Bentley Systems (BSY) Financials

$32.76 -0.86 (-2.56%)

Closing price 05/8/2026 04:00 PM Eastern

Extended Trading

$32.54 -0.21 (-0.66%)

As of 05/8/2026 07:34 PM Eastern

Annual Income Statements for Bentley Systems

This table shows Bentley Systems' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	142	103	126	93	175	327	235	278
Consolidated Net Income / (Loss)	142	103	127	93	175	327	234	278
Net Income / (Loss) Continuing Operations	142	103	127	93	175	327	234	278
Total Pre-Tax Income	113	128	168	93	198	184	293	351
Total Operating Income	121	142	150	95	209	231	302	363
Total Gross Profit	560	593	634	749	862	962	1,095	1,224
Total Revenue	692	737	802	965	1,099	1,228	1,353	1,502
Operating Revenue	692	737	802	965	1,099	1,228	1,353	1,502
Total Cost of Revenue	131	144	167	217	237	266	258	278
Operating Cost of Revenue	131	144	167	217	237	266	258	278
Total Operating Expenses	439	451	484	654	653	732	793	862
Selling, General & Admin Expense	89	97	139	150	175	181	210	217
Marketing Expense	161	155	144	162	196	224	255	290
Research & Development Expense	175	184	186	221	258	275	281	308
Amortization Expense	14	14	15	26	41	39	34	33
Other Operating Expenses / (Income)	-	0.41	0.18	95	-16	14	12	14
Total Other Income / (Expense), net	-8.53	-14	17	-1.26	-10	-47	-9.10	-12
Interest & Investment Income	-8.77	-8.20	-6.78	-11	-35	-40	-22	-12
Other Income / (Expense), net	0.24	-5.56	24	9.96	24	-7.22	13	0.55
Income Tax Expense	-29	24	39	-3.45	21	-143	59	73
Other Gains / (Losses), net	0.00	-1.28	-2.47	-3.59	-2.21	0.02	0.10	0.04
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.01	0.23	-	0.00	0.00	-0.35	-0.07
Basic Earnings per Share	$0.50	$0.36	$0.44	$0.30	$0.57	$1.05	$0.75	$0.88
Weighted Average Basic Shares Outstanding	285.81M	284.63M	289.86M	305.71M	309.23M	312.36M	314.89M	314.69M
Diluted Earnings per Share	$0.49	$0.35	$0.42	$0.30	$0.55	$1.00	$0.72	$0.85
Weighted Average Diluted Shares Outstanding	292.62M	293.80M	299.37M	314.61M	331.77M	332.50M	333.77M	333.09M
Weighted Average Basic & Diluted Shares Outstanding	-	-	273.22M	283.89M	290.43M	297.33M	303.10M	302.89M
Cash Dividends to Common per Share	$0.08	$0.10	$1.62	$0.12	$0.12	$0.20	$0.24	$0.28

This table shows Bentley Systems' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	49	53	180	70	72	42	50	91	70	57	59
Consolidated Net Income / (Loss)	49	53	180	70	72	42	50	91	71	57	59
Net Income / (Loss) Continuing Operations	49	53	180	70	72	42	50	91	71	57	59
Total Pre-Tax Income	45	70	14	93	77	59	64	112	79	84	76
Total Operating Income	53	74	38	92	80	69	61	115	84	84	79
Total Gross Profit	230	242	243	276	267	270	282	305	295	303	321
Total Revenue	297	307	311	338	330	335	350	371	364	376	392
Operating Revenue	297	307	311	338	330	335	350	371	364	376	392
Total Cost of Revenue	66	65	68	62	63	65	68	66	69	72	71
Operating Cost of Revenue	66	65	68	62	63	65	68	66	69	72	71
Total Operating Expenses	177	168	205	184	187	202	220	190	211	219	242
Selling, General & Admin Expense	39	43	52	46	55	51	58	47	50	54	66
Marketing Expense	54	54	64	54	57	65	79	63	70	72	85
Research & Development Expense	70	65	71	68	66	70	77	72	75	79	81
Amortization Expense	9.50	9.52	8.95	8.96	8.39	8.36	8.28	8.21	8.20	8.15	8.21
Other Operating Expenses / (Income)	3.78	-3.16	8.82	5.80	0.88	6.98	-1.28	-1.25	7.58	6.03	2.04
Total Other Income / (Expense), net	-8.52	-4.09	-24	0.62	-2.82	-9.76	2.86	-3.36	-5.12	-0.79	-2.62
Interest & Investment Income	-9.48	-10	-9.17	-6.52	-5.10	-4.67	-5.76	-3.81	-3.52	-2.73	-2.38
Other Income / (Expense), net	0.97	5.95	-14	7.14	2.28	-5.09	8.62	0.45	-1.60	1.94	-0.24
Income Tax Expense	-3.90	17	-165	22	5.33	17	15	20	8.88	26	17
Other Gains / (Losses), net	0.00	-0.04	0.06	0.01	0.02	-0.01	0.09	0.00	0.06	-0.16	0.14
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	0.00	0.00	0.00	-	-0.03	0.02	-0.08	0.03
Basic Earnings per Share	$0.16	$0.17	$0.57	$0.22	$0.23	$0.13	$0.17	$0.29	$0.22	$0.18	$0.19
Weighted Average Basic Shares Outstanding	311.91M	313.07M	312.36M	314.30M	314.98M	315.21M	314.89M	315.13M	314.62M	314.63M	314.69M
Diluted Earnings per Share	$0.15	$0.16	$0.55	$0.22	$0.22	$0.13	$0.15	$0.28	$0.22	$0.18	$0.17
Weighted Average Diluted Shares Outstanding	332.35M	332.83M	332.50M	333.62M	333.78M	333.79M	333.77M	333.44M	332.82M	333.28M	333.09M
Weighted Average Basic & Diluted Shares Outstanding	294.97M	295.92M	297.33M	300.00M	302.16M	302.25M	303.10M	303.38M	303.63M	303.56M	302.89M

