−Removed: We envision a world in which every digital interaction between businesses and their customers is amazing.
−Removed: By combining our leading communications capabilities, plus rich contextual data, plus generative and predictive artificial intelligence (“AI”), we enable businesses of all sizes to revolutionize how they engage with their customers by delivering seamless, trusted, and personalized customer experiences at scale.
−Removed: We offer communications application programming interfaces (“APIs”) that enable developers to embed numerous forms of messaging, voice, email, and video interactions into their customer-facing applications, as well as software products that target specific engagement needs, including our customer data platform, digital engagement centers, marketing campaigns, and user authentication and identity solutions.
−Removed: This combination of flexible APIs and software solutions helps businesses of all sizes and across numerous industries to benefit from smarter and more streamlined engagement at every step of the customer journey, including reduced customer acquisition costs, lasting loyalty, and increased customer value.
−Removed: Our platform, which combines our highly customizable communications APIs with customer data management capabilities and AI-powered predictions and recommendations, allows businesses to break down data silos and build a comprehensive single source for their customer data that is organized into unique profiles that are easily accessible by all their business teams.
−Removed: Empowered with this information and the insights it enables, businesses using our platform can provide robust, personalized, and effective communications to their customers at every stage of their customer relationships at scale.
+Added: We envision a world in which every digital interaction is amazing.
+Added: By combining our leading communications capabilities with rich contextual data and artificial intelligence (“AI”), we provide the infrastructure for businesses of all sizes to revolutionize how they engage with their customers by delivering seamless, trusted, and personalized customer experiences at scale.
+Added: We offer highly customizable communications application programming interfaces (“APIs”) that enable developers to embed numerous forms of messaging, voice, email, and video interactions into their customer-facing applications, as well as software products that target specific engagement needs, including our digital engagement centers, marketing campaigns, and user authentication and identity solutions.
+Added: This combination of flexible APIs and software solutions, together with our customer data capabilities, helps businesses of all sizes and across numerous industries to benefit from smarter and more streamlined engagement at every step of the customer journey, including reduced customer acquisition costs, lasting loyalty, and increased customer value.
The value proposition of our offerings has become stronger and our products have become more strategic to our customers as businesses are increasingly prioritizing building more personalized and differentiated customer engagement experiences through digital channels.
−Removed: On January 1, 2025, we realigned our business unit structure into a functional support model under one organization.
−Removed: We believe that operating as one organization best positions us as we seek to deliver one trusted, smart and integrated platform that enables more personalized communications and engagements for customers.
−Removed: Despite realigning our organizational structure, we continue to have two reportable segments.
−Removed: Our Communications reportable segment consists of a variety of APIs and software solutions to optimize communications between our customers and their end users.
−Removed: Our key offerings in our Communications reportable segment include Messaging, Voice, Email (which includes Marketing Campaigns), Flex, and User Authentication and Identity.
−Removed: Our Segment reportable segment consists of software products that enable businesses to leverage their contextual data to create unique customer profiles and achieve more effective customer engagement.
−Removed: Our key offering in our Segment reportable segment is our Segment product.
We have experienced substantial growth in our business since inception, and as of December 31, 2025, we had over 402,000 Active Customer Accounts representing organizations from small and medium-sized businesses to large enterprises across a broad range of industries.
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We have also fueled our growth through strategic acquisitions and integrations of businesses that complemented our pre-existing products and allowed us to expand our platform and to add new customer accounts.
−Removed: We aim to deliver the leading customer engagement platform that intelligently orchestrates customer engagement across the entire customer life cycle by combining our communications capabilities with rich contextual data and AI.
−Removed: Our trusted, simple, and smart platform provides developers with tools to build, scale, and deploy real-time communications within software applications, while simultaneously offering technology that allows businesses to harness the power of contextual data to develop more informed insights about their customers.
−Removed: The data that our platform securely collects, supported by our AI-powered predictions and recommendations, can inform interactions across the customer journey to achieve more personalized, timely, and impactful customer engagement.
−Removed: This in turn empowers businesses to build more productive and personalized one-to-one relationships, at scale, through both easy-to-use APIs and extensible software products.
−Removed: Trust in our platform is a top priority as we continue to innovate, and we prioritize trust through investments in system availability and security.
+Added: The Twilio platform combines our communications channels and software solutions with contextual data and AI-powered orchestration, enabling businesses to deliver amazing customer engagement across the entire customer journey.
