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?

<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?

<ul><li>Twilio Inc. delivered a fourth quarter and full year performance that reflected a materially improved financial profile alongside steady top-line growth and continued product expansion.</li><li>Revenue reached $1.4 billion in the fourth quarter and $5.1 billion for the full year, with organic growth supported by strength across voice, messaging, and software add-ons.</li><li>Profitability improved meaningfully, with non-GAAP operating income rising sharply year over year and free cash flow approaching $1 billion for the full year.</li></ul>

Twilio Inc. delivered a fourth quarter and full year performance that reflected a materially improved financial profile alongside steady top-line growth and continued product expansion.Revenue reached $1.4 billion in the fourth quarter and $5.1 billion for the full year, with organic growth supported by strength across voice, messaging, and software add-ons.Profitability improved meaningfully, with non-GAAP operating income rising sharply year over year and free cash flow approaching $1 billion for the full year.

Inside Twilio’s Next Act: Voice AI, Multiproduct Expansion, and Operating Leverage!

<ul><li>Twilio's third-quarter results for 2025 reveal a mix of strong performance metrics and ongoing strategic advancements that could impact investors' perspectives on the company.</li><li>The company reported a record $1.3 billion in revenue, marking a 15% increase year-over-year, and $235 million in non-GAAP income from operations, both above expectations.</li><li>This translates to a non-GAAP operating margin of 18%, albeit with a slight sequential improvement.</li></ul>

Twilio's third-quarter results for 2025 reveal a mix of strong performance metrics and ongoing strategic advancements that could impact investors' perspectives on the company.The company reported a record $1.3 billion in revenue, marking a 15% increase year-over-year, and $235 million in non-GAAP income from operations, both above expectations.This translates to a non-GAAP operating margin of 18%, albeit with a slight sequential improvement.

Twilio’s Global Playbook: How Is It Winning the Race in RCS & International Messaging?

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

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

Inside Twilio’s Next Act: Voice AI, Multiproduct Expansion, and Operating Leverage!

Twilio Inc. delivered a fourth quarter and full year performance that reflected a materially improved financial profile alongside steady top-line...

Baptista Research

Twilio’s Global Playbook: How Is It Winning the Race in RCS & International Messaging?

Twilio's third-quarter results for 2025 reveal a mix of strong performance metrics and ongoing strategic advancements that could impact investors'...

Baptista Research

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