Bentley Systems (NASDAQ:BSY) Posts Quarterly Earnings Results, Hits Expectations

Bentley Systems (NASDAQ:BSY) released its earnings results on Thursday. The company reported $0.27 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.27, FiscalAI reports. The business had revenue of $391.58 million for the quarter, compared to the consensus estimate of $381.79 million. Bentley Systems had a return on equity of 28.16% and a net margin of 18.45%.The firm’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same period last year, the business earned $0.21 earnings per share.

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

• Strong 2025 financials and confident 2026 outlook — ARR $1.462B (11.5% CC growth), FY2025 revenue $1.502B (+11%), adjusted operating income less SBC margin 28.6%, FY2025 free cash flow $520M, and 2026 guidance of ~11–13% revenue growth with AOI less SBC of $495–510M.
• Infrastructure AI and Asset Analytics are explicit growth priorities — Asset Analytics reached a <$strong>$50M run rate in 2025, and Bentley acquired Pointivo and Talon to accelerate digital-twin capture, computer-vision inspection, and early API-driven monetization.
• Balance-sheet flexibility and capital allocation — net debt leverage reduced to ~2.1x, retirement of 2026 convertible notes cut fully diluted shares by ~3%, and management signals capacity for up to $400M of programmatic annual acquisitions plus continued buybacks and dividends.
• Monetization cadence: near-term AI revenue is skewed to asset analytics and API consumption, but much of the design-side AI monetization is intentionally a longer-term, adoption-first play and some asset-analytics work is not yet classified as ARR due to inspection cadences.
• Near-term headwinds and variability — modest FX margin pressure from Seequent’s mix, China remains weak (≈2% of ARR), and 2026 will carry ~ $30M higher cash interest after convertible retirement plus continued seasonality/collections variability.

Bentley Systems Trading Up 14.0%

Bentley Systems stock traded up $4.56 during trading hours on Thursday, reaching $37.04. 6,893,857 shares of the company’s stock traded hands, compared to its average volume of 2,983,012. Bentley Systems has a fifty-two week low of $30.97 and a fifty-two week high of $59.25. The firm’s 50 day moving average is $36.82 and its 200-day moving average is $44.88. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.61 and a current ratio of 0.61. The firm has a market capitalization of $10.82 billion, a price-to-earnings ratio of 44.10, a PEG ratio of 2.24 and a beta of 1.21.

Analyst Upgrades and Downgrades

BSY has been the topic of several recent research reports. Royal Bank Of Canada decreased their target price on shares of Bentley Systems from $65.00 to $48.00 and set an “outperform” rating on the stock in a research report on Monday, January 5th. UBS Group decreased their price objective on Bentley Systems from $60.00 to $40.00 and set a “neutral” rating on the stock in a report on Monday. Weiss Ratings reissued a “hold (c)” rating on shares of Bentley Systems in a report on Wednesday, January 21st. Piper Sandler decreased their price target on Bentley Systems from $63.00 to $60.00 and set an “overweight” rating on the stock in a research note on Thursday, November 6th. Finally, JPMorgan Chase & Co. cut their price objective on Bentley Systems from $56.00 to $51.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Eight research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Bentley Systems presently has an average rating of “Moderate Buy” and a consensus price target of $50.67.

Bentley Systems News Summary

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

• Positive Sentiment: Q4 revenue beat and topline growth—Bentley reported $391.6M in revenue vs. ~$381.8M expected, with revenue up ~11.9% YoY; that beat is the main catalyst lifting the stock. Bentley Systems’s (NASDAQ:BSY) Q4 CY2025 Sales Top Estimates, Stock Soars
• Positive Sentiment: FY2026 revenue guidance was updated around ~$1.7B (above prior consensus ~ $1.6B), which investors are reading as constructive for growth expectations — note the company’s EPS guidance text appeared incomplete in the release, so revenue is the clearer take-away.
• Neutral Sentiment: Earnings largely in line — EPS of $0.27 matched estimates (up from $0.21 a year ago); the result removes downside surprise but the beat was primarily on revenue. Bentley Systems, Incorporated (BSY) Q4 Earnings Meet Estimates
• Neutral Sentiment: Company published its Q4 earnings call transcript/slide deck for investors to review guidance detail, bookings/ARR commentary and margin cadence — the call will determine whether the upbeat revenue guide is sustainable. Bentley Systems, Incorporated (BSY) Q4 2025 Earnings Call Transcript
• Negative Sentiment: Short interest has risen meaningfully in February (one data point: ~17.7M shares short, ~7.6% of float, ~4.7 days to cover), which increases the potential for volatility and downside pressure if sentiment or guidance weakens.
• Negative Sentiment: Rosenblatt cut its price target to $50, a move that could temper upside momentum even as the stock trades higher on the quarter. Rosenblatt Securities Lowers Bentley Systems (NASDAQ:BSY) Price Target to $50.00

Hedge Funds Weigh In On Bentley Systems

Institutional investors have recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. boosted its stake in Bentley Systems by 1,583.7% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 911,878 shares of the company’s stock worth $34,802,000 after acquiring an additional 857,718 shares during the last quarter. Invesco Ltd. boosted its position in shares of Bentley Systems by 246.4% during the fourth quarter. Invesco Ltd. now owns 1,366,990 shares of the company’s stock worth $52,171,000 after purchasing an additional 972,409 shares in the last quarter. State of Tennessee Department of Treasury acquired a new position in shares of Bentley Systems in the 4th quarter valued at $2,015,000. XTX Topco Ltd bought a new stake in shares of Bentley Systems in the 4th quarter valued at $4,047,000. Finally, Voloridge Investment Management LLC acquired a new stake in Bentley Systems during the 4th quarter worth $4,080,000. 44.16% of the stock is currently owned by institutional investors and hedge funds.

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.