Bentley Systems Inc Earnings
Bentley Systems Inc., an infrastructure engineering software company, announced its financial results for the second quarter of 2025, showcasing resilience and strong growth despite ongoing global uncertainties. The company reported a notable increase in total revenues, subscription revenues, and annualized recurring revenues (ARR). Key financial metrics demonstrate Bentley Systems' continued strength and the alignment of its operational strategies with market demands.
Bentley Systems Inc Results
The table below summarizes Bentley Systems Inc.'s key financial metrics for the second quarter of 2025 compared to the same period last year:
| Metric | Q2 2025 | Q2 2024 | Year-over-Year (%) |
|---|---|---|---|
| Total Revenue | $364.1 million | - | 10.2% |
| Subscription Revenue | $333.5 million | - | 12.1% |
| Net Income per Diluted Share | $0.22 | $0.22 | 0% |
| Adjusted EPS | $0.32 | $0.31 | 3.2% |
| Operating Income Margin | 23.2% | 24.3% | -4.5% |
| ARR | $1,379.2 million | $1,215.9 million | 11.5% |
| Last 12-months Retention Rate | 109% | 108% | 0.9% |
| Cash Flows from Operations | $61.1 million | $62.6 million | -2.4% |
| Free Cash Flow | $57.0 million | $59.5 million | -4.2% |
Despite a modest decrease in the operating income margin and cash flows, Bentley Systems maintained net income stability (measured per diluted share) and achieved a slight increase in adjusted earnings per share (EPS). These results emphasize the company's ability to adapt its operations in response to market developments.
Revenue Breakdown
Revenue by Segment
| Segment | Q2 2025 Revenue (Million) | Year-over-Year Growth (%) |
|---|---|---|
| Subscription Revenue | $333.5 | 12.1% |
| Total Revenue | $364.1 | 10.2% |
The table above illustrates Bentley Systems' revenue performance across its segments. The subscription revenue showed a remarkable year-over-year increase of 12.1%, reflecting the company's strategy to bolster recurring revenue streams. Given the escalating demands for digital infrastructure, the subscription model aligns well with the industry’s shift towards long-term operational resilience and performance solutions.
Segment Performance Analysis
Subscription revenues, the largest revenue segment, exhibited a robust growth rate as Bentley Systems continues to capitalize on the secular trend in digital transformation within infrastructure engineering. Pervasive constraints in infrastructure resources are driving demand for Bentley’s solutions, enabling the company to command a significant market share. The growth in subscription revenues suggests strong adoption and customer retention across the firm’s comprehensive suite of software offerings.
Key Developments
Several notable developments marked Bentley Systems’ second quarter. The company maintained strong profitability and cash flow, which are essential for its agility in navigating uncertainties. Bentley System's management team has made strides in supporting its long-term growth strategy by emphasizing operational efficiency and value creation for clients. Furthermore, the company’s approach to integrating digital twin solutions with existing infrastructure management has significantly played into the evolving business landscape.
Comments from Company Officers
Greg Bentley, Executive Chair, acknowledged the company’s excellent operational and financial results, affirming that the financial trajectory aligns with their 2025 outlook. He emphasized the sustainable drivers for digital transformation that continue to support Bentley's market position.
Nicholas Cumins, CEO, praised the resilience of Bentley Systems' business model, noting the strong end-market presence amplified by ongoing infrastructure investment. He reiterated the pivotal role their software plays in assisting infrastructure engineers in optimizing performance amidst resource constraints.
CFO Werner Andre highlighted Bentley’s solid financial performance. The impressive ARR growth rate of 11.5% in constant currency demonstrates the company's strong foundational block for ongoing financial health.
Dividends and Share Repurchases
Bentley Systems has also discussed its dividend policy and share repurchase program's pertinence. The company’s financial standing offers the flexibility necessary to mitigate dilution risks from stock-based compensation and maintain regular dividends. The strategic management of its balance sheet, cash flow, and forward-looking strategies supports potential acquisitions and refinancing initiatives like addressing maturing convertible debts. These actions are aligned with sustaining long-term growth and optimizing shareholder value.
Bentley Systems Inc Stock Forecast
Based on the financial analysis and current market conditions, Bentley Systems Inc's stock forecast presents a promising upward potential. The company's strategic positioning in the digital transformation sector, coupled with solid recurring revenue growth, enhances its valuation prospects. The expected stock price range is projected as follows:
- High Projection : $75.00 - Supported by sustained growth in subscription revenues and digital twin technology adoption across key markets.
- Low Projection : $60.00 - Reflecting potential market volatility and economic shifts affecting infrastructure investments.
In conclusion, Bentley Systems Inc. remains a formidable player in the infrastructure software industry. The company’s adaptability and strategic foresight underscore a positive outlook, highlighting its capability to deliver consistent value to stakeholders despite market vagaries and global uncertainties.




