Bentley Systems
BSY · NasdaqServices-Prepackaged Software · Fiscal year ends Dec 31
Bentley Systems reported revenue of $1.5B in the fiscal year ended Dec 2025, up 11.0% from the year before. Operating income was $363M, an operating margin of 24.1%, and net income was $278M. Operating cash flow of $538M less capital expenditure of $18M left free cash flow of $520M. Net debt was $1.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $965M | $1.1B | $1.2B | $1.4B | $1.5B |
| Cost of revenue | $217M | $237M | $266M | $258M | $278M |
| Gross profit | $749M | $862M | $962M | $1.1B | $1.2B |
| Research & development | $221M | $258M | $275M | $281M | $308M |
| Operating income | $95M | $209M | $231M | $302M | $363M |
| Interest expense | $12M | $35M | $35M | $17M | $8M |
| Pre-tax income | $93M | $198M | $184M | $293M | $351M |
| Income tax | −$3M | $21M | −$143M | $59M | $73M |
| Net income | $93M | $175M | $327M | $235M | $278M |
| Diluted EPS | 0.30 | 0.55 | 1.00 | 0.72 | 0.85 |
| Diluted shares | 315M | 332M | 333M | 334M | 333M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $329M | $72M | $68M | $64M | $123M |
| Current assets | $616M | $416M | $420M | $442M | $539M |
| Net PP&E | – | – | – | – | $36M |
| Goodwill | $1.6B | $2.2B | $2.3B | $2.4B | $2.5B |
| Total assets | $2.7B | $3.2B | $3.3B | $3.4B | $3.6B |
| Payables | $16M | $15M | $18M | $16M | $27M |
| Deferred revenue | $225M | $227M | $254M | $246M | $278M |
| Current liabilities | $594M | $628M | $760M | $814M | $960M |
| Short-term debt | $5M | $5M | $10M | $0 | $0 |
| Long-term debt | $1.4B | $1.8B | $1.5B | $1.4B | $1.2B |
| Total liabilities | $2.3B | $2.6B | $2.4B | $2.4B | $2.4B |
| Shareholders' equity | $409M | $573M | $883M | $1B | $1.2B |
| Backlog (remaining obligations) | $233M | $243M | $270M | $262M | $297M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $288M | $274M | $417M | $435M | $538M |
| Capital expenditure | $18M | $19M | $25M | $14M | $18M |
| Free cash flow | $270M | $256M | $392M | $421M | $520M |
| Depreciation & amortisation | $53M | $72M | – | – | – |
| Stock-based compensation | $49M | $75M | $73M | $74M | $73M |
| Acquisitions | $1B | $743M | $26M | $130M | $93M |
| Share buybacks | $0 | $28M | $0 | $64M | $125M |
| Dividends paid | $33M | $34M | $59M | $72M | $85M |
| Dividend per share | 0.12 | 0.12 | 0.20 | 0.24 | 0.28 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.9% | 11.8% | 10.1% | 11.0% |
| Operating income growth (YoY) | – | 120.5% | 10.5% | 31.1% | 20.0% |
| EPS growth (YoY) | – | 83.3% | 81.8% | −28.0% | 18.1% |
| Gross margin | 77.6% | 78.4% | 78.3% | 80.9% | 81.5% |
| Operating margin | 9.8% | 19.0% | 18.8% | 22.3% | 24.1% |
| Net margin | 9.7% | 15.9% | 26.6% | 17.4% | 18.5% |
| Return on equityBlank when equity is negative | 22.8% | 30.5% | 37.0% | 22.6% | 23.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.6% | 8.2% | 9.0% | 11.7% | 14.0% |
| Free cash flow margin | 28.0% | 23.3% | 31.9% | 31.1% | 34.6% |
| Cash conversion (CFO ÷ net income) | 3.09x | 1.57x | 1.28x | 1.85x | 1.94x |
| Payable days | 28 | 23 | 25 | 23 | 35 |
| Interest cover | 8.21x | 5.95x | 6.59x | 17.8x | 47.8x |
| Debt ÷ equity | 3.51x | 3.11x | 1.73x | 1.33x | 1.05x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.1B | $1.7B | $1.5B | $1.3B | $1.1B |
| Current ratio | 1.04x | 0.66x | 0.55x | 0.54x | 0.56x |
Recent filings
More in Services-Prepackaged Software
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.