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Bentley Systems reported Q2 FY2026 revenue of $410.7 million, below the consensus of $412.8 million. Adjusted earnings per share were $0.35, above the consensus of $0.32. Revenue rose 12.8% from $364.1 million a year earlier, while diluted earnings per share rose to $0.25 from $0.22.
In its filing, Bentley attributed the revenue increase primarily to subscriptions, with a smaller contribution from services, partly offset by lower perpetual-license revenue. Subscription growth came mainly from existing accounts and new customers, particularly small and medium-sized accounts. Bentley Open Applications and Seequent applications led the increase, according to the filing.
Bentley reported a gross margin of 82.0%, up from 81.1% a year earlier, while operating margin declined to 21.6% from 23.2%. The filing cited higher compensation-related costs across research and development, selling and marketing, and general and administrative functions. Free cash flow rose to $63.8 million from $57.0 million.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $410.7 million | $364.1 million | 12.8% |
| Diluted EPS | $0.25 | $0.22 | 13.6% |
| Gross margin | 82.0% | 81.1% | 0.9 percentage points |
| Operating margin | 21.6% | 23.2% | −1.6 percentage points |
| Free cash flow | $63.8 million | $57.0 million | 11.9% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $0.35 | $0.32 | Beat by 9.38% |
| Revenue | $410.7 million | $412.8 million | Missed by 0.50% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
Bentley Systems’ latest earnings call transcript was not available for this report. In its filing, Bentley attributed subscription growth primarily to expansion among existing accounts and growth from new accounts.
Guidance
Bentley Systems’ management guidance was not available for this report. In its filing, the company said it expects higher software subscription costs and reduced capitalization associated with its administrative platform to continue affecting general and administrative expenses.