EXTON, Pa.- 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.”

For full disclosure of the Third quarter 2025 results, please click here. 

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:
Eric Boyer, IR@bentley.com