Filing Flows › Bentley Systems (BSY) › Q3 2026 › vs Q3 2025
Bentley Systems (BSY) Q3 2026 vs Q3 2025 (year over year)
Bentley Systems's revenue rose $46.0M (+12%) from $376M in Q3 2025 to $422M in Q3 2026. The biggest changes: Subscriptions and licenses +$44.2M (+12%); Services +$1.7M (+8%). Gross margin 82.9% against 80.8% (+2.2 pts).
Bentley Systems, Q3 2026: revenue $422M (+12% year over year), operating margin 29.1%, net earnings $90.0M, operating cash flow $109M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 82.9% | 80.8% | +2.2 pts |
| Operating margin | 29.1% | 22.5% | +6.6 pts |
| Net margin | 21.4% | 15.3% | +6.1 pts |
| Free cash flow margin | 24.1% | 29.5% | -5.4 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Enterprise subscriptions | $183M | $158M | $25.7M | +16% |
| Term license subscriptions | $136M | $120M | $16.6M | +14% |
| SELECT subscriptions | $67.5M | $67.2M | $266K | +0.4% |
| Other | $18.7M | $16.8M | $1.9M | +11% |
| Perpetual licenses | $12.6M | $10.9M | $1.7M | +16% |
| Recurring | $3.4M | $3.5M | −$176K | -5% |
| Subscriptions and licenses | $399M | $355M | $44.2M | +12% |
| Services | $22.1M | $20.3M | $1.7M | +8% |
| Revenue | $422M | $376M | $46.0M | +12% |
| Gross profit | $350M | $303M | $46.2M | +15% |
| Cost of revenue | $72.0M | $72.2M | −$239K | -0.3% |
| Operating profit | $123M | $84.5M | $38.1M | +45% |
| Operating expenses | $227M | $219M | $8.1M | +4% |
| Pre-tax earnings | $116M | $83.7M | $31.8M | +38% |
| Other expense, net | $7.1M | $790K | $6.3M | +797% |
| Research & development | $81.5M | $78.8M | $2.7M | +3% |
| Sales & marketing | $76.6M | $72.1M | $4.5M | +6% |
| General & admin | $61.5M | $53.8M | $7.7M | +14% |
| Other operating costs | $7.4M | $14.2M | −$6.8M | -48% |
| Net earnings | $90.0M | $57.3M | $32.7M | +57% |
| Income tax | $25.5M | $26.3M | −$756K | -3% |
| Share-based compensation | $21.9M | $18.0M | $3.8M | +21% |
| Working capital & other | $2.4M | −$41.0M | $43.5M | — |
| Operating cash flow | $109M | $116M | −$6.9M | -6% |
| Free cash flow (company-reported) | $101M | $111M | −$9.2M | -8% |
| Purchases of property and equipment and investment in capitalized software | $8.0M | $5.7M | $2.3M | +40% |
Questions
How much did Bentley Systems's revenue grow year over year in Q3 2026?
Bentley Systems's revenue rose $46.0M (+12%) from $376M in Q3 2025 to $422M in Q3 2026.
What drove Bentley Systems's revenue change in Q3 2026?
Subscriptions and licenses +$44.2M (+12%); Services +$1.7M (+8%).