Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>The rankings used for the September 2026 index rebal event will be based on yesterday's (2 September 2026) opening prices. The announcement will be made after the close on Friday.</li>
<li>In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&amp;A events which affect the index the next few quarters).</li>
</ul>


The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.
The rankings used for the September 2026 index rebal event will be based on yesterday's (2 September 2026) opening prices. The announcement will be made after the close on Friday.
In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&amp;A events which affect the index the next few quarters).


Quiddity Leaderboard SP500/600 Sep26 Rebal: Final Expectations

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Twilio Inc. reported strong second-quarter 2026 financial results with record revenue of $1.5 billion, reflecting 22% reported growth and 17% organic growth year-over-year.</li><li>The company demonstrated accelerating non-GAAP gross profit growth of 18%, driven by volume increases across its messaging, voice, and software add-on segments.</li><li>Messaging revenue grew 28%, supported by growth in WhatsApp and RCS channels alongside increased carrier pass-through fees.</li></ul>

Twilio Inc. reported strong second-quarter 2026 financial results with record revenue of $1.5 billion, reflecting 22% reported growth and 17% organic growth year-over-year.The company demonstrated accelerating non-GAAP gross profit growth of 18%, driven by volume increases across its messaging, voice, and software add-on segments.Messaging revenue grew 28%, supported by growth in WhatsApp and RCS channels alongside increased carrier pass-through fees.

Twilio’s 90% Conversion Jump — Could The New Console Accelerate Multiproduct Adoption?

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/twilio-inc">Twilio </a>is a market-leading Communication Platform-as-a-Service (CPaaS) provider, enabling developers and businesses to embed communication functionalities like voice, messaging, and video into their applications through APIs.</li>
  <li>The company is experiencing a significant growth re-acceleration, driven by the adoption of its AI-powered products, particularly in the Voice channel, leading to five consecutive quarters of accelerating non-GAAP gross profit growth as of Q2 2026.</li>
  <li>While demonstrating strong top-line momentum and a shift towards profitability, <a href="https://smartkarma.com/entities/twilio-inc">Twilio </a>faces risks from macroeconomic uncertainty, high stock-based compensation, and intense competition in the CPaaS market.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Twilio is a market-leading Communication Platform-as-a-Service (CPaaS) provider, enabling developers and businesses to embed communication functionalities like voice, messaging, and video into their applications through APIs.
  The company is experiencing a significant growth re-acceleration, driven by the adoption of its AI-powered products, particularly in the Voice channel, leading to five consecutive quarters of accelerating non-GAAP gross profit growth as of Q2 2026.
  While demonstrating strong top-line momentum and a shift towards profitability, Twilio faces risks from macroeconomic uncertainty, high stock-based compensation, and intense competition in the CPaaS market.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>The first quarter of 2026 for Twilio, Inc. reflected substantial growth and operational efficiency amid a complex macroeconomic backdrop.</li><li>The company reported revenue of over $1.4 billion, representing a 20% year-over-year increase on a reported basis and 16% on an organic basis—the fastest organic growth since 2022.</li><li>Non-GAAP gross profit also rose 16%, reaching a record $697 million, driven by higher-margin product momentum and cost efficiencies.</li></ul>

The first quarter of 2026 for Twilio, Inc. reflected substantial growth and operational efficiency amid a complex macroeconomic backdrop.The company reported revenue of over $1.4 billion, representing a 20% year-over-year increase on a reported basis and 16% on an organic basis—the fastest organic growth since 2022.Non-GAAP gross profit also rose 16%, reaching a record $697 million, driven by higher-margin product momentum and cost efficiencies.

Twilio: Is Multi-Product Expansion Unlocking A Stronger Revenue Growth Story?

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>Twilio’s investment case is increasingly shaped by its transition toward a more efficiency-focused operating model, with management placing greater emphasis on profitability, disciplined cost control, and improved capital allocation after several years of rapid expansion.</li><li>Following the broader valuation compression experienced across the software and communications platform sector since the 2021 peak, the company is now prioritizing sustainable earnings generation and stronger free cash flow.</li><li>Recent operational developments suggest gradual improvement in operating leverage, supported by cost optimization initiatives and a sharper focus on higher-margin software products.</li></ul>

Twilio’s investment case is increasingly shaped by its transition toward a more efficiency-focused operating model, with management placing greater emphasis on profitability, disciplined cost control, and improved capital allocation after several years of rapid expansion.Following the broader valuation compression experienced across the software and communications platform sector since the 2021 peak, the company is now prioritizing sustainable earnings generation and stronger free cash flow.Recent operational developments suggest gradual improvement in operating leverage, supported by cost optimization initiatives and a sharper focus on higher-margin software products.

Equity Research & Valuation Note: Twilio Inc - March 16, 2026

United States

Twilio Inc. develops and publishes Internet infrastructure solutions. The Company offers cloud computing platform that allow web developers to integrate phone calls, Internet protocol voice communications, and text messages into web, mobile, and phone applications. Twilio serves customers worldwide.

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Twilio (TWLO US)

Quiddity Leaderboard SP500/600 Sep26 Rebal: Final Expectations

Two ADDs, two DELs for the September 2026 S&P 500 rebalance. Bloom Energy and Twilio lead the ADDs race. But the committee may skip Non-1500 entirely.

Anjana Amarasuriya

Twilio’s 90% Conversion Jump — Could The New Console Accelerate Multiproduct Adoption?

Twilio Inc. reported strong second-quarter 2026 financial results with record revenue of $1.5 billion, reflecting 22% reported growth and 17%...

Baptista Research

Primer: Twilio (TWLO US) - Aug 2026

Twilio is a market-leading Communication Platform-as-a-Service (CPaaS) provider, enabling developers and businesses to embed communication...

αSK Primers

Twilio: Is Multi-Product Expansion Unlocking A Stronger Revenue Growth Story?

The first quarter of 2026 for Twilio, Inc. reflected substantial growth and operational efficiency amid a complex macroeconomic backdrop. The...

Baptista Research

Equity Research & Valuation Note: Twilio Inc - March 16, 2026

Twilio’s investment case is increasingly shaped by its transition toward a more efficiency-focused operating model, with management placing greater...

VRS (Valuation & Research Specialists)

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