| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 424.18 | 14.5% |
| Total Income | 424.18 | 14.5% |
| Expenditure | 297.92 | 16.7% |
| PBT | 118.56 | 6.0% |
| Net Profit | 95.39 | 4.4% |
| OPM | 29.77% | 1.32pp |
| NPM | 22.49% | 2.17pp |
| EPS | 0.31 | 6.9% |
Bentley Systems Announces First Quarter 2026 Results
07 May 2026 · 7 May, 4:38 pm
Summary
Bentley Systems reported a strong start to 2026 with total revenues of $424.2 million, a 14.5% increase year-over-year. Subscriptions revenues also saw a significant rise, reaching $392.5 million, up 14.7% year-over-year. The company's Annualized Recurring Revenues (ARR) grew to $1,494.5 million. Management highlighted the strong performance of the Resources business and steady demand from Public Works / Utilities as key drivers for the quarter.
Key Highlights
- 1
Total revenues were $424.2 million, up 14.5% year-over-year, or 11.9% on a constant currency basis.
- 2
Subscriptions revenues increased by 14.7% year-over-year, reaching $392.5 million, or 12.2% on a constant currency basis.
- 3
Annualized Recurring Revenues (ARR) reached $1,494.5 million as of March 31, 2026, compared to $1,319.3 million as of March 31, 2025.
- 4
The last twelve-month recurring revenues dollar-based net retention rate was 109%.
- 5
Net income per diluted share was $0.30, compared to $0.28 for the same period last year.
- 6
Adjusted net income per diluted share (Adjusted EPS) was $0.38, compared to $0.35 for the same period last year.
- 7
Cash flows from operating activities were $193.4 million, compared to $219.4 million for the same period last year.
Management Comments
Greg Bentley
Along with distinctively consistent and commendable performance as in 2026’s first quarter, BSY characteristically prioritizes the enhancement of future value. I am continually amazed by the pace and potential of our AI advancements, especially behind-the-scenes, across every front. Our most committed contingent of accounts are the world’s top design firms. BSY’s multi-faceted AI initiatives are shaped to enable each such firm to competitively accelerate, for its own economic advantage, an individualized AI strategy to leverage its proprietary investments in engineering knowledge and data.
Nicholas Cumins
We are pleased to report a strong start to 2026, reflecting both solid market fundamentals and strong execution by our team. The quarter was highlighted by the performance of our Resources business, which continues to be our fastest-growing sector, and by the steady demand from Public Works / Utilities. This gives us a solid foundation for the year. In parallel, we continue to execute on our AI initiatives across the portfolio, including instrumenting our engineering applications to support AI-driven workflows, paving the way for a new, long-term economic engine where Bentley Systems software is leveraged by AI agents at machine scale.
Werner Andre
Our first-quarter results mark a strong start to the year across every key financial metric, positioning us well within our full-year financial outlook. We delivered constant-currency ARR growth of 11.5% and constant-currency subscriptions revenue growth of 12%, along with robust profitability and cashflow. On the balance sheet, we repaid the 2026 convertible notes at maturity, and subsequent to quarter-end we closed on a $550 million Term Loan A under our credit facility’s ‘accordion’ feature. Along with lowering interest costs, this provides increased financial flexibility to support strategic priorities, including programmatic acquisitions and returning capital to shareholders through dividends and share repurchases. Our disciplined approach to capital allocation is evidenced by quarter-end net debt leverage under 2x.
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