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Bentley Systems Announces Third Quarter 2025 Results
EXTON, PA – November 5, 2025 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced results for the quarter ended September 30, 2025.

Third Quarter 2025 Results

•Total revenues were $375.5 million, up 12.0% or 10.6% on a constant currency basis, year-over-year;
•Subscriptions revenues were $344.3 million, up 13.5% or 12.1% on a constant currency basis, year-over-year;
•Annualized Recurring Revenues (“ARR”) were $1,405.2 million as of September 30, 2025, compared to $1,270.7 million as of September 30, 2024, representing a constant currency ARR growth rate of 10.5%;
•Last twelve-month recurring revenues dollar-based net retention rate was 109%, consistent with the same period last year;
•Operating income margin was 22.5%, compared to 20.5% for the same period last year;
•Adjusted operating income less stock-based compensation expense (“AOI less SBC”) margin was 27.7%, compared to 26.7% for the same period last year;
•Net income per diluted share was $0.18, compared to $0.13 for the same period last year;
•Adjusted net income per diluted share (“Adjusted EPS”) was $0.27, compared to $0.24 for the same period last year;
•Cash flows from operations was $116.4 million, compared to $86.1 million for the same period last year; and
•Free cash flow was $110.7 million, compared to $84.3 million for the same period last year.



Nine Months Ended September 30, 2025 Results

•Total revenues were $1,110.2 million, up 10.7% or 10.3% on a constant currency basis, year-over-year;
•Subscriptions revenues were $1,020.1 million, up 12.4% or 12.0% on a constant currency basis, year-over-year;
•Operating income margin was 25.6%, compared to 24.0% for the same period last year;
•AOI less SBC margin was 30.2%, compared to 29.6% for the same period last year;
•Net income per diluted share was $0.67, compared to $0.57 for the same period last year;
•Adjusted EPS was $0.94, compared to $0.86 for the same period last year;
•Cash flows from operations was $396.9 million, compared to $353.7 million for the same period last year; and
•Free cash flow was $384.0 million, compared to $345.2 million for the same period last year.

Executive Chair Greg Bentley said, “To start with, I commend our management for 25Q3 execution which continues the steady progression within our annual outlook. But of greater significance, I think: our product announcements during the quarter, and ongoing strategic developments for Infrastructure AI advancement, create new opportunities to creatively broaden consumption and value generation of our software and cloud services. As we augment our traditional attended consumption with emerging programmatic A(P)I consumption, and when asset consumption reaches critical mass, our accounts (and, prospects) also have much to gain.”

CEO Nicholas Cumins said, “AI was top of mind at our Year in Infrastructure conference, where we engaged with industry leaders on its potential to help close the engineering capacity gap and deliver the infrastructure the world needs. Our Going Digital Award submissions illustrated how users are already applying AI in meaningful ways, and we unveiled new AI capabilities across our portfolio—underscoring Bentley’s comprehensive and principled approach to Infrastructure AI. We are excited about the long-term opportunity AI represents for our users and for Bentley.

“Our third quarter results reflected strong execution and consistent growth drivers across commercial models, regions, and infrastructure sectors. Demand for infrastructure engineering remains robust, and project pipelines are full.”

CFO Werner Andre said, “Solid 25Q3 results, in line with our expectations, position us well with respect to our full-year financial outlook. Year-over-year, we achieved constant-currency ARR growth of 10.5%, while our mainstay subscription revenue, now 92% of total revenues, grew 12% in constant currency. Our strong margin and cash flow performance for the quarter, and for 2025 to date, puts us on track for another year of purposeful compounding for both of those metrics. Along with addressing our maturing convertible debt, our balance sheet strength and reliable cash flow generation provide sufficient capacity for stock repurchases to offset stock-based compensation dilution, our modest dividend, and to support long-term growth including potential acquisitions.”



Call Details

Bentley Systems will host a live Zoom video webinar on November 5, 2025 at 8:15 a.m. EST to discuss results for its third quarter ended September 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_kr3zivJeRfe-VQRmhqTGKg#/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)

