Filing Flows › Bentley Systems (BSY) › Q4 2025
Bentley Systems (BSY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Bentley Systems (BSY) reported revenue of $392M for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +4% from the quarter before. Operating margin was 20.0%, net earnings $58.6M (15.0% of revenue).
Bentley Systems, Q4 2025: revenue $392M (+12% year over year), operating margin 20.0%, net earnings $58.6M, operating cash flow $142M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $392M | +4% | +12% |
| Gross profit | $321M | +6% | +14% |
| Operating profit | $78.5M | -7% | +28% |
| Net earnings | $58.6M | +2% | +17% |
| Operating cash flow | $142M | +22% | +73% |
| Free cash flow | $136M | — | +79% |
What changed
Revenue was $391.6M in Q4 2025, up 12% year over year and up 4% from the previous quarter. E365 Subscriptions was the largest line at 41% of revenue.
Gross margin was 81.9%, up 1.3 points from a year earlier. Operating profit was $78.5M, a 20.0% margin (up 2.5 points year over year). Of the extra revenue versus a year earlier, 41% reached operating profit, above the 18% margin then. Operating expenses grew 10% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+46%). Net earnings were $58.6M, up 17% year over year. The effective tax rate was 22.9%.
Operating cash flow was $141.6M (up 73% year over year), 241% of net earnings. Non-cash charges added back $17.5M of share-based compensation. Working capital and other items added $65.4M. After purchases of property and equipment and investment in capitalized software ($5.4M), free cash flow as the company reports it was $136.2M.
Questions
What was Bentley Systems' revenue in the fourth quarter 2025?
Bentley Systems (BSY) reported revenue of $392M for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +4% from the quarter before.
Was Bentley Systems profitable in the fourth quarter 2025?
Operating profit was $78.5M (20.0% of revenue) and net earnings $58.6M.
Source: Bentley Systems 10-K on SEC EDGAR.