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Bentley Systems (BSY) FY2025 results: revenue $1.5 billion, up 11.0% on the year

Bentley Systems Inc. (BSY) reported revenue of $1.5 billion for fiscal 2025, the year ended 31 December 2025, up 11.0% on the year before. Net income was $278 million, up 18.3%, and diluted earnings per share $0.85. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue
$1.5 billion
+11.0% on the year
FY2018FY2025
Operating margin
24.1%
22.3% a year earlier
FY2018FY2025
Net income
$278 million
+18.3% on the year
FY2018FY2025
Diluted EPS
$0.85
+18.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 7 new, 1 kept.

  • Quarterly revenue and subscriptions grew: Total revenues rose 11.9% to $391.6 million, or 9.7% in constant currency. Subscriptions revenues rose 13.0% to $356.6 million, or 10.8% in constant currency.
  • Free cash flow rose to $136.2 million: Quarterly operating cash flow was $141.6 million, against $81.6 million. Full-year free cash flow was $520.2 million, against $421.2 million.
  • ARR grew 11.5% in constant currency: ARR was $1,462.1 million at December 31, 2025, up from $1,283.3 million a year earlier, with 11.5% constant currency growth.
  • Full-year AOI less SBC margin 28.6%: Full-year operating margin was 24.1%, against 22.3%, and AOI less SBC margin was 28.6%, against 27.5%.
  • Net debt leverage at 2.1 times: CFO said net debt leverage was 2.1 times at year end, a four-year low, going into 2026.
Read the Q4 FY2025 earnings call summary

From this 10-K

Bentley Systems makes software for engineering infrastructure: the roads, bridges, rail, utilities, mines, plants and buildings its users design, build and operate. It was founded in 1984 by the Bentley brothers and completed its initial public offering on September 25, 2020. It provides software to nearly 42,000 accounts in 189 countries.

Bentley Systems Inc., the 10-K for 2025

Bentley Systems makes software for engineering infrastructure: the roads, bridges, rail, utilities, mines, plants and buildings its users design, build and operate. It was founded in 1984 by the Bentley brothers and completed its initial public offering on September 25, 2020. It provides software to nearly 42,000 accounts in 189 countries.

Who uses it

The company sorts its users by sector, measured by share of sector-attributable annualized recurring revenues. Public Works and Utilities, at approximately 59%, covers roads, rail, bridges, tunnels, airports and ports, government agencies and networks for electricity, gas, water and communications. Resources, at approximately 27%, covers mining, upstream oil and gas, offshore, pipelines and renewable energy. Industrial is approximately 9% and Commercial and Facilities approximately 5%. In 2025, 52% of total revenues came from engineering and construction contracting firms and 48% from the infrastructure owners and operators they work for. No account represented more than 2% of total revenues.

What it makes

Bentley Open Applications are modeling and simulation applications for engineering disciplines. MicroStation provides 3D design and the common modeling environment the other applications are built on. Around it sit discipline tools such as OpenBridge, OpenRoads, OpenRail, OpenTunnel, OpenPlant, OpenFlows for water and stormwater systems, OpenTower for communication towers and OpenUtilities for electric, gas and water networks. Seequent applications serve geoprofessionals, including Oasis montaj for geophysical and geochemical data, OpenGround for geotechnical data and PLAXIS for geotechnical analysis of excavations, foundations and tunnels.

Bentley Infrastructure Cloud manages engineering information across a project and an asset's life. It includes ProjectWise for design and construction workflows, SYNCHRO for 4D construction modeling of sequencing, and AssetWise for operations and maintenance. Bentley Asset Analytics applies AI to specific asset types, such as Blyncsy for detecting roadway conditions and Bridge Monitoring for classifying bridge defects. Underneath is the Cesium and iTwin Platform, used to build digital twins, meaning digital representations of physical infrastructure assets. Cesium, acquired in September 2024, adds 3D geospatial technology.

How it is sold

Large organizations can take an Enterprise 365 subscription, a consumption-based plan charged mainly on daily usage, with uniform pricing across all countries. A perpetual license is a one-time purchase paired with an annual maintenance subscription called SELECT. Small and medium-sized businesses can buy 12-month named-user subscriptions through the Virtuosity e-store. Cloud services are charged quarterly by number of users. At the end of 2025, accounts representing approximately 60% of total annualized recurring revenues had chosen the commercial models eligible under its Cloud Services Subscription. Direct sales generated approximately 94% of 2025 total revenues and channel partners approximately 6%.

Acquisitions

The company has made 8 acquisitions over the past three years, mostly of specialized products that already worked with its platform. Its larger platform acquisitions were Seequent in 2021, which brought modeling of the full subsurface, and PLS in 2022, for the design of overhead electric power transmission lines and structures.

People

As of December 31, 2025 the company had approximately 5,800 full-time colleagues: approximately 2,400 in the Americas, 1,600 in Europe, the Middle East and Africa, and 1,800 in Asia-Pacific.

From Bentley Systems' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue1,5021,3531,228+11.0%
Cost of revenue278258266+7.7%
Gross profit1,2241,095962+11.8%
Gross margin81.5%80.9%78.3%
Research and development308281275+9.4%
Operating income363302231+20.0%
Operating margin24.1%22.3%18.8%
Interest expense7.617.035.0-55.3%
Pre-tax income351293184+19.7%
Income tax73.058.7-143+24.3%
Effective tax rate20.8%20.0%-78.0%
Net income278235327+18.3%
Net margin18.5%17.4%26.6%
Diluted EPS$0.85$0.72$1.00+18.1%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow538435417+23.7%
Capital expenditure18.314.025.0+30.0%
Free cash flow520421392+23.5%
Free cash flow margin34.6%31.1%31.9%
Cash from investing-112-143-60.5
Cash from financing-376-290-359
Share-based compensation72.674.473.0-2.5%
Buybacks12564.40.0+94.3%
Dividends paid85.072.158.8+17.8%
Dividend per share$0.28$0.24$0.20+16.7%
Diluted shares, weighted333m334m333m-0.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity1,1891,041883+14.3%
Non-controlling interest0.10.10.7-40.6%
Debt1,2491,3881,528-10.0%
Operating lease liabilities22.126.930.6-17.6%
Other liabilities1,095944877+16.0%
Total liabilities and equity3,5553,4003,320+4.6%
Fixed assets36.0n/an/a
Goodwill2,4822,3672,269+4.9%
Intangible assets193214249-9.8%
Cash and equivalents12364.068.4+92.6%
Other assets721755733-4.5%
Total assets3,5553,4003,320+4.6%

10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.