Bentley Systems (NASDAQ:BSY) Posts Quarterly Earnings Results, Meets Estimates

Bentley Systems (NASDAQ:BSY) released its quarterly earnings data on Thursday. The company reported $0.27 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.27, FiscalAI reports. Bentley Systems had a net margin of 18.50% and a return on equity of 29.05%. The company had revenue of $391.58 million for the quarter, compared to analysts’ expectations of $381.79 million. During the same quarter in the prior year, the firm earned $0.21 EPS. The business’s revenue was up 11.9% on a year-over-year basis.

Here are the key takeaways from Bentley Systems’ conference call:

• Strong 2025 financials and confident 2026 outlook — ARR $1.462B (11.5% CC growth), FY2025 revenue $1.502B (+11%), adjusted operating income less SBC margin 28.6%, FY2025 free cash flow $520M, and 2026 guidance of ~11–13% revenue growth with AOI less SBC of $495–510M.
• Infrastructure AI and Asset Analytics are explicit growth priorities — Asset Analytics reached a <$strong>$50M run rate in 2025, and Bentley acquired Pointivo and Talon to accelerate digital-twin capture, computer-vision inspection, and early API-driven monetization.
• Balance-sheet flexibility and capital allocation — net debt leverage reduced to ~2.1x, retirement of 2026 convertible notes cut fully diluted shares by ~3%, and management signals capacity for up to $400M of programmatic annual acquisitions plus continued buybacks and dividends.
• Monetization cadence: near-term AI revenue is skewed to asset analytics and API consumption, but much of the design-side AI monetization is intentionally a longer-term, adoption-first play and some asset-analytics work is not yet classified as ARR due to inspection cadences.
• Near-term headwinds and variability — modest FX margin pressure from Seequent’s mix, China remains weak (≈2% of ARR), and 2026 will carry ~ $30M higher cash interest after convertible retirement plus continued seasonality/collections variability.

Bentley Systems Stock Performance

Shares of NASDAQ BSY traded down $0.49 during trading on Friday, reaching $36.55. 17,744,960 shares of the stock traded hands, compared to its average volume of 3,575,299. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61. The stock has a market capitalization of $10.67 billion, a P/E ratio of 42.50, a price-to-earnings-growth ratio of 2.56 and a beta of 1.21. Bentley Systems has a 52-week low of $30.97 and a 52-week high of $59.25. The company has a 50-day moving average of $36.70 and a 200-day moving average of $44.71.

Bentley Systems Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Tuesday, March 10th will be paid a $0.07 dividend. The ex-dividend date is Tuesday, March 10th. This represents a $0.28 annualized dividend and a dividend yield of 0.8%. Bentley Systems’s payout ratio is presently 32.56%.

Key Headlines Impacting Bentley Systems

Here are the key news stories impacting Bentley Systems this week:

• Positive Sentiment: Q4 outperformance and above‑consensus FY26 guide — Management reported stronger enterprise subscription mix and SMB penetration, 4Q25 EPS +28.6% YoY, and issued FY26 revenue guidance of ~$1.7B (≈12% constant‑currency growth), which underpins the bullish thesis on reaccelerating service revenue and upgrades. Article Title
• Positive Sentiment: Top‑line beat with margin strength — Q4 revenue of $391.6M topped consensus (~$381.8M); EPS matched estimates at $0.27 and revenue was up ~11.9% YoY, supporting the company’s growth narrative. Article Title
• Positive Sentiment: Board approved quarterly dividend — BSY declared a $0.07 quarterly dividend (yield ~0.8%), which may modestly support investor demand for the shares. (Ex‑dividend March 10)
• Neutral Sentiment: Conference materials and call available — Earnings call transcript and slide deck were published for deeper diligence; investors can review management remarks for cadence on enterprise upgrades and margin assumptions. Article Title
• Negative Sentiment: Analysts trimmed price targets — Several firms cut PTs after the print (Mizuho $62→$50, Oppenheimer $53→$43, Rosenblatt to $50). Ratings largely stayed as “outperform,” but lower PTs reduce upside expectations and can drive near‑term selling. Article Title Article Title
• Negative Sentiment: Elevated short interest — Short interest rose in February to ~17.7M shares (≈7.6% of float) with a ~4.7 days‑to‑cover figure, increasing downside pressure and volatility if bearish flows persist.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. JPMorgan Chase & Co. reduced their price target on shares of Bentley Systems from $56.00 to $51.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Bentley Systems in a report on Wednesday, January 21st. UBS Group cut their target price on Bentley Systems from $60.00 to $40.00 and set a “neutral” rating on the stock in a research note on Monday. Robert W. Baird set a $55.00 price target on Bentley Systems in a report on Wednesday, January 7th. Finally, BMO Capital Markets assumed coverage on Bentley Systems in a research note on Thursday, January 22nd. They issued an “outperform” rating and a $48.00 price objective for the company. Eight equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $49.83.

Institutional Investors Weigh In On Bentley Systems

Several institutional investors have recently added to or reduced their stakes in BSY. Invesco Ltd. boosted its position in Bentley Systems by 246.4% during the fourth quarter. Invesco Ltd. now owns 1,366,990 shares of the company’s stock worth $52,171,000 after purchasing an additional 972,409 shares during the period. T. Rowe Price Investment Management Inc. lifted its stake in shares of Bentley Systems by 1,583.7% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 911,878 shares of the company’s stock valued at $34,802,000 after buying an additional 857,718 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Bentley Systems by 115.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,352,362 shares of the company’s stock worth $51,613,000 after buying an additional 725,197 shares during the period. Schonfeld Strategic Advisors LLC grew its stake in Bentley Systems by 370.6% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 312,623 shares of the company’s stock valued at $11,931,000 after buying an additional 246,187 shares in the last quarter. Finally, HRT Financial LP purchased a new position in Bentley Systems in the 4th quarter valued at approximately $8,381,000. 44.16% of the stock is owned by hedge funds and other institutional investors.

Bentley Systems Company Profile

Bentley Systems, Inc is a global software provider specializing in infrastructure engineering applications for the design, construction, and operations of roads, bridges, rail and transit systems, water and wastewater networks, power plants and grids, industrial facilities, and communications infrastructure. Founded in 1984 by brothers Keith and Barry Bentley, the company is headquartered in Exton, Pennsylvania, and maintains offices and development centers across North America, Europe, Asia, and Australia.