Filing Flows › Bentley Systems (BSY) › Q1 2025
Bentley Systems (BSY) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Bentley Systems (BSY) reported revenue of $371M for the first quarter 2025 (Q1 2025), +10% from a year earlier and +6% from the quarter before. Operating margin was 31.1%, net earnings $91.4M (24.7% of revenue).
Bentley Systems, Q1 2025: revenue $371M (+10% year over year), operating margin 31.1%, net earnings $91.4M, operating cash flow $219M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $371M | +6% | +10% |
| Gross profit | $305M | +8% | +10% |
| Operating profit | $115M | +88% | +25% |
| Net earnings | $91.4M | +82% | +30% |
| Operating cash flow | $219M | +169% | +7% |
| Free cash flow | $216M | +184% | +7% |
What changed
Revenue was $370.5M in Q1 2025, up 10% year over year and up 6% from the previous quarter. Enterprise subscriptions, E365 was the largest line at 40% of revenue. Enterprise subscriptions, E365 added $23.9M year over year (up 19%), 73% of the total change. Services declined 18%.
Gross margin was 82.3%, up 0.6 points from a year earlier. Operating profit was $115.2M, a 31.1% margin (up 3.9 points year over year). Of the extra revenue versus a year earlier, 71% reached operating profit, above the 27% margin then. Operating expenses grew 3% against revenue growth of 10%. The fastest-growing cost line was Sales & marketing (+16%). Net earnings were $91.4M, up 30% year over year. The effective tax rate was 18.3%.
Operating cash flow was $219.4M (up 7% year over year), 240% of net earnings. Non-cash charges added back $15.6M of depreciation and amortization and $17.4M of share-based compensation. Working capital and other items added $95.0M. Capital expenditures of $3.0M left free cash flow of $216.4M.
Questions
What was Bentley Systems' revenue in the first quarter 2025?
Bentley Systems (BSY) reported revenue of $371M for the first quarter 2025 (Q1 2025), +10% from a year earlier and +6% from the quarter before.
Was Bentley Systems profitable in the first quarter 2025?
Operating profit was $115M (31.1% of revenue) and net earnings $91.4M.
Source: Bentley Systems 10-Q on SEC EDGAR.