Tyler Technologies: 2Q26 Reveals Strong Demand Signals with Record Bookings, Cloud/AI Momentum, and a New $1.5B Repurchase Program

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Tyler Technologies: 2Q26 Reveals Strong Demand Signals with Record Bookings, Cloud/AI Momentum, and a New $1.5B Repurchase Program

J P M O R G A N North America Equity Research

30 July 2026

Tyler Technologies

2Q26 Reveals Strong Demand Signals with Record Overweight

Bookings, Cloud/AI Momentum, and a New $1.5B TYL, TYL US

Repurchase Program Price (29 Jul 26):$333.50

Price Target (Dec-27):$525.00

TYL delivered a solid 2Q26 print highlighted by record SaaS bookings / total Vertical SaaS & HealthTech

ACbookings and record 2Q free cash flow, with SaaS/cloud momentum and AI Alexei Gogolev

commercialization continuing to build against a stable public-sector demand (1-212) 622-9391

backdrop (robust RFP and demo activity). On the call, management also alexei.gogolev@jpmorgan.com

emphasized that AI discussions are “business as usual” for TYL’s end market (i.e. Isabella A Camaj

no slowdown in flips or the core business), with growing client engagement and (1-212) 834-2379

early adoption across the portfolio. Management’s FY26 outlook reiterated bella.camaj@jpmorgan.com

confidence in the model (revenue guide $2.535–$2.575B; FCF margin 26%– Software Mid & Small Cap

28%), while noting FY26 non-GAAP EPS guidance was raised solely to reflect Ella Smith

share repurchases completed YTD and net interest income dynamics (with (1-212) 622-2451

operating outlook unchanged). On margins/spend, management reiterated no ella.smith@jpmchase.com

material change to the spending outlook, guided to margin expansion through the Destiny Jackson

year (~100 bps at the midpoint), and noted 2Q included a couple of one-time items, (1-212) 622-4360

destiny.jackson@jpmorgan.com

with hiring “right on plan” and fairly limited in 2H26E. Capital return also stepped J.P. Morgan Securities LLC