+Added: Our platform provides a trusted, simple, and smart infrastructure foundation that customers can build on.
+Added: We help enable conversations that are two-way and omnichannel by default, providing customers a tailored experience — at scale.
We offer highly customizable APIs and products to build rich contextual communications within applications, allowing developers to build orchestrated engagements with customers worldwide.
We also offer solutions for user authentication and identity, and advanced compliance and regulatory management software to support success within a changing ecosystem of regulations.
−Removed: Additionally, our customer data platform enables businesses to collect, contextualize, and leverage first-party and real-time customer data to create highly personalized experiences and campaigns across multiple channels.
−Removed: It also allows businesses to break down data silos across their organizations and to leverage a single unified source of customer data for their various business teams.
+Added: Additionally, our customer data capabilities enable businesses to collect, contextualize, and leverage first-party and real-time customer data to create highly personalized experiences and campaigns across multiple channels.
+Added: They also allow businesses to break down data silos across their organizations and to leverage a single unified source of customer data for their various business teams.
Our products can be used individually or in combination to enable more personalized, timely, and impactful communications and engagements across the customer journey.
−Removed: Our platform is connected to our Super Network (“Super Network”), a software layer that enables our customers’ applications to communicate with devices globally.
+Added: Our platform is connected to our Super Network, a software layer that enables our customers’ applications to communicate with devices globally.
The Super Network interconnects communications networks and inbox services providers around the world and continually analyzes billions of data points to optimize the quality and cost of communications that flow through our platform.
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Our key products include:
−Removed: Twilio Programmable Messaging and Conversations (“Messaging”) are APIs to send and receive SMS, MMS, RCS, and over-the-top (e.g., WhatsApp and Facebook Messenger) messages globally over a variety of sender types.
+Added: Twilio Programmable Messaging (“Messaging”) is an API to send and receive SMS, MMS, RCS, and over-the-top (e.g., WhatsApp and Facebook Messenger) messages globally over a variety of sender types.
Messaging uses intelligent sending features to ensure messages reliably reach end users wherever they are.
−Removed: Our customers use these APIs to address numerous use cases, including account notifications, marketing, mass alerts, and order confirmations, as well as multi-party and conversational use cases, such as conversational marketing, sales support, and customer care.
+Added: Our customers use Messaging across numerous use cases, including account notifications, marketing, mass alerts, and order confirmations, as well as multi-party and conversational use cases, such as conversational marketing, sales support, and customer care.
Twilio Programmable Voice (“Voice”) is an API that allows developers to build solutions to make, manage, and receive phone calls globally through a browser, application, phone, or other methods.
−Removed: Our voice software, which works over both the traditional public switched telephone network and over Internet Protocol (“VoIP”), allows developers to incorporate advanced voice functionality such as integrations with AI-based virtual agents, text-to-speech, global conferencing, emergency calling, call recording, and media streams, as well as address use cases such as contact centers, interactive voice response systems, call tracking, analytics solutions and anonymized communications.
+Added: Our voice software, which works over both the traditional public switched telephone network and over Internet Protocol (“VoIP”), allows developers to incorporate advanced voice functionality such as integrations with AI-based virtual agents, text-to-speech and speech-to-text, global conferencing, emergency calling, call recording, and media streams, as well as address use cases such as contact centers, interactive voice response systems, call tracking, analytics solutions and anonymized communications.
Twilio SendGrid Email (“Email”) is an API and no-code user interface that solves email delivery challenges at scale.
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Businesses use our Email products for both marketing messages and transactional emails, including promotional offers, newsletters, shipping notifications, password resets, and sign-up confirmations.
−Removed: Twilio Flex (“Flex”) is a digital engagement center for the entire customer journey—a sales tool for pre-purchase conversations, a cloud-based contact center, and an in-app digital concierge.
−Removed: Flex is built for the new world of tailored customer experiences and omnichannel communications, allowing businesses to deploy a broad array of personalized, data-driven customer engagement channels while providing the tools to easily create, change or extend any part of their custom solutions.
−Removed: With Flex, businesses can rapidly deploy a tailored cloud-based engagement center that addresses their specific needs.
• User Authentication and Identity.
−Removed: Our User Authentication and Identity solutions enable registering, onboarding, and recognizing customers.
+Added: Our User Authentication and Identity solutions enable businesses to verify, authenticate, and manage users.
