Bentley Systems reported Q4 FY2025 total revenues of USD 391.6 million (+11.9%), including subscription revenues of USD 356.6 million (+13.0%). Q4 operating income margin was 20.0% and adjusted operating income less stock-based compensation (AOI less SBC) margin was 24.1%. Q4 net income per diluted share was USD 0.18 and adjusted EPS was USD 0.27. Q4 cash flow from operating activities was USD 141.6 million and free cash flow was USD 136.2 million. For FY2025, Bentley Systems posted total revenues of USD 1.5 billion (+11.0%) and subscription revenues of USD 1.4 billion (+12.5%), with operating income margin of 24.1% and AOI less SBC margin of 28.6%. FY2025 net income per diluted share was USD 0.85 and adjusted EPS was USD 1.21. FY2025 cash flow from operating activities was USD 538.5 million and free cash flow was USD 520.2 million. Annualized recurring revenues (ARR) were USD 1.5 billion as of December 31, 2025, and the last twelve-month recurring revenues dollar-based net retention rate was 109%. Recent updates included the acquisitions of Talon Aerolytics and the technology and technical expertise of Pointivo to strengthen Bentley Asset Analytics, and repayment at maturity of USD 678 million of 0.125% Convertible Senior Notes due 2026 (funded with cash on hand and USD 610 million drawn from revolving credit facilities); USD 575 million of 0.375% Convertible Senior Notes due mid-2027 remain outstanding. The board declared a Q1 2026 dividend of USD 0.07 per share, payable March 19, 2026. Management highlighted continued growth at Seequent and increased focus on AI, including AI-agentic automation in design and expansion of Asset Analytics for infrastructure operations and maintenance.

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