Tyler Technologies (TYL) Q4 FY2025 earnings: revenue $575 million, up 6.3% on the year

Tyler Technologies Inc. (TYL) reported revenue of $575 million for Q4 FY2025, the quarter ended 31 December 2025, up 6.3% on the same quarter a year earlier. Net income was $66 million, up 0.5% on the year, and diluted earnings per share $1.50. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.

Revenue

$575 million

+6.3% on the year · -3.5% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

13.0%

13.2% a year earlier

Q1 FY2024Q4 FY2025

Net income

$66 million

+0.5% on the year · -22.4% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.50

+0.7% on the year · -22.3% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 19 new.

Revenue rose 6.3% after reserve: Total revenues were $575.2 million, up 6.3%. A non-cash reserve tied to a contract dispute reduced non-recurring revenues and operating income by about $9.7 million.
Recurring revenue share climbed: Full-year recurring revenues were $2.0 billion, up 12.5%, or 87.1% of 2025 revenues, up from 84.5% a year earlier.
Research and development spending rose sharply: Research and development expense was $54.1 million in the quarter, against $29.4 million. Full-year expense was $204.6 million, against $117.9 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	575	596	541	-3.5%	+6.3%
Cost of revenue	313	314	304	-0.4%	+2.9%
Gross profit	262	281	237	-6.9%	+10.6%
Gross margin	45.5%	47.2%	43.8%
Operating income	75.0	97.9	71.7	-23.4%	+4.6%
Operating margin	13.0%	16.4%	13.2%
Interest expense	1.3	1.2	1.3	+1.4%	-0.6%
Pre-tax income	85.0	108	76.8	-21.0%	+10.7%
Income tax	19.4	23.2	11.5	-16.1%	+68.3%
Effective tax rate	22.9%	21.5%	15.0%
Net income	65.5	84.4	65.2	-22.4%	+0.5%
Net margin	11.4%	14.2%	12.1%
Diluted EPS	$1.50	$1.93	$1.49	-22.3%	+0.7%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	244	255	225	-4.4%	+8.5%
Capital expenditure	4.3	3.9	3.8	+11.4%	+13.6%
Free cash flow	240	251	221	-4.7%	+8.4%
Free cash flow margin	41.7%	42.2%	40.8%
Cash from investing	-58.4	-55.2	-32.9
Cash from financing	-4.2	-153	14.6
Depreciation and amortisation	34.4	35.0	34.7	-1.6%	-0.7%
Share-based compensation	38.6	36.7	34.4	+5.4%	+12.5%
Buybacks	0.0	173	n/a
Diluted shares, weighted	44m	44m	44m	-0.7%	-0.8%
Shares outstanding at period end	48m	48m	48m	0.0%	0.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	3,703	3,603	3,388	+2.8%	+9.3%
Debt	600	599	598	+0.1%	+0.3%
Operating lease liabilities	33.3	34.6	30.8	-3.5%	+8.3%
Other liabilities	1,303	1,221	1,163	+6.7%	+12.1%
Total liabilities and equity	5,639	5,457	5,180	+3.3%	+8.9%
Fixed assets	160	161	164	-0.2%	-2.1%
Goodwill	2,590	2,554	2,532	+1.4%	+2.3%
Intangible assets	780	779	832	+0.2%	-6.2%
Investments	142	139	34.0	+2.4%	+318.9%
Cash and equivalents	1,015	834	745	+21.7%	+36.3%
Receivables	639	662	588	-3.5%	+8.7%
Other assets	311	328	286	-5.0%	+8.8%
Total assets	5,639	5,457	5,180	+3.3%	+8.9%

Questions

What was Tyler Technologies' revenue in Q4 FY2025?

Tyler Technologies (TYL) reported revenue of $575 million for Q4 FY2025, the quarter ended 31 December 2025, up 6.3% on the same quarter a year earlier.

How much did Tyler Technologies earn in Q4 FY2025?

Net income for Q4 FY2025 was $66 million, up 0.5% on the year, and diluted earnings per share $1.50.

When did Tyler Technologies report Q4 FY2025 results?

Tyler Technologies filed its 10-K for the year that ended with the quarter on 18 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	434	456	469	473	452	472	504	495	481	512	541	543	541	565	596	596	575	614	645	648
Cost of revenue	246	264	275	269	259	272	281	270	268	289	303	306	304	298	323	314	313	317	338	329
Gross profit	187	192	193	205	193	200	223	225	213	224	238	237	237	267	273	281	262	296	307	318
Gross margin	43%	42%	41%	43%	43%	42%	44%	46%	44%	44%	44%	44%	44%	47%	46%	47%	46%	48%	48%	49%
SG&A	101	97.9	99.7	104	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating income	48.1	55.9	56.8	60.9	40.7	45.0	61.9	63.9	47.7	67.0	78.0	82.8	71.7	89.2	95.6	97.9	75.0	99.8	95.1	117
Operating margin	11%	12%	12%	13%	9%	10%	12%	13%	10%	13%	14%	15%	13%	16%	16%	16%	13%	16%	15%	18%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	6.4	5.8	n/a	2.2	1.3	1.2	1.3	1.2	1.3	1.2	1.3	1.1	3.0	3.8
Pre-tax income	43.4	51.4	50.8	51.8	33.6	38.5	56.1	58.9	44.6	66.6	78.7	86.1	76.8	95.3	103	108	85.0	106	121	121
Tax rate	-26%	22%	21%	-3%	8%	20%	12%	20%	13%	19%	14%	12%	15%	15%	17%	22%	23%	24%	22%	22%
Net income	54.8	40.0	39.9	53.2	31.1	30.9	49.1	47.0	38.9	54.2	67.7	75.9	65.2	81.1	84.6	84.4	65.5	81.2	93.5	95.1
Net margin	13%	9%	9%	11%	7%	7%	10%	10%	8%	11%	13%	14%	12%	14%	14%	14%	11%	13%	14%	15%
Diluted EPS	$1.29	$0.94	$0.94	$1.26	$0.73	$0.73	$1.15	$1.10	$0.91	$1.26	$1.57	$1.74	$1.49	$1.84	$1.93	$1.93	$1.50	$1.88	$2.23	$2.33
Operating cash flow	115	53.5	76.7	129	122	74.7	-19.2	177	147	71.8	64.3	264	225	56.2	98.3	255	244	107	124	282
Capital expenditure	13.1	4.6	8.2	4.7	5.1	2.0	4.3	6.1	8.0	7.3	6.6	2.9	3.8	2.3	5.5	3.9	4.3	3.2	5.1	4.4
Free cash flow	102	49.0	68.5	125	117	72.7	-23.5	171	139	64.6	57.7	261	221	53.8	92.8	251	240	104	119	278
Buybacks	0.0	n/a	n/a	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	n/a	0.0	1.6	173	0.0	250	505	369
Shares outstanding	48m	48m	48m	48m	48m	48m	48m	48m	48m	48m	48m	48m	48m	48m	48m	48m	48m	48m	48m	48m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 18 February 2026: the filing.