Jun 2026 (Q2 FY26) — Aug 6, 2026
Bentley Systems Q2 FY26 — Strong ARR Growth and AI Monetization Strategy
Read the full callBentley Systems (BSY) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Bentley Systems earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 411 | +12.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 21.6 | −1.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 78.6 | +11.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
12 of 14 judged targets kept · 22 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Free Cash Flow generation in 1H | 45% to 50% of full year | Dec 2025 | first half free cash flows represented approximately 47% and of our full year outlook, in line with the 45% to 50% range we guided for the first half. | Achieved |
| Perpetual License Revenue | relatively flat | Dec 2025 | Perpetual license revenues for the quarter were approximately $10 million, down roughly $0.5 million year-over-year and approximately $19 million for the first half, down about $2 million. | At Risk |
| Adjusted operating income less operating stock-based compensation expense | $495 million to $510 million | Dec 2025 | AOI less operating SBC was $116 million for the quarter, with a margin of 28.3% and $257 million for the first half with a margin of 30.8%. | On Track |
2 of BENTLEY SYSTEMS INC's 36 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 33 more targets are in the full ledger.
Claimed
- Year-over-year ARR growth accelerated to 12% in constant currency.
- Net revenue retention rate remained high at 109%, consistent with previous quarters.
- Last 12 months recurring revenues increased 13.5% to $1.486 billion.
- Free cash flow for the last 12 months reached $498 million, up 15%.
- Repurchased 3.1 million shares during Q2, leveraging an accretive stock price.
Qualified
- First half free cash flow was impacted by tougher year-over-year comparison due to strong collections in late 2025 and weighted operating investments in H1.
- Perpetual license revenues were down $0.5 million year-over-year to $10 million.
- FX headwinds are expected to negatively impact H2 revenues by an incremental $8 million to $10 million.
- Deployment of Germany's EUR 500 billion infrastructure fund has been slow, delaying impact on new projects.
- China, representing 2% of ARR, continues to face economic and geopolitical headwinds.
Price
$36.73 +3.85% · +$1.36
Performance −28.4% 1Y
1Y: $51.3 on 17 Oct 2025 → $36.73. High $52.25 (21 Oct 2025), low $28.42 (23 Jun 2026).
- Previous close
- $35.37
- 52-week range
- $28.42 – $52.25
- One year
- −28.89%
Overview
- Symbol
- BSY
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
12 of 14 judged targets kept · 22 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Free Cash Flow generation in 1H | 45% to 50% of full year | Dec 2025 | first half free cash flows represented approximately 47% and of our full year outlook, in line with the 45% to 50% range we guided for the first half. | Achieved |
| Perpetual License Revenue | relatively flat | Dec 2025 | Perpetual license revenues for the quarter were approximately $10 million, down roughly $0.5 million year-over-year and approximately $19 million for the first half, down about $2 million. | At Risk |
| Adjusted operating income less operating stock-based compensation expense | $495 million to $510 million | Dec 2025 | AOI less operating SBC was $116 million for the quarter, with a margin of 28.3% and $257 million for the first half with a margin of 30.8%. | On Track |
Claimed
- Year-over-year ARR growth accelerated to 12% in constant currency.
- Net revenue retention rate remained high at 109%, consistent with previous quarters.
- Last 12 months recurring revenues increased 13.5% to $1.486 billion.
- Free cash flow for the last 12 months reached $498 million, up 15%.
- Repurchased 3.1 million shares during Q2, leveraging an accretive stock price.
Qualified
- First half free cash flow was impacted by tougher year-over-year comparison due to strong collections in late 2025 and weighted operating investments in H1.
- Perpetual license revenues were down $0.5 million year-over-year to $10 million.
- FX headwinds are expected to negatively impact H2 revenues by an incremental $8 million to $10 million.
- Deployment of Germany's EUR 500 billion infrastructure fund has been slow, delaying impact on new projects.
- China, representing 2% of ARR, continues to face economic and geopolitical headwinds.
