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Bentley Systems Announces Second Quarter 2025 Results
EXTON, PA – August 6, 2025 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced results for the quarter ended June 30, 2025.

Second Quarter 2025 Results

•Total revenues were $364.1 million, up 10.2% or 9.2% on a constant currency basis, year-over-year;
•Subscriptions revenues were $333.5 million, up 12.1% or 11.2% on a constant currency basis, year-over-year;
•Annualized Recurring Revenues (“ARR”) were $1,379.2 million as of June 30, 2025, compared to $1,215.9 million as of June 30, 2024, representing a constant currency ARR growth rate of 11.5%;
•Last twelve-month recurring revenues dollar-based net retention rate was 109%, compared to 108% for the same period last year;
•Operating income margin was 23.2%, compared to 24.3% for the same period last year;
•Adjusted operating income less stock-based compensation expense (“AOI less SBC”) margin was 28.9%, compared to 28.8% for the same period last year;
•Net income per diluted share was $0.22, consistent with the same period last year;
•Adjusted net income per diluted share (“Adjusted EPS”) was $0.32, compared to $0.31 for the same period last year;
•Cash flows from operations was $61.1 million, compared to $62.6 million for the same period last year; and
•Free cash flow was $57.0 million, compared to $59.5 million for the same period last year.



Six Months Ended June 30, 2025 Results

•Total revenues were $734.6 million, up 10.0% or 10.1% on a constant currency basis, year-over-year;
•Subscriptions revenues were $675.8 million, up 11.8% or 11.9% on a constant currency basis, year-over-year;
•Operating income margin was 27.2%, compared to 25.8% for the same period last year;
•AOI less SBC margin was 31.5%, compared to 31.1% for the same period last year;
•Net income per diluted share was $0.50, compared to $0.44 for the same period last year;
•Adjusted EPS was $0.67, compared to $0.62 for the same period last year;
•Cash flows from operations was $280.5 million, compared to $267.6 million for the same period last year; and
•Free cash flow was $273.4 million, compared to $260.9 million for the same period last year.

Executive Chair Greg Bentley said, “BSY’s continued excellent operational and financial results through 25Q2 track consistently toward our outlook range for 2025. As throughout our soon fully five years as a public company, sustaining long-term drivers for going digital prevail foreseeably for our accounts and prospects. Pervasive infrastructure engineering resource constraints motivate step functions in productivity and value generation for each BSY user, as we help them to keep up with the world’s accelerating demands for infrastructure performance and resilience.”

CEO Nicholas Cumins said, “We delivered another strong quarter despite ongoing global uncertainties. This performance underscores the resilience of our business model and the strength of our end markets, driven by secular infrastructure investment. One year into my new role as CEO, engaging with users and colleagues around the world, I am more energized than ever by how our software plays a crucial role in helping infrastructure engineers achieve more with less.”

CFO Werner Andre said, “Q2 financial performance was in-line with our expectations with constant-currency ARR growth of 11.5%, and strong profitability and free cash flow. We executed well during the quarter and are appropriately positioned to achieve our annual outlook. Our balance sheet strength and projected cash flow generation provide sufficient capacity to repurchase shares to offset dilution from stock-based compensation, maintain our dividend, fund potential acquisitions, and to refinance next year’s maturing convertible debt — if needed — all while supporting long-term growth.”

Call Details

Bentley Systems will host a live Zoom video webinar on August 6, 2025 at 8:15 a.m. Eastern time to discuss results for its second quarter ended June 30, 2025.

Those wishing to participate should access the live Zoom video webinar of the event through a direct registration link at https://bentley-com.zoom.us/webinar/register/WN_Hak30sojTQK5yvZg1mrDkw#/registration. Alternatively, the event can be accessed from the Events & Presentations page on Bentley Systems’ Investor Relations website at https://investors.bentley.com. In addition, a replay and transcript will be available after the conclusion of the live event on Bentley Systems’ Investor Relations website for one year.



Non-GAAP Financial Measures

In this press release, we sometimes refer to financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain of these measures are considered non-GAAP financial measures under the United States Securities and Exchange Commission (“SEC”) regulations. Those rules require the supplemental explanations and reconciliations that are in Bentley Systems’ Form 8-K (Quarterly Earnings Release) furnished to the SEC.