This table details how cash moves in and out of Bentley Systems' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-53	40	0.91	207	-258	-3.27	-4.40	59
Net Cash From Operating Activities	161	171	258	288	274	417	435	538
Net Cash From Continuing Operating Activities	161	171	258	288	274	417	435	538
Net Income / (Loss) Continuing Operations	142	103	127	93	175	327	234	278
Consolidated Net Income / (Loss)	142	103	127	93	175	327	234	278
Depreciation Expense	29	32	36	53	72	72	65	66
Amortization Expense	0.55	0.55	0.99	5.96	7.29	7.29	7.34	7.58
Non-Cash Adjustments To Reconcile Net Income	13	20	7.75	54	84	94	81	79
Changes in Operating Assets and Liabilities, net	-23	15	87	82	-63	-83	47	108
Net Cash From Investing Activities	-155	-54	-117	-1,057	-770	-61	-143	-112
Net Cash From Continuing Investing Activities	-155	-54	-117	-1,057	-770	-61	-143	-112
Purchase of Property, Plant & Equipment	-19	-17	-16	-18	-19	-25	-14	-18
Acquisitions	-135	-34	-93	-1,035	-743	-26	-130	-93
Purchase of Investments	-	-	-	-4.08	-11	-12	-1.44	-0.98
Sale and/or Maturity of Investments	-	-	-	0.00	0.00	2.12	0.00	0.00
Other Investing Activities, net	0.00	-3.00	-7.85	-	0.00	0.00	2.62	0.18
Net Cash From Financing Activities	-59	-77	-137	983	243	-359	-290	-376
Net Cash From Continuing Financing Activities	-59	-77	-137	983	243	-359	-290	-376
Repayment of Debt	-160	-227	-668	-997	-494	-847	-671	-435
Repurchase of Common Equity	-46	-24	-1.37	0.00	-28	0.00	-64	-125
Payment of Dividends	-20	-25	-423	-33	-34	-59	-72	-85
Issuance of Debt	148	191	676	2,178	833	588	518	290
Issuance of Common Equity	19	8.14	363	9.45	19	22	15	12
Other Financing Activities, net	0.01	0.00	-84	-175	-52	-63	-16	-32
Effect of Exchange Rate Changes	-1.19	-0.11	-3.59	-6.67	-4.88	-0.39	-6.58	9.41
Cash Interest Paid	8.86	9.22	8.01	4.63	27	37	17	7.85
Cash Income Taxes Paid	26	28	29	40	29	44	60	61

This table details how cash moves in and out of Bentley Systems' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-11	-16	1.45	73	-90	21	-8.17	20	6.01	76	-42
Net Cash From Operating Activities	81	73	87	205	63	86	82	219	61	116	142
Net Cash From Continuing Operating Activities	81	73	87	205	63	86	82	219	61	116	142
Net Income / (Loss) Continuing Operations	49	53	180	70	72	42	50	91	71	57	59
Consolidated Net Income / (Loss)	49	53	180	70	72	42	50	91	71	57	59
Depreciation Expense	17	17	19	16	16	16	16	16	16	19	16
Amortization Expense	1.82	1.82	1.82	1.82	1.93	1.80	1.78	1.89	1.89	1.89	1.89
Non-Cash Adjustments To Reconcile Net Income	17	22	34	19	24	15	24	18	22	16	24
Changes in Operating Assets and Liabilities, net	-4.10	-21	-148	97	-52	10	-9.80	93	-49	23	41
Net Cash From Investing Activities	-8.99	-21	-9.26	-3.85	-7.10	-125	-7.59	-3.04	-4.09	-6.64	-99
Net Cash From Continuing Investing Activities	-8.99	-21	-9.26	-3.85	-7.10	-125	-7.59	-3.04	-4.09	-6.64	-99
Purchase of Property, Plant & Equipment	-6.97	-7.65	-6.10	-3.60	-3.09	-1.81	-5.55	-3.04	-4.09	-5.70	-5.42
Acquisitions	-	-13	-2.91	-	-5.00	-124	-1.63	-	-	-	-93
Purchase of Investments	-2.02	-3.15	-0.25	-0.25	-0.31	-0.25	-0.63	0.00	-	-0.94	-0.04
Other Investing Activities, net	-	-	-	-	-	1.10	0.22	-	-	-	0.18
Net Cash From Financing Activities	-82	-64	-79	-126	-145	58	-77	-201	-57	-34	-85
Net Cash From Continuing Financing Activities	-82	-64	-79	-126	-145	58	-77	-201	-57	-34	-85
Repayment of Debt	-211	-203	-208	-134	-114	-99	-323	-267	-114	-23	-31
Repurchase of Common Equity	-	-	-	-15	-23	-8.25	-19	-30	-20	-15	-60
Payment of Dividends	-15	-15	-15	-18	-18	-18	-18	-21	-21	-21	-21
Issuance of Debt	171	154	146	40	12	182	284	122	114	23	31
Other Financing Activities, net	-33	-6.50	-2.70	-8.55	-1.53	-4.14	-1.31	-9.75	-15	-3.60	-3.81
Effect of Exchange Rate Changes	-0.72	-3.04	2.71	-1.50	-1.25	1.75	-5.58	4.07	5.72	-0.27	-0.10
Cash Interest Paid	8.91	9.99	8.02	5.26	3.45	3.42	5.07	2.15	1.17	2.52	2.00
Cash Income Taxes Paid	12	11	14	12	12	10	26	8.43	23	4.91	25

This table presents Bentley Systems' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	995	1,126	2,659	3,165	3,320	3,400	3,555
Total Current Assets	354	340	616	416	420	442	539
Cash & Equivalents	121	122	329	72	68	64	123
Accounts Receivable	205	190	235	287	294	314	343
Prepaid Expenses	23	25	34	39	45	51	53
Current Deferred & Refundable Income Taxes	4.54	3.54	17	18	13	13	20
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	641	786	2,043	2,749	2,900	2,958	3,016
Goodwill	480	581	1,588	2,237	2,269	2,367	2,482
Intangible Assets	46	46	246	292	249	214	193
Noncurrent Deferred & Refundable Income Taxes	51	39	71	53	213	198	170
Other Noncurrent Operating Assets	64	120	138	167	169	178	171
Total Liabilities & Shareholders' Equity	995	1,126	2,659	3,165	3,320	3,400	3,555
Total Liabilities	660	784	2,250	2,592	2,436	2,359	2,366
Total Current Liabilities	392	466	594	628	760	814	960
Short-Term Debt	-	0.00	5.00	5.00	10	0.00	0.00
Accounts Payable	18	16	16	15	18	16	27
Accrued Expenses	168	227	324	362	457	170	173
Customer Deposits	-	-	-	-	-	367	463
Current Deferred Revenue	205	202	225	227	254	246	278
Current Deferred & Payable Income Tax Liabilities	2.24	3.37	6.70	4.51	9.49	4.05	4.78
Other Current Liabilities	0.00	17	17	15	12	12	14
Total Noncurrent Liabilities	268	319	1,656	1,963	1,676	1,544	1,405
Long-Term Debt	234	246	1,431	1,776	1,518	1,388	1,249
Noncurrent Deferred Revenue	16	15	16	24	23	20	18
Noncurrent Deferred & Payable Income Tax Liabilities	8.26	11	65	51	9.72	8.61	4.37
Noncurrent Employee Benefit Liabilities	-	2.42	95	77	88	97	107
Other Noncurrent Operating Liabilities	9.26	45	50	35	36	31	27
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	335	342	409	573	884	1,041	1,189
Total Preferred & Common Equity	335	342	409	573	883	1,041	1,189
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	335	342	409	573	883	1,041	1,189
Common Stock	411	744	941	1,033	1,130	1,221	1,304
Retained Earnings	-53	-376	-440	-371	-162	-76	-40
Accumulated Other Comprehensive Income / (Loss)	-24	-26	-92	-90	-85	-104	-75
Noncontrolling Interest	-	-	0.00	0.70	0.70	0.13	0.08