The full ledger
Open BENTLEY SYSTEMS INC’s full ledger
A free account opens 5 company ledgers a month. All 36 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
Bentley Systems Q1 FY26 — Strong Start Driven by AI Initiatives and Resources Sector Growth
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
Bentley Systems Q4 FY25 — Strong Financials and AI Opportunity
Read the full callEvery analysed call
Bentley Systems earnings calls (BSY)
Financials
What the filings say
Net profit, year on year: +11% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 335 | 350 | 371 | 364 | 376 | 392 | 424 | 411 |
| Operating profit | 69 | 61 | 115 | 84 | 84 | 79 | 126 | 89 |
| Operating margin | 20.5% | 17.6% | 31.1% | 23.2% | 22.5% | 20.1% | 29.8% | 21.6% |
| Profit before tax | 59 | 64 | 112 | 79 | 84 | 76 | 119 | 95 |
| Tax rate | 28.1% | 22.8% | 18.3% | 11.2% | 31.4% | 22.9% | 19.5% | 17.5% |
| Net profit | 42 | 50 | 91 | 70 | 57 | 59 | 95 | 79 |
| EPS ($ per share) | 0.13 | — | 0.29 | 0.22 | 0.18 | — | 0.31 | 0.25 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | — | 3 | 3 | 3 | 3 | — | — | — |
| Reserves | — | -53 | -376 | -440 | -371 | -162 | -76 | -40 |
| Total liabilities | — | 660 | 784 | 2,250 | 2,592 | 2,436 | 2,359 | 2,366 |
| Fixed assets | — | 30 | 28 | 32 | 32 | 40 | 34 | 36 |
| Total assets | — | 995 | 1,126 | 2,659 | 3,165 | 3,320 | 3,400 | 3,555 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 161 | 171 | 258 | 288 | 274 | 417 | 435 | 538 |
| Cash from investing | -155 | -54 | -117 | -1,057 | -770 | -61 | -143 | -112 |
| Cash from financing | -59 | -77 | -137 | 983 | 243 | -359 | -290 | -376 |
| Net cash flow | -53 | 40 | 1 | 207 | -258 | -3 | -4 | 59 |
| Capital expenditure | -19 | -17 | -16 | -18 | -19 | -25 | -14 | -18 |
| Free cash flow | 143 | 154 | 242 | 270 | 256 | 392 | 421 | 520 |
BSY revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Subscription and Circulation | 90% | 90% | 92% | 92% | 92% | 91% | 93% | 92% | +13.6% |
| License | 50% | 50% | 54% | 51% | 51% | 51% | 54% | 52% | +16.9% |
| Term Licenses | 46% | 46% | 51% | 48% | 48% | 48% | 52% | 50% | +18.2% |
| Enterprise License Subscriptions | 40% | 40% | 41% | 42% | 42% | 42% | 41% | 41% | +11.6% |
| Enterprise License Subscriptions E 365 Subscriptions | 40% | 39% | 40% | 41% | 42% | 41% | 40% | 41% | +12.4% |
| Term License Subscriptions | 31% | 31% | 35% | 31% | 32% | 31% | 36% | 35% | +25.0% |
| SELECT Subscriptions | 19% | 19% | 17% | 18% | 18% | 18% | 16% | 16% | -1.5% |
| Service | 6% | 6% | 5% | 6% | 5% | 5% | 5% | 5% | +9.4% |
| Professional Services Other | 5% | 5% | 4% | 4% | 4% | 4% | 5% | 5% | +15.9% |
| Perpetual Licenses | 3% | 4% | 3% | 3% | 3% | 4% | 2% | 2% | -4.8% |
| Professional Services Recurring | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | -13.7% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
BSY operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Net revenue retention rate | 109%Net revenue retention was stable at 109%.Source: earnings call transcript | 109%Our net revenue retention rate remained strong at 109%, consistent with previous quarters and highlighting the stability and growth within our existing accounts.Source: earnings call transcript | 109%Our last 12 months constant currency account retention rate remained consistent at 99%, and our constant currency net revenue retention rate remained at 109%, consistent with recent quarters.Source: earnings call transcript | 0 pt |
| Annual recurring revenue (ARR) | $1.462BWe ended Q4 with ARR of $1.462 billion at quarter end spot rates.Source: earnings call transcript | $1.495BWe ended the first quarter with ARR of $1.495 billion at quarter end spot rates.Source: earnings call transcript | $1.536BWe ended the second quarter with ARR of $1.536 billion at quarter end spot rates.Source: earnings call transcript | +2.7% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- United States Canada and Latin America 53% ↑ 1 pt
- US 41% ↓ 1 pt
- EMEA 30% ↑ 1 pt
- Asia Pacific 17% ↓ 2 pt
As BSY cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
124 filings between Oct 22, 2025 and Sep 29, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$28.1K
2 sales by 2 insiders
50% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 71
