TYLER TECHNOLOGIES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TYLER TECHNOLOGIES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	760	841	935	1,086	1,117	1,592	1,850	1,952	2,138	2,332
Cost of revenue	401	442	496	570	574	883	1,066	1,091	1,202	1,249
Gross profit	359	399	440	517	543	710	784	861	936	1,084
Selling, general and administrative	165	176	208	258	260	391
Selling and marketing					98.5	119	136	150	158	149
General and administrative					161	272	267	309	301	316
Operating income	138	163	152	156	173	181	214	219	300	358
Interest expense					1.01	23.3	28.4	23.6	5.93	5
Other non-operating income	-2	0.7	3.38	5.5	3.13	1.54	1.72	3.33	14.6	37.6
Pre-tax income	136	163	156	160	175	159	188	198	308	390
Income tax	22	-6.12	8.41	13.3	-19.8	-2.48	23.4	32.3	45.1	74.7
Net income	114	170	147	147	195	161	164	166	263	316
EBITDA	187	216	214	233	255	316	373	373	443	496
EPS, basic	3.12	4.55	3.84	3.79	4.87	3.95	3.95	3.95	6.17	7.32
EPS, diluted	2.92	4.32	3.68	3.65	4.69	3.82	3.87	3.88	6.05	7.20
Shares, basic (weighted)	36.4	37.3	38.4	38.6	40	40.8	41.5	42	42.6	43.1
Shares, diluted (weighted)	39	39.2	40.1	40.1	41.5	42.2	42.4	42.8	43.5	43.8

