Filing Flows › Bentley Systems (BSY) › Q3 2025
Bentley Systems (BSY) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Bentley Systems (BSY) reported revenue of $376M for the third quarter 2025 (Q3 2025), +12% from a year earlier and +3% from the quarter before. Operating margin was 22.5%, net earnings $57.3M (15.3% of revenue).
Bentley Systems, Q3 2025: revenue $376M (+12% year over year), operating margin 22.5%, net earnings $57.3M, operating cash flow $116M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $376M | +3% | +12% |
| Gross profit | $303M | +3% | +12% |
| Operating profit | $84.5M | +0.1% | +23% |
| Net earnings | $57.3M | -19% | +35% |
| Operating cash flow | $116M | +91% | +35% |
| Free cash flow | $111M | +94% | +31% |
What changed
Revenue was $375.5M in Q3 2025, up 12% year over year and up 3% from the previous quarter. Enterprise subscriptions was the largest line at 42% of revenue. Enterprise subscriptions added $21.9M year over year (up 16%), 54% of the total change. Perpetual licenses declined 3%.
Gross margin was 80.8%, up 0.1 points from a year earlier. Operating profit was $84.5M, a 22.5% margin (up 2.0 points year over year). Of the extra revenue versus a year earlier, 39% reached operating profit, above the 20% margin then. Operating expenses grew 9% against revenue growth of 12%. The fastest-growing cost line was Research & development (+12%). Net earnings were $57.4M, up 36% year over year. The effective tax rate was 31.4%.
Operating cash flow was $116.4M (up 35% year over year), 203% of net earnings. Non-cash charges added back $18.0M of share-based compensation. Working capital and other items added $41.0M. Capital expenditures of $5.7M left free cash flow of $110.7M.
Questions
What was Bentley Systems' revenue in the third quarter 2025?
Bentley Systems (BSY) reported revenue of $376M for the third quarter 2025 (Q3 2025), +12% from a year earlier and +3% from the quarter before.
Was Bentley Systems profitable in the third quarter 2025?
Operating profit was $84.5M (22.5% of revenue) and net earnings $57.3M.
Source: Bentley Systems 10-Q on SEC EDGAR.