Twilio management check
TWLO · Information Technology · Systems Software · CEO Khozema Shipchandler
Filings as of
0 good · 4 to watch · 3 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $42, against $258 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of -0.05 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Flag
What does the CEO cost owners?
71.4% of net income$24.3m of reported pay in fiscal 2025, against $34.0m of net income.
- Watch
Do they own the stock?
CEO stake ≈ 2.3 years of payThe CEO holds 191,371 shares, directly or through trusts (unvested awards not counted): about 2.3 years of pay. 4 insiders sold $477.6m in the last six months and none bought. 32 of 66 sales ran on pre-arranged 10b5-1 plans.
- Flag
Are owners being diluted?
Share count shrinkingDiluted shares changed -6.6% a year over the last three fiscal years. Stock-based pay was 11.8% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Jeff Lawson, Khozema Shipchandler. 9 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Watch
Are the books clean?
An annual report was amendedNo restatements, auditor changes or late filings since 2021. 1 amended annual report.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Information Technology.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 0 | 33 | |
| Pay for performance | 47 | 87 | |
| CEO cost | 0 | 35 | |
| Skin in the game | 33 | 47 | |
| Dilution | 20 | 56 | |
| Stable leadership | 40 | 85 | |
| Clean books | 70 | 100 |
Closest peers
Others in Systems Software, by management score. Twilio is 73rd of 73 in its sector.
- 63FTNTFortinet79
- 212MSFTMicrosoft68
- 346GENGen Digital58
- 351PANWPalo Alto Networks58
- 378CRWDCrowdStrike56
- 459NOWServiceNow43
- 485TWLOTwilio30
Pay versus performance
From the proxy statement filed April 28, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Khozema Shipchandler | $24.3m | $52.3m | $9.5m | $42 | $258 | $34.0m |
| 2024 | Jeff Lawson, Khozema Shipchandler | $27.2m | $65.6m | $7.8m | $32 | $208 | −$109.0m |
| 2023 | Jeff Lawson | $76.9m | $2.5m | $12.7m | $22 | $152 | −$1.0bn |
| 2022 | Jeff Lawson | $49.4m | $0 | $30.0m | $14 | $97 | −$1.3bn |
| 2021 | Jeff Lawson | $14.6m | $0 | $14.5m | $78 | $135 | −$950.0m |
The board says pay is tied most to Non-GAAP income (loss) from operations. Its other key measures: Non-GAAP income from operations, Organic revenue growth, Free cash flow.
Insiders and the CEO's stake
Khozema Shipchandler (Chief Executive Officer) held 191,371 shares directly after their latest Form 4 on Oct 5, 2026, roughly $56.4m at that filing's price.
4 insiders sold $477.6m in the last six months and none bought. 32 of 66 sales ran on pre-arranged 10b5-1 plans.
- SoldAndrew StafmanDirector$438.3mAug 12, 2026
- SoldKhozema ShipchandlerChief Executive Officer$30.5mOct 5, 2026
- SoldAidan ViggianoChief Financial Officer$7.2mSep 30, 2026
- SoldErika RottenbergDirector · 10b5-1 plan$1.6mAug 10, 2026
Leadership and governance on file
- Jun 17, 2026Leadership change8-K 5.02
- Mar 24, 2026Leadership change8-K 5.02
- Dec 16, 2024Leadership change8-K 5.02
- Oct 4, 2024Leadership change8-K 5.02
- Apr 4, 2024Leadership change8-K 5.02
- Apr 1, 2024Leadership change8-K 5.02
- Jan 8, 2024Leadership change8-K 5.02
- Dec 1, 2023Leadership change8-K 5.02
- Nov 8, 2023Leadership change8-K 5.02
- Mar 30, 2023Leadership change8-K 5.02
- Feb 23, 2023Leadership change8-K 5.02
- Feb 15, 2023Leadership change8-K 5.02
Latest shareholder vote results: Jun 17, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $3.9bn returned to owners in buybacks and dividends, and $3.3bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.8bn | $3.8bn | $4.2bn | $4.5bn | $5.1bn |
| Net income | −$950.0m | −$1.3bn | −$1.0bn | −$109.0m | $34.0m |
| Stock-based pay | $632.3m | $798.6m | $675.9m | $616.6m | $600.4m |
| Buybacks | $0 | $0 | $668.8m | $2.3bn | $868.9m |
| Dividends | — | — | — | — | — |
| Diluted shares | 174m | 183m | 183m | 166m | 160m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.