Bentley Systems, Incorporated Class B Common Stock (BSY) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.32	$0.35	+9.4%	—	$410.7M	—
Q1 26	$0.36	$0.38	+5.6%	—	$424.2M	—
Q4 25	$0.26	$0.27	+3.8%	—	$391.6M	—
Q2 25	$0.29	$0.32	+10.3%	—	$364.1M	—
Q4 24	$0.22	$0.21	-4.5%	—	$349.8M	—
Q3 24	$0.24	$0.24	0.0%	—	$335.2M	—
Q2 24	$0.23	$0.31	+34.8%	—	$330.3M	—
Q1 24	$0.26	$0.31	+19.2%	—	$337.8M	—
Q4 23	$0.18	$0.2	+11.1%	—	$310.6M	—
Q3 23	$0.19	$0.22	+15.8%	—	$306.6M	—
Q2 23	$0.19	$0.24	+26.3%	—	$296.7M	—
Q1 23	$0.21	$0.25	+19.0%	—	$314.4M	—
Q4 22	$0.18	$0.19	+5.6%	—	$286.9M	—
Q3 22	$0.17	$0.19	+11.8%	—	$268.3M	—
Q2 22	$0.18	$0.22	+22.2%	—	$268.3M	—
Q1 22	$0.2	$0.24	+20.0%	—	$275.5M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.88	—	—	$1.5B	—
FY24	—	$0.75	—	—	$1.4B	—
FY23	—	$1.05	—	—	$1.2B	—
FY22	—	$0.57	—	—	$1.1B	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$691.7M	$736.7M	$801.5M	$965M	$1.1B	$1.2B	$1.4B	$1.5B
YoY change	—	+6.5%	+8.81%	+20.4%	+13.9%	+11.8%	+10.1%	+11%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	691.7M	736.7M	801.5M	965M	1.1B	1.2B	1.4B	1.5B
Cost of revenue	131.3M	144.2M	167.2M	216.5M	237M	266.1M	257.8M	277.5M
Gross profit	560.4M	592.5M	634.4M	748.5M	862.1M	962.3M	1.1B	1.2B
Gross margin	81%	80.4%	79.1%	77.6%	78.4%	78.3%	80.9%	81.5%
Research & development	175M	183.6M	185.5M	220.9M	257.9M	274.6M	281.2M	307.6M
Selling, general & administrative	250M	252.9M	257.2M	407.4M	354.5M	418.7M	477.9M	521.3M
Operating expenses	425M	436.4M	442.8M	628.3M	612.3M	693.3M	759.2M	828.9M
Operating income	121.4M	141.9M	176.3M	94.6M	208.6M	230.5M	302.1M	362.6M
Operating margin	17.5%	19.3%	22%	9.8%	19%	18.8%	22.3%	24.1%
Non-operating income, net	236K	-5.6M	24.3M	10M	24.3M	-7.2M	12.9M	547K
Pretax income	112.9M	128.1M	167.6M	93.3M	198.3M	183.5M	293.1M	350.7M
Income tax	-29.3M	23.7M	38.6M	-3.4M	21.3M	-143.2M	58.7M	73M
Net income	142.1M	103.1M	126.5M	93.2M	174.8M	326.8M	234.4M	277.8M
Net margin	20.5%	14%	15.8%	9.66%	15.9%	26.6%	17.3%	18.5%
EBITDA	152.1M	175.6M	187M	148.9M	282.3M	290.5M	372.2M	432.2M
EPS	0.54	0.39	0.44	0.3	0.57	1.05	0.75	0.88
Diluted EPS	0.54	0.39	0.42	0.3	0.55	1	0.72	0.85

