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Bentley Systems (BSY)
NASDAQ:BSY
Earnings Data
Report Date
May 12, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.36Last Year’s EPS
0.35Same Quarter Last Year
Moderate Buy
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a broadly positive operational and financial picture: durable low-double-digit ARR and revenue growth, strong retention (109% NRR), meaningful margin expansion, robust free cash flow (+24% YoY), and active deleveraging including retirement of convertible debt. Management emphasized AI and asset analytics as strategic growth engines, with asset analytics already at a $50M run rate and several targeted acquisitions enhancing capabilities. Key challenges include services revenue decline in 2025, delays in converting some asset analytics consumption into ARR due to inspection cadences, regional headwinds (notably China), FX pressure on margins, and free cash flow timing variability. Overall, the highlights (growth, profitability, cash generation, AI/asset analytics traction) materially outweigh the lowlights, while the company set a constructive 2026 outlook with continued margin improvement and strong cash generation.Company Guidance
Strong ARR Growth and Scale
Q4 ARR grew 11.5% year-over-year on a constant currency basis, ending the quarter at $1.462 billion. Management projects 2026 constant-currency ARR growth of 10.5%–12.5% and expects quarter-to-quarter ARR seasonality similar to 2025.
Revenue Growth and Subscription Mix
Full-year 2025 total revenue was $1.502 billion, up 11% reported (10% constant currency). Q4 revenue was $392 million, up 12% reported (10% CC). Subscription revenues grew 13% reported (12% CC) for the year and comprised 92% of total revenue (up 2 percentage points year-over-year).
High Retention and Net Revenue Retention
Last-12-month recurring revenues increased 12% YoY and represent 93% of total revenue. Account retention remained at 99% (constant currency) and net revenue retention stood at 109%, indicating strong customer stickiness.
Profitability Expansion
Adjusted operating income less stock-based compensation was $430 million for 2025, up 16% year-over-year, with a margin of 28.6% (a 110 basis point improvement). Q4 AOI less SBC was $94 million with a 24.1% margin, reflecting continued margin expansion.
Robust Free Cash Flow and Deleveraging
Free cash flow totaled $520 million in 2025, up 24% YoY. Management reduced net leverage to 2.1x (a four-year low), retired the 2026 convertible notes (reducing fully diluted share count by ~3%), and ended the year with an undrawn $1.3 billion revolver (plus $500 million accordion).
Asset Analytics Traction and M&A Progress
Asset analytics consumption revenue reached a $50 million run rate in 2025. Acquisitions (Pointivo assets and Talon Analytics) expanded capabilities (point cloud processing, telecom/utilities analytics). OpenTower iQ ARR moved into eight figures and Talon brought multi-eight-figure contract credibility.
SME and E365 Momentum
Q4 saw 300 basis points of ARR growth from new logos, primarily in the SME segment. For the 16th consecutive quarter Bentley added at least 600 new SME logos via the line store. E365 now comprises 45% of subscription revenues (up from 42% in 2024).
Clear 2026 Financial Outlook
Guidance for 2026: total revenue CC growth 11%–13% (implying $1.685B–$1.750B at current FX), subscription growth 11%–13% CC, adjusted operating income less operating SBC of $495M–$510M, and free cash flow of $500M–$570M. Services revenue expected to reaccelerate 15%–20% CC.
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 |
|---|---|---|---|
Feb 26, 2026 | $32.48 | $37.04 | +14.04% |
Nov 05, 2025 | $48.87 | $48.40 | -0.96% |
Aug 06, 2025 | $56.88 | $55.06 | -3.21% |
May 07, 2025 | $43.58 | $46.04 | +5.65% |
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 (BSY) report earnings?
Bentley Systems (BSY) is schdueled to report earning on May 12, 2026, Before Open (Confirmed).
What is Bentley Systems (BSY) earnings time?
Bentley Systems (BSY) earnings time is at May 12, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BSY EPS forecast?
BSY EPS forecast for the fiscal quarter 2026 (Q1) is 0.36.