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Bentley Systems (BSY) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Bentley Systems (BSY) Q3 2026 earnings results →

Q3 2026 Revenue up 12% year over year to $422M · 21¢ of every $1 of revenue kept as net profit · operating margin 29.1%

Bentley Systems made $422M in Q3 2026 (+12% Y/Y): Subscriptions and licenses $399M, Services $22.1M. Operating margin 29.1%, net earnings $90.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$422M

Year over year+12%

Operating margin29.1%

Net earnings$90.0M

Operating cash flow$109M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $421.5M in Q3 2026, up 12% year over year and up 3% from the previous quarter. Enterprise subscriptions was the largest line at 43% of revenue. Enterprise subscriptions added $25.7M year over year (up 16%), 56% of the total change. Recurring declined 5%.

Gross margin was 82.9%, up 2.2 points from Q3 2025. Operating profit was $122.6M, a 29.1% margin (up 6.6 points year over year). Of the extra revenue versus Q3 2025, 83% reached operating profit, above the 22% margin then. Operating expenses grew 4% against revenue growth of 12%. The fastest-growing cost line was General & admin (+14%). Net earnings were $89.9M, up 57% year over year. The effective tax rate was 22.1%.

Operating cash flow was $109.4M (down 6% year over year), 122% of net earnings. Non-cash charges added back $21.9M of share-based compensation. After purchases of property and equipment and investment in capitalized software ($8.0M), free cash flow as the company reports it was $101.4M.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Nov 5, 2026	$422M	+12%	29.1%	$90.0M	$109M
Q2 2026	10-Q	Aug 6, 2026	$411M	+13%	21.6%	$78.5M	$71.5M
Q1 2026	10-Q	May 7, 2026	$424M	+14%	29.8%	$95.3M	$193M
Q4 2025	10-K	Feb 26, 2026	$392M	+12%	20.0%	$58.6M	$142M
Q3 2025	10-Q	Nov 5, 2025	$376M	+12%	22.5%	$57.3M	$116M
Q2 2025	10-Q	Aug 6, 2025	$364M	+10%	23.2%	$70.5M	$61.1M
Q1 2025	10-Q	May 7, 2025	$371M	+10%	31.1%	$91.4M	$219M

Charts

Latest (Q3 2026): Y/Y +12%, Q/Q +3%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $90.0M, Operating cash flow $109M.

+11.3% since FY2020: more shares outstanding (issuance, stock pay).

Cash $64.0M, short-term investments —, long-term debt $1.4B at 2024-12-31.

Services-Prepackaged Software; dot size is quarterly revenue; dashed lines are the industry's medians.