Bentley Systems (BSY) financial statements
Bentley Systems reported revenue of $1.5B in fiscal 2025, up 11.7% a year over 7 years.
Net income was $278M and the operating margin 24.1%, against 17.5% in 2018.
Free cash flow was $520M, and the company returned $85M in dividends and $125M in net buybacks.
The diluted share count rose 14% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Bentley Systems's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $692M | $737M | $802M | $965M | $1.1B | $1.2B | $1.4B | $1.5B |
| Cost of revenue | $131M | $144M | $167M | $217M | $237M | $266M | $258M | $278M |
| Gross profit | $560M | $593M | $634M | $749M | $862M | $962M | $1.1B | $1.2B |
| Research and development | $175M | $184M | $186M | $221M | $258M | $275M | $281M | $308M |
| Selling, general and admin | $250M | $252M | $257M | $312M | $370M | $405M | $466M | $507M |
| Operating income | $121M | $142M | $150M | $95M | $209M | $231M | $302M | $363M |
| Interest expense | $10M | $10M | $7M | $12M | $35M | $35M | $17M | $8M |
| Pre-tax income | $113M | $128M | $168M | $93M | $198M | $184M | $293M | $351M |
| Income tax | -$29M | $24M | $39M | -$3M | $21M | -$143M | $59M | $73M |
| Net income | $142M | $103M | $127M | $93M | $175M | $327M | $235M | $278M |
| EPS (diluted) | $0.49 | $0.35 | $0.42 | $0.30 | $0.55 | $1.00 | $0.72 | $0.85 |
| Diluted shares | 293M | 294M | 299M | 315M | 332M | 333M | 334M | 333M |
| Gross margin | 81.0% | 80.4% | 79.1% | 77.6% | 78.4% | 78.3% | 80.9% | 81.5% |
| Operating margin | 17.5% | 19.3% | 18.7% | 9.8% | 19.0% | 18.8% | 22.3% | 24.1% |
| Net margin | 20.5% | 14.0% | 15.8% | 9.7% | 15.9% | 26.6% | 17.4% | 18.5% |
Balance sheet
Fiscal years, from Bentley Systems's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $81M | $121M | $122M | $329M | $72M | $68M | $64M | $123M |
| Total current assets | — | $354M | $340M | $616M | $416M | $420M | $442M | $539M |
| Property, plant and equipment | — | $30M | $28M | $32M | $32M | $40M | $34M | $36M |
| Goodwill | $446M | $480M | $581M | $1.6B | $2.2B | $2.3B | $2.4B | $2.5B |
| Total assets | — | $995M | $1.1B | $2.7B | $3.2B | $3.3B | $3.4B | $3.6B |
| Total current liabilities | — | $392M | $466M | $594M | $628M | $760M | $814M | $960M |
| Long-term debt | — | $234M | $246M | $1.4B | $1.8B | $1.5B | $1.4B | $1.2B |
| Total liabilities | — | $660M | $784M | $2.3B | $2.6B | $2.4B | $2.4B | $2.4B |
| Shareholders' equity | $147M | $335M | $342M | $409M | $573M | $883M | $1.0B | $1.2B |
| Net debt | -$81M | $113M | $124M | $1.1B | $1.7B | $1.5B | $1.3B | $1.1B |
Cash flow
Fiscal years, from Bentley Systems's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $161M | $171M | $258M | $288M | $274M | $417M | $435M | $538M |
| Capital spending | $19M | $17M | $17M | $18M | $19M | $25M | $14M | $18M |
| Free cash flow | $142M | $153M | $241M | $270M | $256M | $392M | $421M | $520M |
| Stock-based compensation | $8M | $8M | $32M | $49M | $75M | $73M | $74M | $73M |
| Dividends paid | $20M | $25M | $423M | $33M | $34M | $59M | $72M | $85M |
| Share buybacks (net) | -$46M | -$24M | $0 | $0 | -$28M | $0 | -$64M | -$125M |
| Free cash flow margin | 20.5% | 20.8% | 30.1% | 28.0% | 23.3% | 31.9% | 31.1% | 34.6% |
| Dividends per share | $0.07 | $0.09 | $1.41 | $0.11 | $0.10 | $0.18 | $0.22 | $0.26 |
Questions
What was Bentley Systems's revenue in 2025?
$1.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Bentley Systems generate?
$520M in fiscal 2025 (operating cash flow minus capital spending).
From Bentley Systems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.