Tyler Technologies Inc

Latest Results (30.01.2026):

Tyler Technologies Inc. reported results for the first quarter of 2025, delivering a strong start to the year with total revenues of $565.2 million (up 10.3%), driven by recurring revenues of $487.8 million (up 13.3%) and sustained SaaS momentum. Profitability improved materially with GAAP net income of $81.1 million ($1.84 diluted EPS, +49.6%) and non‑GAAP net income of $122.1 million ($2.78 diluted EPS, +28.9%), while adjusted EBITDA rose to $162.3 million (+21.5%). Cash from operations and free cash flow declined year-over-year, and management raised full‑year 2025 guidance reflecting the strong quarter.

Top-line growth

Total revenues were $565.2M in Q1 2025, a 10.3% increase versus Q1 2024. Recurring revenues reached $487.8M (+13.3%) and represented 86.3% of total revenues (vs. 84.0%). ARR was $1.95B, up 13.3% year-over-year.

SaaS and transaction performance

Subscription revenues totaled $375.0M (+19.7%). SaaS revenues grew 21.0% to $180.1M and transaction‑based revenues grew 18.5% to $194.9M. SaaS comprised ~96% of new software contract value, marking continued strong adoption (17th consecutive quarter with ≥20% SaaS growth).

Profitability and margins

GAAP operating income was $89.2M (+33.1%); non‑GAAP operating income was $151.4M (+24.4%). GAAP net income was $81.1M ($1.84 diluted), non‑GAAP net income was $122.1M ($2.78 diluted). Adjusted EBITDA was $162.3M (+21.5%). Company cited margin expansion from cloud efficiencies and a favorable revenue mix.

Cash flow and liquidity

Cash flows from operations were $56.2M (down 21.8% YoY) and free cash flow was $48.3M (down 15.6%), with Q1 free cash flow margin of 8.5% (vs. 11.2% prior year). Cash and cash equivalents were $705.7M at March 31, 2025.

Balance sheet highlights

Deferred revenue was $642.4M (current) with $22.4M long‑term. The company shows substantial goodwill and intangibles on the balance sheet; the current portion of convertible senior notes due 2026 was reported at $598.4M as a current liability.

2025 guidance

Tyler Technologies Inc. raised/issued full‑year 2025 targets: total revenues of $2.31B–$2.35B; GAAP diluted EPS $7.50–$7.80; non‑GAAP diluted EPS $11.05–$11.35; free cash flow margin 24%–26%; R&D $193M–$198M; capital expenditures $32M–$34M (including ~ $19M capitalized software development); net interest income $28M–$30M.

Operational outlook

Management stated RFPs and sales demos are stable at elevated levels and reiterated confidence in executing the growth strategy, pointing to continued SaaS adoption and cloud efficiency gains as key drivers for the rest of 2025.