Bentley Systems, Incorporated,the infrastructure engineering software company, 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.
