Friday 6 November 2026 Export BSY’s income statement to Excel — free account

Bentley Systems, Incorporated

Bentley Systems, Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $1.5 billion, up 11.0% from fiscal 2024.

Revenue: +12.2%
EPS: +61.1%
Free cash flow: −8.34%
Total debt: −6.82%

Quarter to September 2026, against a year earlier

44.99 1.35 +3.09%

Follow BSY

Alert me

Market cap: $13.6B
P/E: 43.3×
Fwd P/E: 39.1×
Dividend yield: 0.62%
F-score: 9/9
Altman Z: 3.65
Beneish M: −2.74
Dividend safety: 68/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Bentley Systems, Incorporated (BSY) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2020: revenue by products and services, and margins
SELECT subscriptions	271	33.78%
Enterprise subscriptions	222	27.64%
Term license subscriptions	187	23.33%
Services	65	8.10%
Perpetual licenses	57	7.16%
Gross margin		79.15%
Operating margin		18.73%
Pre-tax margin		20.91%

Revenue by product or service $m

Line	FY2020
SELECT subscriptions	271 33.78%
Enterprise subscriptions	222 27.64%
Term license subscriptions	187 23.33%
Services	65 8.10%
Perpetual licenses	57 7.16%
Also reported: a second breakdown of the same revenue
Subscriptions and licenses	737 91.90%
Subscriptions	679 84.75%
Licenses	339 42.27%
Term Licenses	281 35.11%
Enterprise 365 subscriptions	111 13.85%
Other	48 5.93%
Recurring	17 2.17%
Revenue	802

Gross profit by product or service $m, and margin

	FY2020
Subscriptions and licenses	‡
Services	‡
Gross profit	‡
	‡
	‡
	‡
	‡
	‡
	‡
	‡
	‡
	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Annualized recurring revenues	Q3 FY2026	$1.6B	$1.4B	+12.64%
Constant currency ARR growth rate	Q3 FY2026	13.0%	10.5%	—
Recurring revenues dollar-based net retention rate	Q3 FY2026	110.0%	109.0%	—
Remaining performance obligations	Q3 FY2026	$257.1M	$252.7M	+1.74%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020
Annualized recurring revenues	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Constant currency ARR growth rate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Recurring revenues dollar-based net retention rate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.