NASDAQ · Financial Statements

Bentley Systems, Incorporated (BSY) Financial Statements

$39.70 NASDAQ: BSY Market Cap $11.54B

Bentley Systems, Incorporated most recently reported annual revenue of $1.5B, net profit of $278.0M. Revenue grew at an average annual rate of 13.4% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Bentley Systems, Incorporated: Revenue rose from $692.0M in 2018 to $1.5B in 2025, a change of +117.1% over 7 years; net profit was positive in all 8 reported years; operating margin moved from 17.6% to 24.1%, a shift of +6.6 percentage points; the most recent year shows net profit of $278.0M.

Income Statement — 8 Years (USD millions)

Metric20182019202020212022202320242025
Revenue$692.0M$737.0M$802.0M$965.0M$1.1B$1.2B$1.4B$1.5B
Operating Expenses$570.0M$595.0M$651.0M$870.0M$890.0M$998.0M$1.1B$1.1B
Operating Profit$121.0M$142.0M$150.0M$95.0M$209.0M$231.0M$302.0M$363.0M
Operating Margin17.6%19.3%18.7%9.8%19.0%18.8%22.3%24.1%
Other Income$-9.0M$-15.0M$15.0M$-1.0M$-13.0M$-47.0M$-9.0M$-12.0M
Interest$10.0M$10.0M$8.0M$12.0M$35.0M$41.0M$25.0M$15.0M
Depreciation$26.0M$32.0M$36.0M$45.0M$72.0M$64.0M$65.0M$66.0M
Profit Before Tax$113.0M$127.0M$165.0M$93.0M$196.0M$184.0M$293.0M$351.0M
Tax$-25.9M$18.7M$23.4M$-3.7M$10.9M$-78.0M$20.0M$20.8M
Net Profit$142.0M$103.0M$127.0M$93.0M$175.0M$327.0M$235.0M$278.0M
EPS$0.54$0.39$0.42$0.30$0.53$1.00$0.72$0.85
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$307.0M$311.0M$338.0M$330.0M$335.0M$350.0M$371.0M$364.0M$376.0M$392.0M$424.0M$411.0M
Operating Expenses$233.0M$273.0M$246.0M$250.0M$267.0M$288.0M$255.0M$280.0M$291.0M$313.0M$298.0M$322.0M
Operating Profit$74.0M$38.0M$92.0M$80.0M$69.0M$61.0M$115.0M$84.0M$84.0M$79.0M$126.0M$89.0M
Operating Margin24.0%12.2%27.2%24.3%20.5%17.6%31.1%23.2%22.5%20.1%29.8%21.6%
Interest$11.0M$9.0M$7.0M$6.0M$5.0M$6.0M$4.0M$4.0M$2.0M$21.0M$8.0M$9.0M
Profit Before Tax$70.0M$14.0M$93.0M$77.0M$59.0M$64.0M$112.0M$79.0M$84.0M$76.0M$119.0M$95.0M
Tax$23.7M$-1.2B$24.0M$6.9M$28.1M$22.7M$18.3M$11.2M$31.4M$22.8M$19.5M$17.4M
Net Profit$53.0M$180.0M$70.0M$72.0M$42.0M$50.0M$91.0M$70.0M$57.0M$59.0M$95.0M$79.0M
EPS$0.16$0.54$0.22$0.22$0.13$0.16$0.28$0.22$0.17$0.18$0.30$0.25

Over the 8 years reported for Bentley Systems, Incorporated, borrowings increased from $259.0M in 2018 to $1.3B in 2025, cash stood at $123.0M in the latest year, shareholders' equity was $3.0M, current assets covered current liabilities 0.56 times.

Balance Sheet — 8 Years (USD millions)

Metric20182019202020212022202320242025
Total Assets$924.0M$995.0M$1.1B$2.7B$3.2B$3.3B$3.4B$3.6B
Current Assets$283.0M$354.0M$340.0M$616.0M$416.0M$420.0M$442.0M$539.0M
Cash$81.0M$121.0M$122.0M$329.0M$72.0M$68.0M$64.0M$123.0M
Inventory$0$0$0$0$0$0$0$0
Receivables$185.0M$205.0M$190.0M$235.0M$287.0M$294.0M$314.0M$343.0M
Fixed Assets$29.0M$30.0M$75.0M$83.0M$73.0M$79.0M$66.0M$67.0M
Capital Work in Progress$0$0$0$0$0$0$0$0
Investments$0$2.0M$6.0M$6.0M$22.0M$23.0M$26.0M$28.0M
Other Assets$446.0M$480.0M$581.0M$1.6B$2.2B$2.3B$2.4B$2.5B
Total Liabilities$776.0M$660.0M$784.0M$2.3B$2.6B$2.4B$2.4B$2.4B
Current Liabilities$436.0M$392.0M$466.0M$594.0M$628.0M$760.0M$814.0M$960.0M
Borrowings$259.0M$234.0M$294.0M$1.5B$1.8B$1.6B$1.4B$1.3B
Other Liabilities$517.0M$426.0M$490.0M$761.0M$769.0M$865.0M$932.0M$1.1B
Equity$3.0M$3.0M$3.0M$3.0M$3.0M$3.0M$3.0M$3.0M
Reserves$147.0M$335.0M$342.0M$409.0M$573.0M$883.0M$1.0B$1.2B

For Bentley Systems, Incorporated, operating cash flow was positive in 8 of 8 reported years; free cash flow in the latest year was $520.0M; free cash flow was positive in 8 of 8 years; financing activities used $158.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 8 Years (USD millions)

Metric20182019202020212022202320242025
Operating Cash Flow$161.0M$171.0M$258.0M$288.0M$274.0M$417.0M$435.0M$538.0M
Investing Cash Flow$-175.0M$-70.0M$-134.0M$-1.1B$-789.0M$-86.0M$-157.0M$-131.0M
Financing Cash Flow$-44.0M$-32.0M$207.0M$-175.0M$-61.0M$-42.0M$-71.0M$-158.0M
Net Cash Flow$-53.0M$40.0M$1.0M$207.0M$-258.0M$-3.0M$-4.0M$59.0M
Free Cash Flow$142.0M$154.0M$242.0M$270.0M$256.0M$392.0M$421.0M$520.0M

Valuation & Return Ratios

MetricValue
PEG Ratio2.58
EV / EBITDA20.99
FCF Yield5.29%
Quick Ratio0.59
Interest Coverage9.50
Return 1Y-30.54%
Return 3Y-32.69%
Return 5Y-37.17%

Bentley Systems, Incorporated (BSY) financials — frequently asked questions

What is Bentley Systems, Incorporated's annual revenue?

Bentley Systems, Incorporated (BSY) reported annual revenue of $1.5B in its most recent fiscal year.

What is Bentley Systems, Incorporated's net profit?

Bentley Systems, Incorporated (BSY) reported net profit of $278.0M in its most recent fiscal year.

What is BSY EV/EBITDA?

Bentley Systems, Incorporated's enterprise value to EBITDA (EV/EBITDA) ratio is 20.99.

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