This table presents Bentley Systems' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	3,041	3,188	3,164	3,135	3,354	3,257	3,396	3,403	3,423	3,464
Total Current Assets	326	432	391	374	474	387	404	446	440	527
Cash & Equivalents	73	94	83	67	142	51	72	84	90	165
Accounts Receivable	204	277	244	235	274	274	263	304	291	286
Prepaid Expenses	32	40	44	46	47	43	53	50	50	58
Current Deferred & Refundable Income Taxes	17	21	20	26	11	18	16	8.80	8.79	17
Plant, Property, & Equipment, net	0.00	33	0.00	0.00	39	0.00	0.00	33	0.00	0.00
Total Noncurrent Assets	2,715	2,723	2,772	2,761	2,842	2,870	2,993	2,924	2,984	2,938
Goodwill	2,193	2,248	2,253	2,251	2,261	2,265	2,390	2,380	2,417	2,410
Intangible Assets	301	284	272	260	236	226	226	203	193	181
Noncurrent Deferred & Refundable Income Taxes	53	52	69	62	208	206	208	199	202	176
Other Noncurrent Operating Assets	168	139	179	188	136	174	169	141	172	170
Total Liabilities & Shareholders' Equity	3,041	3,188	3,164	3,135	3,354	3,257	3,396	3,403	3,423	3,464
Total Liabilities	2,521	2,574	2,520	2,443	2,421	2,273	2,362	2,305	2,261	2,269
Total Current Liabilities	569	720	709	681	838	786	782	906	858	860
Short-Term Debt	5.00	6.25	7.50	8.75	10	0.00	0.00	0.00	0.00	0.00
Accounts Payable	17	29	37	26	24	24	31	24	24	18
Accrued Expenses	337	421	399	403	540	500	495	164	154	158
Customer Deposits	-	-	-	-	-	-	-	448	415	428
Current Deferred Revenue	186	235	231	212	242	237	225	244	247	235
Current Deferred & Payable Income Tax Liabilities	8.41	15	21	19	11	14	19	14	6.72	9.94
Other Current Liabilities	15	14	13	11	11	11	12	12	12	12
Total Noncurrent Liabilities	1,952	1,854	1,811	1,762	1,583	1,487	1,580	1,399	1,403	1,409
Long-Term Debt	1,777	1,669	1,629	1,581	1,425	1,335	1,419	1,244	1,246	1,247
Noncurrent Deferred Revenue	24	24	24	23	23	19	19	20	18	18
Noncurrent Deferred & Payable Income Tax Liabilities	44	47	38	44	10	12	12	8.29	8.77	9.35
Noncurrent Employee Benefit Liabilities	71	81	83	80	93	91	98	95	99	105
Other Noncurrent Operating Liabilities	37	34	37	36	32	30	32	32	31	29
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	520	614	644	692	933	985	1,034	1,098	1,162	1,195
Total Preferred & Common Equity	520	613	643	691	932	984	1,033	1,098	1,162	1,195
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	520	613	643	691	932	984	1,033	1,098	1,162	1,195
Common Stock	1,008	1,064	1,088	1,112	1,157	1,180	1,204	1,243	1,263	1,287
Retained Earnings	-386	-361	-357	-325	-133	-103	-88	-48	-31	-14
Accumulated Other Comprehensive Income / (Loss)	-102	-89	-88	-95	-93	-93	-83	-98	-69	-77
Noncontrolling Interest	-	0.70	0.70	0.70	0.70	0.70	0.70	0.11	0.13	0.05