September 30, 2025December 31, 2024
Assets
Current assets:
Cash and cash equivalents$165,411 $64,009 
Accounts receivable293,942 322,862 
Allowance for doubtful accounts(7,776)(8,395)
Prepaid income taxes17,337 13,066 
Prepaid and other current assets57,916 50,531 
Total current assets526,830 442,073 
Property and equipment, net35,176 33,798 
Operating lease right-of-use assets31,099 32,303 
Intangible assets, net181,022 213,959 
Goodwill2,410,308 2,367,179 
Investments27,690 25,764 
Deferred income taxes176,376 198,286 
Other assets75,947 86,445 
Total assets$3,464,448 $3,399,807 
Liabilities and Equity
Current liabilities:
Accounts payable$17,841 $16,479 
Accruals and other current liabilities158,299 169,522 
Cloud Services Subscription deposits427,750 366,895 
Deferred revenues234,824 245,729 
Operating lease liabilities11,797 11,656 
Income taxes payable9,944 4,053 
Current portion of long-term debt— — 
Total current liabilities860,455 814,334 
Long-term debt1,247,378 1,388,088 
Deferred compensation plan liabilities104,857 96,684 
Long-term operating lease liabilities24,072 26,894 
Deferred revenues17,904 16,641 
Deferred income taxes9,350 8,612 
Income taxes payable— 3,615 
Other liabilities5,082 3,819 
Total liabilities2,269,098 2,358,687 
Equity:
Common stock
3,034 3,020 
Additional paid-in capital1,283,584 1,217,986 
Accumulated other comprehensive loss
(77,445)(104,078)
Accumulated deficit(13,870)(75,941)
Total Bentley Systems stockholders’ equity1,195,303 1,040,987 
Noncontrolling interest47 133 
Total equity1,195,350 1,041,120 
Total liabilities and equity
$3,464,448 $3,399,807 


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

Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Revenues:
Subscriptions$344,293 $303,239 $1,020,063 $907,772 
Perpetual licenses10,913 11,274 31,898 31,649 
Subscriptions and licenses355,206 314,513 1,051,961 939,421 
Services20,343 20,660 58,236 63,852 
Total revenues375,549 335,173 1,110,197 1,003,273 
Cost of revenues:
Cost of subscriptions and licenses53,824 44,220 148,080 126,870 
Cost of services18,371 20,612 58,550 62,985 
Total cost of revenues72,195 64,832 206,630 189,855 
Gross profit303,354 270,341 903,567 813,418 
Operating expenses:
Research and development78,751 70,068 226,586 204,148 
Selling and marketing72,107 64,940 205,039 176,455 
General and administrative53,818 51,359 150,903 152,695 
Deferred compensation plan6,033 6,983 12,371 13,665 
Amortization of purchased intangibles8,148 8,361 24,557 25,717 
Total operating expenses218,857 201,711 619,456 572,680 
Income from operations
84,497 68,630 284,111 240,738 
Interest expense, net(2,727)(4,669)(10,054)(16,289)
Other income (expense), net
1,937 (5,087)790 4,330 
Income before income taxes
83,707 58,874 274,847 228,779 
Provision for income taxes
(26,256)(16,522)(55,620)(44,099)
Equity in net (losses) income of investees, net of tax
(162)(14)(100)14 
Net income
57,289 42,338 219,127 184,694 
Less: Net income (loss) attributable to noncontrolling interest(84)— (96)— 
Net income attributable to Bentley Systems
$57,373 $42,338 $219,223 $184,694 
Net income per share attributable to Bentley Systems stockholders:
Basic$0.18 $0.13 $0.70 $0.59 
Diluted$0.18 $0.13 $0.67 $0.57 
Weighted average shares:
Basic314,626,191 315,207,216 314,826,779 314,820,679 
Diluted333,277,478 333,789,636 333,214,695 333,724,425 


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

Nine Months Ended
September 30,
20252024
Cash flows from operating activities:
Net income
$219,127 $184,694 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and impairment50,125 48,397 
Deferred income taxes23,339 7,056 
Stock-based compensation expense55,037 57,856 
Deferred compensation plan12,371 13,665 
Amortization of deferred debt issuance costs5,682 5,554 
Change in fair value of derivative9,293 5,570 
Foreign currency remeasurement loss (gain)
1,194 (126)
Other(1,154)(1,733)
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable40,813 34,588 
Prepaid and other assets2,128 (9,952)
Accounts payable, accruals, and other liabilities(36,984)(20,984)
Cloud Services Subscription deposits42,359 57,340 
Deferred revenues(24,369)(31,512)
Income taxes payable, net of prepaid income taxes(2,085)3,247 
Net cash provided by operating activities
396,876 353,660 
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software(12,836)(8,499)
Acquisitions, net of cash acquired— (128,774)
Purchases of investments(938)(807)
Other— 2,400 
Net cash used in investing activities
(13,774)(135,680)
Cash flows from financing activities:
Proceeds from credit facilities258,750 233,281 
Payments of credit facilities(394,065)(207,608)
Repurchase of convertible senior notes(9,797)— 
Repayments of term loan— (140,000)
Payments of contingent and non-contingent consideration(310)(3,022)
Payments of dividends(63,756)(53,985)
Proceeds from stock purchases under employee stock purchase plan11,534 11,228 
Proceeds from exercise of stock options— 4,007 
Payments for shares acquired including shares withheld for taxes(28,382)(11,199)
Repurchases of Class B common stock under approved program(65,029)(45,769)
Other(152)(151)
Net cash used in financing activities
(291,207)(213,218)
Effect of exchange rate changes on cash and cash equivalents9,507 (999)
Increase in cash and cash equivalents
101,402 3,763 
Cash and cash equivalents, beginning of period
64,009 68,412 
Cash and cash equivalents, end of period
$165,411 $72,175 


