Filing Flows › Bentley Systems (BSY) › Q1 2026
Bentley Systems (BSY) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Bentley Systems (BSY) reported revenue of $424M for the first quarter 2026 (Q1 2026), +14% from a year earlier and +8% from the quarter before. Operating margin was 29.8%, net earnings $95.3M (22.5% of revenue).
Bentley Systems, Q1 2026: revenue $424M (+14% year over year), operating margin 29.8%, net earnings $95.3M, operating cash flow $193M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $424M | +8% | +14% |
| Gross profit | $350M | +9% | +15% |
| Operating profit | $126M | +61% | +10% |
| Net earnings | $95.3M | +63% | +4% |
| Operating cash flow | $193M | +37% | -12% |
| Free cash flow | $188M | — | -13% |
What changed
Revenue was $424.2M in Q1 2026, up 14% year over year and up 8% from the previous quarter. Enterprise 365 subscriptions was the largest line at 40% of revenue. Term license subscriptions added $23.4M year over year (up 18%), 44% of the total change. Perpetual licenses declined 16%.
Gross margin was 82.6%, up 0.3 points from Q1 2025. Operating profit was $126.3M, a 29.8% margin (down 1.3 points year over year). Of the extra revenue versus Q1 2025, 21% reached operating profit, below the 31% margin then. Operating expenses grew 18% against revenue growth of 14%. The fastest-growing cost line was General & admin (+24%). Net earnings were $95.4M, up 4% year over year. The effective tax rate was 19.5%.
Operating cash flow was $193.4M (down 12% year over year), 203% of net earnings. Non-cash charges added back $16.1M of depreciation and amortization and $20.2M of share-based compensation. Working capital and other items added $61.7M. After purchases of property and equipment and investment in capitalized software ($5.6M), free cash flow as the company reports it was $187.9M.
Questions
What was Bentley Systems' revenue in the first quarter 2026?
Bentley Systems (BSY) reported revenue of $424M for the first quarter 2026 (Q1 2026), +14% from a year earlier and +8% from the quarter before.
Was Bentley Systems profitable in the first quarter 2026?
Operating profit was $126M (29.8% of revenue) and net earnings $95.3M.
Source: Bentley Systems 10-Q on SEC EDGAR.