revenue, adjusted mean?
The direct costs of providing communication services, excluding non-cash expenses.
How do you interpret communications segment — cost of revenue, adjusted?
A decrease relative to revenue suggests improved network efficiency or better carrier pricing, while an increase may signal rising infrastructure costs.
How does communications segment — cost of revenue, adjusted compare across companies?
Similar to cost of goods sold (COGS) for software-enabled network service providers.