Bentley Systems (NASDAQ:BSY) Releases Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• Bentley Systems beat Q1 expectations, reporting EPS of $0.38 versus the $0.36 consensus and revenue of $424.2 million versus $419.8 million expected. Revenue rose 14.5% year over year from the same quarter last year.
• The company’s conference call highlighted continued momentum, with ARR of $1.495 billion, 109% net revenue retention, and $492 million in trailing-12-month free cash flow. Management said it remains on track for its 2026 outlook.
• Bentley is pushing an Infrastructure AI strategy, including an MCP server for STAAD and plans for API-based consumption pricing to monetize AI workflows. At the same time, it faces near-term pressure from declining perpetual license revenue and weakness in China.

Bentley Systems (NASDAQ:BSY - Get Free Report) posted its earnings results on Thursday. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02, Briefing.com reports. The firm had revenue of $424.18 million during the quarter, compared to analysts' expectations of $419.80 million. Bentley Systems had a return on equity of 28.65% and a net margin of 18.12%.The firm's revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.35 earnings per share.

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

• Q1 revenue of $424M (up 14.5% YoY) and ARR of $1.495B, with a 109% net revenue retention rate, AOI less operating SBC margin of 33.2%, and LTM free cash flow of $492M — management says the company is on track for its 2026 outlook.
• Management is prioritizing an Infrastructure AI strategy — they released an MCP server for STAAD, report Asset Analytics above a $50M ARR run rate, and plan API-based consumption pricing to monetize agentic AI workflows.
• Bentley highlights deep enterprise penetration — 45% of revenue from 220 accounts spending >$1M, and 470 of 614 ex‑China top global design firms are customers, positioning the company to benefit from cross-sell and AI-led adoption.
• Balance sheet and capital actions included retiring $678M of convertible notes, reducing net debt and repurchasing shares/dividends, plus a new $550M term loan to lower interest cost and expand borrowing capacity for strategic priorities.
• Near-term headwinds include an 18% decline in perpetual license revenue, natural dollar churn pressure from the large Virtuoso SMB base, first-half-weighted investments that compress near-term cash flow comparisons, and persistent China weakness (~2% of ARR).

Bentley Systems Stock Performance

Shares of NASDAQ:BSY traded down $0.86 on Friday, reaching $32.76. The company's stock had a trading volume of 2,713,588 shares, compared to its average volume of 1,997,384. The stock's 50-day moving average is $35.58 and its two-hundred day moving average is $38.84. Bentley Systems has a 52-week low of $30.83 and a 52-week high of $59.25. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.51 and a quick ratio of 0.56. The stock has a market capitalization of $9.56 billion, a P/E ratio of 37.23, a PEG ratio of 2.26 and a beta of 1.01.

Bentley Systems Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 19th. Stockholders of record on Tuesday, March 10th were issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Tuesday, March 10th. Bentley Systems's dividend payout ratio is presently 31.82%.

Wall Street Analysts Forecast Growth

BSY has been the subject of several recent analyst reports. Barclays boosted their target price on Bentley Systems from $47.00 to $49.00 and gave the stock an "equal weight" rating in a research note on Friday, March 6th. UBS Group decreased their target price on Bentley Systems from $43.00 to $40.00 and set a "neutral" rating for the company in a research note on Monday. Oppenheimer dropped their price objective on Bentley Systems from $53.00 to $43.00 and set an "outperform" rating on the stock in a report on Friday, February 27th. Piper Sandler raised Bentley Systems from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $42.00 to $45.00 in a report on Friday. Finally, Weiss Ratings downgraded Bentley Systems from a "hold (c-)" rating to a "sell (d+)" rating in a report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $48.33.

Bentley Systems News Summary

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

• Positive Sentiment: Bentley Systems reported Q1 earnings of $0.38 per share, beating estimates of $0.36, while revenue of $424.2 million also topped expectations. Sales rose 14.5% year over year, suggesting continued healthy demand for the company’s software. Earnings transcript
• Positive Sentiment: Mizuho kept an outperform rating on Bentley Systems and still sees upside from current levels, which may help support sentiment despite the lower target. Benzinga report
• Neutral Sentiment: The company’s earnings call transcript and presentation are in focus as investors look for commentary on growth trends, margins, and full-year guidance following the report. Yahoo Finance transcript
• Negative Sentiment: Mizuho lowered its price target on Bentley Systems from $50 to $45, a sign that analysts are becoming slightly more cautious about the stock’s near-term valuation. Mizuho price-target update

Institutional Trading of Bentley Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cresset Asset Management LLC grew its stake in shares of Bentley Systems by 6.5% in the 3rd quarter. Cresset Asset Management LLC now owns 4,882 shares of the company's stock valued at $251,000 after purchasing an additional 296 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of Bentley Systems by 0.6% in the third quarter. Public Employees Retirement System of Ohio now owns 49,175 shares of the company's stock valued at $2,532,000 after purchasing an additional 305 shares during the period. Lansforsakringar Fondforvaltning AB publ increased its holdings in shares of Bentley Systems by 0.7% in the fourth quarter. Lansforsakringar Fondforvaltning AB publ now owns 50,048 shares of the company's stock valued at $1,910,000 after purchasing an additional 326 shares during the period. Global Retirement Partners LLC increased its holdings in shares of Bentley Systems by 63.7% in the fourth quarter. Global Retirement Partners LLC now owns 889 shares of the company's stock valued at $34,000 after purchasing an additional 346 shares during the period. Finally, Blair William & Co. IL increased its holdings in shares of Bentley Systems by 1.9% in the third quarter. Blair William & Co. IL now owns 19,610 shares of the company's stock valued at $1,010,000 after purchasing an additional 365 shares during the period. 44.16% of the stock is owned by hedge funds and other institutional investors.

About Bentley Systems

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.

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