Filing Flows › Bentley Systems (BSY) › Q2 2025
Bentley Systems (BSY) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Bentley Systems (BSY) reported revenue of $364M for the second quarter 2025 (Q2 2025), +10% from a year earlier and -2% from the quarter before. Operating margin was 23.2%, net earnings $70.5M (19.4% of revenue).
Bentley Systems, Q2 2025: revenue $364M (+10% year over year), operating margin 23.2%, net earnings $70.5M, operating cash flow $61.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $364M | -2% | +10% |
| Gross profit | $295M | -3% | +11% |
| Operating profit | $84.4M | -27% | +5% |
| Net earnings | $70.5M | -23% | -2% |
| Operating cash flow | $61.1M | -72% | -2% |
| Free cash flow | $57.0M | -74% | -4% |
What changed
Revenue was $364.1M in Q2 2025, up 10% year over year and down 2% from the previous quarter. Enterprise subscriptions was the largest line at 42% of revenue. Enterprise subscriptions added $23.8M year over year (up 19%), 71% of the total change. Other declined 11%.
Gross margin was 81.1%, up 0.2 points from a year earlier. Operating profit was $84.4M, a 23.2% margin (down 1.1 points year over year). Of the extra revenue versus a year earlier, 13% reached operating profit, below the 24% margin then. Operating expenses grew 13% against revenue growth of 10%. The fastest-growing cost line was Other operating costs (+70%). Net earnings were $70.5M, down 2% year over year. The effective tax rate was 11.2%.
Operating cash flow was $61.1M (down 2% year over year), 87% of net earnings. Non-cash charges added back $15.7M of depreciation and amortization and $19.6M of share-based compensation. Working capital and other items used $44.8M. Capital expenditures of $4.1M left free cash flow of $57.0M.
Questions
What was Bentley Systems' revenue in the second quarter 2025?
Bentley Systems (BSY) reported revenue of $364M for the second quarter 2025 (Q2 2025), +10% from a year earlier and -2% from the quarter before.
Was Bentley Systems profitable in the second quarter 2025?
Operating profit was $84.4M (23.2% of revenue) and net earnings $70.5M.
Source: Bentley Systems 10-Q on SEC EDGAR.