TYL

MKT CAP:$15B

Tyler Technologies, Inc.

Market Cap

$15B

Technology·Software - Application·🇺🇸 United States·NYSE

Technology·Software App·🇺🇸·NYSE

Stock Price

$335.74-$100.09 (-22.97%)

Apr 23, 2026

Company Details

Tyler Technologies, Inc. provides integrated information management solutions and services for the public sector. The company operates in three segments: Enterprise Software; Appraisal and Tax; and NIC. It offers financial management soluti...

CEO

H. Lynn Moore Jr.

IPO Date

Mar 17, 1980

Website

www.tylertech.com

Key Metrics TTM

Revenue

$2.3B

+9.1% YoY

Net Income

$316M

EPS (Diluted)

$7.20

Free Cash Flow

$638M

Revenue / Share

$53.56

Gross Margin

44.7%

Operating Margin

15.3%

Net Margin

13.5%

FCF Margin

27.3%

P/S

6.3x

P/E

46.5x

Earnings Reports

FY 2025

Feb 18, 2026

$2.3B+9.1%EPS $7.20

Q4 2025

Feb 18, 2026

$575M+6.3%EPS $1.50

Q3 2025

Oct 29, 2025

$596M+9.7%EPS $1.93

Q2 2025

Jul 30, 2025

$596M+10.2%EPS $1.93

Q1 2025

Apr 25, 2025

$565M+10.3%EPS $1.84

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$456M	$178M	$57M
Q2 22	$469M	$180M	$57M
Q3 22	$473M	$190M	$61M
Q4 22	$452M	$175M	$42M
Q1 23	$472M	$181M	$45M
Q2 23	$504M	$205M	$62M
Q3 23	$495M	$207M	$64M
Q4 23	$481M	$194M	$48M
Q1 24	$512M	$206M	$67M
Q2 24	$541M	$224M	$78M
Q3 24	$543M	$224M	$83M
Q4 24	$541M	$223M	$72M
Q1 25	$565M	$253M	$89M
Q2 25	$596M	$259M	$96M
Q3 25	$596M	$281M	$98M
Q4 25	$575M	$248M	$75M

Valuation

Quarter	P/S	P/E
Q1 22	10.3x	110.2x
Q2 22	7.8x	79.3x
Q3 22	8.0x	77.5x
Q4 22	7.2x	81.2x
Q1 23	8.0x	95.8x
Q2 23	9.1x	105.6x
Q3 23	8.4x	102.0x
Q4 23	9.0x	105.7x
Q1 24	8.9x	93.7x
Q2 24	10.5x	102.7x
Q3 24	12.0x	105.7x
Q4 24	11.6x	94.4x
Q1 25	11.5x	86.6x
Q2 25	11.4x	83.2x
Q3 25	9.9x	72.3x
Q4 25	8.5x	62.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$54M	$41M
Q2 22	$77M	$60M
Q3 22	$129M	$116M
Q4 22	$122M	$115M
Q1 23	$75M	$64M
Q2 23	-$19M	-$33M
Q3 23	$177M	$163M
Q4 23	$147M	$134M
Q1 24	$72M	$57M
Q2 24	$64M	$49M
Q3 24	$264M	$253M
Q4 24	$225M	$221M
Q1 25	$56M	$54M
Q2 25	$98M	$93M
Q3 25	$255M	$251M
Q4 25	$244M	$240M

Capital Expenditures

Quarter	CapEx
Q1 22	$13M
Q2 22	$17M
Q3 22	$14M
Q4 22	$7M
Q1 23	$11M
Q2 23	$14M
Q3 23	$15M
Q4 23	$13M
Q1 24	$15M
Q2 24	$16M
Q3 24	$11M
Q4 24	$4M
Q1 25	$2M
Q2 25	$5M
Q3 25	$4M
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+54.7%	+55.6%
Q2 22	+16.0%	+18.4%
Q3 22	+2.9%	+3.0%
Q4 22	+4.3%	+6.8%
Q1 23	+3.5%	+6.9%
Q2 23	+7.6%	+7.4%
Q3 23	+4.5%	+4.5%
Q4 23	+6.3%	+5.5%
Q1 24	+8.6%	+4.3%
Q2 24	+7.3%	+4.6%
Q3 24	+9.8%	+6.9%
Q4 24	+12.5%	+8.4%
Q1 25	+10.3%	+6.9%
Q2 25	+10.2%	+8.1%
Q3 25	+9.7%	+8.1%
Q4 25	+6.3%	+6.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$25M	5.5%
Q2 22	$26M	5.5%
Q3 22	$27M	5.7%
Q4 22	$25M	5.5%
Q1 23	$28M	5.9%
Q2 23	$26M	5.2%
Q3 23	$27M	5.5%
Q4 23	$27M	5.7%
Q1 24	$27M	5.2%
Q2 24	$30M	5.6%
Q3 24	$31M	5.7%
Q4 24	$34M	6.3%
Q1 25	$38M	6.7%
Q2 25	$38M	6.4%
Q3 25	$37M	6.2%
Q4 25	$39M	6.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$24M	—	—	$97M
Q2 22	$23M	—	—	$100M
Q3 22	$25M	—	—	$103M
Q4 22	$33M	—	—	$101M
Q1 23	$27M	—	—	$109M
Q2 23	$28M	—	—	$115M
Q3 23	$28M	—	—	$114M
Q4 23	$26M	—	—	$120M
Q1 24	$29M	—	—	$109M
Q2 24	$29M	—	—	$117M
Q3 24	$30M	—	—	$111M
Q4 24	$29M	—	—	$122M
Q1 25	$48M	—	—	$116M
Q2 25	$51M	$77M	$36M	—
Q3 25	$52M	$80M	$38M	—
Q4 25	$54M	$80M	$38M	—