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	306.6M	310.6M	337.8M	330.3M	335.2M	349.8M	370.5M	364.1M	375.5M	391.6M	424.2M	410.7M
Cost of revenue	64.7M	67.8M	61.8M	63.2M	64.8M	67.9M	65.7M	68.8M	72.2M	70.9M	73.8M	74M
Gross profit	241.9M	242.8M	275.9M	267.1M	270.3M	281.9M	304.9M	295.3M	303.4M	320.7M	350.4M	336.7M
Gross margin	78.9%	78.2%	81.7%	80.9%	80.7%	80.6%	82.3%	81.1%	80.8%	81.9%	82.6%	82%
Research & development	65.5M	71.2M	68.4M	65.7M	70.1M	77.1M	72.5M	75.4M	78.8M	81M	83M	82.1M
Selling, general & administrative	93.3M	124.9M	106.7M	112.9M	123.3M	135.1M	109M	127.3M	132M	153M	132.7M	157.7M
Operating expenses	158.7M	196.1M	175M	178.6M	193.3M	212.2M	181.5M	202.7M	210.7M	234M	215.7M	239.8M
Operating income	73.7M	37.8M	91.9M	80.2M	68.6M	61.4M	115.2M	84.4M	84.5M	78.5M	126.3M	88.6M
Operating margin	24%	12.2%	27.2%	24.3%	20.5%	17.6%	31.1%	23.2%	22.5%	20%	29.8%	21.6%
Non-operating income, net	6M	-14.4M	7.1M	2.3M	-5.1M	8.6M	449K	-1.6M	1.9M	-243K	497K	15.6M
Pretax income	69.6M	14.2M	92.5M	77.4M	58.9M	64.3M	111.8M	79.3M	83.7M	75.9M	118.6M	95.1M
Income tax	16.5M	-165.3M	22.2M	5.3M	16.5M	14.6M	20.5M	8.9M	26.3M	17.4M	23.2M	16.6M
Net income	53M	179.6M	70.3M	72M	42.3M	49.7M	91.3M	70.5M	57.3M	58.7M	95.3M	78.5M
Net margin	17.3%	57.8%	20.8%	21.8%	12.6%	14.2%	24.6%	19.4%	15.3%	15%	22.5%	19.1%
EBITDA	91.8M	51.9M	108.7M	97.7M	83M	84.6M	131.6M	98.3M	103M	101.2M	141.8M	118M
EPS	0.17	0.57	0.22	0.23	0.13	0.16	0.29	0.22	0.18	0.19	0.31	0.25
Diluted EPS	0.16	0.54	0.22	0.22	0.13	0.16	0.28	0.22	0.18	0.18	0.3	0.25

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	14.8B	11.4B	16.3B	14.7B	12B	9.5B
Enterprise value	—	—	—	15.9B	13.2B	17.8B	16.1B	13.2B	10.8B
Shares outstanding	261.2M	261.2M	289.9M	305.7M	309.2M	312.4M	314.9M	314.7M	314.7M

Valuation

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	158.5	65.4	49.9	62.7	43.2	35.2
P/S	—	—	—	15.3	10.4	13.3	10.9	8	5.9
P/B	—	—	—	36.1	19.9	18.4	14.1	10.1	8.07
EV/EBITDA	—	—	—	107	46.7	61.3	43.2	30.5	23.2
EV/Sales	—	—	—	16.5	12	14.5	11.9	8.77	6.76
Earnings yield	—	—	—	0.63%	1.53%	2%	1.59%	2.31%	2.84%
FCF yield	—	—	—	1.83%	2.24%	2.4%	2.86%	4.33%	4.21%
PEG	—	—	—	—	—	—	—	—	2.58

Profitability

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	81%	80.4%	79.1%	77.6%	78.4%	78.3%	80.9%	81.5%	82%
Operating margin	17.5%	19.3%	22%	9.8%	19%	18.8%	22.3%	24.1%	25%
Net margin	20.5%	14%	15.8%	9.66%	15.9%	26.6%	17.3%	18.5%	18.1%
ROE	96.4%	30.8%	37%	22.8%	30.5%	37%	22.5%	23.4%	24.5%
ROA	15.4%	10.4%	11.2%	3.5%	5.52%	9.84%	6.9%	7.81%	7.2%
ROIC	37.4%	25.8%	26.4%	6.03%	8.01%	9.66%	10.1%	12.2%	12.6%
Return on tangible assets	-184.5%	-177.3%	-99.2%	-9.23%	-9.23%	-19%	-13.3%	-15.5%	-17.1%

Financial health

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.65	0.9	0.73	1.04	0.66	0.55	0.54	0.56	0.59
Quick ratio	0.65	0.9	0.73	1.04	0.66	0.55	0.54	0.56	0.59
Debt / equity	1.76	0.7	0.86	3.64	3.18	1.78	1.37	1.08	1.05
Debt / assets	0.28	0.24	0.26	0.56	0.58	0.47	0.42	0.36	0.35
Net debt / EBITDA	1.17	0.64	0.92	7.79	6.2	5.17	3.66	2.69	2.42
Interest coverage	12.7	14.2	24.2	9.1	6.66	5.44	12.8	23.9	14.9
Effective tax rate	0%	18.5%	23%	0%	10.7%	0%	20%	20.8%	22.3%

