Bentley Systems Inc income statement
In fiscal 2025, Bentley Systems Inc reported revenue of $1.50bn, up 11.0% on the year before, operating income of $363m (a 24.1% margin) and net income of $278m, or $0.85 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 692 | 735 | 802 | 965 | 1,099 | 1,228 | 1,353 | 1,502 | 1,602 |
| Cost of revenue | 131 | 144 | 167 | 217 | 237 | 266 | 258 | 278 | 291 |
| Gross profit | 560 | 593 | 634 | 749 | 862 | 962 | 1,095 | 1,224 | 1,311 |
| Research and development | 175 | 184 | 186 | 221 | 258 | 275 | 281 | 308 | 325 |
| Selling and marketing | 161 | 155 | 144 | 162 | 196 | 224 | 255 | 290 | 313 |
| General and administrative | 89 | 97 | 113 | 150 | 175 | 181 | 210 | 217 | 244 |
| Operating income | 121 | 142 | 150 | 95 | 209 | 231 | 302 | 363 | 378 |
| Interest expense | 10 | 10 | 7 | 12 | 35 | 35 | 17 | 8 | 19 |
| Income before tax | 113 | 128 | 168 | 93 | 198 | 184 | 293 | 351 | 373 |
| Income tax | −29 | 24 | 39 | −3 | 21 | −143 | 59 | 73 | 83 |
| Net income | 142 | 103 | 127 | 93 | 175 | 327 | 235 | 278 | 290 |
| Diluted EPS | $0.49 | $0.35 | $0.42 | $0.30 | $0.55 | $1.00 | $0.72 | $0.85 | $0.89 |
| Diluted shares (average) | 293m | 294m | 299m | 315m | 332m | 333m | 334m | 333m | 327m |
| EBITDA | 151 | 174 | 186 | 147 | 280 | — | — | — | — |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 335 | 350 | 371 | 364 | 376 | 392 | 424 | 411 |
| Cost of revenue | 65 | 68 | 66 | 69 | 72 | 71 | 74 | 74 |
| Gross profit | 270 | 282 | 305 | 295 | 303 | 321 | 350 | 337 |
| Research and development | 70 | 77 | 72 | 75 | 79 | 81 | 83 | 82 |
| Selling and marketing | 65 | 79 | 63 | 70 | 72 | 85 | 75 | 81 |
| General and administrative | 51 | 58 | 47 | 50 | 54 | 66 | 59 | 65 |
| Operating income | 69 | 61 | 115 | 84 | 84 | 79 | 126 | 89 |
| Interest expense | 3 | 4 | 2 | 2 | 2 | 2 | 8 | 8 |
| Income before tax | 59 | 64 | 112 | 79 | 84 | 76 | 119 | 95 |
| Income tax | 17 | 15 | 20 | 9 | 26 | 17 | 23 | 17 |
| Net income | 42 | 50 | 91 | 70 | 57 | 59 | 95 | 79 |
| Diluted EPS | $0.13 | $0.15 | $0.28 | $0.22 | $0.18 | $0.18 | $0.30 | $0.25 |
| EBITDA | 85 | — | 131 | 100 | — | — | 142 | 105 |
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