EXTON, PA — Bentley Systems, Incorporated (Nasdaq: BSY) reported full-year revenue of $1.50 billion for 2025, an 11 percent increase from the previous year, as the infrastructure engineering software company recorded higher subscription revenue and recurring revenue growth.
The company reported net income per diluted share of $0.85 for 2025, compared with $0.72 in 2024.
Adjusted earnings per diluted share rose to $1.21 from $1.07 a year earlier, according to the company.
Subscription revenue totaled $1.38 billion for the year, representing a 12.5 percent increase from 2024.
Annualized recurring revenue reached $1.46 billion as of December 31, 2025, up from $1.28 billion a year earlier.
Bentley reported operating income margin of 24.1 percent in 2025, compared with 22.3 percent in the prior year.
Chief Executive Officer Nicholas Cumins said the company ended the year with momentum heading into 2026.
“We delivered a strong finish to the year, giving us great momentum for our 2026 outlook,” Cumins said.
Bentley said fourth-quarter revenue totaled $391.6 million, an increase of 11.9 percent compared with the same period in 2024.
Fourth-quarter subscription revenue reached $356.6 million, up 13 percent year over year.
The company reported fourth-quarter net income per diluted share of $0.18, compared with $0.16 in the same period last year.
Bentley also reported operating cash flow of $538.5 million for the full year and free cash flow of $520.2 million.
The company said recent acquisitions of Talon Aerolytics and technology assets from Pointivo are intended to expand its asset analytics capabilities for infrastructure operators.
Bentley also said it repaid $678 million in convertible senior notes that matured in January 2026.
For 2026, the company expects total revenue between $1.69 billion and $1.72 billion, representing constant currency growth of 11 percent to 13 percent.
Bentley forecasts annualized recurring revenue growth of 10.5 percent to 12.5 percent and free cash flow between $500 million and $570 million.
The company’s board declared a quarterly dividend of $0.07 per share payable March 19, 2026, to shareholders of record as of March 10, 2026.
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