BSY BENTLEY SYSTEMS INC

Overview and Growth

Fiscal 2025 results for BENTLEY SYSTEMS INC combined $1.50B of revenue with net income of $277.86M and an operating cash inflow of $538.46M. Revenue of $1.50B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 11.0% above fiscal 2024 revenue of $1.35B, marking a year-over-year increase. On a per-share basis, diluted EPS was $0.85, which connects the reported earnings outcome with the company’s diluted share count. Against diluted EPS of $0.72 in fiscal 2024, the current result was 18.1% higher. The revenue-to-assets relationship was 0.42x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $1.22B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 81.5% of revenue, quantifying the portion retained before operating expenses were recognized. The reported operating result was $362.62M, capturing profitability after direct costs and the operating expenses reflected in the statements. Operating margin measured 24.1%, showing the portion of revenue preserved after the full set of operating costs. The bottom-line result was net income of $277.86M, after the operating, financing, tax, and other items recognized for the period. Net margin was 18.5%, meaning that this portion of revenue remained as net income after all recognized expenses. The company recognized $72.98M of income tax for the period, completing the transition from pretax income to net income. Return on period-end equity was 23.4%, relating annual net income to the equity capital on the balance sheet. The net-income-to-assets relationship measured 7.8%, showing earnings relative to the full balance sheet.

Liquidity and Capital Structure

Total assets were $3.56B, supported by $2.37B of liabilities and $1.19B of shareholder equity. Current assets were $539.03M against $960.21M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 0.56x, current liabilities exceeded current assets and placed pressure on the company’s near-term liquidity position. Cash and equivalents totaled $123.28M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 12.8%, excluding receivables and other current assets. Borrowings totaled $1.25B, adding a fixed financing obligation alongside the company’s equity capital. Debt equaled 1.05x of book equity, describing the relative scale of borrowing and shareholder capital. The debt-to-assets relationship was 35.1%, comparing borrowing with the total asset balance. The liabilities-to-assets relationship was 66.5%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 3.5%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $3.40B in fiscal 2024, the current asset base moved 4.6% and finished higher. Book equity was 14.3% higher than fiscal 2024 equity of $1.04B, showing how shareholder capital changed year over year.

Cash Flow and Earnings Quality

Cash flow from operations was $538.46M, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 1.94x, comparing cash generated by operations with the bottom-line earnings result. Capital spending was $18.25M, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 3.4% of operating cash flow, leaving the remainder available as free cash flow. Free cash flow came to $520.21M, leaving a positive amount after capital expenditures. The free-cash-flow margin was 34.6%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 14.6%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.