BSY
Bentley Systems, Incorporated40.34
+0.09+0.22%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
M&A capacity hits $400M cap
Q&A spotlighted Bentley's expanded M&A appetite—up to $400M annually now at optimal 2x leverage, targeting beyond asset analytics—signaling bolder dealmaking ahead. Asset analytics offers near-term upside via API consumption, as in Talon's 7-figure deal, though not fully recurring due to inspection cycles. New Q4 ProjectWise packaging drew quick adoption, with 50% of legacy projects migrating, baked into guidance. Services recovery stems from Maximo upgrades, not acquisitions. Macro stays steady sans China drag; AI sparks customer excitement sans disruption. M&A firepower just expanded. Management's tone stayed confident on AI without hedging timelines.
Key Stats
Market Cap
12.25BP/E (TTM)
49.20Basic EPS (TTM)
0.82Dividend Yield
0.01%Recent Filings
10-K
FY2025 results
Bentley Systems posted FY2025 revenues of $1.50B, up 11.0% y/y or 10.1% constant currency, with subscriptions surging 12.5% to drive the gains while services dipped 5.8%. ARR hit $1.46B, growing 11.5% constant currency on 109% net retention, fueled by existing account expansion and SMB wins across Open Applications, Seequent, and cloud. Q4 momentum shone through accelerated subscriptions and AOI less SBC margins, backed by $538M operating cash flow. Repurchased $125M in shares; $1.3B revolver available. Yet China stayed flat amid geopolitical clouds. Volatility in infrastructure spending looms large.
8-K
Strong Q4 results, dividend
8-K
Dividend declared, buyback extended
Bentley Systems declared a $0.07 per share Q4 2025 dividend, payable December 11 to shareholders of record December 4. The board extended its stock repurchase program, authorizing $500 million in Class B shares and/or convertible notes through December 31, 2028, superseding the prior program expiring June 30, 2026. Repurchases will tap working capital and operations. Program may halt amid macro risks.
8-K
Q3 revenues up 12%
Bentley Systems posted Q3 revenues of $375.5M, up 12.0% year-over-year, with subscriptions at $344.3M rising 13.5% and ARR hitting $1,405.2M for 10.5% constant currency growth. Margins expanded—operating to 22.5%, AOI less SBC to 27.7%—while free cash flow surged to $110.7M. Results track full-year outlook; AI initiatives broaden software consumption.
10-Q
Q3 FY2025 results
Bentley Systems posted Q3 revenues of $375.5M, up 12.0% y/y, driven by 13.5% subscriptions growth to $344.3M; operating income climbed 23.1% y/y to $84.5M while gross margin held at 80.8%. Diluted EPS of $0.18 matched basic, reconciling to 333M diluted shares with convertible notes impact. Operating cash flow hit $396.9M YTD, less $12.8M capex for $384.0M FCF (derived); cash swelled to $165.4M amid $1.25B debt (down from $1.39B) with $1.3B revolver room. Stock repurchases totaled $65M YTD. Competition shadows infrastructure software gains.
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