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 EndedNine Months Ended
September 30,September 30,
2025202420252024
Operating income
$84,497 $68,630 $284,111 $240,738 
Amortization of purchased intangibles11,339 11,448 34,188 35,159 
Deferred compensation plan6,033 6,983 12,371 13,665 
Acquisition expenses2,157 2,454 4,799 6,782 
Realignment expenses
— 9 — 818 
AOI less SBC104,026 89,524 335,469 297,162 
Stock-based compensation expense17,873 15,895 54,497 57,088 
Adjusted operating income$121,899 $105,419 $389,966 $354,250 



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

Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
$
EPS(1)
$
EPS(1)
$
EPS(1)
$
EPS(1)
Net income attributable to Bentley Systems
$57,373 $0.18 $42,338 $0.13 $219,223 $0.67 $184,694 $0.57 
Non-GAAP adjustments, prior to income taxes:
Amortization of purchased intangibles
11,339 0.03 11,448 0.03 34,188 0.10 35,159 0.11 
Stock-based compensation expense
17,873 0.05 15,895 0.05 54,497 0.16 57,088 0.17 
Deferred compensation plan
6,033 0.02 6,983 0.02 12,371 0.04 13,665 0.04 
Acquisition expenses
2,157 0.01 2,454 0.01 4,799 0.01 6,782 0.02 
Realignment expenses
— — 9 — — — 818 — 
Other (income) expense, net
(1,937)(0.01)5,087 0.02 (790)— (4,330)(0.01)
Total non-GAAP adjustments, prior to income taxes35,465 0.11 41,876 0.13 105,065 0.32 109,182 0.33 
Income tax effect of non-GAAP adjustments(4,842)(0.01)(6,756)(0.02)(16,175)(0.05)(11,600)(0.03)
Equity in net losses (income) of investees, net of tax
162 — 14 — 100 — (14)— 
Adjusted net income(2)
$88,158 $0.27 $77,472 $0.24 $308,213 $0.94 $282,262 $0.86 
Adjusted diluted weighted average shares333,277,478333,789,636333,214,695333,724,425
(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 $1,721 and $1,723 for the three months ended September 30, 2025 and 2024, respectively, and $5,005 and $5,164 for the nine months ended September 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 EndedNine Months Ended
September 30,September 30,
2025202420252024
Cash flows from operations$116,376 $86,105 $396,876 $353,660 
Purchases of property and equipment and investment in capitalized software(5,701)(1,810)(12,836)(8,499)
Free cash flow$110,675 $84,295 $384,040 $345,161 



Reconciliation of cash flows from operations to Adjusted EBITDA:

Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Cash flows from operations$116,376 $86,105 $396,876 $353,660 
Cash interest2,520 3,424 5,844 12,130 
Cash taxes4,320 10,176 34,027 33,023 
Cash deferred compensation plan distributions
— — 3,766 2,436 
Cash acquisition expenses4,902 1,829 9,354 5,571 
Cash realignment costs— 1,118 — 12,606 
Changes in operating assets and liabilities3,512 9,801 (37,039)(44,718)
Other(1)
(1,908)(2,452)(5,646)(7,220)
Adjusted EBITDA$129,722 $110,001 $407,182 $367,488 
(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 September 30, 2025Three Months Ended September 30, 2024
ActualImpact of Foreign Exchange at 2024 RatesConstant CurrencyActualImpact of Foreign Exchange at 2024 RatesConstant Currency
Total revenues$375,549 $(4,553)$370,996 $335,173 $197 $335,370 
Subscriptions revenues
$344,293 $(4,233)$340,060 $303,239 $212 $303,451 

Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
ActualImpact of Foreign Exchange at 2024 RatesConstant CurrencyActualImpact of Foreign Exchange at 2024 RatesConstant Currency
Total revenues$1,110,197 $(4,379)$1,105,818 $1,003,273 $(480)$1,002,793 
Subscriptions revenues
$1,020,063 $(4,091)$1,015,972 $907,772 $(461)$907,311