Boeing vs Twilio: Revenue, Profit and Business Model
Boeing reported $89.5B of revenue in FY2025 and $2.2B of net income. Twilio reported $5.1B of revenue in FY2025 and $33.8M of net income.
Latest financial snapshot
Financial summary
Boeing
Boeing went from record revenue of $101.1 billion and a $10.5 billion profit in 2018 to six straight years of losses after the 737 MAX grounding, the pandemic, the 2024 door-plug blowout and a 53-day machinists' strike. The 2024 loss alone was $11.8 billion. To protect its investment-grade rating, Boeing raised about $24 billion of equity in October 2024 and sold Jeppesen, ForeFlight and other digital aviation assets to Thoma Bravo for $10.55 billion in 2025. FY2025 revenue rose 34% to $89.5 billion and net earnings returned to $2.2 billion, but that profit came from the $9.6 billion sale gain; Commercial Airplanes still lost $7.1 billion. In the first half of 2026 revenue rose 11% to $46.8 billion, the net loss narrowed to $435 million, and consolidated debt fell to $45.9 billion from $54.1 billion at the end of 2025.
Twilio
Twilio moved from heavy losses to profit in three years. Net loss attributable to common stockholders was $1.256 billion in 2022 and $1.015 billion in 2023, narrowed to $109.4 million in 2024, and turned into net income of $33.8 million in 2025 on revenue of $5.067 billion. In Q2 2026 Twilio reported revenue of $1.499 billion, GAAP income from operations of $84.5 million, non-GAAP income from operations of $284.6 million, and record free cash flow of $352.6 million. Q2 2026 GAAP net income of $1.067 billion was inflated by a one-time, non-cash release of a valuation allowance on U.S. deferred tax assets worth $5.91 per diluted share. Dollar-based net expansion improved to 116% from 108% a year earlier. A $2.0 billion buyback authorized in January 2025 continues the capital-return program that followed a $3.0 billion repurchase plan.
Revenue and profit by year
Boeing
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $89.5B | $2.2B | 2.5% | +34.5% | Source |
| FY2024 | $66.5B | -$11.8B | -17.8% | -14.5% | Source |
| FY2023 | $77.8B | -$2.2B | -2.9% | +16.8% | Source |
| FY2022 | $66.6B | -$4.9B | -7.4% | +6.9% | Source |
| FY2021 | $62.3B | -$4.2B | -6.7% | +7.1% | Source |
| FY2020 | $58.2B | -$11.9B | -20.4% | -24.0% | Source |
| FY2019 | $76.6B | -$636M | -0.8% | -24.3% | Source |
| FY2018 | $101.1B | $10.5B | 10.3% | +7.6% | Source |
| FY2017 | $94B | $8.5B | 9.0% | +0.5% | Source |
| FY2016 | $93.5B | $5B | 5.4% | — | Source |
Twilio
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $5.1B | $33.8M | 0.7% | +13.7% | Source |
| FY2024 | $4.5B | -$109.4M | -2.5% | +7.3% | Source |
| FY2023 | $4.2B | -$1B | -24.4% | +8.6% | Source |
| FY2022 | $3.8B | -$1.3B | -32.8% | +34.6% | Source |
| FY2021 | $2.8B | -$949.9M | -33.4% | +61.3% | Source |
| FY2020 | $1.8B | -$491M | -27.9% | +55.3% | Source |
| FY2019 | $1.1B | -$307.1M | -27.1% | +74.5% | Source |
| FY2018 | $650.1M | -$121.9M | -18.8% | +62.9% | Source |
| FY2017 | $399M | -$63.7M | -16.0% | +43.9% | Source |
| FY2016 | $277.3M | -$41.3M | -14.9% | — | Source |
Where the revenue comes from
Boeing
- Commercial Airplanes
46% ($41.5B in 2025)
737 MAX, 767, 777/777X and 787 sales to airlines and lessors; revenue is recognized mostly at delivery, and the segment lost $7.1B from operations in 2025.
- Defense, Space & Security
30% ($27.2B in 2025)
Military aircraft, weapons, satellites and space systems for the U.S. government and allies, with a record $85B backlog at the end of 2025.
