Twilio Inc: AI Momentum Building, Core Trends Remain Healthy

研报英文原文证据摘录

Twilio Inc: AI Momentum Building, Core Trends Remain Healthy

have expanded from tens of thousands of dollars to 6- and 7-figures, while

another reported 20-25% Y/Y volume growth among large customers (6-8% Y/Y

for all) and estimated that Branded Calling can increase spend by 20-30%.

Demand is expanding beyond customer support into greenfield use cases such as

roadside assistance, payment collections, information gathering, and healthcare

scheduling. While we’re prudently modeling 18% Y/Y Voice revs growth in

2QF26, we wouldn’t be surprised to see further acceleration from the 20% Y/Y

growth in 1QF26. We continue to believe adoption of ConversationRelay and

Conversational Intelligence is higher among enterprises building AI agents in-

house vs customers using third-party platforms such as ElevenLabs or Sierra, which

provide overlapping functionality. Consistent with that view, partners, with less

DIY exposure, indicated ConversationRelay was included in only 5% and 33% of

deals. One partner highlighted improving pipeline for Conversational Intelligence

following the GA of real-time processing at SIGNAL in May.

Messaging Growth Outlook: Checks suggest Messaging demand remains

healthy, with volume growth generally stable despite variation across use cases.

Partners cited volume growth ranging from 8-10% Y/Y to the high teens,

supported by AI-triggered engagement flows (notifications, confirmations, follow-

ups), resilient verification traffic, and still-early but growing adoption of richer

channels (WhatsApp, RCS) and 2-way messaging. These seem to be offsetting any

muted growth in other areas, as one partner described “commodity” messaging

growth as being flattish. We heard little change in competitive dynamics. TWLO