Forward-Looking Statements

This press release includes forward-looking statements regarding the future results of operations and financial condition, business strategy, and plans and objectives for future operations of Bentley Systems, Incorporated (the “Company,” “we,” “us,” and words of similar import). All such statements contained in this press release, other than statements of historical facts, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations, projections, and assumptions about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, and there are a significant number of factors that could cause actual results to differ materially from statements made in this press release including: adverse changes in global economic and/or political conditions; the impact of tariffs and related policies on our business and the businesses of the industries we serve; the impact of current and future sanctions, embargoes and other similar laws at the state and/or federal level that impose restrictions on our counterparties or upon our ability to operate our business within the subject jurisdictions; political, economic, regulatory and public health and safety risks and uncertainties in the countries and regions in which we operate; failure to retain personnel necessary for the operation of our business or those that we acquire; failure to effectively manage succession; changes in the industries in which our accounts operate; the competitive environment in which we operate; the quality of our products; our ability to develop and market new products to address our accounts’ rapidly changing technological needs; changes in capital markets and our ability to access financing on terms satisfactory to us or at all; the impact of changing or uncertain interest rates on us and on the industries we serve; our ability to integrate acquired businesses successfully; and our ability to identify and consummate future investments and/or acquisitions on terms satisfactory to us or at all.

Further information on potential factors that could affect the financial results of the Company are included in the Company’s Form 10‑K and subsequent Form 10‑Qs, which are on file with the SEC. The Company disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.



About Bentley Systems

Around the world, infrastructure professionals rely on software from Bentley Systems to help them design, build, and operate better and more resilient infrastructure for transportation, water, energy, cities, and more. Founded in 1984 by engineers for engineers, Bentley is the partner of choice for engineering firms and owner-operators worldwide, with software that spans engineering disciplines, industry sectors, and all phases of the infrastructure lifecycle. Through our digital twin solutions, we help infrastructure professionals unlock the value of their data to transform project delivery and asset performance.

© 2025 Bentley Systems, Incorporated. Bentley, and the Bentley logo are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.

For more information, contact:
Investors: Eric Boyer, IR@bentley.com


BENTLEY SYSTEMS, INCORPORATED
Consolidated Balance Sheets
(in thousands)
(unaudited)

June 30, 2025December 31, 2024
Assets
Current assets:
Cash and cash equivalents$89,646 $64,009 
Accounts receivable300,173 322,862 
Allowance for doubtful accounts(9,104)(8,395)
Prepaid income taxes8,789 13,066 
Prepaid and other current assets50,018 50,531 
Total current assets439,522 442,073 
Property and equipment, net34,377 33,798 
Operating lease right-of-use assets31,473 32,303 
Intangible assets, net192,751 213,959 
Goodwill2,416,815 2,367,179 
Investments25,844 25,764 
Deferred income taxes201,702 198,286 
Other assets80,800 86,445 
Total assets$3,423,284 $3,399,807 
Liabilities and Equity
Current liabilities:
Accounts payable$24,480 $16,479 
Accruals and other current liabilities153,821 169,522 
Cloud Services Subscription deposits414,791 366,895 
Deferred revenues246,646 245,729 
Operating lease liabilities11,908 11,656 
Income taxes payable6,718 4,053 
Current portion of long-term debt— — 
Total current liabilities858,364 814,334 
Long-term debt1,245,843 1,388,088 
Deferred compensation plan liabilities98,895 96,684 
Long-term operating lease liabilities24,986 26,894 
Deferred revenues18,172 16,641 
Deferred income taxes8,768 8,612 
Income taxes payable— 3,615 
Other liabilities6,086 3,819 
Total liabilities2,261,114 2,358,687 
Equity:
Common stock
3,034 3,020 
Additional paid-in capital1,259,476 1,217,986 
Accumulated other comprehensive loss
(69,095)(104,078)
Accumulated deficit(31,374)(75,941)
Total Bentley Systems stockholders’ equity1,162,041 1,040,987 
Noncontrolling interest129 133 
Total equity1,162,170 1,041,120 
Total liabilities and equity
$3,423,284 $3,399,807 


BENTLEY SYSTEMS, INCORPORATED
Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)

Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Revenues:
Subscriptions$333,452 $297,444 $675,770 $604,533 
Perpetual licenses10,193 10,863 20,985 20,375 
Subscriptions and licenses343,645 308,307 696,755 624,908 
Services20,461 22,030 37,893 43,192 
Total revenues364,106 330,337 734,648 668,100 
Cost of revenues:
Cost of subscriptions and licenses47,758 42,432 94,256 82,650 
Cost of services21,018 20,761 40,179 42,373 
Total cost of revenues68,776 63,193 134,435 125,023 
Gross profit295,330 267,144 600,213 543,077 
Operating expenses:
Research and development75,385 65,709 147,835 134,080 
Selling and marketing69,873 57,129 132,932 111,515 
General and administrative49,857 54,854 97,085 101,336 
Deferred compensation plan7,584 883 6,338 6,682 
Amortization of purchased intangibles8,201 8,392 16,409 17,356 
Total operating expenses210,900 186,967 400,599 370,969 
Income from operations
84,430 80,177 199,614 172,108 
Interest expense, net(3,519)(5,100)(7,327)(11,620)
Other (expense) income, net
(1,596)2,280 (1,147)9,417 
Income before income taxes
79,315 77,357 191,140 169,905 
Provision for income taxes
(8,876)(5,330)(29,364)(27,577)
Equity in net income of investees, net of tax
61 19 62 28 
Net income
70,500 72,046 161,838 142,356 
Less: Net income (loss) attributable to noncontrolling interest18 — (12)— 
Net income attributable to Bentley Systems
$70,482 $72,046 $161,850 $142,356 
Net income per share attributable to Bentley Systems stockholders:
Basic$0.22 $0.23 $0.51 $0.45 
Diluted$0.22 $0.22 $0.50 $0.44 
Weighted average shares:
Basic314,622,491 314,980,580 314,894,050 314,660,906 
Diluted332,824,020 333,780,984 333,150,282 333,725,315 


BENTLEY SYSTEMS, INCORPORATED
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

Six Months Ended
June 30,
20252024
Cash flows from operating activities:
Net income
$161,838 $142,356 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization31,389 32,367 
Deferred income taxes(2,646)8,666 
Stock-based compensation expense36,995 41,759 
Deferred compensation plan6,338 6,682 
Amortization of deferred debt issuance costs3,788 3,750 
Change in fair value of derivative7,711 (2,361)
Foreign currency remeasurement loss
1,547 502 
Other593 (1,715)
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable36,570 14,330 
Prepaid and other assets7,536 (585)
Accounts payable, accruals, and other liabilities(29,396)(22,268)
Cloud Services Subscription deposits27,426 63,890 
Deferred revenues(13,200)(14,888)
Income taxes payable, net of prepaid income taxes4,011 (4,930)
Net cash provided by operating activities
280,500 267,555 
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software(7,135)(6,689)
Acquisitions, net of cash acquired— (5,000)
Purchases of investments— (557)
Other— 1,300 
Net cash used in investing activities
(7,135)(10,946)
Cash flows from financing activities:
Proceeds from credit facilities236,089 51,724 
Payments of credit facilities(371,404)(143,752)
Repurchase of convertible senior notes(9,797)— 
Repayments of term loan— (105,000)
Payments of contingent and non-contingent consideration(310)(451)
Payments of dividends(42,493)(35,851)
Proceeds from stock purchases under employee stock purchase plan5,312 5,560 
Proceeds from exercise of stock options— 4,007 
Payments for shares acquired including shares withheld for taxes(24,779)(9,626)
Repurchases of Class B common stock under approved program(50,023)(37,515)
Other(104)(95)
Net cash used in financing activities
(257,509)(270,999)
Effect of exchange rate changes on cash and cash equivalents9,781 (2,744)
Increase (decrease) in cash and cash equivalents
25,637 (17,134)
Cash and cash equivalents, beginning of period
64,009 68,412 
Cash and cash equivalents, end of period
$89,646 $51,278 


BENTLEY SYSTEMS, INCORPORATED
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except share and per share data)
(unaudited)

Reconciliation of operating income to AOI less SBC and to Adjusted operating income:

Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Operating income
$84,430 $80,177 $199,614 $172,108 
Amortization of purchased intangibles11,405 11,521 22,849 23,711 
Deferred compensation plan7,584 883 6,338 6,682 
Acquisition expenses1,804 1,969 2,642 4,328 
Realignment expenses
— 743 — 809 
AOI less SBC105,223 95,293 231,443 207,638 
Stock-based compensation expense19,319 21,856 36,624 41,193 
Adjusted operating income$124,542 $117,149 $268,067 $248,831 



Reconciliation of net income attributable to Bentley Systems to Adjusted net income:

Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
$
EPS(1)
$
EPS(1)
$
EPS(1)
$
EPS(1)
Net income attributable to Bentley Systems
$70,482 $0.22 $72,046 $0.22 $161,850 $0.50 $142,356 $0.44 
Non-GAAP adjustments, prior to income taxes:
Amortization of purchased intangibles
11,405 0.03 11,521 0.03 22,849 0.07 23,711 0.07 
Stock-based compensation expense
19,319 0.06 21,856 0.07 36,624 0.11 41,193 0.12 
Deferred compensation plan
7,584 0.02 883 — 6,338 0.02 6,682 0.02 
Acquisition expenses
1,804 0.01 1,969 0.01 2,642 0.01 4,328 0.01 
Realignment expenses
— — 743 — — — 809 — 
Other expense (income), net
1,596 — (2,280)(0.01)1,147 — (9,417)(0.03)
Total non-GAAP adjustments, prior to income taxes41,708 0.13 34,692 0.10 69,600 0.21 67,306 0.20 
Income tax effect of non-GAAP adjustments(6,651)(0.02)(4,844)(0.01)(11,333)(0.03)(4,844)(0.01)
Equity in net income of investees, net of tax
(61)— (19)— (62)— (28)— 
Adjusted net income(2)
$105,478 $0.32 $101,875 $0.31 $220,055 $0.67 $204,790 $0.62 
Adjusted diluted weighted average shares332,824,020333,780,984333,150,282333,725,315
(1)Adjusted EPS was computed independently for each reconciling item presented; therefore, the sum of Adjusted EPS for each line item may not equal total Adjusted EPS due to rounding.
(2)Adjusted EPS numerator includes $1,714 and $1,717 for the three months ended June 30, 2025 and 2024, respectively, and $3,283 and $3,440 for the six months ended June 30, 2025 and 2024, respectively, related to interest expense, net of tax, attributable to the convertible senior notes using the if‑converted method.


Reconciliation of cash flows from operations to free cash flow:

Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Cash flows from operations$61,085 $62,586 $280,500 $267,555 
Purchases of property and equipment and investment in capitalized software(4,091)(3,090)(7,135)(6,689)
Free cash flow$56,994 $59,496 $273,365 $260,866 



Reconciliation of cash flows from operations to Adjusted EBITDA:

Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Cash flows from operations$61,085 $62,586 $280,500 $267,555 
Cash interest1,174 3,449 3,324 8,706 
Cash taxes21,744 11,304 29,707 22,847 
Cash deferred compensation plan distributions
3,240 1,963 3,766 2,436 
Cash acquisition expenses2,725 1,935 4,452 3,742 
Cash realignment costs— 3,971 — 11,488 
Changes in operating assets and liabilities41,224 38,813 (40,551)(54,519)
Other(1)
(1,874)(2,411)(3,738)(4,768)
Adjusted EBITDA$129,318 $121,610 $277,460 $257,487 
(1) Includes receipts related to interest rate swap.



Reconciliation of total revenues and subscriptions revenues to total revenues and subscriptions revenues in constant currency:

Three Months Ended June 30, 2025Three Months Ended June 30, 2024
ActualImpact of Foreign Exchange at 2024 RatesConstant CurrencyActualImpact of Foreign Exchange at 2024 RatesConstant Currency
Total revenues$364,106 $(3,603)$360,503 $330,337 $(335)$330,002 
Subscriptions revenues
$333,452 $(3,191)$330,261 $297,444 $(341)$297,103 

Six Months Ended June 30, 2025Six Months Ended June 30, 2024
ActualImpact of Foreign Exchange at 2024 RatesConstant CurrencyActualImpact of Foreign Exchange at 2024 RatesConstant Currency
Total revenues$734,648 $174 $734,822 $668,100 $(677)$667,423 
Subscriptions revenues
$675,770 $142 $675,912 $604,533 $(673)$603,860