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	36.2	186	134	233	604	309	174	165	745	1,015
Short-term investments	20.3	43.2	44.3	39.4	72.2	52.3	37	10.4	23.3	81.8
Receivables	200	246	299	374	382	521	577	620	588	639
Other current assets	2.27	2	3.41	2.33	2.48	8.15	8.24	10.3	8.06	9.41
Total current assets	283	521	519	680	1,113	964	847	861	1,441	1,844
Property, plant and equipment	124	152	155	172	168	181	173	170	164	160
Lease right-of-use assets			0	19	18.7	39.7	51	39	31.4	35.6
Goodwill	650	658	754	840	838	2,360	2,489	2,532	2,532	2,590
Intangible assets	267	230	277	379	322	1,052	1,002	929	832	780
Long-term investments					82.6	46.4	18.5	7.05	10.8	60.7
Other non-current assets				37.4	33.8	46	50	63.2	86.4	93.6
Total assets	1,379	1,611	1,791	2,192	2,607	4,732	4,687	4,677	5,180	5,639
Accounts payable	7.3	8.17	6.91	15	14	120	105	146	157	175
Accrued liabilities	56	64.7	66.5	75.2	83.1	158	132	159	198	191
Deferred revenue	298	299	351	412	461	511	569	633	701	781
Short-term debt						30	30	49.8	0
Total current liabilities	362	371	424	509	564	830	890	1,001	1,066	1,755
Long-term debt						1,311	957	596	598
Lease liabilities			0	16.8	16.3	36.3	48	39.8	30.8	33.3
Other non-current liabilities					0	2.89	17	22.6	27.4	31.3
Total liabilities	423	420	466	575	621	2,408	2,063	1,739	1,792	1,936
Total debt						1,341	987	646	598	600
Paid-in capital	557	627	731	739	905	1,076	1,210	1,355	1,539	1,616
Retained earnings	436	624	772	917	1,112	1,274	1,438	1,604	1,867	2,182
Treasury stock	-77.4	-60	-179	-40.2	-31.8	-25.7	-22.8	-20.7	-18	-96.2
Other comprehensive income	-0.05	-0.05	-0.05	-0.05	-0.05	-0.05	-0.84	-0.33	-0.16	-0.01
Shareholders' equity	935	1,192	1,325	1,617	1,986	2,324	2,624	2,938	3,388	3,703
Total equity	935	1,192	1,325	1,617	1,986	2,324	2,624	2,938	3,388	3,703
Total liabilities and equity	1,358	1,611	1,791	2,192	2,607	4,732	4,687	4,677	5,180	5,639
Shares outstanding	48.1	48.1	48.1	48.1	48.1	48.1	48.1	48.1	48.1	48.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	114	170	147	147	195	161	164	166	263	316
Depreciation and amortization	49.8	53.4	61.8	76.7	81.7	136	159	154	143	138
Stock-based compensation	29.7	37.3	52.7	60	67.4	105	103	108	123	151
Deferred income tax	-26.4	-33.7	-5.07	-6.09	-7.94	-13.3	-87.2	-73.7	-30.7	43.9
Change in receivables	-34.8	-33.1	-50.9	-65.7	-10.7	17.6	-51.4	-39.9	28.8	-61.7
Change in payables	0.39	0.88	-2.42	7.4	-0.97	-44.9	-17.5	41.5	10.5	17.8
Cash from operations	192	196	250	255	355	372	381	380	625	654
Capital expenditures	-37.7	-43.1	-27.4	-37.2	-22.7	-33.9	-22.5	-20.5	-20.5	-16
Acquisitions	-9.39	-11.3	-178	-219	-1.29	-2,090	-164	-62.8	-1.4	-83.7
Purchases of investments	-20.3	-59.8	-116	-54.7	-157	-77.5	-29.9	-10.6	-32.4	-228
Sales and maturities of investments	16.8	28.8	81.2	70.8	82.7	131	71	49.4	16	122
Cash from investing	-50.7	-85.4	-238	-245	-98.3	-2,091	-173	-77	-67.6	-222
Stock issued	23.5	49.8	74.9	96.9	124	96.7
Share buybacks	-112	-7.47	-147	-17.8	-15.5	-13	0	0	0	-175
Cash from financing	-138	39.4	-63.6	88.7	114	1,425	-344	-312	22.2	-160
Net change in cash	3.06	150	-51.6	98.4	371	-294	-135	-8.36	579	271
Free cash flow	154	153	223	217	332	338	359	360	604	638
Interest paid					0.61	17.7	21.3	19.2	3.1	2.16
Income taxes paid	30.2	36	6.8	21.3	3.26	2.21	38.5	143	84.2	40.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $421.55 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	47.7%	Gross profit / revenue.
Operating margin	15.6%	Operating income / revenue.
EBITDA margin	21.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.5%	Pre-tax income / revenue.
Net margin	13.5%	Net income / revenue.
FCF margin	29.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	30.5%	Cash from operations / revenue.
Effective tax rate	22.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.9%	Net income / average total assets.
Return on invested capital (ROIC)	15.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	6.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	5.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	15.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	14.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	19.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	18.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	15.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	12.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	9.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	14.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	20.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	24.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	10.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	19.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	23.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	9.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	4.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	19.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	5.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	21.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	13.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	13.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.33x	Current assets / current liabilities.
Quick ratio	1.25x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.70x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	50.6%	Total liabilities / total assets.
Interest coverage	42.7x	Operating income / interest expense.
Working capital	$414.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	49.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$20.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.44x	Revenue / average total assets.
Fixed asset turnover	15.4x	Revenue / average property, plant and equipment.
Receivables turnover	3.63x	Revenue / average receivables.
Days sales outstanding	101 days	365 x average receivables / revenue.
Days payables	50 days	365 x average accounts payable / cost of revenue.
FCF conversion	221.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$8.23	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$60.92	Revenue / diluted weighted shares.
FCF per share	$18.19	Free cash flow / diluted weighted shares.
Operating cash flow per share	$18.61	Cash from operations / diluted weighted shares.
Book value per share	$57.95	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.42	Tangible book value / shares outstanding.
Cash per share	$18.26	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	151.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$17.26B	Share price x shares outstanding.
Enterprise value	$16.38B	Market cap + total debt - cash - short-term investments.
P/E	51.5x	Market cap / net income. Only when net income is positive.
P/S	6.96x	Market cap / revenue.
P/B	6.19x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	856x	Market cap / tangible book value, when positive.
P/FCF	23.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	22.8x	Market cap / cash from operations, when positive.
EV/Sales	6.60x	Enterprise value / revenue.
EV/EBIT	42.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	30.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	22.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.3%	Free cash flow / market cap.
Earnings yield	1.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	6.5%	(Dividends paid + share buybacks) / market cap.
PEG	2.24x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was TYLER TECHNOLOGIES INC's revenue in fiscal 2025?

TYLER TECHNOLOGIES INC reported revenue of $2.33B for fiscal 2025, 9.1% higher than the year before.

Was TYLER TECHNOLOGIES INC profitable in fiscal 2025?

Yes. Net income was $315.6M, a net margin of 13.5%.

How much free cash flow did TYLER TECHNOLOGIES INC generate in fiscal 2025?

Cash from operations of $653.5M minus capital expenditures of $16.0M left free cash flow of $637.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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