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…
Earnings analysis · 10-Q
BSY earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.38
- Operating margin
- 29.8%
- Segment
- Subscriptions
- Segment
- Perpetual licenses
- Segment
- Services
What stood out
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Strong Revenue Growth
Total revenue was $424.2M, up 14.5% YoY from $370.5M in Q1 2025.
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EPS Beat Expectations
Reported EPS of $0.38 exceeded estimates of $0.35, reflecting a strong performance.
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Subscription Revenue Surge
Subscriptions revenue increased by 14.7%, reaching $392.5M from $342.3M a year ago.
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Operating Margin Improvement
Operating income margin improved to 29.8%, compared to 31.1% in Q1 2025.
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Annual Recurring Revenue Growth
ARR increased to $1.5 billion, up 13.2% YoY, indicating solid retention and expansion.
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Geographic Revenue Expansion
Revenue grew in all regions, with EMEA and Americas seeing the largest increases of 18.0% and 13.4%, respectively.
What to watch
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Increased Interest Expenses
Net interest expense of $8.2M, up 115.3% YoY from $3.8M, raising financing costs.
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Decline in Perpetual License Sales
Perpetual license revenue fell 16.1% YoY, from $10.8M to $9.1M, indicating a shift in sales strategy.
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Cash Flow Challenges
Cash from operating activities decreased to $193.4M from $219.4M YoY, impacting liquidity.
Management's outlook
Management indicates positive market trends but did not provide specific numerical guidance.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.