BENTLEY SYSTEMS (BSY) Company Report

Bentley Systems reported FY 2025 total revenues of $1,502 million, an 11% increase (10% in constant currency), with subscription revenues growing 13% and representing 92% of total revenues.
Annual Recurring Revenue (ARR) reached $1.462 billion at the end of Q4 2025, growing 11.5% in constant currency year-over-year.
For FY 2025, Adjusted Operating Income less Stock-Based Compensation (AOI less SBC) was $430 million, up 16% with a 28.6% margin, and free cash flow was $520 million, a 24% increase year-over-year.
The company projects 2026 AOI less SBC to be between $495 million and $510 million and free cash flow between $500 million and $570 million.
Bentley Systems completed delevering in 2025, reaching a target leverage of approximately 2x, and views AI as a significant opportunity, investing in embedding AI capabilities and leveraging it in Asset Analytics, which reached a $50 million run rate in 2025.

1 day ago

Transcript

Bentley Systems Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Outlook

BSY

Earnings

Guidance Update

M&A

Bentley Systems reported Q4 2025 total revenues of $392 million and full-year 2025 total revenues of $1,502 million, with subscription revenues, which comprise 92% of total revenues, growing 13% reported and 11% in constant currency in Q4.
Annual Recurring Revenue (ARR) reached $1.462 billion by the end of Q4 2025, reflecting 11.5% year-over-year constant currency growth. The company also achieved a 30% truly free cash flow margin (less stock-based compensation) in 2025.
For 2026, the company forecasts total revenues constant currency growth of 11%-13% (projecting $1.685 billion-$1.715 billion) and constant currency ARR growth of 10.5%-12.5%.
The company reduced its net debt leverage to 2.1x and completed the retirement of maturing 2026 convertible debt, which reduced the fully diluted share count by approximately 3%. This financial flexibility allows for up to $400 million in programmatic acquisitions annually.
Bentley Systems views AI as an unprecedented opportunity for infrastructure engineering, with its Asset Analytics strategy reaching a $50 million run rate in 2025, and is committed to 100 basis points of annual operating margin improvement.

1 day ago

Transcript

Bentley Systems Announces Q4 and Full Year 2025 Results and 2026 Outlook

BSY

Earnings

Guidance Update

M&A

Bentley Systems reported strong Q4 2025 financial results, with GAAP operating income increasing 28% to $79 million and Free Cash Flow growing 79% to $136 million. For the full year 2025, the company achieved an ARR growth rate of 11.5% from business performance and an AOI less SBC margin of 28.6%.
The company provided a positive outlook for full year 2026, projecting Total Revenues between $1,685 million and $1,715 million (an 11% to 13% increase in constant currency) and Free Cash Flows between $500 million and $570 million.
In December, Bentley Systems acquired Talon Aerolytics and Pointivo Technology to strengthen its Asset Analytics portfolio.
The company repaid its 2026 Notes at maturity on January 15, 2026, which reduced the dilutive share count by 10.6 million shares.

1 day ago

Presentation

Bentley Systems Reports Strong Q4 and Full Year 2025 Results, Provides 2026 Outlook

BSY

Earnings

Guidance Update

M&A

Bentley Systems reported full-year 2025 total revenues of $1,502 million, an 11% increase, and $1.462 billion in Annual Recurring Revenue (ARR) by year-end, representing 11.5% constant currency growth.
For 2025, Adjusted Operating Income less stock-based compensation (AOI less SBC) was $430 million, up 16% year-over-year, with a 28.6% margin, and free cash flow reached $520 million, a 35% margin.
The company provided a 2026 outlook, projecting total revenues between $1.685 billion and $1.715 billion (11%-13% constant currency growth) and constant currency ARR growth of 10.5%-12.5%.
Bentley Systems expects 2026 Adjusted operating income less operating stock-based compensation to be in the range of $495 million-$510 million and free cash flow between $500 million-$570 million.
Strategic initiatives include accelerating its Asset Analytics strategy, which reached a $50 million run rate in 2025, and leveraging AI as an opportunity, while also reducing net debt leverage to 2.1 times and retiring 2026 convertible debt.

1 day ago

Transcript

Bentley Systems Announces Q4 and Full Year 2025 Results and 2026 Financial Outlook

BSY

Earnings

Guidance Update

Dividends

Bentley Systems reported Q4 2025 total revenues of $391.6 million and Adjusted EPS of $0.27, contributing to full-year 2025 total revenues of $1,501.8 million and Adjusted EPS of $1.21.
Annualized Recurring Revenues (ARR) reached $1,462.1 million as of December 31, 2025, reflecting an 11.5% constant currency growth rate for the full year, alongside $520.2 million in free cash flow for 2025.
The company issued a 2026 financial outlook projecting total revenues between $1,685 million and $1,715 million and free cash flows from $500 million to $570 million.
Additionally, Bentley Systems declared a Q1 2026 dividend of $0.07 per share and repaid $678 million in convertible senior notes in January 2026.

