Key Highlights

  • Bentley Systems will release third-quarter results on 5 November 2026.
  • Second-quarter Revenue was $410.7m, up 12.8%, and annual Recurring Revenue reached $1,536.0m.
  • Dollar-based net retention over the last twelve months was 109%, flat year on year.

The date and the baseline

Bentley Systems, Incorporated (NASDAQ:BSY) announced on 7 October 2026 that it will release third-quarter results on 5 November 2026. Until then, the latest reported figures are for the second quarter, which ended on 30 June 2026 and was reported on 6 August 2026.

Total revenues in that quarter were $410.7m, up 12.8% year on year, or 12.2% in constant currency. Subscriptions revenues were $378.6m, up 13.6%. Annual recurring revenue (ARR) reached $1,536.0m, compared with $1,379.2m a year earlier, with constant-currency growth of 12%.

Dollar-based net retention over the last twelve months was 109%, flat year on year.

For the first six months, total revenues were $834.9m, up 13.6% as reported and 12.1% in constant currency, and subscriptions revenues were $771.1m, up 14.1%. The gap between reported and constant-currency growth shows that exchange rates have helped the headline numbers this year.

Profitability and cash flow

Operating income Margin was 21.6%, down from 23.2%. The company's alternative measure, adjusted Operating Income less operating stock-based compensation, had a margin of 28.3% against 29.3%. GAAP Diluted Earnings per Share were $0.25 against $0.22, and adjusted earnings per share were $0.35 against $0.32.

Operating Cash Flow in the quarter was $71.5m, up from $61.1m, and free cash flow was $63.8m, up from $57.0m. For the first half, however, Operating Cash Flow was $264.9m, down from $280.5m, and free cash flow was $251.7m, down from $273.4m.

Capital allocation and leverage

In the first half, Bentley repurchased $125.1m of Class B common stock, up from $50.0m a year earlier, and paid $42.4m in dividends. Net Debt Leverage was 1.9 times at quarter end. Cash and equivalents were $147.0m at 30 June 2026, against long-term debt of $1,210.3m plus a $6.9m current portion.

The chief financial officer cited a mid-2027 Maturity for the convertible notes, which is a refinancing item to keep in view. The company's quarterly Dividend was declared on 11 September 2026, with an ex-dividend date of 22 September.

Management's message

Chief executive Nicholas Cumins said growth was again led by the Resources sector, followed by Public Works and Utilities, including electric grid work. He added that customers are starting to use Bentley's infrastructure artificial intelligence capabilities on live projects and that the company plans to monetise that value over time. The company has not yet quantified that opportunity.

The release did not provide numerical full-year outlook ranges. It said only that second-quarter results position the company favourably within its existing full-year financial outlook.

What to watch on 5 November

On 5 November, ARR growth can be compared with the 12% constant-currency rate, net retention with the 109% level, and margins with the second-quarter figures. Cash conversion and progress on infrastructure AI will also be followed.