BSY earnings analysis
What we found in BSY's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
In Q1 2026, Bentley Systems reported total revenues of $424.2 million, a 14.5% increase from the previous year, and EPS of $0.38, surpassing both expectations and prior results. Management highlighted strong subscription growth and recurring revenue metrics, despite increased interest expenses and challenges with cash flow.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Total revenue was $424.2M, up 14.5% YoY from $370.5M in Q1 2025.
- EPS Beat Expectations
- Reported EPS of $0.38 exceeded estimates of $0.35, reflecting a strong performance.
- Subscription Revenue Surge
- Subscriptions revenue increased by 14.7%, reaching $392.5M from $342.3M a year ago.
- Operating Margin Improvement
- Operating income margin improved to 29.8%, compared to 31.1% in Q1 2025.
- Annual Recurring Revenue Growth
- ARR increased to $1.5 billion, up 13.2% YoY, indicating solid retention and expansion.
- Geographic Revenue Expansion
- Revenue grew in all regions, with EMEA and Americas seeing the largest increases of 18.0% and 13.4%, respectively.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Interest Expenses
- Net interest expense of $8.2M, up 115.3% YoY from $3.8M, raising financing costs.
- Decline in Perpetual License Sales
- Perpetual license revenue fell 16.1% YoY, from $10.8M to $9.1M, indicating a shift in sales strategy.
- Cash Flow Challenges
- Cash from operating activities decreased to $193.4M from $219.4M YoY, impacting liquidity.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.38
- Operating margin
- 29.8%
- Segment
- Subscriptions
- Segment
- Perpetual licenses
- Segment
- Services
What they said about what is next.
Management indicates positive market trends but did not provide specific numerical guidance.
The filing reads better than the one before it.
What came before.
- 10-K · February 26, 2026
- Bentley positions itself as a comprehensive infrastructure engineering software company focused on digital‑twin native, AI‑powered offerings (iTwin/Cesium platform) and continued migration of customers to its…
- 10-Q · August 6, 2025
- Bentley reported Q2 revenue of $364,106 (three months ended June 30, 2025) up from $330,337 in Q2 2024, driven by subscription growth. Subscription revenue increased while perpetual license and services revenue…
- 10-K · February 26, 2025
- Bentley positions itself as an infrastructure engineering software leader focused on digital twins and AI‑enabled workflows; the company augmented its iTwin platform via the acquisition of Cesium in September 2024 and…
- 10-Q · November 7, 2024
- Bentley reported Q3 revenue of $335,173,000, up 9.3% from $306,612,000 in Q3 2023, driven by higher subscriptions (Subscriptions $303,239,000 vs $270,751,000). Gross margin improved to 80.7% while operating margin…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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