- Global Services
23% ($20.9B in 2025)
Parts, maintenance, modifications and training for commercial and government fleets; Boeing's most profitable segment.
Twilio
- Core Communications (Messaging, Voice, Video)
Majority of revenue
High-volume, usage-based revenue from programmable messaging, voice, email, verification, and contact-center APIs. Messaging generated $2.878 billion in FY2025, while voice, email, Verify, Flex, and related products diversify Twilio beyond raw SMS routing.
- Customer Data and Engagement (Segment, CustomerAI)
Not separately disclosed
Subscription and consumption-hybrid revenue from Segment, CustomerAI, data activation, and engagement workflows. Twilio does not break this stream out as a standalone FY2025 revenue total in the headline financial profile.
- Email and Other (SendGrid, Verify, Flex)
Not separately disclosed
Revenue from SendGrid email, Verify, Flex, and adjacent engagement products that complement the core communications API platform.
Business model and strategy
Boeing
How it makes money
Boeing earns money in three segments. Commercial Airplanes (BCA) designs, builds and sells the 737, 767, 777 and 787. Airlines and lessors pay deposits and progress payments over several years, but most of the price arrives at delivery, so revenue moves with delivery volume.
Growth strategy
Under Kelly Ortberg the plan is to stabilize first and grow second. Boeing runs a Safety & Quality Plan with key performance indicators for each factory and raises 737 and 787 rates only when those metrics and the FAA allow it.
Competitive advantage
Boeing's advantages are hard to copy: a century of certification know-how, a global installed fleet that keeps buying parts and services, and a backlog of more than 6,200 commercial airplanes worth $597 billion at June 30, 2026. Only Airbus builds comparable large jets, and with both makers sold out for years, airlines that need aircraft this decade order from both. In defense, Boeing now holds both U.S.
Twilio
How it makes money
Twilio makes most of its money from usage-based fees: customers pay per message, per voice minute, per email, or per verification sent through its APIs, so revenue rises with their traffic. Messaging alone generated $2.878 billion of FY2025 revenue.
Growth strategy
Twilio is positioning itself as communications and identity infrastructure for AI agents. Its plan combines usage growth in messaging and voice, cross-selling Segment customer data, Flex, and Verify to existing accounts, adding agent identity through the November 2025 Stytch acquisition, and keeping operating costs in check while returning cash through buybacks.
Competitive advantage
Twilio's advantage comes from developer mindshare, API breadth, carrier relationships, global routing, customer integrations, data products, and mission-critical communications workflows.
Questions about Boeing vs Twilio
Which company has higher revenue — The Boeing Company or Twilio Inc.?
The Boeing Company reported $89.5B (FY2025), while Twilio Inc. reported $5.1B (FY2025). By last reported revenue, The Boeing Company is the larger business, with Twilio Inc. reporting a smaller revenue base.
What is the market cap of The Boeing Company vs Twilio Inc.?
The Boeing Company's market capitalisation stands at $148.0B, while Twilio Inc.'s is $37.8B. The Boeing Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Twilio Inc..
Which is more financially efficient — The Boeing Company or Twilio Inc.?
The Boeing Company generates $492k / employee in revenue per employee, while Twilio Inc. generates $923k / employee. Twilio Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do The Boeing Company and Twilio Inc. make money?
The Boeing Company and Twilio Inc. generate revenue in fundamentally different ways. The Boeing Company: Boeing earns money in three segments. Twilio Inc.: Twilio makes most of its money from usage-based fees: customers pay per message, per voice minute, per email, or per verification sent through its APIs, so revenue rises with their traffic.
Which company is valued higher relative to revenue — The Boeing Company or Twilio Inc.?
On a price-to-sales (P/S) basis, The Boeing Company trades at 1.7x P/S and Twilio Inc. at 7.5x P/S. Twilio Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to The Boeing Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is The Boeing Company bigger than Twilio Inc.?
By last reported revenue, The Boeing Company ($89.5B (FY2025)) is the larger company compared to Twilio Inc. ($5.1B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Boeing vs Twilio overview