Twilio Verify (“Verify”) is a managed solution for multi-channel user verification, which effectively adds security at the point of new user activation and onwards, providing a low-friction and secure login experience.
−Removed: Using Verify for two-factor authentication, businesses can add an extra layer of security to their applications with passwords sent to users via SMS, voice, email, or push notifications, as well as passkeys.
+Added: Using Verify, businesses can add an extra layer of security to their applications through a range of secure authentication methods, including one-time passwords over SMS, voice, email, push-based authentication, as well as phishing resistant authentication with passkeys.
Verify includes Fraud Guard, which is aimed at automatically blocking fraudulent messages resulting from artificially inflated traffic or SMS pumping.
Additionally, Twilio Lookup API provides real-time mobile-based identity intelligence that can reduce fraud risks and improve message delivery.
−Removed: Twilio Segment is a leading customer data platform that provides businesses with the tools to harness the power of contextual data by unifying real-time information collected throughout each customer’s journey into a unique profile.
−Removed: Segment helps businesses create precise audiences, continuous experiences, and contextual personalization with a unified view of the customer, seamless journey orchestration, and easy-to-use AI based on data that can be trusted to save time and achieve results.
−Removed: The components of our customer data platform include:
−Removed: • Connections for integrating web and mobile app data with a single API, easily transforming and loading customer data into cloud data warehouses, activating data from the warehouse with Reverse ETL (Extract, Transform, Load), and customizing data pipelines.
−Removed: Segment Connections supports over 700 data sources and destinations out of the box.
−Removed: • Protocols to protect the integrity of data and user privacy and help businesses comply with various privacy laws, including the General Data Protection Regulation, the California Consumer Privacy Act, and the Health Insurance Portability and Accountability Act.
−Removed: • Unify for combining customer data from across every channel into trusted customer profiles, and syncing those profiles to the cloud data warehouse for enrichment and machine learning (“ML”) modeling.
−Removed: • Engage to deepen customer relationships by personalizing customer interactions on every channel, build dynamic audiences from complete, real-time, profiles and orchestrate cross-channel customer journeys.
−Removed: • AI capabilities to provide 1:1 interactions at scale, including the utilization of generative AI to create targeted audiences and launch personalized customer journeys using simple text prompts, and predictive AI to predict customer behavior, build targeted audiences and deliver more personalized campaigns.
+Added: Twilio Segment (“Segment”) is our customer data platform that provides businesses with the tools to harness the power of contextual data by unifying real-time information collected throughout each customer’s journey into a unique profile.
+Added: Segment helps businesses create precise audiences, continuous experiences, and contextual personalization with a unified view of the customer, seamless journey orchestration, and easy-to-use AI based on trusted data to save time and achieve results.
+Added: Segment offers hundreds of out-of-the-box connections to collect web and mobile app data via a single API, transform and load it into cloud warehouses, and activate it back to business tools with Reverse ETL (Extract, Transform, Load) and customizable pipelines.
+Added: It also provides privacy and compliance tools, unifies cross-channel data into trusted customer profiles for enrichment and machine learning (“ML”), enables real-time personalization and journey orchestration, and uses generative and predictive AI to build targeted audiences and deliver 1:1 experiences at scale.
We generate revenue from our platform through a combination of usage-based and subscription-based fees.
Revenue generated from Messaging, Voice, and User Authentication and Identity is primarily recognized on a usage basis.
−Removed: Revenue generated from Email (which includes Marketing Campaigns), Flex, and Segment is primarily recognized on a subscription basis.
+Added: Revenue generated from Email and Segment is primarily recognized on a subscription basis.
We experience seasonal trends due to increased consumer activity in the fourth quarter.
−Removed: Our strategy is rooted in simplifying our offerings to deliver a trusted, intuitive customer and end-consumer experience.
−Removed: By enhancing the capabilities we already have and building new ones, we plan to offer our customers a more powerful, cohesive platform that continues to set us apart in the market.
−Removed: Our goal is to offer one trusted, simple, and smart platform that enables more personalized, timely, and impactful communications and engagements across the customer journey.
−Removed: We are combining our leading communications capabilities, plus rich contextual data, plus the power of AI.
−Removed: This powerful combination positions us to unlock smarter and more personalized interactions for businesses.
+Added: Our strategy is rooted in streamlining our platform and delivering a trusted, intuitive customer experience.
