Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Tyler is reselling its own clients as SaaS
Hosted fees grow partly by replacing maintenance from license clients, a second sale to governments already won.
For investorsWhat the profit engine depends on once conversions slow
For foundersThe playbook for reselling an installed base as a subscription
On revenue up 8.67%, the shift to hosted software lifted gross margin while cost of revenues grew only 4.75%.
With annual invoicing at the start of each contract year, a quarter with $95.1M of profit produced $278.0M of free cash flow.
Transaction fees grow with residents' activity, not only with government budgets, and now rival hosted SaaS in size.
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Business Lens describes Tyler Technologies from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
