TWILIO INC Earnings Per Share Disclosure
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Numerator: | ||||||||||||||||||||
| Net income (loss) attributable to common stockholders (in thousands) | $ | 33,834 | $ | (109,403) | $ | (1,015,441) | ||||||||||||||
| Denominator: | ||||||||||||||||||||
| Weighted-average shares outstanding, basic | 152,986,390 | 165,925,128 | 183,327,844 | |||||||||||||||||
Dilutive effect of outstanding stock options, RSUs, and stock committed under ESPP | 6,802,554 | — | — | |||||||||||||||||
Weighted-average shares outstanding, diluted | 159,788,944 | 165,925,128 | 183,327,844 | |||||||||||||||||
Net income (loss) per share attributable to common stockholders | ||||||||||||||||||||
Basic | $ | 0.22 | $ | (0.66) | $ | (5.54) | ||||||||||||||
Diluted | $ | 0.21 | $ | (0.66) | $ | (5.54) | ||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Stock options issued and outstanding | 145,350 | 1,322,176 | 1,722,861 | |||||||||||||||||
Unvested restricted stock units issued and outstanding(1) | 773,678 | 18,386,271 | 18,755,538 | |||||||||||||||||
| Shares of Class A common stock reserved for Twilio.org | — | 353,633 | 442,041 | |||||||||||||||||
| Shares of Class A common stock committed under ESPP | 238,403 | 265,698 | 426,199 | |||||||||||||||||
| Shares of Class A common stock in escrow | — | — | 31,503 | |||||||||||||||||
| Shares of Class A common stock in escrow subject to future vesting | — | — | 3,771 | |||||||||||||||||
| Total | 1,157,431 | 20,327,778 | 21,381,913 | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.