This table displays calculated financial ratios and metrics derived from Bentley Systems' official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	303,557,068.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	303,557,068.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	0.92
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	6.50%	8.81%	20.40%	13.89%	11.77%	10.15%	10.99%
EBITDA Growth	0.00%	11.65%	25.13%	-22.79%	90.90%	-2.97%	27.96%	12.81%
EBIT Growth	0.00%	12.07%	27.95%	-40.05%	122.77%	-4.12%	41.10%	15.26%
NOPAT Growth	0.00%	-24.39%	-0.02%	-15.12%	89.86%	120.43%	-41.14%	18.86%
Net Income Growth	0.00%	-27.45%	22.72%	-26.34%	87.55%	86.97%	-28.26%	18.50%
EPS Growth	0.00%	-28.57%	20.00%	-28.57%	83.33%	81.82%	-28.00%	18.06%
Operating Cash Flow Growth	0.00%	5.76%	51.28%	11.49%	-4.76%	51.90%	4.46%	23.70%
Free Cash Flow Firm Growth	0.00%	0.00%	129.31%	-1,079.37%	39.05%	160.13%	-36.85%	53.03%
Invested Capital Growth	0.00%	0.00%	4.10%	225.58%	50.57%	2.69%	0.91%	-2.12%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	1.97%	2.98%	2.86%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-7.84%	12.76%	1.84%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-10.76%	17.39%	2.32%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	111.44%	-42.13%	4.83%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	88.98%	-35.64%	3.32%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	88.68%	-35.71%	2.41%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	13.03%	-0.59%	-13.95%	13.92%	-1.23%	12.53%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-12.38%	-10.63%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	5.84%	-0.65%	1.66%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	81.01%	80.43%	79.15%	77.56%	78.44%	78.34%	80.95%	81.52%
EBITDA Margin	21.88%	22.94%	26.39%	16.92%	28.36%	24.62%	28.60%	29.07%
Operating Margin	17.55%	19.26%	18.73%	9.80%	18.98%	18.77%	22.33%	24.15%
EBIT Margin	17.58%	18.50%	21.76%	10.83%	21.19%	18.18%	23.29%	24.18%
Profit (Net Income) Margin	20.55%	14.00%	15.78%	9.66%	15.90%	26.60%	17.33%	18.50%
Tax Burden Percent	125.92%	80.48%	75.48%	99.85%	88.15%	178.06%	80.00%	79.20%
Interest Burden Percent	92.79%	93.98%	96.11%	89.27%	85.13%	82.18%	93.00%	96.58%
Effective Tax Rate	-25.92%	18.53%	23.04%	-3.69%	10.73%	-78.05%	20.04%	20.81%
Return on Invested Capital (ROIC)	0.00%	51.68%	25.32%	9.90%	9.81%	17.74%	10.26%	12.27%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	29.52%	34.59%	9.11%	8.99%	12.46%	9.75%	11.51%
Return on Net Nonoperating Assets (RNNOA)	0.00%	9.94%	12.10%	14.92%	25.77%	27.10%	14.09%	12.64%
Return on Equity (ROE)	0.00%	61.62%	37.42%	24.82%	35.57%	44.84%	24.36%	24.91%
Cash Return on Invested Capital (CROIC)	0.00%	-148.32%	21.30%	-96.11%	-30.56%	15.09%	9.36%	14.41%
Operating Return on Assets (OROA)	0.00%	13.70%	16.45%	5.52%	8.00%	6.89%	9.38%	10.44%
Return on Assets (ROA)	0.00%	10.37%	11.93%	4.92%	6.00%	10.08%	6.98%	7.99%
Return on Common Equity (ROCE)	0.00%	61.62%	37.42%	24.82%	35.55%	44.80%	24.34%	24.91%
Return on Equity Simple (ROE_SIMPLE)	0.00%	30.81%	37.04%	22.77%	30.52%	37.00%	22.52%	0.00%
Net Operating Profit after Tax (NOPAT)	153	116	116	98	186	410	242	287
NOPAT Margin	22.10%	15.69%	14.42%	10.16%	16.94%	33.42%	17.86%	19.12%
Net Nonoperating Expense Percent (NNEP)	0.00%	22.16%	-9.27%	0.80%	0.81%	5.28%	0.52%	0.77%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	7.91%	17.02%	9.95%	11.78%
Cost of Revenue to Revenue	18.99%	19.57%	20.85%	22.44%	21.56%	21.66%	19.05%	18.48%
SG&A Expenses to Revenue	12.91%	13.19%	17.39%	15.56%	15.89%	14.71%	15.55%	14.47%
R&D to Revenue	25.30%	24.92%	23.14%	22.89%	23.46%	22.36%	20.79%	20.48%
Operating Expenses to Revenue	63.47%	61.17%	60.41%	67.76%	59.45%	59.57%	58.62%	57.37%
Earnings before Interest and Taxes (EBIT)	122	136	174	105	233	223	315	363
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	151	169	212	163	312	302	387	437
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.71	30.69	33.02	18.44	17.40	13.56	9.74
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.34	0.32	13.08	14.00	9.61	12.51	10.43	7.71
Price to Earnings (P/E)	1.66	2.29	83.02	144.98	60.43	47.02	60.12	41.69
Dividend Yield	0.00%	0.00%	0.08%	0.25%	0.41%	0.39%	0.51%	0.73%
Earnings Yield	60.09%	43.59%	1.20%	0.69%	1.65%	2.13%	1.66%	2.40%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.78	22.78	9.64	5.38	7.18	6.53	5.49
Enterprise Value to Revenue (EV/Rev)	0.00	0.47	13.23	15.15	11.17	13.70	11.41	8.46
Enterprise Value to EBITDA (EV/EBITDA)	0.00	2.07	50.15	89.51	39.37	55.63	39.89	29.11
Enterprise Value to EBIT (EV/EBIT)	0.00	2.56	60.82	139.81	52.69	75.35	49.00	35.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	3.02	91.80	149.03	65.90	40.99	63.90	44.26