1 day ago

8-K

Bentley Systems Acquires Talon Aerolytics and Pointivo Technology

BSY

M&A

New Projects/Investments

Bentley Systems acquired Talon Aerolytics and the technology and technical expertise of Pointivo in December 2025.
These acquisitions significantly strengthen Bentley's Asset Analytics portfolio, extending its offerings in telecommunications and electric utilities to support global 5G deployments and grid modernization.
The Asset Analytics offering now has a revenue run rate of approximately $50 million and is expected to bolster long-term double-digit growth in ARR, subscription revenues, and cash flows.
Financial details of the transactions were not disclosed.

Jan 5, 2026, 9:05 PM

Press Release

Bentley Systems CEO Discusses Strategic Evolution, AI Focus, and Strong Outlook

BSY

Guidance Update

New Projects/Investments

M&A

Bentley Systems' CEO, Nicholas Cumins, outlined the company's strategic evolution, emphasizing AI and organizational changes to consolidate product teams under the CTO and user-facing teams under the CRO.
The company is positioned to benefit from strong global infrastructure investment, addressing the widening gap in engineering resources through software solutions.
Bentley Systems maintains a resilient business model with over 92% recurring revenue and a long-term financial framework targeting low double-digit ARR growth and approximately 100 basis points of annual margin expansion.
SMB growth is a key driver, contributing about 300 basis points to ARR from new logos, with over 600 new logos added for 15 consecutive quarters.
The M&A strategy is now primarily focused on asset analytics startups, and the company is actively integrating AI capabilities across its design, construction, operations, and maintenance software to boost engineer productivity.

Dec 9, 2025, 9:00 AM

Transcript

Bentley Systems CEO Discusses Strategic Focus on AI and Long-Term Financial Framework

BSY

CEO Change

New Projects/Investments

M&A

Nicholas Cumins, the first non-Bentley family CEO, has been in his role for approximately 1.5 years, continuing the company's strategy with a stronger emphasis on AI.
Bentley Systems operates in a strong demand environment for infrastructure, driven by global investments and a shortage of engineers, which increases the need for software to enhance productivity.
The company maintains a resilient business model with 92% recurring revenue and 94% direct revenue, reaffirming its long-term financial framework of low double-digit ARR growth and approximately 100 basis points of annual margin expansion.
Growth is significantly driven by SMBs, contributing 300 basis points to ARR from new logos, with over 600 new logos added for 15 consecutive quarters.
Bentley Systems is making significant investments in Asset Analytics, leveraging AI and computer vision for infrastructure asset condition monitoring, and has shifted its M&A strategy to focus on acquiring startups in this emerging market.

Dec 9, 2025, 9:00 AM

Transcript

Bentley Systems CEO Discusses Strategic Priorities and 2026 Financial Outlook

BSY

Guidance Update

New Projects/Investments

M&A

Bentley Systems maintains a long-term financial framework for 2026, projecting low double-digit ARR growth, approximately 100 basis points of annual margin expansion, and robust free cash flow generation.
The company benefits from a strong demand environment in infrastructure, driven by global investments and a shortage of engineers, increasing the need for productivity software.
New logos, primarily from SMBs, are a significant growth driver, contributing approximately 300 basis points to ARR growth and resulting in over 600 new logos added for 15 consecutive quarters.
Bentley Systems is investing significantly in AI and asset analytics, aiming to enhance productivity in operations, maintenance, and design, and has shifted its primary M&A focus to asset analytics startups.

Dec 9, 2025, 9:00 AM

Transcript

Bentley Systems Declares Q4 2025 Dividend and Extends Stock Repurchase Program

BSY

Dividends

Share Buyback

Bentley Systems, Incorporated declared a $0.07 per share dividend for the fourth quarter of 2025.
This dividend is payable on December 11, 2025, to stockholders of record as of December 4, 2025.
The company's Board extended the BSY Stock Repurchase Program, authorizing the repurchase of up to $500 million of Class B common stock and convertible notes.
The extended repurchase authorization is valid from November 21, 2025, through December 31, 2028, superseding the prior authorization that was set to expire on June 30, 2026.

Nov 21, 2025, 9:10 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for BENTLEY SYSTEMS.

Q4 2025

Feb 26, 2026

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Q3 2025

Nov 5, 2025

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Q2 2025

Aug 6, 2025

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BENTLEY SYSTEMS (BSY)

Analyst Earnings Quarterly Reports

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Executives

Nicholas H. Cumins

Brock Ballard

David R. Shaman

Gregory S. Bentley

James Lee

Julien Moutte

Werner Andre

Board Members

Barry J. Bentley

Brian F. Hughes

Janet B. Haugen

Keith A. Bentley

Kirk B. Griswold

Raymond B. Bentley

Analyst Coverage

Jason Celino

Kristen Owen

Matthew Hedberg

Jay Vleeschhouwer

Joshua Tilton

Alexei Gogolev

Blair Abernethy

Dylan Becker

Siti Panigrahi

Joe Vruwink

Michael Funk

Daniel Jester

Jackson Bogli

Joseph Vruwink

Koji Ikeda

Sitikantha Panigrahi

Taylor McGinnis

Clarke Jeffries

Ivan Radojicic

Matt Bullock

Matthew Martino

Warren Meyers

Latest news

Earnings Transcripts

Q4 2025

Q3 2025

Q2 2025

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