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Exton Today
By the People, for the People
Bentley Systems Reports Steady Subscription Growth in Q4 2025
Company sees continued double-digit revenue momentum in 2026 outlook, with opportunities in AI-powered infrastructure engineering
Published on Feb. 26, 2026
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Bentley Systems (NASDAQ:BSY) executives highlighted steady subscription-led growth in 2025, a financial outlook calling for continued low double-digit momentum in 2026, and what leadership described as a long-term opportunity to apply artificial intelligence across infrastructure engineering workflows.
Why it matters
As a leading provider of software for infrastructure design, construction, and operations, Bentley Systems' performance and outlook provide insights into trends in the engineering and construction industry. The company's focus on subscription revenue growth and its AI strategy signal potential shifts in how infrastructure projects are planned, built, and maintained.
The details
In 2025, Bentley reported total revenue of $1.502 billion, up 11% year-over-year, driven by a 13% increase in subscription revenue. The company's adjusted operating income less stock-based compensation reached $430 million, up 16% with a 28.6% margin. Bentley added over 600 new small and medium-sized business (SMB) customers through its online store for the 16th consecutive quarter. The company's annual recurring revenue (ARR) grew 11.5% in constant currency, with net revenue retention stable at 109%. Bentley's resource and utilities sectors led growth, while public works and utilities remained the largest sector. Regionally, the Americas and the Middle East were standout performers.
- Bentley reported full-year 2025 results on February 26, 2026.
- The company provided its 2026 outlook during its Q4 2025 earnings call.
The players
Bentley Systems
A global software provider specializing in infrastructure engineering applications for the design, construction, and operations of roads, bridges, rail and transit systems, water and wastewater networks, power plants and grids, industrial facilities, and communications infrastructure.
Werner Andre
Chief Financial Officer of Bentley Systems.
Nicholas Cumins
Chief Executive Officer of Bentley Systems.
Greg Bentley
Executive Chair of Bentley Systems.
What they’re saying
“AI represents an 'unprecedented opportunity' for Bentley, rather than a displacement risk, citing the industry's need for precision, safety, standards, interoperability, and professionally sealed deliverables.”
— Greg Bentley, Executive Chair (Bentley Systems Q4 2025 Earnings Call)
“Bentley's role as a system of record—especially via ProjectWise within Bentley Infrastructure Cloud—positions the company to steward proprietary engineering data and enable AI training under customer control.”
— Greg Bentley, Executive Chair (Bentley Systems Q4 2025 Earnings Call)
What’s next
Bentley Systems will report its full-year 2026 results in early 2027, providing an update on its progress in applying AI across infrastructure engineering workflows.
The takeaway
Bentley Systems' focus on subscription revenue growth and its strategic investments in AI-powered infrastructure engineering solutions position the company to capitalize on long-term trends in the design, construction, and operations of critical infrastructure assets.