- Award — granted as compensation
- 43
- Tax withheld — shares kept back by the company to cover tax
Also filed: 8 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Trimback Thomas F | — | $24.1K | Nov 17, 2025 |
| BENTLEY GREGORY S | — | $4.0K | Mar 10, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 29, 2026 | Shaman David R. Chief Legal Officer | Award | 469 | $0 |
| Sep 29, 2026 | Rahden Andrew Chief Revenue Officer | Award | 174 | $0 |
| Sep 29, 2026 | Moutte Julien Chief Technology Officer | Award | 106 | $0 |
| Sep 29, 2026 | Bentley Keith A. Director | Award | 1,033 | $0 |
| Sep 29, 2026 | Trimback Thomas F Chief Accounting Officer | Award | 23 | $0 |
| Sep 29, 2026 | BENTLEY GREGORY S Executive Chair & President | Award | 3,691 | $0 |
| Sep 29, 2026 | Bentley Raymond B. Director | Award | 2,044 | $0 |
| Sep 29, 2026 | Andre Werner Chief Financial Officer | Award | 199 | $0 |
| Sep 29, 2026 | Bentley Barry J. Director | Award | 3 | $0 |
| Sep 29, 2026 | Lee James K Chief Operating Officer | Award | 402 | $0 |
| Sep 29, 2026 | Cumins Nicholas Chief Executive Officer | Award | 737 | $0 |
| Sep 29, 2026 | Griswold Kirk B. Director | Award | 85 | $0 |
| Aug 31, 2026 | Shaman David R. Chief Legal Officer | Tax withheld | 6,665 | $244.9K |
| Aug 27, 2026 | BENTLEY GREGORY S Executive Chair & President | Gift | 13,192 | $0 |
| Aug 12, 2026 | BENTLEY GREGORY S Executive Chair & President | Gift | 703 | $0 |
| Aug 12, 2026 | BENTLEY GREGORY S Executive Chair & President | Gift | 281 | $0 |
| Aug 2, 2026 | Shaman David R. Chief Legal Officer | Tax withheld | 1,040 | $37.1K |
| Jul 23, 2026 | BENTLEY GREGORY S Executive Chair & President | Award | 61,037 | $1.84M |
| Jul 23, 2026 | BENTLEY GREGORY S Executive Chair & President | Tax withheld | 26,698 | $804.1K |
| Jul 8, 2026 | Shaman David R. Chief Legal Officer | Tax withheld | 704 | $22.3K |
| Jun 11, 2026 | Moutte Julien Chief Technology Officer | Award | 201 | $0 |
| Jun 11, 2026 | Lee James K Chief Operating Officer | Award | 466 | $0 |
| Jun 11, 2026 | Griswold Kirk B. Director | Award | 86 | $0 |
| Jun 11, 2026 | Bentley Keith A. Director | Award | 1,050 | $0 |
| Jun 11, 2026 | Ballard Brock Chief Revenue Officer | Award | 202 | $0 |
| Jun 11, 2026 | Bentley Barry J. Director | Award | 3 | $0 |
| Jun 11, 2026 | Andre Werner Chief Financial Officer | Award | 301 | $0 |
| Jun 11, 2026 | Trimback Thomas F Chief Accounting Officer | Award | 42 | $0 |
| Jun 11, 2026 | BENTLEY GREGORY S Executive Chair & President | Award | 3,749 | $0 |
| Jun 11, 2026 | Bentley Raymond B. Director | Award | 2,076 | $0 |
| Jun 11, 2026 | Cumins Nicholas Chief Executive Officer | Award | 878 | $0 |
| Jun 11, 2026 | Shaman David R. Chief Legal Officer | Award | 620 | $0 |
| May 21, 2026 | Griswold Kirk B. Director | Award | 6,749 | $0 |
| May 21, 2026 | HAUGEN JANET BRUTSCHEA Director | Award | 6,749 | $0 |
| May 21, 2026 | Hughes Brian F. Director | Award | 6,749 | $0 |
| May 3, 2026 | Shaman David R. Chief Legal Officer | Tax withheld | 5,287 | $177.5K |
| Apr 23, 2026 | BENTLEY GREGORY S Executive Chair & President | Tax withheld | 27,133 | $885.9K |
| Apr 23, 2026 | BENTLEY GREGORY S Executive Chair & President | Award | 62,032 | $2.03M |
| Apr 1, 2026 | Moutte Julien Chief Technology Officer | Tax withheld | 3,007 | $102.8K |
| Mar 29, 2026 | Trimback Thomas F Chief Accounting Officer | Tax withheld | 172 | $6.0K |
| Mar 19, 2026 | BENTLEY GREGORY S Executive Chair & President | Award | 3,019 | $0 |
| Mar 19, 2026 | Andre Werner Chief Financial Officer | Award | 243 | $0 |
| Mar 19, 2026 | Shaman David R. Chief Legal Officer | Award | 546 | $0 |
| Mar 19, 2026 | Bentley Barry J. Director | Award | 3 | $0 |
| Mar 19, 2026 | Ballard Brock Chief Revenue Officer | Award | 163 | $0 |
| Mar 19, 2026 | Trimback Thomas F Chief Accounting Officer | Award | 35 | $0 |
| Mar 19, 2026 | Griswold Kirk B. Director | Award | 70 | $0 |
| Mar 19, 2026 | Moutte Julien Chief Technology Officer | Award | 173 | $0 |
| Mar 19, 2026 | Bentley Raymond B. Director | Award | 1,671 | $0 |
| Mar 19, 2026 | Lee James K Chief Operating Officer | Award | 375 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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