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	54.7%	21.4%	76.1
Q2 22	16.0%	20.6%	36.6
Q3 22	2.9%	22.5%	25.4
Q4 22	4.3%	19.4%	23.7
Q1 23	3.5%	18.7%	22.1
Q2 23	7.6%	20.4%	28.0
Q3 23	4.5%	22.0%	26.5
Q4 23	6.3%	19.3%	25.6
Q1 24	8.6%	21.3%	29.8
Q2 24	7.3%	21.5%	28.8
Q3 24	9.8%	22.9%	32.7
Q4 24	12.5%	21.1%	33.7
Q1 25	10.3%	23.6%	33.9
Q2 25	10.2%	23.6%	33.8
Q3 25	9.7%	23.3%	33.0
Q4 25	6.3%	19.4%	25.7

Rule of 40

Revenue Segments

Quarter	Hardware and Other	Maintenance	Professional Services	Saas Arrangements	Transaction Based Fees	Enterprise Software	Platform Technologies Segment
Q1 23	$5M	$115M	$61M	$127M	$154M	—	—
Q2 23	$14M	$117M	$66M	$131M	$166M	—	—
Q3 23	$10M	$117M	$61M	$139M	$157M	—	—
Q4 23	—	—	—	—	—	$349M	$138M
Q1 24	$8M	$117M	$65M	$149M	$164M	—	—
Q2 24	$15M	$115M	$72M	$156M	$178M	—	—
Q3 24	$10M	$116M	$64M	$167M	$181M	—	—
Q4 24	$8M	$115M	$63M	$173M	$175M	—	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$243M	$45M	$288M
Q2 22	$253M	$34M	$288M
Q3 22	$186M	$39M	$225M
Q4 22	$174M	$37M	$211M
Q1 23	$131M	$29M	$160M
Q2 23	$119M	$19M	$138M
Q3 23	$131M	$12M	$143M
Q4 23	$165M	$10M	$176M
Q1 24	$188M	$9M	$197M
Q2 24	$251M	$7M	$258M
Q3 24	$538M	$6M	$544M
Q4 24	$745M	$23M	$768M
Q1 25	$706M	$102M	$807M
Q2 25	$787M	$105M	$892M
Q3 25	$834M	$117M	$951M
Q4 25	$1.0B	$82M	$1.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	42M	-0.2%	+0.9%
Q2 22	42M	-0.3%	+0.5%
Q3 22	42M	+0.2%	+0.3%
Q4 22	42M	+0.0%	-0.3%
Q1 23	43M	+0.2%	+0.1%
Q2 23	43M	+0.6%	+1.0%
Q3 23	43M	+0.2%	+1.0%
Q4 23	43M	+0.3%	+1.3%
Q1 24	43M	+0.3%	+1.4%
Q2 24	43M	+0.4%	+1.2%
Q3 24	44M	+1.0%	+2.0%
Q4 24	44M	+0.5%	+2.2%
Q1 25	43M	-0.9%	+0.9%
Q2 25	44M	+1.0%	+1.5%
Q3 25	44M	-0.5%	+0.1%
Q4 25	44M	-0.4%	-0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$71.3K	6K
Q2 22	$73.2K	6K
Q3 22	$73.9K	6K
Q4 22	$55.8K	8K
Q1 23	$58.3K	8K
Q2 23	$62.3K	8K
Q3 23	$61.1K	8K
Q4 23	$65.9K	7K
Q1 24	$70.2K	7K
Q2 24	$74.1K	7K
Q3 24	$74.4K	7K
Q4 24	$4M	121
Q1 25	$5M	121
Q2 25	$5M	121
Q3 25	$5M	121
Q4 25	$307.9K	2K

Revenue / Employee