Bentley Systems, Class B (BSY)
NASDAQ:BSY
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Earnings Data
Report Date
Aug 11, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.32Last Year’s EPS
0.32Same Quarter Last Year
Strong Buy
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a broadly positive operational and financial picture: solid revenue and ARR growth, high recurring revenue mix, strong retention metrics, healthy profitability (AOI less operating SBC margin 33.2%), robust free cash flow and active capital returns, and clear progress on AI and product instrumentation (STAAD MCP server, Asset Analytics scale). Notable growth in the resources/Seequent business and strong new-logo momentum (Virtuoso) further support upside. Risks highlighted include limited access to Chinese accounts, persistent FX headwinds, a decline in perpetual license revenue, early-stage AI monetization and potential margin/compute pressures, and churn math around the large SMB base. Management expects continued investment in the first half and has contingent drivers required to reach the higher end of guidance. Overall, positives outweigh the challenges, but several execution and macro factors warrant monitoring.Company Guidance
Strong Revenue and ARR Growth
Q1 total revenues of $424 million, up 14.5% year-over-year (11.9% constant currency). ARR at quarter end $1.495 billion, with year-over-year ARR growth of 11.5% (constant currency) and sequential quarterly ARR growth of 2.5%.
Recurring / Subscription Revenue Momentum
Subscription (recurring) revenues represented 93% of total revenues and grew 14.7% for the quarter (12.2% constant currency). Last 12 months recurring revenues were $1.440 billion, up 13.3% year-over-year (11.5% constant currency).
Healthy Retention and Net Revenue Retention
Constant currency account retention remained at 99% and net revenue retention was 109%, consistent with prior quarters and indicating stable expansion within existing accounts.
Profitability and Margin Profile
GAAP operating income of $126 million in Q1. Adjusted operating income less operating stock-based compensation (AOI less operating SBC) was $141 million with a margin of 33.2%, aligning with management expectations for margin improvement.
Cash Flow Strength and Capital Actions
Free cash flow for Q1 was $188 million; last 12 months free cash flow was $492 million, up 13% year-over-year and on track for the $500–$570 million full-year outlook. Company repaid $678 million of 2026 convertible notes, reduced net debt by $134 million, repurchased $54 million of shares, paid $21 million in dividends, and increased borrowing capacity (credit facility capacity to $1.85 billion). Net debt leverage improved from 2.1x to 1.9x adjusted EBITDA.
Seequent / Resources Sector Outperformance
Resources became the fastest-growing sector and now accounts for more than 20% of sector-attributable ARR. Since acquiring Seequent almost five years ago, Bentley grew subsurface ARR in civil infrastructure by ~4x; Seequent accelerated in 2025 and Q1 2026 continued the momentum.
AI and Product Instrumentation Progress
Company advanced infrastructure AI initiatives: Bentley Asset Analytics already exceeding a $50 million annual revenue run rate; appointment of Bryan Friehauf as GM to scale Asset Analytics; released an MCP server for STAAD enabling direct AI agent interaction to optimize structural designs; strategy to instrument additional applications and pursue API consumption monetization.
Commercial Momentum — New Logos and SMB Program
New logos contributed ~300 basis points of ARR growth in Q1. Virtuoso (SMB program) added over 600 new logos in the quarter and management highlighted increasing cross-sell and upsell within Virtuoso accounts driving expansion as well as improved retention.
BSY Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
BSY Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 07, 2026 | $32.07 | $33.62 | +4.83% |
Feb 26, 2026 | $32.42 | $36.98 | +14.04% |
Nov 05, 2025 | $48.78 | $48.32 | -0.96% |
Aug 06, 2025 | $56.78 | $54.96 | -3.21% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Bentley Systems, Class B (BSY) report earnings?
Bentley Systems, Class B (BSY) is schdueled to report earning on Aug 11, 2026, Before Open (Confirmed).
What is Bentley Systems, Class B (BSY) earnings time?
Bentley Systems, Class B (BSY) earnings time is at Aug 11, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is BSY EPS forecast?
BSY EPS forecast for the fiscal quarter 2026 (Q2) is 0.32.