SIGNAL '26; It's Time To Build The Next Era Of Customer Engagement

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SIGNAL '26; It's Time To Build The Next Era Of Customer Engagement

May 11, 2026 Twilio, Inc.

(TWLO, Buy, $215 PT)

Nick Altmann

SIGNAL '26; It's Time To Build The Next Era Of Customer Engagement (415) 248-5403 naltmann@btig.com

John Gomez WHAT YOU SHOULD KNOW: Last week we spent time at Twilio's SIGNAL 2026 (415) 248-2280 jgomez@btig.com

conference, attended a brief investor Q&A session, and had the chance to speak

Nick Dannewitz with >10 customers & partners. TWLO unveiled its next-generation platform centeredINFRASTRUCTURE (415) 248-2298 ndannewitz@btig.com on newly GA products, collectively forming a new conversation layer designed to

power continuous and context-aware customer engagement in the agentic era. Bottom Company Data

line, a new era of customer engagement is set to take hold, and TWLO's underlying Closing Price $201.70

infrastructure is set to power this next iteration of customer engagement. This should Price Target $215.00

manifest in further multi-channel adoption, which we see as being further accelerated Market Cap (M) $33,375.46

by TWLO's new Console and credit trials, that can ultimately drive further market share Enterprise Value (M) $23,146.07SOFTWARE gains in the form of multi-product adoption (2/3 of customers only use one product). Shares Out (M) 165.47

Our conversations with customers and partners further enforced this, with customers

actively building AI use cases underpinned by TWLO's platform, with strong interest in Avg Daily Vol-3 Months (M) 2.53

evaluating and adopting several new TWLO products. We come away from the event RevisionsEQUITY incrementally confident in TWLO's positioning as the foundational infrastructure layer Previous Current

for enterprise AI-driven customer engagement, and keep shares as our top pick. We Rating Buy Buy