Bentley Systems Q2 2026: Revenue Climbs 12.8%, ARR Reaches $1.54B, Buybacks Accelerate
BSY sits 24% above its 52-week low of $28.077.
Summary
Bentley Systems posted Q2 2026 revenue of $410.7M (+12.8% YoY) and ARR of $1.54B (+12% constant currency). Buybacks accelerated to $125M in H1, and free cash flow rose 12%.
Key Events · Earnings and Guidance · BSY
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Q2 Revenue and ARR Growth
Total revenues rose 12.8% to $410.7M, with subscriptions revenue up 13.6% to $378.6M. ARR reached $1,536.0M, a 12% constant-currency increase from $1,379.2M a year ago.
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Profitability and Cash Flow
Net income per diluted share was $0.25 versus $0.22; adjusted EPS came in at $0.35 compared to $0.32. Free cash flow grew 12% to $63.8M for the quarter, while the first-half figure of $251.7M was down 8% year-over-year due to working capital timing.
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Accelerated Share Repurchases
The company spent $125.1M on buybacks in H1 2026, more than double the $50.0M in H1 2025, reflecting increased capital return to shareholders.
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Systems Implementation Absorbed
New enterprise-wide finance and quote-to-cash platforms went live in Q2; related costs were absorbed within the company's margin commitment, laying groundwork for future efficiency.
Analysis · BSY · Technology
A strong second quarter saw Bentley Systems grow revenue 12.8% to $410.7 million, while annualized recurring revenue hit $1.54 billion—a 12% constant-currency gain. Profitability held firm even as the company absorbed costs from a major systems implementation, and free cash flow expanded 12% year-over-year. Signaling confidence in its valuation, the company meaningfully stepped up share repurchases, spending $125 million in the first half versus $50 million a year ago. With net leverage at a manageable 1.9x and ample credit capacity ahead of a 2027 convertible maturity, the balance sheet remains flexible for both acquisitions and shareholder returns.
At the time of this filing, BSY was trading at $34.84 on NASDAQ in the Technology sector, with a market capitalization of approximately $10.9B. The 52-week trading range was $28.08 to $58.19. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.