EXTON, PA — Bentley Systems, Incorporated (Nasdaq: BSY) delivered another quarter of steady growth and widening profitability, reporting strong third-quarter 2025 results that reflect durable demand for its infrastructure engineering software and accelerating adoption of its AI-driven capabilities.
The company posted total revenues of $375.5 million for the quarter, a 12 percent year-over-year increase, with subscription revenues rising 13.5 percent to $344.3 million. Annualized recurring revenues reached $1.41 billion, up from $1.27 billion a year earlier, marking a constant currency ARR growth rate of 10.5 percent. Recurring revenue retention held firm at 109 percent.
Profitability continued to strengthen. Operating income margin rose to 22.5 percent from 20.5 percent last year, while adjusted operating income less stock-based compensation expanded to 27.7 percent. Net income per diluted share grew to $0.18 from $0.13, and adjusted EPS reached $0.27, up from $0.24. Free cash flow climbed to $110.7 million, compared to $84.3 million in the same period of 2024.
Bentley also sustained solid performance across the first nine months of 2025, reporting $1.11 billion in total revenue—a 10.7 percent increase—alongside higher operating margins, stronger cash generation, and rising EPS.
Executive Chair Greg Bentley pointed to both financial execution and a broader shift underway within the company’s technology stack. He highlighted new product announcements and strategic progress in what Bentley calls “Infrastructure AI,” noting that emerging programmatic consumption models and expanding cloud services are opening pathways to deepen the value users derive from the company’s software.
CEO Nicholas Cumins emphasized that AI dominated discussions at Bentley’s Year in Infrastructure conference, where customers demonstrated how emerging tools are already helping address engineering capacity constraints and speed project delivery. Cumins said the company rolled out new AI capabilities across its portfolio, reinforcing its long-term view that artificial intelligence will transform how infrastructure is designed, analyzed, and managed.
“Our third quarter results reflected strong execution and consistent growth drivers across commercial models, regions, and infrastructure sectors,” Cumins noted. “Demand for infrastructure engineering remains robust, and project pipelines are full.”
CFO Werner Andre added that the company remains on track to meet its full-year outlook, underscoring Bentley’s rising share of subscription revenue—now 92 percent of total—and improved cash flow. Strong liquidity, he said, positions the company to manage upcoming convertible debt maturities, repurchase shares to offset stock-based compensation dilution, and continue investing in long-term growth initiatives, including potential acquisitions.
With a robust financial foundation, expanding AI strategy, and deepening recurring revenue base, Bentley Systems closed the quarter signaling confidence in both its near-term trajectory and long-term digital infrastructure ambitions.
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