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Sep 30
Bentley Systems Q3 2025 Earnings Report
Bentley Systems posted solid Q3 2025 results with double-digit subscription revenue growth and strong free cash flow.
Key Takeaways
Bentley Systems delivered a strong Q3 with $375.5M in revenue and a net income of $57.4M. Subscription growth and cash generation remained robust, supported by consistent execution and ongoing momentum in infrastructure demand.
Revenue reached $375.5M, led by 13.5% YoY growth in subscriptions.
Net income rose to $57.4M, with EPS of $0.18 and adjusted EPS of $0.27.
ARR grew 10.5% YoY in constant currency to $1.41B.
Free cash flow surged to $110.7M, up from $84.3M YoY.
Bentley Systems
Bentley Systems
Bentley Systems Revenue by Segment
Revenue by Segment
Subscriptions Revenue
CapyFin.comPerpetual Licenses Revenue
CapyFin.comServices Revenue
CapyFin.com Forward Guidance
Management reiterated confidence in the full-year outlook, supported by strong Q3 execution, ARR growth, and consistent demand across infrastructure segments.
Positive Outlook
- Solid ARR growth of 10.5% YoY in constant currency
- Subscriptions revenue grew 13.5%, now 92% of total revenue
- Free cash flow significantly increased YoY
- Strong margin performance across operating metrics
- Positive market trends and infrastructure demand tailwinds
Challenges Ahead
- Perpetual license and services revenue remained flat or slightly down
- Macroeconomic and foreign exchange headwinds continue
- High dependency on subscriptions limits revenue diversity
- Slightly lower cash tax payments may not persist
- No new platform acquisitions mentioned for near-term ARR boost
Revenue & Expenses
Visualization of income flow from segment revenue to net income