Filing Flows › Bentley Systems (BSY) › How it makes money
How Bentley Systems (BSY) makes money
Bentley Systems (BSY) made $422M of revenue in the third quarter 2026 (Q3 2026), +12% from a year earlier. Subscriptions and licenses brought in $399M (95%); Services brought in $22.1M (5%). Of every dollar of revenue, 83¢ was left as gross profit, 29¢ was left as operating profit, 21¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Subscriptions and licenses | $399M | 94.8% | +3% | +12% |
| ↳ Enterprise subscriptions | $183M | 43.5% | +8% | +16% |
| ↳ Term license subscriptions | $136M | 32.3% | -5% | +14% |
| ↳ SELECT subscriptions | $67.5M | 16.0% | +2% | +0.4% |
| ↳ Perpetual licenses | $12.6M | 3.0% | +30% | +16% |
| Services | $22.1M | 5.2% | -1% | +8% |
| ↳ Other | $18.7M | 4.4% | +0.8% | +11% |
| ↳ Recurring | $3.4M | 0.8% | -13% | -5% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $422M | 100.0% |
| Cost of revenue | $72.0M | 17.1% |
| Gross profit | $350M | 82.9% |
| Operating expenses | $227M | 53.8% |
| Operating profit | $123M | 29.1% |
| Income tax | $25.5M | 6.0% |
| Net earnings | $90.0M | 21.4% |
| Operating cash flow | $109M | 26.0% |
| Free cash flow | $101M | 24.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $422M | +12% |
| Q2 2026 | $411M | +13% |
| Q1 2026 | $424M | +14% |
| Q4 2025 | $392M | +12% |
| Q3 2025 | $376M | +12% |
| Q2 2025 | $364M | +10% |
| Q1 2025 | $371M | +10% |
From Bentley Systems' 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does Bentley Systems make money?
Bentley Systems (BSY) made $422M of revenue in the third quarter 2026 (Q3 2026), +12% from a year earlier. Subscriptions and licenses brought in $399M (95%); Services brought in $22.1M (5%). Of every dollar of revenue, 83¢ was left as gross profit, 29¢ was left as operating profit, 21¢ was left as net earnings.
What is Bentley Systems' biggest business?
Subscriptions and licenses: $399M in the third quarter 2026, 95% of revenue, +12% from a year earlier.
What is Bentley Systems' profit margin?
Net earnings were $90.0M, 21.4% of revenue, in the third quarter 2026; the operating margin was 29.1%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.