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	2.04	41.06	50.75	44.74	40.38	35.47	23.61
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	109.11	0.00	0.00	48.22	70.06	37.69
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.70	0.72	3.51	3.11	1.73	1.33	1.05
Long-Term Debt to Equity	0.00	0.70	0.72	3.50	3.10	1.72	1.33	1.05
Financial Leverage	0.00	0.34	0.35	1.64	2.87	2.17	1.45	1.10
Leverage Ratio	0.00	2.97	3.14	5.04	5.93	4.45	3.49	3.12
Compound Leverage Factor	0.00	2.79	3.01	4.50	5.05	3.66	3.25	3.01
Debt to Total Capital	0.00%	41.13%	41.87%	77.82%	75.64%	63.36%	57.14%	51.22%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.27%	0.21%	0.41%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	41.13%	41.87%	77.55%	75.43%	62.94%	57.14%	51.22%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.03%	0.03%	0.01%	0.00%
Common Equity to Total Capital	0.00%	58.87%	58.13%	22.18%	24.33%	36.61%	42.85%	48.78%
Debt to EBITDA	0.00	1.38	1.16	8.79	5.71	5.05	3.59	2.86
Net Debt to EBITDA	0.00	0.67	0.59	6.78	5.48	4.83	3.42	2.58
Long-Term Debt to EBITDA	0.00	1.38	1.16	8.76	5.70	5.02	3.59	2.86
Debt to NOPAT	0.00	2.02	2.13	14.64	9.56	3.72	5.75	4.35
Net Debt to NOPAT	0.00	0.97	1.07	11.28	9.18	3.56	5.48	3.92
Long-Term Debt to NOPAT	0.00	2.02	2.13	14.59	9.54	3.70	5.75	4.35
Altman Z-Score	0.00	1.29	8.64	3.87	2.79	4.19	4.13	3.54
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.07%	0.10%	0.04%	0.01%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.90	0.73	1.04	0.66	0.55	0.54	0.56
Quick Ratio	0.00	0.83	0.67	0.95	0.57	0.48	0.46	0.49
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-332	97	-952	-580	349	220	337
Operating Cash Flow to CapEx	828.32%	1,026.34%	1,570.74%	1,642.19%	1,696.92%	1,666.65%	3,099.05%	2,949.68%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.74	0.76	0.51	0.38	0.38	0.40	0.43
Accounts Receivable Turnover	0.00	3.60	4.06	4.54	4.21	4.23	4.45	4.57
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	8.16	9.79	13.13	14.97	16.00	14.91	12.78
Days Sales Outstanding (DSO)	0.00	101.33	89.83	80.43	86.73	86.26	82.01	79.86
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	44.74	37.30	27.79	24.38	22.82	24.48	28.56
Cash Conversion Cycle (CCC)	0.00	56.59	52.53	52.64	62.36	63.44	57.53	51.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	447	466	1,516	2,282	2,344	2,365	2,315
Invested Capital Turnover	0.00	3.29	1.76	0.97	0.58	0.53	0.57	0.64
Increase / (Decrease) in Invested Capital	0.00	447	18	1,050	767	62	21	-50
Enterprise Value (EV)	0.00	349	10,608	14,617	12,272	16,827	15,439	12,711
Market Capitalization	237	237	10,484	13,511	10,562	15,366	14,115	11,585
Book Value per Share	$0.00	$1.18	$1.30	$1.45	$1.99	$2.98	$3.44	$3.92
Tangible Book Value per Share	$0.00	($0.67)	($1.09)	($5.05)	($6.78)	($5.52)	($5.10)	($4.89)
Total Capital	0.00	568	588	1,845	2,354	2,412	2,429	2,438
Total Debt	0.00	234	246	1,436	1,781	1,528	1,388	1,249
Total Long-Term Debt	0.00	234	246	1,431	1,776	1,518	1,388	1,249
Net Debt	0.00	113	124	1,107	1,709	1,460	1,324	1,126
Capital Expenditures (CapEx)	19	17	16	18	16	25	14	18
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-160	-247	-302	-279	-399	-436	-544
Debt-free Net Working Capital (DFNWC)	0.00	-39	-125	27	-207	-331	-372	-421
Net Working Capital (NWC)	0.00	-39	-125	22	-212	-341	-372	-421
Net Nonoperating Expense (NNE)	11	12	-11	4.89	11	84	7.17	9.38
Net Nonoperating Obligations (NNO)	0.00	113	124	1,107	1,709	1,460	1,324	1,126
Total Depreciation and Amortization (D&A)	30	33	37	59	79	79	72	73
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-21.71%	-30.85%	-31.33%	-25.40%	-32.50%	-32.24%	-36.25%
Debt-free Net Working Capital to Revenue	0.00%	-5.27%	-15.63%	2.79%	-18.88%	-26.93%	-27.51%	-28.05%
Net Working Capital to Revenue	0.00%	-5.27%	-15.63%	2.28%	-19.33%	-27.74%	-27.51%	-28.05%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.44	$0.30	$0.57	$1.05	$0.75	$0.88
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	289.86M	305.71M	309.23M	312.36M	314.89M	314.69M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.42	$0.30	$0.55	$1.00	$0.72	$0.85
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	299.37M	314.61M	331.77M	332.50M	333.77M	333.09M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	273.22M	283.89M	290.43M	297.33M	303.10M	302.89M
Normalized Net Operating Profit after Tax (NOPAT)	85	116	116	66	186	161	242	287
Normalized NOPAT Margin	12.28%	15.69%	14.42%	6.86%	16.94%	13.14%	17.86%	19.12%
Pre Tax Income Margin	16.32%	17.39%	20.91%	9.67%	18.04%	14.94%	21.66%	23.35%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	14.11%	24.24%	334.05%	35.84%	19.74%	17.98%	30.76%	30.58%
Augmented Payout Ratio	46.80%	47.68%	335.14%	35.84%	35.90%	17.98%	58.21%	75.60%