+Added: With the Twilio platform serving as the foundational infrastructure layer that embeds communications, contextual data, and AI in one place, we aim to help businesses engage more effectively with fast, relevant, and personalized interactions.
We are concentrating on the highest-impact product areas for our future, and we intend to pursue the following strategies:
−Removed: • One Trusted, Simple, and Smart Platform.
−Removed: We are harnessing Twilio’s foundational strengths in communication channel offerings, global scale, developer loyalty, and contextual data assets to deliver a more holistic, trusted, simple, and smart platform.
−Removed: Our investments in innovation now include vertical products along with the components and characteristics of a horizontal platform, including cross-channel orchestration capabilities.
−Removed: Our aim for our platform innovation is to help customers reduce friction and streamline how customers add communication channels, enabling more personalized interactions and deeper engagement with their end customers.
+Added: • One Platform to Enable Amazing Customer Engagement.
+Added: We are focused on harnessing Twilio’s foundational strengths in communication channel offerings, global scale, developer loyalty, and contextual data assets to deliver a single cohesive platform for frictionless, context-driven interactions through trust at scale, simplified complexity, and smart engagement.
+Added: Our investments in platform innovation include pre-built solutions and integrations, including cross-channel orchestration capabilities.
+Added: These are designed to help customers reduce friction and streamline how they add communication channels, to deliver amazing customer engagement.
• Winning in Customer Data.
−Removed: We are focused on Segment’s interoperability across the data ecosystem to support growth in our Segment business.
−Removed: We also continue to innovate with predictive and generative AI to help customers increase the value and impact of Segment in customer engagement.
−Removed: We believe we can improve engagement using insights from communications data and consumer insights to offer more proactive and personalized experiences, resulting in more effective marketing, sales, and customer support.
−Removed: • Leveraging AI.
+Added: The foundation of our platform is the real-time collection of customer interactions across channels, platforms, and systems.
+Added: We aim to capitalize on communications data and contextual consumer insights to offer better engagement, with more proactive and personalized experiences, fueling more effective marketing, sales, and customer support.
+Added: • Enabling and Leveraging AI.
We believe AI and ML have the potential to increase the value and reach of our platform capabilities, and make every customer interaction more personalized and intelligent.
We are continuing to invest in AI-enabled products and features for our customers, as well as internal applications to automate processes and help our business run more efficiently.
+Added: We are also focused on partnering with AI companies, capitalizing on the value of our communications capabilities for building AI solutions.
• Efficient Go-to-Market Execution.
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The markets for our products are rapidly evolving and are increasingly competitive.
−Removed: Our competitors are primarily (i) communications platform-as-a-service (“CPaaS”) companies that offer communications products and applications, (ii) other software companies that compete with portions of our communications product line, (iii) regional network service providers that offer limited developer functionality on top of their own physical infrastructure, (iv) customer relationship management and customer experience vendors and (v) standalone customer data platform vendors.
+Added: Our competitors are primarily (i) communications platform-as-a-service (“CPaaS”) companies that offer communications products and applications, (ii) regional network service providers that offer limited developer functionality on top of their own physical infrastructure, (iii) customer relationship management and customer experience vendors, (iv) standalone customer data platform vendors and (v) other software companies that compete with portions of our product line.
The principal competitive factors in these markets include completeness of offering, credibility with customers, ability to differentiate our products against competing offerings, global reach, ease of integration and programmability, product features, platform scalability, reliability, deliverability, security and performance, brand awareness and reputation, the strength of sales and marketing efforts, customer support, and the cost of deploying and using products.
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Research and Development
−Removed: Our research and development efforts are focused on building one holistic trusted, simple, and smart customer engagement platform while enhancing our existing products and developing new products and features.
+Added: Our research and development efforts are focused on bringing communications, data, and AI together into a single platform that enables fast, relevant, and personalized interactions.
Our research and development organization is predominantly built around small development teams.
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Our sales and marketing teams work closely together to drive awareness and adoption of our platform.
−Removed: We leverage our brand, marketing programs, developer network, and conferences, such as SIGNAL, to expand our go-to-market motions.
+Added: We leverage our brand, marketing programs, and conferences, such as SIGNAL, to expand our go-to-market motions.
Our go-to-market model has three motions:
self-service, sales-led, and partner-led.
−Removed: Developers, marketers, and other technical users are able to access our easy-to-configure APIs and tools along with our extensive self-service documentation and customer support team, to embed our products into their applications.
