Bentley Systems Reports Strong Q4 & FY25 Results, Positive 2026 Outlook, and Debt Reduction

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The filing details Bentley Systems' strong financial performance for the fourth quarter and full year 2025, characterized by significant revenue and Annualized Recurring Revenue (ARR) growth, expanded operating margins, and substantial free cash flow generation. The company's 2026 financial outlook projects continued double-digit growth in revenues and ARR, coupled with further margin improvement, signaling sustained operational strength. Additionally, the repayment of $678 million in convertible senior notes and a 3% reduction in the fully-diluted share count demonstrate prudent financial management and balance sheet optimization, providing capacity for future strategic initiatives like programmatic acquisitions and share repurchases. This comprehensive positive update suggests a healthy business trajectory and strong financial positioning.

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• Robust 2025 Financial Results

  Bentley Systems reported total revenues of $1.50 billion for the full year 2025, up 11.0% (10.1% constant currency), with subscriptions revenues reaching $1.38 billion, up 12.5% (11.7% constant currency). Annualized Recurring Revenues (ARR) grew 11.5% in constant currency to $1.46 billion.

• Strong Profitability and Cash Flow

  The company achieved a full year 2025 operating income margin of 24.1% and Adjusted EPS of $1.21. Free cash flow significantly increased to $520.2 million, up from $421.2 million in 2024.

• Positive 2026 Financial Outlook

  Management provided a 2026 outlook projecting total revenues between $1.685 billion and $1.715 billion (11-13% constant currency growth) and constant currency ARR growth of 10.5% to 12.5%.

• Strategic Debt Repayment

  Bentley Systems repaid $678 million in convertible senior notes due 2026 in January, reducing net debt leverage to a four-year low of 2.1 times and decreasing the fully-diluted share count by approximately 3%.

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The filing details Bentley Systems' strong financial performance for the fourth quarter and full year 2025, characterized by significant revenue and Annualized Recurring Revenue (ARR) growth, expanded operating margins, and substantial free cash flow generation. The company's 2026 financial outlook projects continued double-digit growth in revenues and ARR, coupled with further margin improvement, signaling sustained operational strength. Additionally, the repayment of $678 million in convertible senior notes and a 3% reduction in the fully-diluted share count demonstrate prudent financial management and balance sheet optimization, providing capacity for future strategic initiatives like programmatic acquisitions and share repurchases. This comprehensive positive update suggests a healthy business trajectory and strong financial positioning.