Bentley Systems, Incorporated reported a significant increase in its financial performance for the third quarter and the first nine months of 2025, as detailed in its latest 10-Q filing. For the three months ended September 30, 2025, total revenues reached $375.5 million, marking a 12% increase from $335.2 million in the same period of 2024. For the nine months ended September 30, 2025, revenues totaled $1.11 billion, up 10.7% from $1.00 billion year-over-year. The company's net income attributable to Bentley Systems for the third quarter was $57.4 million, or $0.18 per diluted share, compared to $42.3 million, or $0.13 per diluted share, in the prior year.
The growth in revenue was primarily driven by a 13.5% increase in subscription revenues, which amounted to $344.3 million for the third quarter, and a 12.4% increase to $1.02 billion for the nine-month period. The company reported an annual recurring revenue (ARR) of $1.41 billion as of September 30, 2025, reflecting a growth rate of 10.5% compared to the previous year. The last twelve-month recurring revenues dollar-based net retention rate remained stable at 109%, indicating strong customer retention and expansion.
In terms of operational developments, Bentley Systems has seen a rise in its customer base and user engagement metrics. The company reported an increase in its employee headcount, which is aligned with its strategic focus on expanding its product offerings and enhancing customer service. The filing also noted that the company did not complete any acquisitions during the nine months ended September 30, 2025, contrasting with two acquisitions made in the same period of the previous year. This shift reflects a strategic decision to focus on organic growth and product development.
The company’s balance sheet showed a notable increase in cash and cash equivalents, which rose to $165.4 million from $64.0 million at the end of 2024. This increase is attributed to improved cash flows from operations, which totaled $396.9 million for the nine months ended September 30, 2025, compared to $353.7 million in the prior year. Bentley Systems also reported a decrease in long-term debt, which fell to $1.25 billion from $1.39 billion, indicating a stronger financial position.
Looking ahead, Bentley Systems expressed optimism about its growth trajectory, driven by continued demand for its infrastructure engineering software solutions. The company plans to leverage its strong cash position to invest in product development and enhance its market presence. However, management acknowledged potential risks, including market conditions and competitive pressures, which could impact future performance.
About BENTLEY SYSTEMS INC
Bentley Systems develops comprehensive infrastructure engineering software that supports design, construction, and operations across public works, resources, industrial, and commercial sectors worldwide. Its portfolio includes open modeling, simulation, geoprofessional applications, and cloud-based collaboration tools powered by the iTwin digital twin platform. Serving over 41,000 accounts globally, Bentley enables integrated digital workflows, enhancing infrastructure quality, resilience, and asset performance through flexible licensing and subscription models.
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