Bentley Systems, Inc. reported third‑quarter 2025 results that included total revenue of $375.5 million, up 10% year‑over‑year and 12% on a constant‑currency basis. Subscription revenue grew 12% to $344.3 million, while perpetual license and services revenue contributed $10.9 million and $20.3 million, respectively. Net income reached $57.3 million and GAAP earnings per share were $0.18; the adjusted EPS of $0.27 matched the consensus estimate of $0.27.
The revenue figure surpassed the consensus estimate of approximately $369.8 million by $5.7 million, a 1.5% beat. The lift was driven by robust demand in the company’s core infrastructure engineering markets, particularly in the U.S. and Europe, and by the continued expansion of its subscription‑based model, which now accounts for 92% of total revenue. The company’s AI‑enabled product enhancements also contributed to higher pricing power in key segments.
Adjusted EPS met analysts’ expectations because the company maintained strong operating leverage and disciplined cost management. While GAAP EPS was lower due to one‑time restructuring charges, the adjusted figure reflects the core profitability of the business. The company’s operating income of $84.5 million represents a 22.5% margin, up from 20.5% in the same quarter a year earlier, largely due to a higher mix of high‑margin subscription contracts and improved economies of scale.
Bentley’s full‑year 2025 outlook remains unchanged, with revenue guidance unchanged at $1.19 billion and adjusted EPS guidance unchanged at $0.27. Management expressed confidence that the company’s AI investments and subscription strategy will sustain growth and margin expansion throughout the year.
CEO Nicholas Cumins highlighted the strategic importance of AI, noting that “AI was top of mind at our Year in Infrastructure conference, where we engaged with industry leaders on its potential to help close the engineering capacity gap.” Executive Chair Greg Bentley emphasized the company’s focus on subscription revenue, stating that “our financial achievements underscore the strategic focus on subscription‑based models, which now account for 92% of total revenues.”
Investors responded positively to the earnings, citing the revenue beat, in‑line adjusted EPS, and margin expansion as key drivers of confidence in Bentley’s continued growth trajectory.
The results reinforce Bentley’s position as a leading provider of digital twins and AI‑driven infrastructure solutions, suggesting that the company is well‑positioned to capture further market share in a sector that is increasingly reliant on advanced software tools.
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