Per share

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.65	2.82	2.77	3.16	3.55	3.93	4.3	4.77	5.11
EPS (basic)	0.54	0.39	0.44	0.3	0.57	1.05	0.75	0.88	0.88
EPS (diluted)	0.54	0.39	0.42	0.3	0.55	1	0.72	0.85	0.89
Book value per share	0.56	1.28	1.18	1.34	1.85	2.83	3.31	3.78	3.88
FCF per share	0.54	0.59	0.83	0.88	0.83	1.25	1.34	1.65	1.56
Cash per share	0.31	0.46	0.42	1.08	0.23	0.22	0.2	0.39	0.47
Capex per share	0.07	0.06	0.06	0.06	0.05	0.08	0.04	—	—

Capital allocation

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.69%	2.26%	2.05%	1.82%	1.47%	2.04%	1.04%	—	—
Capex / operating cash flow	13.6%	9.84%	5.98%	8.58%	5.45%	6.5%	3.18%	—	—
Payout ratio	14.1%	24.2%	334.1%	35.8%	19.7%	18%	30.8%	30.6%	31.1%
Dividend yield	—	—	—	0.23%	0.3%	0.36%	0.49%	0.71%	0.89%

Yield

0.89%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.07

ex-dividend Sep 22, 2026

Payout ratio

31%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 22, 2026	$0.07
Jun 2, 2026	$0.07
Mar 10, 2026	$0.07
Dec 4, 2025	$0.07
Sep 23, 2025	$0.07
Jun 3, 2025	$0.07
Mar 19, 2025	$0.07
Dec 3, 2024	$0.06