+Added: Developers and other technical customers are able to access our easy-to-configure APIs and tools along with our extensive self-service documentation and customer support team, to embed our products into their applications.
These self-service customers can then provide their billing information to either make an upfront prepayment that is drawn down as they use our products, or subscribe to a plan, depending on the product they deploy.
−Removed: Our enterprise and commercial customers have access to our sales and solutions team to support their businesses across their customer journey.
−Removed: This is a direct sales motion and is supported by sales development, field marketing, and solution engineers.
+Added: Enterprises and other organizations with complex, high-scale business needs have access to our sales and solutions team to support their businesses across their customer journey.
+Added: This is a direct sales motion and is supported by sales development, field marketing, solution engineers, and other specialized sales teams.
This model emphasizes value-based discovery, technical proof of concept, and building strong customer relationships.
Our sales organization targets technical, marketing, and business leaders who are seeking to leverage software to drive superior customer engagement and competitive differentiation.
−Removed: Our sales and solutions teams also support our ISV partners, who leverage our APIs to build software and services that they can resell to their customers across a varying number of use cases and verticals.
+Added: Our sales and specialist teams also support our ISV partners, who leverage our APIs to build software and services that they can resell to their customers across a varying number of use cases and verticals.
When potential customers do not have the available developer resources or expertise to build our products into their own applications, we refer them to one of our partners to help deliver their solution.
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Additionally, we offer support options tailored to meet individual customer needs including both free and paid personalized plans.
−Removed: All customers receive free support through our chatbots, Help Center Assistant, and access to technical documentation.
+Added: All customers receive free support, including through our AI agents, Help Center Assistant, customer service representatives and access to technical documentation.
We also maintain a status page on our website that provides real-time updates on any known incidents, outages or degradation on our API platform and external carrier connections.
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Furthermore, customers can engage with the wider Twilio community for guidance and assistance in resolving API-related issues.
−Removed: For our Communications products, we generally offer three paid tiers of support with increasing levels of availability and guaranteed response times.
+Added: Additionally, we generally offer three paid tiers of support for our communications products with increasing levels of availability and guaranteed response times.
Our highest tier plan, intended for our largest customers, includes a technical account manager, duty manager coverage, and quarterly status reviews.
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Our support model is global, with coverage available 24x7.
−Removed: We currently derive an insignificant amount of revenue from fees for customer support.
We also offer professional services which provide in-depth, hands-on, fee-based packages of advisory, software architecture, integration and coding services to existing and prospective customers and partners to optimize their use of the Twilio platform.
−Removed: For Flex and Segment, offerings include services for implementing digital engagement center solutions and customer data platform design.
−Removed: For our other Communications products, offerings include email implementation and deliverability, and configuration and integration of our communications channels.
+Added: For Segment, offerings include services for implementing digital engagement center solutions and customer data platform design.
+Added: For other products, offerings include email implementation and deliverability, and configuration and integration of our communications channels.
Intellectual Property
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In addition, as of December 31, 2025, we had 53 registered trademarks in the United States and 749 registered trademarks in foreign jurisdictions.
−Removed: We currently, and will continue to, seek to protect our intellectual property and other proprietary rights by, among other things, implementing, maintaining, and enforcing a policy that requires our employees, independent contractors and certain suppliers involved in developing intellectual property for us or on our behalf to enter into agreements acknowledging that all work product or other forms of intellectual property generated, created, reduced to practice, conceived, or otherwise developed by them on our behalf are owned by us such that we can use the intellectual property they develop for our business purposes.
+Added: We seek to protect our intellectual property and other proprietary rights by, among other things, implementing, maintaining, and enforcing a policy that requires our employees, independent contractors and certain suppliers involved in developing intellectual property for us or on our behalf to enter into agreements acknowledging that all work product or other forms of intellectual property generated, created, reduced to practice, conceived, or otherwise developed by them on our behalf are owned by us such that we can use the intellectual property they develop for our business purposes.
We are subject to a number of U.S.
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Our values, which we call the Twilio Magic, remind us every day who we are at our core and guide how we act and how we make decisions.
−Removed: We are Builders .
−Removed: We are Owners .
−Removed: We are Curious .
−Removed: We are Positrons .
Communications play a critical role in solving some of the world’s toughest social challenges—it is the foundation for engaging individuals or communities and guiding them toward the resources they need.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.