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Bentley Systems (BSY) investor relations material
Bentley Systems Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenues reached $364.1M, up 10.2% year-over-year, with robust ARR and subscription growth, and strong execution across all regions and sectors.
Business model resilience shown by high retention, continued expansion in large and SMB segments, and 14 consecutive quarters of 600+ new logos.
Secular trends in digitalization, AI adoption, and infrastructure demand underpin long-term growth, with strategic focus on asset analytics and AI integration.
Resources sector led growth, with Public Works/Utilities and regional strength in India and Latin America.
Management highlighted strong operational execution, resilience amid global uncertainties, and confidence in meeting 2025 outlook.
Financial highlights
Q2 total revenues were $364.1M, up 10.2% year-over-year; six-month revenues reached $734.6M, up 10%.
Subscription revenues grew 12.1% year-over-year to $333.5M, now 92% of total revenues; perpetual licenses declined to 3%.
Adjusted operating income less SBC was $105.2M for Q2 (28.9% margin), up 10.4% year-over-year; YTD $231M (31.5% margin), up 11%.
Free cash flow for Q2 was $57M; six-month free cash flow was $273.4M; full-year FCF outlook raised to $430–470M.
Net income for Q2 2025 was $70.5M; diluted EPS was $0.22; gross margin for Q2 was 81.1%.
Outlook and guidance
On track to deliver within annual outlook for ARR growth, revenues, profitability, and increased free cash flow.
Full year 2025 revenue outlook: $1,461M–$1,490M (or $1,481M–$1,510M in constant currency), with ARR growth of 10.5%–12.5%.
AOI less SBC margin expected at approximately 28.5%, up 100bps YoY; free cash flow guidance raised to $430M–$470M.
Management anticipates favorable cash tax impacts in 2025 due to recent U.S. tax legislation changes.
Q3 anticipated as seasonal low for ARR growth; foreign exchange tailwinds could add $17M to second-half GAAP revenues.
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