Bentley Systems (NASDAQ:BSY) Issues Earnings Results

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

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 Stock Performance

NASDAQ:BSY opened at $37.04 on Friday. The firm has a market capitalization of $10.82 billion, a PE ratio of 44.10, a price-to-earnings-growth ratio of 2.25 and a beta of 1.21. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.04. Bentley Systems has a 12-month low of $30.97 and a 12-month high of $59.25. The firm has a 50-day moving average price of $36.76 and a 200 day moving average price of $44.83.

Bentley Systems Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Tuesday, March 10th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a $0.28 dividend on an annualized basis and a yield of 0.8%. Bentley Systems’s payout ratio is presently 33.33%.

Key Headlines Impacting Bentley Systems

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

• Positive Sentiment: Q4 results: Reported Q4 EPS of $0.27 (in line with consensus) and revenue of $391.6M, +11.9% YoY and ahead of the $381.8M estimate — the revenue beat is the main near?term catalyst behind the rally. Q4 Revenue Beat Article
• Positive Sentiment: FY?2026 revenue guidance: Management updated FY?2026 revenue guidance to about $1.7B versus a ~$1.6B Street consensus, which supports expectations for continued top?line growth (boosts near?term sentiment and valuation re?rating).
• Positive Sentiment: Dividend declared: Bentley declared a quarterly dividend of $0.07 per share (record Mar 10, payable Mar 19), a modest yield (~0.8%) that may slightly support shareholder sentiment and income investors.
• Neutral Sentiment: Earnings call / disclosure materials available: The Q4 earnings call transcript, press release and slide deck were published (useful for parsing guidance detail, subscription trends and margin outlook). Earnings Call Transcript
• Neutral Sentiment: Short interest: Recent reports show a material rise in short interest earlier in February (about 17.7M shares, ~7.6% of float, ~4.7 days to cover), which is a mixed signal — it can amplify volatility and fuel squeezes, but also reflects bearish positioning; note some later data feeds show reporting anomalies.
• Negative Sentiment: Analyst action: Rosenblatt lowered its price target to $50, a bearish signal that could cap upside until further evidence of margin expansion or subscription acceleration emerges. Analyst Price Target Cut

Hedge Funds Weigh In On Bentley Systems

A number of hedge funds have recently modified their holdings of BSY. Van ECK Associates Corp boosted its holdings in shares of Bentley Systems by 17.2% in the 3rd quarter. Van ECK Associates Corp now owns 3,988 shares of the company’s stock worth $205,000 after acquiring an additional 585 shares in the last quarter. State of Wyoming bought a new position in Bentley Systems in the 4th quarter valued at $188,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Bentley Systems by 66.9% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,000 shares of the company’s stock worth $154,000 after purchasing an additional 1,202 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Bentley Systems by 22.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,262 shares of the company’s stock worth $124,000 after purchasing an additional 598 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new stake in shares of Bentley Systems in the third quarter valued at $59,000. 44.16% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BSY. UBS Group dropped their target price on shares of Bentley Systems from $60.00 to $40.00 and set a “neutral” rating on the stock in a research report on Monday. Weiss Ratings restated a “hold (c)” rating on shares of Bentley Systems in a research report on Wednesday, January 21st. Piper Sandler cut their price objective on shares of Bentley Systems from $63.00 to $60.00 and set an “overweight” rating for the company in a research report on Thursday, November 6th. Oppenheimer decreased their target price on Bentley Systems from $65.00 to $53.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 20th. Finally, BMO Capital Markets began coverage on Bentley Systems in a research note on Thursday, January 22nd. They set an “outperform” rating and a $48.00 price target on the stock. Eight investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.67.

Bentley Systems Company Profile

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.