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Bentley Systems cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$101M in Q3 2026 · $489M over twelve months

Operating cash flow$109M
Capital spending−$8.0M
Free cash flow+$101M
Cash / net income1.2×

Analysis

In Q3 2026, Bentley Systems generated $109M of operating cash flow and spent $8.0M on capital projects, leaving free cash flow of $101M. That is $9.2M less than in Q3 2025 ($111M).

Over the twelve months to Sep 30, 2026, operating cash flow was $516M; the largest uses were net borrowing (+) / repaid (−) ($638M), buybacks ($195M), other investing ($93.5M); besides operations, cash came from other financing ($512M), shares issued ($11.8M); the cash balance fell by $2.1M.

Operating cash flow was $109M against net income of $90.0M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: receivables +$21.9M, stock-based pay +$21.9M, deferred revenue −$15.3M.

Free cash flow

Bentley Systems: free cash flow by quarterBentley Systems: free cash flow by quarter$76.1MQ4 2024$216MQ1 2025$57.0MQ2 2025$111MQ3 2025$136MQ4 2025$188MQ1 2026$63.8MQ2 2026$101MQ3 2026
Operating cash flow less capital spending.
Bentley Systems: operating cash flow against capital spendingBentley Systems: operating cash flow against capital spendingOperating cash flowCapital spending$81.6M$5.5MQ4 2024$219M$3.0MQ1 2025$61.1M$4.1MQ2 2025$116M$5.7MQ3 2025$142M$5.4MQ4 2025$193M$5.6MQ1 2026$71.5M$7.7MQ2 2026$109M$8.0MQ3 2026
Latest (Q3 2026): Operating cash flow $109M, Capital spending $8.0M.

Capital allocation, year by year

Bentley Systems: where the cash came from (up) and went (down), by fiscal yearBentley Systems: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $288MFY2021: Net borrowing −$46.5MFY2021: Shares issued $5.6MFY2021: Capital spending −$17.5MFY2021: Acquisitions −$1.0BFY2021: Dividends −$33.4M$294MFY2021FY2022: Operating cash flow $274MFY2022: Net borrowing $341MFY2022: Shares issued $8.3MFY2022: Asset sales $2.4MFY2022: Capital spending −$18.5MFY2022: Acquisitions −$743MFY2022: Buybacks −$28.2MFY2022: Dividends −$34.5M$626MFY2022FY2023: Operating cash flow $417MFY2023: Net borrowing −$259MFY2023: Shares issued $11.7MFY2023: Capital spending −$25.0MFY2023: Acquisitions −$26.0MFY2023: Dividends −$58.8M$428MFY2023FY2024: Operating cash flow $435MFY2024: Net borrowing −$147MFY2024: Shares issued $4.0MFY2024: Capital spending −$14.0MFY2024: Acquisitions −$130MFY2024: Buybacks −$64.4MFY2024: Dividends −$72.1M$439MFY2024FY2025: Operating cash flow $538MFY2025: Net borrowing −$135MFY2025: Capital spending −$18.3MFY2025: Acquisitions −$93.3MFY2025: Buybacks −$125MFY2025: Dividends −$85.0M$538MFY2025
Over these 5 years operating cash flow totalled $2.0B; the largest uses were acquisitions ($2.0B) and net borrowing ($587M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$151M
Debt$1.2B
Net debt$1.0B
Due within a year$13.8M

Bentley Systems funds itself: free cash flow was $489M over the last twelve months, and $151M of cash and investments stands against $1.2B of debt ($13.8M due within a year, 11.0× covered by cash).

Bentley Systems: debt maturities by year (FY2024)Bentley Systems: debt maturities by year (FY2024)$688MYear 2$575MYear 3$135MYear 5
Principal due in each year as disclosed in the annual report, against $151M of cash and investments now.

Where the cash came from and went

Bentley Systems: sources (+) and uses (−) of cash, Q3 2026Bentley Systems: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$109MNet borrowing (+) / repaid (−)−$55.7MDividends−$21.1MCash drawn (+) / kept (−)−$16.4MBuybacks−$10.0MCapital spending−$8.0MShares issued$6.3MOther financing−$3.5MExchange rates−$640KOther investing−$367K
Bentley Systems: sources (+) and uses (−) of cash, TTM to Q3 2026Bentley Systems: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)−$638MOperating cash flow$516MOther financing$512MBuybacks−$195MOther investing−$93.5MDividends−$84.8MCapital spending−$26.7MShares issued$11.8MExchange rates−$3.7MCash drawn (+) / kept (−)$2.1M

From profit to cash

Bentley Systems: net income to operating cash flow, Q3 2026Bentley Systems: net income to operating cash flow, Q3 2026Net income$90.0MStock-based pay$21.9MDeferred taxes$9.4MOther non-cash$1.5MReceivables$21.9MPayables−$13.0MDeferred revenue−$15.3MPrepaid and other assets−$10.3MIncome taxes payable$7.7MOperating cash flow$109M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$109M−$8.0M—−$10.0M−$21.1M−$55.7M$6.3M−$16.4M$101M
Q2 2026$71.5M−$7.7M—−$85.1M−$21.2M−$448M—−$41.8M$63.8M
Q1 2026$193M−$5.6M—−$40.0M−$21.2M−$134M$5.5M$18.1M$188M
Q4 2025$142M−$5.4M−$93.3M−$60.0M−$21.2M——$42.1M$136M
Q3 2025$116M−$5.7M—−$15.0M−$21.3M——−$75.8M$111M
Q2 2025$61.1M−$4.1M—−$20.0M−$21.3M$1K—−$6.0M$57.0M
Q1 2025$219M−$3.0M—−$30.0M−$21.2M−$135M—−$19.6M$216M
Q4 2024$81.6M−$5.5M−$1.6M−$18.6M−$18.1M−$32.4M—$8.2M$76.1M

Bentley Systems: income statement and cash flow

Bentley Systems, Q3 2026: revenue $422M (+12% year over year), operating margin 29.1%. The chart follows the revenue to costs, profit and cash.

Bentley Systems: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.