X’s financials
After Elon Musk acquired Twitter in late 2022, the company was taken private and delisted, which ended its requirement to release public financial reports. Current financial information is based on leaked data and estimates. That said, after a period of sharp decline following Elon Musk's acquisition, the company's financial health seems to be improving.
In 2023, X reportedly delivered total revenue of approximately $3.4 billion, a double-digit decline from the previous year. The drop was primarily due to a mass exodus of advertisers at the time. Industry estimates now show that X could report as much as $2.9 billion in revenue in 2025 and achieve its first year of growth in ad sales since Elon Musk's takeover. However, that top-line figure is significantly lower than the $5.1 billion in revenue Twitter generated in 2021, the last full year before Musk's acquisition.
The X Premium subscription service reportedly generates just around $200 million in annual revenue, so it’s still a very small part of the company's overall financial picture. X reportedly generated $1.25 billion in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2024. This figure is approximately double Twitter's adjusted EBITDA of $682 million in 2021, its last full year before the acquisition.
X has also made progress in addressing its heavy debt load of approximately $12.5 billion from the 2022 acquisition. A group of Wall Street banks initially held the debt but subsequently sold it to investors, completing the sales in April 2025. X also reportedly refinanced a high-cost portion of the buyout financing, a move that was aimed at cutting millions from the company's annual interest expenses.
While the financial situation has improved, the buyout debt remains a major factor in X's performance. Annual interest payments were estimated in the ballpark of more than $1 billion as of the end of 2024. Financials shared with investors in early 2025 showed that X's balance sheet was improving, with cash on hand approaching $1.1 billion.
