Tyler Technologies (NYSE: TYL) provides public-sector software, payment processing and related services, primarily to government agencies and schools. Enterprise Software supplies administrative systems; Platform Technologies supplies digital government, payments, data and workflow solutions.
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A snapshot of what TYLER TECHNOLOGIES INC owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000860731-24-000006 | Feb 21, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000860731-25-000007 | Feb 19, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000860731-26-000016 | Feb 18, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Tyler’s shift toward cloud software and digital payments supported higher revenue and operating earnings through 2025, but recurring revenue includes transaction fees that fluctuate with activity. Enterprise Software drove improvement while Platform Technologies faced contract-related pressure. First-half 2026 revenue continued growing, yet operating margins declined; net income benefited from a noncash acquisition gain, and repurchases supported earnings per share through a smaller share denominator. Capital allocation changed substantially after the annual filing: Tyler repaid its old convertible notes, acquired FTR, issued larger convertible debt and accelerated buybacks. Its undrawn revolver provides financing capacity, not cash. The main uncertainties concern implementation disputes, cloud and development costs, acquisition integration, and conversion-related cash needs and dilution. This view is limited to supplied evidence through October 24, 2026.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-05-14 · 8-K · 2026-09-15
Tyler supplies systems for public administration, courts, public safety, education, property taxation and digital government. Implementation, training, support and appraisal services complement software and payments. Government specialization supports long customer relationships but exposes the business to appropriations, competitive procurement, political changes, funding-related termination rights and disputes over implementation milestones.
Subscriptions and maintenance represented approximately 87% of 2025 revenue. Subscriptions include variable transaction fees, not just fixed SaaS commitments. Reported customer attrition of approximately 2% is measured by customer count, not revenue retention. Company-defined annualized recurring revenue, or ARR, multiplies current-quarter subscription and maintenance revenue by four. The $2.06 billion year-end 2025 figure is a run rate, not backlog or guaranteed future revenue; transaction seasonality makes comparisons across different quarters sensitive.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
Revenue reached $2.332 billion in 2025, up a company-reported 9.1%. GAAP operating income was $357.7 million and net income $315.6 million. Management attributed SaaS growth primarily to new customers and on-premises conversions; transaction fees benefited from customers, volumes and processing-partner pricing. Maintenance and perpetual licenses declined with migration, but contract-dispute reserves also reduced revenue. Not every decline was a benign shift in the business model.
Gross margin improved to 46.5%, partly through higher-margin SaaS and personnel moving from delivery into R&D. R&D expense rose to $204.6 million. Lower selling expense partly reflected increased commission capitalization rather than equivalent cash savings. Enterprise Software segment operating income increased to $660.6 million while Platform Technologies declined to $106.1 million. Segment measures exclude substantial corporate costs and acquisition-intangible amortization and are not fully burdened consolidated operating profits.
Sources: 10-K · 2025-12-31
Operating cash flow was $653.5 million in 2025, versus $624.6 million in 2024 and $380.4 million in 2023. Its excess over earnings includes depreciation, amortization and stock-compensation addbacks; it is not additional profit. Lower cash taxes helped, while receivables consumed cash in 2025 after releasing cash in 2024. Year-end cash was $1.015 billion, separately from $142.5 million of available-for-sale investments.
At June 30, 2026, cash was $895.4 million and debt’s net carrying amount was $1.409 billion. Acquisitions, repayment of old notes, repurchases and capped calls absorbed funds despite new debt issuance. The $1 billion revolver was undrawn, and Tyler reported covenant compliance at that date. Neither the commitment nor an uncommitted expansion mechanism is cash; independently calculated covenant headroom is not established.
Sources: 10-K · 2025-12-31 · 10-K · 2024-12-31 · 10-K · 2023-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-05-29
The July 29, 2026 10-Q reported first-half revenue of $1.259 billion, up 8.4%, including $15.3 million from recent acquisitions. Operating income increased to $194.9 million, but operating margin fell to 15.5% from 15.9%. Second-quarter operating income declined slightly despite revenue growth. First-half net income of $174.7 million included a $25.048 million noncash FTR remeasurement gain. Lower diluted shares also supported EPS; neither effect demonstrates stronger recurring operating margins.
Tyler acquired FTR on April 14, repaid $600 million of old notes at their March maturity and issued $1.4375 billion of new convertible notes on May 14. First-half program repurchases were $755.0 million excluding excise tax. Later authorizations and trading plans are not additional completed spending: September’s filing reported $1.416 billion remaining authorization and a plan permitting up to $260 million of purchases through October 29. Its actual outcome is not supplied.
Sources: 10-Q · 2026-06-30 · 8-K · 2026-04-20 · 8-K · 2026-05-14 · 8-K · 2026-09-15
Contract reserves, unsuccessful December 2025 mediation and higher 2026 litigation-related costs demonstrate continuing project and collection exposure. Fixed-price work and milestone disputes can affect revenue and cash. AWS and other suppliers are important dependencies; cybersecurity, sensitive-data handling and AI-output risks remain despite controls and insurance. Acquisitions add integration and valuation risk. Management’s growth and capital-spending expectations remain conditional; the supplied primary narratives do not establish numerical full-year 2026 revenue or EPS guidance.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
USD 2.33234 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · USD
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.33234 bn | 9.1% |
| 2024 | USD 2.137803 bn | 9.5% |
| 2023 | USD 1.951751 bn | — |
Total consolidated revenue recognized under ASC 606 and other applicable GAAP.
Sources: 10-K · 2025-12-31
USD 315.603 m
FY2025 · GAAP · consolidated · Attribution: consolidated · USD
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 315.603 m | 20.0% |
| 2024 | USD 263.026 m | 58.5% |
| 2023 | USD 165.919 m | — |
Consolidated net income after income taxes.
Sources: 10-K · 2025-12-31
USD 653.543 m
FY2025 · GAAP · consolidated · Attribution: consolidated · USD
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 653.543 m | 4.6% |
| 2024 | USD 624.633 m | 64.2% |
| 2023 | USD 380.44 m | — |
Annual operating cash flow, including noncash reconciliations and operating asset and liability changes.
Sources: 10-K · 2025-12-31
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