Bentley Systems Reports $370.5 Million Revenue in Q1 2025, Driven by Subscription Growth

Bentley Systems, Incorporated reported a total revenue of $370.5 million for the first quarter of 2025, marking a 9.7% increase from $337.8 million in the same period of the previous year. The growth was primarily driven by a significant rise in subscription revenues, which reached $342.3 million, up 11.5% year-over-year. The company also saw an increase in perpetual license revenues, which rose by 13.5% to $10.8 million. However, service revenues declined by 17.6% to $17.4 million, reflecting a decrease in business performance in that segment.

In terms of profitability, Bentley Systems reported an operating income of $115.2 million, compared to $91.9 million in the prior year, representing a 25.3% increase. The net income attributable to Bentley Systems was $91.4 million, or $0.28 per diluted share, up from $70.3 million, or $0.22 per diluted share, in the first quarter of 2024. The company’s cash flows from operations also improved, totaling $219.4 million, an increase from $205.0 million in the same quarter last year.

The company did not engage in any acquisitions during the first quarter of 2025, but it continued to focus on its strategic initiatives, including the expansion of its subscription offerings. As of March 31, 2025, Bentley reported an annual recurring revenue (ARR) of $1.32 billion, up from $1.19 billion a year earlier, indicating a constant currency growth rate of 12%. The last twelve-month recurring revenues dollar-based net retention rate was 110%, up from 108% in the previous year, reflecting strong customer retention and growth within existing accounts.

Operationally, Bentley Systems reported a total headcount of 4,200 employees as of March 31, 2025, an increase from 4,000 employees a year prior. The company’s geographic revenue distribution showed growth across all regions, with the Americas generating $199.0 million, EMEA $107.0 million, and APAC $64.6 million. The company’s cash and cash equivalents increased to $83.6 million from $64.0 million at the end of 2024, providing a solid liquidity position to support ongoing operations and strategic initiatives.

Looking ahead, Bentley Systems remains optimistic about its growth trajectory, driven by its focus on digital twin solutions and infrastructure engineering software. The company anticipates continued revenue growth, supported by its expanding subscription base and strong customer retention metrics. However, it also acknowledges potential challenges from market conditions and geopolitical factors that could impact its operations and financial performance.