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Bentley Systems
Bentley Systems (BSY) investor relations material
Bentley Systems Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved strong financial performance in Q4 and full year 2025, with double-digit revenue and ARR growth year-over-year, sustained by robust subscription growth and margin expansion.
Adjusted operating income less stock-based compensation (AOI less SBC) compounded at over 16% per year since 2022, with margin rising to 28.6% in 2025.
Free cash flow for 2025 reached $520M, up 24% year-over-year, with margin at 35% and truly free cash flow margin (less SBC) at 30%.
AI and Asset Analytics are seen as transformative opportunities, with capabilities expanded through acquisitions and new solutions.
Deleveraging completed; leverage at 2.1x, enabling up to $400M in annual programmatic acquisitions.
Financial highlights
2025 total revenues: $1,502M, up 11% reported and 10% constant currency year-over-year; Q4 revenues: $392M, up 12% reported.
Subscription revenues grew 13% for the year, now 92% of total revenues; ARR at Q4 end: $1.462B, up 11.5% YoY constant currency.
Adjusted operating income less SBC: $430M for 2025 (margin 28.6%, up 110 bps YoY); GAAP operating income for 2025 was $363M (+20% YoY).
Free cash flow: $520M, up 24% YoY; adjusted EBITDA for 2025 was $526M, up 13% YoY.
Net income per diluted share was $0.85 for the year; adjusted EPS was $1.21.
Outlook and guidance
2026 revenue guidance: $1,685M–$1,715M, representing 11–13% constant currency growth.
Subscription revenues to grow 11–13%; service revenues to accelerate 15–20%.
Projected ARR growth: 10.5–12.5% constant currency.
Adjusted operating income less operating SBC: $495M–$510M; free cash flow guidance: $500M–$570M, with 45–50% generated in H1.
Effective tax rate for 2026 expected at 21%; diluted share count between 320.8M and 322.4M.
AI's role in asset analytics post-acquisitions?
2026 capital allocation strategy details?
What drives high-quality ARR growth in 2026?
AI design monetization: adoption vs. revenue
Programmatic M&A: new focus areas
Digital twin adoption: pipeline impact
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Next Bentley Systems earnings date
Q1 20266 May, 2026
Bentley Systems
Next Bentley Systems earnings date
Q1 20266 May, 2026
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Frequently asked questions
Bentley's Infrastructure Engineering Solutions business unit serves the global infrastructure industry by providing a comprehensive portfolio of products and services to help organizations improve toward their goals in safety and environmental performance, sustainability and productivity. Bentley solutions are used in a broad range of industries including transportation, utilities, public works, oil and gas, chemicals and process industry, aerospace, defense and government. Bentley Systems, Incorporated was founded in 1984 and is headquartered in Exton, Pennsylvania.
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