Tyler Technologies
TYL · NYSEServices-Prepackaged Software · Fiscal year ends Dec 31
Tyler Technologies reported revenue of $2.3B in the fiscal year ended Dec 2025, up 9.1% from the year before. Operating income was $358M, an operating margin of 15.3%, and net income was $316M. Operating cash flow of $654M less capital expenditure of $16M left free cash flow of $638M. It held more cash than debt (net cash $416M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.6B | $1.9B | $2B | $2.1B | $2.3B |
| Cost of revenue | $883M | $1.1B | $1.1B | $1.2B | $1.2B |
| Gross profit | $710M | $784M | $861M | $936M | $1.1B |
| Selling, general & admin | $391M | – | – | – | – |
| Operating income | $181M | $214M | $219M | $300M | $358M |
| Net interest incomeBanks | −$23M | −$28M | −$24M | – | – |
| Interest expense | – | $28M | $24M | $6M | $5M |
| Pre-tax income | $159M | $188M | $198M | $308M | $390M |
| Income tax | −$2M | $23M | $32M | $45M | $75M |
| Net income | $161M | $164M | $166M | $263M | $316M |
| Diluted EPS | 3.82 | 3.87 | 3.88 | 6.05 | 7.20 |
| Diluted shares | 42M | 42M | 43M | 43M | 44M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $309M | $174M | $165M | $745M | $1B |
| Receivables | $521M | $577M | $620M | $588M | $639M |
| Current assets | $964M | $847M | $861M | $1.4B | $1.8B |
| Net PP&E | $181M | $173M | $170M | $164M | $160M |
| Goodwill | $2.4B | $2.5B | $2.5B | $2.5B | $2.6B |
| Total assets | $4.7B | $4.7B | $4.7B | $5.2B | $5.6B |
| Payables | $120M | $105M | $146M | $157M | $175M |
| Deferred revenue | $511M | $569M | $633M | $701M | $781M |
| Current liabilities | $830M | $890M | $1B | $1.1B | $1.8B |
| Short-term debt | $30M | $30M | $50M | $0 | – |
| Long-term debt | $1.3B | $957M | $596M | $598M | $600M |
| Total liabilities | $2.4B | $2.1B | $1.7B | $1.8B | $1.9B |
| Shareholders' equity | $2.3B | $2.6B | $2.9B | $3.4B | $3.7B |
| Backlog (remaining obligations) | $1.8B | $1.9B | $2B | – | – |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $372M | $381M | $380M | $625M | $654M |
| Capital expenditure | $34M | $23M | $21M | $21M | $16M |
| Free cash flow | $338M | $359M | $360M | $604M | $638M |
| Depreciation & amortisation | $136M | $159M | $154M | $143M | $138M |
| Stock-based compensation | $105M | $103M | $108M | $123M | $151M |
| Acquisitions | $2.1B | $164M | $63M | $1M | $84M |
| Share buybacks | $13M | $0 | $0 | $0 | $175M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 16.2% | 5.5% | 9.5% | 9.1% |
| Operating income growth (YoY) | – | 18.5% | 2.0% | 37.1% | 19.4% |
| EPS growth (YoY) | – | 1.3% | 0.3% | 55.9% | 19.0% |
| Gross margin | 44.6% | 42.4% | 44.1% | 43.8% | 46.5% |
| Operating margin | 11.4% | 11.6% | 11.2% | 14.0% | 15.3% |
| Net margin | 10.1% | 8.9% | 8.5% | 12.3% | 13.5% |
| Return on equityBlank when equity is negative | 6.9% | 6.3% | 5.6% | 7.8% | 8.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.6% | 5.6% | 5.9% | 7.3% | 9.2% |
| Free cash flow margin | 21.2% | 19.4% | 18.4% | 28.3% | 27.3% |
| Cash conversion (CFO ÷ net income) | 2.30x | 2.32x | 2.29x | 2.37x | 2.07x |
| Receivable days | 119 | 114 | 116 | 100 | 100 |
| Payable days | 50 | 36 | 49 | 48 | 51 |
| Interest cover | – | 7.55x | 9.25x | 50.5x | 71.6x |
| Debt ÷ equity | 0.58x | 0.38x | 0.22x | 0.18x | 0.16x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1B | $814M | $481M | −$147M | −$416M |
| Current ratio | 1.16x | 0.95x | 0.86x | 1.35x | 1.05x |
Recent filings
More in Services-Prepackaged Software
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.