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	81.2M	121.1M	122M	329.3M	71.7M	68.4M	64M	123.3M
Receivables	184.6M	204.5M	190M	235.3M	287.1M	293.5M	314.5M	342.7M
Inventory	—	—	—	—	—	—	—	—
Total current assets	283.2M	353.6M	340.3M	615.8M	415.9M	419.6M	442.1M	539M
Property, plant & equipment	-1.2M	-2M	41.4M	47.5M	36.8M	47.6M	34M	32.7M
Goodwill & intangibles	1B	1.1B	1.3B	3.7B	5.1B	5B	5.2B	5.4B
Total assets	923.6M	994.6M	1.1B	2.7B	3.2B	3.3B	3.4B	3.6B
Accounts payable	8.6M	17.7M	16.5M	16.5M	15.2M	18.1M	16.5M	27M
Short-term debt	—	—	16.6M	22.5M	19.7M	21.6M	11.7M	13.7M
Total current liabilities	435.7M	392.4M	465.6M	593.9M	628.4M	760.4M	814.3M	960.2M
Long-term debt	258.8M	233.8M	277.8M	1.5B	1.8B	1.5B	1.4B	1.3B
Total liabilities	776.2M	660M	784.4M	2.3B	2.6B	2.4B	2.4B	2.4B
Shareholders' equity	147.4M	334.6M	341.6M	409.2M	573.5M	884M	1B	1.2B
Total debt	258.8M	233.8M	294.4M	1.5B	1.8B	1.6B	1.4B	1.3B
Net debt	177.6M	112.6M	172.4M	1.2B	1.8B	1.5B	1.4B	1.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	67M	68.4M	141.6M	51.3M	72.2M	64M	83.6M	89.6M	165.4M	123.3M	105.2M	147M
Receivables	235.2M	293.5M	274.5M	273.8M	262.8M	314.5M	303.6M	291.1M	286.2M	342.7M	336M	359.2M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	374.2M	419.6M	473.7M	386.7M	403.8M	442.1M	446.1M	439.5M	526.8M	539M	518.2M	587.9M
Property, plant & equipment	43.5M	47.6M	44.1M	40.5M	39.3M	34M	32.3M	32.2M	32.7M	32.7M	47.1M	42.4M
Goodwill & intangibles	5B	5B	5B	5B	5.2B	5.2B	5.2B	5.2B	5.2B	5.4B	5.3B	5.3B
Total assets	3.1B	3.3B	3.4B	3.3B	3.4B	3.4B	3.4B	3.4B	3.5B	3.6B	3.5B	3.6B
Accounts payable	26.4M	18.1M	23.6M	23.9M	30.5M	16.5M	24.5M	24.5M	17.8M	27M	21.3M	22.8M
Short-term debt	20.2M	21.6M	21.2M	11.4M	12.1M	11.7M	11.7M	11.9M	11.8M	13.7M	13.3M	19.4M
Total current liabilities	680.7M	760.4M	837.8M	785.8M	782.2M	814.3M	906M	858.4M	860.5M	960.2M	1B	988.1M
Long-term debt	1.6B	1.5B	1.5B	1.4B	1.4B	1.4B	1.3B	1.3B	1.3B	1.3B	1.2B	1.2B
Total liabilities	2.4B	2.4B	2.4B	2.3B	2.4B	2.4B	2.3B	2.3B	2.3B	2.4B	2.3B	2.4B
Shareholders' equity	692.2M	884M	932.6M	984.5M	1B	1B	1.1B	1.2B	1.2B	1.2B	1.2B	1.2B
Total debt	1.6B	1.6B	1.5B	1.4B	1.5B	1.4B	1.3B	1.3B	1.3B	1.3B	1.2B	1.3B
Net debt	1.6B	1.5B	1.3B	1.3B	1.4B	1.4B	1.2B	1.2B	1.1B	1.2B	1.1B	1.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	142.1M	103.1M	126.5M	93.2M	174.8M	326.8M	234.4M	277.8M
Depreciation & amortization	29.2M	32.2M	36.1M	52.8M	71.5M	71.9M	64.6M	65.9M
Stock-based compensation	7.9M	8.1M	32.1M	49M	75.2M	73M	74.4M	72.6M
Change in working capital	16.7M	24.5M	63M	17.8M	-29.5M	83.5M	41.1M	-18M
Operating cash flow	136.7M	169.1M	275.1M	204.4M	296.8M	384.6M	442.3M	538.5M
Capital expenditure	-18.6M	-16.6M	-16.4M	-17.5M	-16.2M	-25M	-14M	—
Investing cash flow	-153.9M	-53.7M	-117.3M	-1.1B	-781.1M	-60.5M	-143.3M	-94.1M
Dividends paid	-20.1M	-25M	-422.6M	-33.4M	-34.5M	-58.8M	-72.1M	-85M
Share repurchases	-46.5M	-24.2M	-84M	-120.5M	-71.8M	-58.9M	-76.9M	-157.2M
Financing cash flow	-72.8M	-116.7M	-133.4M	727.1M	224.4M	-380.8M	-305.1M	-387.8M
Net change in cash	-90M	-1.2M	24.4M	-129.2M	-259.9M	-56.7M	-6.1M	56.6M
Free cash flow	142M	154.1M	241.9M	270.5M	255.8M	391.7M	421.2M	520.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	53M	179.6M	70.3M	72M	42.3M	49.7M	91.3M	70.5M	57.3M	58.7M	95.3M	78.5M
Depreciation & amortization	17.5M	19.1M	16.4M	16M	16M	16.2M	15.6M	15.7M	18.7M	15.8M	16.1M	16.1M
Stock-based compensation	18.5M	16.9M	19.7M	22.1M	16.1M	16.6M	17.4M	19.6M	18M	17.5M	20.2M	22.7M
Change in working capital	-17.5M	11.7M	90.3M	36.7M	62.3M	1.7M	-548K	-5.5M	-14.5M	2.5M	-16.2M	-20.5M
Operating cash flow	86.5M	63.4M	204.9M	149.3M	136.9M	101M	124.7M	61.1M	116.4M	141.6M	193.4M	71.5M
Capital expenditure	-7.7M	-6.1M	-3.6M	-3.1M	-1.8M	-5.5M	-3M	—	—	—	—	—
Investing cash flow	-23.6M	-9.3M	-3.8M	-8.4M	-124.7M	-7.6M	-3M	0	-938K	-93.3M	—	—
Dividends paid	-14.8M	-14.8M	-17.9M	-18M	-18.1M	-18.1M	-21.2M	-21.3M	-21.3M	-21.2M	-21.2M	-21.2M
Share repurchases	-6.3M	-1.4M	-23.1M	-24M	-9.8M	-19.9M	-39.5M	-35.4M	-18.6M	-63.8M	-54.2M	-100.5M
Financing cash flow	-70.4M	-80.2M	-136M	-144.6M	52.1M	-76.6M	-206.1M	-56.7M	-39.9M	-85.1M	-209.9M	-20.5M
Net change in cash	-7.4M	-26.1M	65M	-3.7M	64.3M	16.8M	-84.5M	4.4M	75.5M	-36.8M	-16.5M	51M
Free cash flow	65.2M	81M	201.4M	59.5M	84.3M	76.1M	216.4M	57M	110.7M	136.2M	187.9M	63.8M

Bentley Systems, Incorporated Class B Common Stock Financials

EPS

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P/E

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