This table displays calculated financial ratios and metrics derived from Bentley Systems' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	303,557,068.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	303,557,068.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.19
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.61%	14.27%	8.26%	7.43%	11.32%	9.32%	12.61%	9.70%	10.22%	12.05%	11.94%
EBITDA Growth	-7.88%	29.82%	-36.78%	36.44%	36.85%	-17.75%	98.97%	13.55%	0.11%	31.57%	8.96%
EBIT Growth	-8.38%	41.00%	-53.56%	49.93%	51.94%	-20.20%	200.00%	16.72%	0.46%	36.02%	11.76%
NOPAT Growth	-4.64%	27.12%	1,661.47%	28.30%	28.83%	-12.14%	-90.08%	34.72%	0.44%	17.47%	27.65%
Net Income Growth	-12.55%	43.33%	598.18%	54.56%	47.98%	-20.16%	-72.30%	29.91%	-2.15%	35.31%	17.95%
EPS Growth	-11.76%	33.33%	587.50%	57.14%	46.67%	-18.75%	-72.73%	27.27%	0.00%	38.46%	13.33%
Operating Cash Flow Growth	20.29%	4.83%	140.97%	16.31%	-22.35%	18.24%	-6.23%	7.05%	-2.40%	35.16%	73.45%
Free Cash Flow Firm Growth	116.70%	110.70%	0.00%	-38.37%	-94.84%	-265.57%	-93.71%	59.27%	404.79%	238.36%	322.06%
Invested Capital Growth	-1.61%	-0.64%	2.69%	1.40%	3.18%	7.50%	0.91%	1.43%	2.23%	-4.34%	-2.12%
Revenue Q/Q Growth	-5.62%	3.32%	1.31%	8.73%	-2.20%	1.46%	4.37%	5.92%	-1.74%	3.14%	4.27%
EBITDA Q/Q Growth	-14.68%	34.90%	-55.29%	165.09%	-14.42%	-18.92%	8.17%	51.28%	-24.55%	6.56%	-10.41%
EBIT Q/Q Growth	-17.86%	46.73%	-70.69%	324.38%	-16.77%	-22.94%	10.21%	65.12%	-28.36%	4.35%	-9.45%
NOPAT Q/Q Growth	6.46%	-3.02%	751.38%	-85.40%	6.90%	-33.87%	-3.92%	98.33%	-20.30%	-22.66%	4.41%
Net Income Q/Q Growth	7.02%	8.92%	238.67%	-60.85%	2.47%	-41.23%	17.48%	83.63%	-22.81%	-18.74%	2.41%
EPS Q/Q Growth	7.14%	6.67%	243.75%	-60.00%	0.00%	-40.91%	15.38%	86.67%	-21.43%	-18.18%	-5.56%
Operating Cash Flow Q/Q Growth	-54.26%	-9.64%	19.54%	135.45%	-69.47%	37.58%	-5.19%	168.79%	-72.16%	90.51%	21.66%
Free Cash Flow Firm Q/Q Growth	48.40%	-25.05%	491.81%	-90.64%	-87.59%	-2,506.98%	122.47%	137.20%	-60.66%	559.76%	-31.45%
Invested Capital Q/Q Growth	0.11%	0.76%	5.84%	-5.01%	1.86%	4.98%	-0.65%	-4.52%	2.66%	-1.77%	1.66%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	77.62%	78.91%	78.18%	81.69%	80.87%	80.66%	80.59%	82.28%	81.11%	80.78%	81.89%
EBITDA Margin	24.71%	32.27%	14.24%	34.72%	30.38%	24.28%	25.16%	35.94%	27.60%	28.51%	24.49%
Operating Margin	17.96%	24.03%	12.16%	27.22%	24.27%	20.48%	17.56%	31.09%	23.19%	22.50%	20.05%
EBIT Margin	18.29%	25.97%	7.51%	29.33%	24.96%	18.96%	20.02%	31.21%	22.75%	23.02%	19.99%
Profit (Net Income) Margin	16.41%	17.29%	57.81%	20.82%	21.81%	12.63%	14.22%	24.65%	19.36%	15.25%	14.98%
Tax Burden Percent	108.71%	76.20%	1,267.00%	75.97%	93.13%	71.91%	77.38%	81.68%	88.89%	68.44%	77.31%
Interest Burden Percent	82.52%	87.38%	60.72%	93.42%	93.82%	92.65%	91.78%	96.71%	95.75%	96.85%	96.96%
Effective Tax Rate	-8.71%	23.73%	-1,166.56%	24.04%	6.89%	28.06%	22.76%	18.32%	11.19%	31.37%	22.87%
Return on Invested Capital (ROIC)	10.28%	9.94%	81.79%	11.70%	13.01%	8.42%	7.79%	15.69%	12.75%	9.68%	9.92%
ROIC Less NNEP Spread (ROIC-NNEP)	9.72%	9.74%	62.93%	11.74%	12.83%	7.93%	7.96%	15.47%	12.38%	9.62%	9.77%
Return on Net Nonoperating Assets (RNNOA)	28.03%	25.96%	136.82%	21.82%	22.35%	13.19%	11.51%	18.70%	14.07%	10.48%	10.73%
Return on Equity (ROE)	38.31%	35.90%	218.61%	33.52%	35.36%	21.61%	19.30%	34.39%	26.82%	20.16%	20.65%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	15.09%	17.07%	15.64%	10.95%	9.36%	10.44%	9.40%	16.20%	14.41%
Operating Return on Assets (OROA)	6.81%	10.13%	2.85%	11.22%	9.99%	7.63%	8.06%	12.80%	9.67%	9.80%	8.63%
Return on Assets (ROA)	6.11%	6.75%	21.90%	7.97%	8.73%	5.08%	5.73%	10.11%	8.23%	6.49%	6.47%
Return on Common Equity (ROCE)	38.29%	35.88%	218.40%	33.49%	35.33%	21.59%	19.29%	34.38%	26.81%	20.16%	20.65%
Return on Equity Simple (ROE_SIMPLE)	24.40%	25.01%	0.00%	37.73%	38.11%	35.25%	0.00%	23.27%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	58	56	478	70	75	49	47	94	75	58	61
NOPAT Margin	19.53%	18.33%	154.01%	20.67%	22.60%	14.73%	13.56%	25.39%	20.59%	15.44%	15.46%
Net Nonoperating Expense Percent (NNEP)	0.56%	0.20%	18.86%	-0.03%	0.18%	0.49%	-0.17%	0.22%	0.37%	0.06%	0.15%
Return On Investment Capital (ROIC_SIMPLE)	-	-	19.83%	-	-	-	1.95%	4.02%	3.11%	2.37%	2.48%
Cost of Revenue to Revenue	22.38%	21.09%	21.82%	18.31%	19.13%	19.34%	19.41%	17.72%	18.89%	19.22%	18.11%
SG&A Expenses to Revenue	13.23%	13.92%	16.74%	13.76%	16.61%	15.32%	16.49%	12.75%	13.69%	14.33%	16.96%
R&D to Revenue	23.63%	21.35%	22.93%	20.24%	19.89%	20.91%	22.04%	19.55%	20.70%	20.97%	20.68%
Operating Expenses to Revenue	59.65%	54.88%	66.02%	54.48%	56.60%	60.18%	63.03%	51.20%	57.92%	58.28%	61.84%
Earnings before Interest and Taxes (EBIT)	54	80	23	99	82	64	70	116	83	86	78
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	73	99	44	117	100	81	88	133	100	107	96
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	24.63	21.30	17.40	16.56	15.05	14.86	13.56	10.86	14.09	13.08	9.74
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	13.58	12.22	12.51	12.33	11.52	11.68	10.43	8.60	11.53	10.71	7.71
Price to Earnings (P/E)	100.95	85.17	47.02	43.90	39.49	42.15	60.12	46.61	64.39	58.04	41.69
Dividend Yield	0.30%	0.42%	0.39%	0.40%	0.45%	0.45%	0.51%	0.64%	0.48%	0.52%	0.73%
Earnings Yield	0.99%	1.17%	2.13%	2.28%	2.53%	2.37%	1.66%	2.15%	1.55%	1.72%	2.40%
Enterprise Value to Invested Capital (EV/IC)	7.91	7.34	7.18	7.51	7.10	7.01	6.53	5.79	7.56	7.34	5.49
Enterprise Value to Revenue (EV/Rev)	14.91	13.49	13.70	13.36	12.52	12.71	11.41	9.44	12.35	11.45	8.46
Enterprise Value to EBITDA (EV/EBITDA)	56.94	49.51	55.63	50.12	44.60	48.65	39.89	32.47	43.49	38.98	29.11
Enterprise Value to EBIT (EV/EBIT)	76.60	64.94	75.35	65.27	56.56	62.22	49.00	39.45	52.79	47.09	35.00
Enterprise Value to NOPAT (EV/NOPAT)	95.23	83.71	40.99	40.98	38.40	40.00	63.90	49.18	65.86	61.01	44.26
Enterprise Value to Operating Cash Flow (EV/OCF)	47.99	44.43	40.38	37.56	37.65	37.89	35.47	29.09	39.11	34.93	23.61
