Bentley Systems, Incorporated reported a total revenue of $1.50 billion for the fiscal year ending December 31, 2025, marking an 11% increase from the previous year. Subscription revenues, which constitute the majority of the company's income, rose by 12.5% to $1.38 billion. The company's annual recurring revenue (ARR) also saw significant growth, reaching $1.46 billion, up from $1.28 billion in 2024, reflecting a constant currency growth rate of 11.5%. Operating income increased to $362.6 million, compared to $302.2 million in 2024, while cash flows from operating activities improved to $538.5 million from $435.3 million.
In terms of strategic developments, Bentley Systems has focused on expanding its product offerings and enhancing its cloud capabilities. The company has made eight acquisitions over the past three years, including the notable acquisition of Seequent Holdings Limited in 2021, which bolstered its digital twin capabilities. The company has also launched new AI-powered applications and enhanced its Bentley Infrastructure Cloud, which supports enterprise collaboration and asset management. As of December 31, 2025, Bentley served approximately 42,000 accounts across 189 countries, with a strong emphasis on retaining existing customers, evidenced by a dollar-based net retention rate of 109%.
Operationally, Bentley Systems reported a headcount of approximately 5,800 employees globally, with significant representation in the Americas, Europe, the Middle East, Africa, and Asia-Pacific. The company has seen a steady increase in customer engagement, with 93% of its revenues derived from recurring sources. The Americas region contributed the largest share of revenue at $790.5 million, followed by EMEA at $436.8 million and APAC at $274.5 million. The company continues to invest in research and development, with expenses in this area rising to $307.6 million, reflecting its commitment to innovation and product enhancement.
Looking ahead, Bentley Systems anticipates continued growth driven by its subscription model and the increasing adoption of its cloud-based solutions. The company is focused on expanding its enterprise accounts and small to medium-sized business segments, which have shown promising growth. However, Bentley acknowledges potential risks, including fluctuations in foreign currency exchange rates and geopolitical uncertainties that could impact its international operations. The company remains committed to leveraging its comprehensive software portfolio to advance infrastructure engineering and improve project delivery and asset 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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