What Bentley Systems’ latest earnings tell you about the business

Bentley Systems (BSY) recently reported second quarter 2026 results, giving investors fresh data on revenue, profitability, and the progress of its infrastructure software and AI initiatives.

The company reported second quarter revenue of US$410.73 million compared with US$364.11 million a year earlier. Net income for the quarter was US$78.57 million compared with US$70.48 million in the prior year period.

Basic and diluted earnings per share from continuing operations were US$0.25, compared with US$0.22 a year ago. That gives a clearer view of how much profit the business generated per share during the quarter.

For the first six months of 2026, Bentley Systems reported revenue of US$834.91 million compared with US$734.65 million a year earlier. Net income for the same period was US$173.96 million compared with US$161.85 million a year ago.

Basic earnings per share from continuing operations for the six month period were US$0.56 compared with US$0.51 a year earlier. Diluted earnings per share from continuing operations were US$0.55 compared with US$0.50 in the prior year period.

Alongside these figures, Bentley Systems reported annual recurring revenue of US$1.536 billion, with 12% year over year growth, supported by demand for its infrastructure software. Management also highlighted ongoing work to integrate AI into its applications to support engineering productivity and to create potential AI based monetization opportunities.

Bentley Systems’ latest earnings update sits against a share price of US$36.56, with a 30 day share price return of 17.37% and a 90 day share price return of 14.00%. However, the 1 year total shareholder return is down 28.84%, which suggests recent momentum has picked up after a weaker longer term experience for investors.

If Bentley Systems’ AI and infrastructure software themes have caught your attention, you may also want to see which other companies are gaining interest through the 55 AI infrastructure stocks

After a sharp rebound in Bentley Systems’ share price and with both analyst targets and intrinsic value models positioned above the current US$36.56 level, the key question now is where fair value actually lies.

Most Popular Narrative: 32.4% Undervalued

On the most followed narrative, Bentley Systems’ fair value of $54.10 sits well above the recent $36.56 share price, which puts a lot of weight on its future cash generation and margin profile.

With rapid infrastructure investment in the U.S., India, Europe, and the Middle East, and only partial deployment of multi-trillion-dollar public funding streams, Bentley is poised to benefit from a secular wave of infrastructure digitization, supporting several years of robust ARR growth and reduced revenue volatility, far exceeding companies exposed to more cyclical end markets.

Curious what has to happen for Bentley Systems to reach that fair value. The narrative leans on faster revenue expansion, rising margins and a premium earnings multiple. Want to see how those assumptions stack together.

Result: Fair Value of $54.10 (UNDERVALUED)

However, for Bentley Systems, this upbeat narrative can unravel if geopolitical restrictions limit international growth or if open source rivals pressure pricing and margins.

Another view on Bentley Systems’ valuation

The narrative and fair value estimate of $54.10 lean on long term earnings forecasts and a premium earnings multiple. On current numbers though, Bentley Systems trades on a P/E of 39.1x compared with a fair ratio of 30.3x and a US Software average of 31x. That points to a richer price tag today and raises the question of how much optimism is already in the share price.

To see what the numbers say about this price, take a look at the valuation breakdown in the See what the numbers say about this price — find out in our valuation breakdown.

Next Steps

With Bentley Systems presenting both upbeat themes and clear question marks, it makes sense to look at the underlying data yourself and move quickly to form your own take on the balance of upside and concern. To see both sides of that coin in one place, review the 4 key rewards and 1 important warning sign

Looking for more investment ideas beyond Bentley Systems?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.