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	48.22	44.33	46.07	66.40	70.06	55.88	81.28	44.29	37.69
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.54	2.30	1.73	1.54	1.36	1.37	1.33	1.13	1.07	1.04	1.05
Long-Term Debt to Equity	2.53	2.28	1.72	1.53	1.36	1.37	1.33	1.13	1.07	1.04	1.05
Financial Leverage	2.89	2.67	2.17	1.86	1.74	1.66	1.45	1.21	1.14	1.09	1.10
Leverage Ratio	5.49	5.09	4.45	4.23	3.94	3.78	3.49	3.33	3.11	3.08	3.12
Compound Leverage Factor	4.53	4.45	2.70	3.95	3.70	3.51	3.20	3.22	2.98	2.98	3.02
Debt to Total Capital	71.77%	69.66%	63.36%	60.62%	57.55%	57.85%	57.14%	53.13%	51.74%	51.07%	51.22%
Short-Term Debt to Total Capital	0.33%	0.38%	0.41%	0.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	71.44%	69.28%	62.94%	60.19%	57.55%	57.85%	57.14%	53.13%	51.74%	51.07%	51.22%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.01%	0.00%	0.01%	0.00%	0.00%
Common Equity to Total Capital	28.20%	30.31%	36.61%	39.35%	42.42%	42.13%	42.85%	46.87%	48.26%	48.93%	48.78%
Debt to EBITDA	5.36	4.84	5.05	4.30	3.70	4.13	3.59	3.09	3.09	2.91	2.86
Net Debt to EBITDA	5.09	4.64	4.83	3.88	3.56	3.92	3.42	2.88	2.87	2.52	2.58
Long-Term Debt to EBITDA	5.33	4.82	5.02	4.27	3.70	4.13	3.59	3.09	3.09	2.91	2.86
Debt to NOPAT	8.96	8.19	3.72	3.52	3.18	3.40	5.75	4.68	4.68	4.55	4.35
Net Debt to NOPAT	8.51	7.84	3.56	3.17	3.06	3.23	5.48	4.36	4.34	3.95	3.92
Long-Term Debt to NOPAT	8.92	8.14	3.70	3.49	3.18	3.40	5.75	4.68	4.68	4.55	4.35
Altman Z-Score	3.92	3.82	3.99	4.11	4.20	4.18	3.89	3.44	4.68	4.52	3.28
Noncontrolling Interest Sharing Ratio	0.06%	0.06%	0.10%	0.09%	0.09%	0.08%	0.04%	0.04%	0.04%	0.03%	0.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.55	0.55	0.55	0.57	0.49	0.52	0.54	0.49	0.51	0.61	0.56
Quick Ratio	0.46	0.44	0.48	0.50	0.41	0.43	0.46	0.43	0.44	0.52	0.49
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	94	70	417	39	4.85	-117	26	62	24	161	111
Operating Cash Flow to CapEx	1,156.49%	951.57%	1,428.03%	5,695.17%	2,025.44%	4,757.18%	1,471.64%	7,208.11%	1,493.16%	2,041.33%	2,612.81%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.37	0.39	0.38	0.38	0.40	0.40	0.40	0.41	0.43	0.43	0.43
Accounts Receivable Turnover	5.14	5.49	4.23	4.54	4.96	5.28	4.45	4.80	5.03	5.32	4.57
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	34.97	0.00	0.00	0.00	38.57	0.00	0.00	0.00
Accounts Payable Turnover	9.48	12.05	16.00	9.96	8.40	9.06	14.91	10.88	11.04	11.36	12.78
Days Sales Outstanding (DSO)	71.02	66.48	86.26	80.42	73.55	69.17	82.01	76.12	72.62	68.63	79.86
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	38.50	30.28	22.82	36.64	43.46	40.31	24.48	33.53	33.05	32.14	28.56
Cash Conversion Cycle (CCC)	32.53	36.19	63.44	43.78	30.09	28.87	57.53	42.59	39.57	36.48	51.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,198	2,215	2,344	2,226	2,268	2,381	2,365	2,258	2,318	2,277	2,315
Invested Capital Turnover	0.53	0.54	0.53	0.57	0.58	0.57	0.57	0.62	0.62	0.63	0.64
Increase / (Decrease) in Invested Capital	-36	-14	62	31	70	166	21	32	51	-103	-50
Enterprise Value (EV)	17,394	16,251	16,827	16,729	16,092	16,700	15,439	13,085	17,530	16,713	12,711
Market Capitalization	15,839	14,727	15,366	15,434	14,808	15,353	14,115	11,924	16,373	15,631	11,585
Book Value per Share	$2.19	$2.34	$2.98	$2.97	$3.28	$3.42	$3.44	$3.62	$3.83	$3.94	$3.92
Tangible Book Value per Share	($6.41)	($6.17)	($5.52)	($4.98)	($5.02)	($5.24)	($5.10)	($4.90)	($4.77)	($4.60)	($4.89)
Total Capital	2,281	2,282	2,412	2,368	2,319	2,453	2,429	2,342	2,408	2,443	2,438
Total Debt	1,637	1,590	1,528	1,435	1,335	1,419	1,388	1,244	1,246	1,247	1,249
Total Long-Term Debt	1,629	1,581	1,518	1,425	1,335	1,419	1,388	1,244	1,246	1,247	1,249
Net Debt	1,554	1,523	1,460	1,294	1,283	1,347	1,324	1,161	1,156	1,082	1,126
Capital Expenditures (CapEx)	6.97	7.65	6.10	3.60	3.09	1.81	5.55	3.04	4.09	5.70	5.42
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-393	-365	-399	-496	-450	-451	-436	-544	-508	-499	-544
Debt-free Net Working Capital (DFNWC)	-310	-298	-331	-354	-399	-378	-372	-460	-419	-334	-421
Net Working Capital (NWC)	-318	-306	-341	-364	-399	-378	-372	-460	-419	-334	-421
Net Nonoperating Expense (NNE)	9.26	3.17	299	-0.48	2.61	7.03	-2.30	2.74	4.48	0.70	1.89
Net Nonoperating Obligations (NNO)	1,554	1,523	1,460	1,294	1,283	1,347	1,324	1,161	1,156	1,082	1,126
Total Depreciation and Amortization (D&A)	19	19	21	18	18	18	18	18	18	21	18
Debt-free, Cash-free Net Working Capital to Revenue	-33.69%	-30.27%	-32.50%	-39.60%	-35.04%	-34.29%	-32.24%	-39.22%	-35.82%	-34.18%	-36.25%
Debt-free Net Working Capital to Revenue	-26.60%	-24.71%	-26.93%	-28.29%	-31.05%	-28.80%	-27.51%	-33.19%	-29.50%	-22.85%	-28.05%
Net Working Capital to Revenue	-27.24%	-25.44%	-27.74%	-29.09%	-31.05%	-28.80%	-27.51%	-33.19%	-29.50%	-22.85%	-28.05%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.16	$0.17	$0.57	$0.22	$0.23	$0.13	$0.17	$0.29	$0.22	$0.18	$0.19
Adjusted Weighted Average Basic Shares Outstanding	311.91M	313.07M	312.36M	314.30M	314.98M	315.21M	314.89M	315.13M	314.62M	314.63M	314.69M
Adjusted Diluted Earnings per Share	$0.15	$0.16	$0.55	$0.22	$0.22	$0.13	$0.15	$0.28	$0.22	$0.18	$0.17
Adjusted Weighted Average Diluted Shares Outstanding	332.35M	332.83M	332.50M	333.62M	333.78M	333.79M	333.77M	333.44M	332.82M	333.28M	333.09M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	294.97M	295.92M	297.33M	300.00M	302.16M	302.25M	303.10M	303.38M	303.63M	303.56M	302.89M
Normalized Net Operating Profit after Tax (NOPAT)	37	56	26	70	75	49	47	94	75	58	61
Normalized NOPAT Margin	12.57%	18.33%	8.51%	20.67%	22.60%	14.73%	13.56%	25.39%	20.59%	15.44%	15.46%
Pre Tax Income Margin	15.09%	22.69%	4.56%	27.40%	23.42%	17.57%	18.37%	30.18%	21.78%	22.29%	19.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	29.67%	30.45%	17.98%	17.66%	17.44%	18.87%	30.76%	29.53%	31.02%	30.46%	30.58%
Augmented Payout Ratio	39.24%	30.45%	17.98%	21.93%	27.44%	31.44%	58.21%	60.60%	61.29%	61.56%	75.60%

