Bentley Systems Reports 10.2% Revenue Growth to $364.1 Million in Q2 2025

Bentley Systems, Incorporated reported a total revenue of $364.1 million for the three months ended June 30, 2025, marking a 10.2% increase from $330.3 million in the same period last year. For the six months ended June 30, 2025, revenue reached $734.6 million, up 10.0% from $668.1 million in the prior year. The growth was primarily driven by a 12.1% increase in subscription revenues, which totaled $333.5 million for the quarter and $675.8 million for the half-year. The company’s net income attributable to Bentley Systems was $70.5 million for the second quarter, slightly down from $72.0 million a year earlier, while net income for the first half of 2025 was $161.8 million, compared to $142.4 million in 2024.

In terms of operational metrics, Bentley Systems reported an annual recurring revenue (ARR) of $1.38 billion as of June 30, 2025, up from $1.22 billion a year prior, reflecting a constant currency growth rate of 11.5%. The company also achieved a dollar-based net retention rate of 109%, indicating strong customer retention and expansion within existing accounts. The total number of subscriptions increased, contributing to the overall revenue growth, although service revenues declined by 7.1% in the second quarter, attributed to a decrease in Asset Performance Services.

Strategically, Bentley Systems did not complete any acquisitions during the first half of 2025, contrasting with the previous year when it acquired a business for $5 million. The company continues to focus on enhancing its product offerings and expanding its market presence, particularly in the Americas, where revenues increased by 10.1% in the second quarter. The company’s headcount also grew, reflecting its commitment to investing in research and development, which saw expenses rise by 14.7% in the second quarter compared to the previous year.

The company’s balance sheet showed total assets of $3.42 billion as of June 30, 2025, with cash and cash equivalents increasing to $89.6 million from $64.0 million at the end of 2024. Long-term debt decreased to $1.25 billion from $1.39 billion, and the company remains in compliance with all debt covenants. Looking ahead, Bentley Systems anticipates continued growth driven by its subscription model and strong customer retention, although it remains cautious about potential market fluctuations and geopolitical challenges that could impact its operations, particularly in the Asia-Pacific region.