EXTON, PA — Bentley Systems, Incorporated (Nasdaq: BSY) reported solid second-quarter results, with revenue climbing more than 10% year-over-year and recurring revenue metrics showing continued momentum.
For the quarter ended June 30, total revenue reached $364.1 million, up 10.2% from the prior year, or 9.2% on a constant currency basis. Subscription revenue — the company’s largest sales driver — rose 12.1% to $333.5 million. Annualized Recurring Revenue (ARR) stood at $1.38 billion, an 11.5% constant-currency increase from last year.
Bentley’s recurring revenue base remained stable, with a dollar-based net retention rate of 109%, slightly above last year’s 108%. Operating income margin eased to 23.2% from 24.3%, while adjusted operating income less stock-based compensation margin held nearly steady at 28.9%. Net income per diluted share was $0.22, matching the prior year, and adjusted EPS improved to $0.32 from $0.31.
Cash generation was steady, with $61.1 million in operating cash flow and $57 million in free cash flow for the quarter, both slightly lower than last year.
For the first half of 2025, Bentley posted $734.6 million in revenue, up 10% year-over-year. Operating income margin rose to 27.2% from 25.8%, and free cash flow increased to $273.4 million.
Executive Chair Greg Bentley said the company’s performance continues to align with its 2025 targets, supported by strong demand for infrastructure engineering software amid global resource constraints. CEO Nicholas Cumins cited the resilience of Bentley’s business model and the strength of infrastructure investment trends, while CFO Werner Andre emphasized the company’s capacity to fund growth, maintain shareholder returns, and manage upcoming debt maturities.
Bentley reiterated its full-year outlook, pointing to sustained demand, stable profitability, and strong cash flow to support both operations and strategic investments.
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