Financials Breakdown Chart

Key Financial Trends

Bentley Systems (BSY) has shown consistent top-line growth in 2025 across all four quarters, coupled with solid cash flow generation. The company continues to invest heavily in acquisitions, R&D, and capital expenditures, which supports future growth but adds to near-term expense pressure. Below are the key takeaways for retail investors drawn from the last four years of quarterly statements.

Revenue growth: 2025 quarterly Operating Revenue rose through the year versus 2024 peers (Q4 2025: 391.58M vs Q4 2024: 349.82M; Q3 2025: 375.55M vs Q3 2024: 335.17M; Q2 2025: 364.11M vs Q2 2024: 330.34M; Q1 2025: 370.54M vs Q1 2024: 337.76M).
Gross margin strength: 2025 Q4 gross margin is about 81.9% (gross profit 320.68M on 391.58M revenue), up from roughly 80.6% in 2024 Q4 (281.91M on 349.82M).
Operating cash flow remains robust: Net cash from continuing operating activities was about 141.59M in Q4 2025, 116.38M in Q3 2025, and 219.42M in Q1 2025, indicating durable cash generation across the year.
Free cash flow generation: In Q4 2025, roughly 136.2M of free cash flow (CFO around 141.6M less capex of about 5.4M) was available after investing in the business.
Balance sheet liquidity and capitalization: Total assets run around 3.4B in mid-2025, with long-term debt near 1.25B and total equity around 1.2B, suggesting a leveraged but manageable capital structure.
Asset mix signals growth via acquisitions: Goodwill (~2.41B) and intangible assets (~181M) were substantial in 2025, reflecting past acquisitions and potential for synergies, though impairment risk exists.
Working capital signals: Large current liabilities include customer deposits and current deferred revenue, indicating deferral of revenue and sizable short-term obligations; typical for a software-enabled engineering firm but warrants watching for cash flow timing.
Operating expense load persists: 2025 Q4 total operating expenses run around 242.17M (SG&A ~66.43M, marketing ~84.50M, RD ~80.99M, amortization ~8.21M, other operating expenses ~2.04M), which pressures margins despite healthy revenue.
Investing and financing cash outflows: 2025 quarters show meaningful investing and financing outflows (acquisitions, capex, debt issuance/repayment), contributing to cash balance volatility; Q4 2025 net cash change was negative (~-42.1M).
Debt and impairment risk: Long-term debt remains elevated (~1.25B in mid-2025) with a large goodwill/intangible asset base, creating potential impairment risk if market conditions deteriorate or if acquisition-driven synergies do not materialize as expected.

05/09/26 09:15 PM ETAI Generated. May Contain Errors.

Bentley Systems Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Bentley Systems' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Bentley Systems' net income appears to be on an upward trend, with a most recent value of $277.79 million in 2025, rising from $142.11 million in 2018. The previous period was $234.43 million in 2024. Find out what analysts predict for Bentley Systems in the coming months.

Bentley Systems' total operating income in 2025 was $362.62 million, based on the following breakdown:

Total Gross Profit: $1.22 billion
Total Operating Expenses: $861.63 million

Over the last 7 years, Bentley Systems' total revenue changed from $691.71 million in 2018 to $1.50 billion in 2025, a change of 117.1%.

Bentley Systems' total liabilities were at $2.37 billion at the end of 2025, a 0.3% increase from 2024, and a 258.4% increase since 2019.

In the past 6 years, Bentley Systems' cash and equivalents has ranged from $64.01 million in 2024 to $329.34 million in 2021, and is currently $123.28 million as of their latest financial filing in 2025.

Over the last 7 years, Bentley Systems' book value per share changed from 0.00 in 2018 to 3.92 in 2025, a change of 391.8%.

Related Companies

Financial statements for NASDAQ:BSY last updated on 3/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Bentley Systems (BSY) Financials

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Bentley Systems (BSY) Financials

Annual Income Statements for Bentley Systems

Quarterly Income Statements for Bentley Systems

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Quarterly Cash Flow Statements for Bentley Systems

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Quarterly Balance Sheets for Bentley Systems

Annual Metrics And Ratios for Bentley Systems

Quarterly Metrics And Ratios for Bentley Systems

Financials Breakdown Chart

Key Financial Trends

Bentley Systems Financials - Frequently Asked Questions

When does Bentley Systems' financial year end?

How has Bentley Systems' net income changed over the last 7 years?

What is Bentley Systems' operating income?

How has Bentley Systems' revenue changed over the last 7 years?

How much debt does Bentley Systems have?

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How has Bentley Systems' book value per share changed over the last 7 years?

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