EXTON, Pa.- Bentley Systems, Incorporated (Nasdaq: BSY),the infrastructure engineering software company, today announced results for the quarter ended June 30, 2025.

Second Quarter 2025 Results

• Total revenues were $364.1 million, up 10.2% or 9.2% on a constant currency basis, year-over-year;
• Subscriptions revenues were $333.5 million, up 12.1% or 11.2% on a constant currency basis, year-over-year;
• Annualized Recurring Revenues (“ARR”) were $1,379.2 million as of June 30, 2025, compared to $1,215.9 million as of June 30, 2024, representing a constant currency ARR growth rate of 11.5%;
• Last twelve-month recurring revenues dollar-based net retention rate was 109%, compared to 108% for the same period last year;
• Operating income margin was 23.2%, compared to 24.3% for the same period last year;
• Adjusted operating income less stock-based compensation expense (“AOI less SBC”) margin was 28.9%, compared to 28.8% for the same period last year;
• Net income per diluted share was $0.22, consistent with the same period last year;
• Adjusted net income per diluted share (“Adjusted EPS”) was $0.32, compared to $0.31 for the same period last year;
• Cash flows from operations was $61.1 million, compared to $62.6 million for the same period last year; and
• Free cash flow was $57.0 million, compared to $59.5 million for the same period last year

Six Months Ended June 30, 2025 Results

• Total revenues were $734.6 million, up 10.0% or 10.1% on a constant currency basis, year-over-year;
• Subscriptions revenues were $675.8 million, up 11.8% or 11.9% on a constant currency basis, year-over-year;
• Operating income margin was 27.2%, compared to 25.8% for the same period last year;
• AOI less SBC margin was 31.5%, compared to 31.1% for the same period last year;
• Net income per diluted share was $0.50, compared to $0.44 for the same period last year;
• Adjusted EPS was $0.67, compared to $0.62 for the same period last year;
• Cash flows from operations was $280.5 million, compared to $267.6 million for the same period last year; and
• Free cash flow was $273.4 million, compared to $260.9 million for the same period last year.

Executive Chair Greg Bentley said, “BSY’s continued excellent operational and financial results through 25Q2 track consistently toward our outlook range for 2025. As throughout our soon fully five years as a public company, sustaining long-term drivers for going digital prevail foreseeably for our accounts and prospects. Pervasive infrastructure engineering resource constraints motivate step functions in productivity and value generation for each BSY user, as we help them to keep up with the world’s accelerating demands for infrastructure performance and resilience.”

CEO Nicholas Cumins said, “We delivered another strong quarter despite ongoing global uncertainties. This performance underscores the resilience of our business model and the strength of our end markets, driven by secular infrastructure investment. One year into my new role as CEO, engaging with users and colleagues around the world, I am more energized than ever by how our software plays a crucial role in helping infrastructure engineers achieve more with less.”

CFO Werner Andre said, “Q2 financial performance was in-line with our expectations with constant-currency ARR growth of 11.5%, and strong profitability and free cash flow. We executed well during the quarter and are appropriately positioned to achieve our annual outlook. Our balance sheet strength and projected cash flow generation provide sufficient capacity to repurchase shares to offset dilution from stock-based compensation, maintain our dividend, fund potential acquisitions, and to refinance next year’s maturing convertible debt — if needed — all while supporting long-term growth.”

For full disclosure of the second quarter 2025 results, please click here. 

Call Details

Bentley Systems will host a live Zoom video webinar on August 6, 2025 at 8:15 a.m. Eastern time to discuss results for its second quarter ended June 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_Hak30sojTQK5yvZg1mrDkw#/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.

Non-GAAP Financial Measures

In this press release, we sometimes refer to financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain of these measures are considered non-GAAP financial measures under the United States Securities and Exchange Commission (“SEC”) regulations. Those rules require the supplemental explanations and reconciliations that are in Bentley Systems’ Form 8-K (Quarterly Earnings Release) furnished to the SEC.

Forward-Looking Statements

This press release includes forward-looking statements regarding the future results of operations and financial condition, business strategy, and plans and objectives for future operations of Bentley Systems, Incorporated (the “Company,” “we,” “us,” and words of similar import). All such statements contained in this press release, other than statements of historical facts, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations, projections, and assumptions about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, and there are a significant number of factors that could cause actual results to differ materially from statements made in this press release including: adverse changes in global economic and/or political conditions; the impact of tariffs and related policies on our business and the businesses of the industries we serve; the impact of current and future sanctions, embargoes and other similar laws at the state and/or federal level that impose restrictions on our counterparties or upon our ability to operate our business within the subject jurisdictions; political, economic, regulatory and public health and safety risks and uncertainties in the countries and regions in which we operate; failure to retain personnel necessary for the operation of our business or those that we acquire; failure to effectively manage succession; changes in the industries in which our accounts operate; the competitive environment in which we operate; the quality of our products; our ability to develop and market new products to address our accounts’ rapidly changing technological needs; changes in capital markets and our ability to access financing on terms satisfactory to us or at all; the impact of changing or uncertain interest rates on us and on the industries we serve; our ability to integrate acquired businesses successfully; and our ability to identify and consummate future investments and/or acquisitions on terms satisfactory to us or at all.

Further information on potential factors that could affect the financial results of the Company are included in the Company’s Form 10‑K and subsequent Form 10‑Qs, which are on file with the SEC. The Company disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

About Bentley Systems

Around the world, infrastructure professionals rely on software from Bentley Systems to help them design, build, and operate better and more resilient infrastructure for transportation, water, energy, cities, and more. Founded in 1984 by engineers for engineers, Bentley is the partner of choice for engineering firms and owner-operators worldwide, with software that spans engineering disciplines, industry sectors, and all phases of the infrastructure lifecycle. Through our digital twin solutions, we help infrastructure professionals unlock the value of their data to transform project delivery and asset performance.

©2025 Bentley Systems, Incorporated. Bentley, and the Bentley logo are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.

For more information, contact:
Eric Boyer, [email protected]