AI-extracted from the 10-Q filed 2026-08-06 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Total revenue rose 12.8% YoY to $410.7M, led by 13.6% growth in subscriptions revenue, while ARR reached $1.54B and net retention held at 109%.
Biggest Revenue Drivers
Subscriptions$378.6M+13.6% YoY
Driven by expansion from existing accounts and 3% growth from new accounts, led by Bentley Open Applications and Seequent applications.
Services$22.4M+9.4% YoY
Primarily due to strength in Maximo-related work within the digital integrator business.
Biggest Revenue Drivers
Total revenue: $410.7M+12.8% YoY
Subscriptions$378.6M+13.6% YoY
Driven by expansion from existing accounts and 3% growth from new accounts, led by Bentley Open Applications and Seequent applications.
Within Subscriptions
Enterprise subscriptions (E365)$169.2M
Primarily attributable to Enterprise 365 (E365) subscriptions of $168.7M.
Term license subscriptions$143.2M
Term license component of subscription-based commercial offerings.
Services$22.4M+9.4% YoY
Primarily due to strength in Maximo-related work within the digital integrator business.
Perpetual licenses$9.7M-4.8% YoY
Continued decline as customers shift toward subscription-based offerings.
Largest Expense Items
General and administrative$65.2M+30.8% YoY
Higher headcount-related costs, plus new enterprise-wide administrative platform costs including non-recurring audit and implementation costs.
Selling and marketing$80.9M+15.7% YoY
Increase in headcount-related costs and higher promotional costs.
Research and development$82.1M+8.9% YoY
Increase in headcount-related costs mainly due to higher annual and other compensation costs.
Total cost of revenues$74.0M+7.6% YoY
Increase in cloud-related costs for subscriptions and licenses, partly offset by lower services headcount costs.
Margins: Gross profit grew to $336.7M (~82% margin) but operating margin compressed slightly as operating expenses grew 17.7% YoY, outpacing revenue growth, driven largely by G&A costs tied to the new ERP platform go-live and non-recurring implementation costs.
Watch Items from the Filing
Effective tax rate rose to 17.5% from 11.2% YoY, driven by a decrease in discrete tax benefits related to stock-based compensation.
Interest expense, net increased 158.7% YoY to $9.1M following the January 2026 repayment of low-coupon (0.125%) convertible notes and issuance of a new $550M Term Loan.
G&A expenses jumped 30.8% YoY partly due to non-recurring costs (~$2.2M) tied to the new enterprise administrative platform go-live in Q2 2026.
Recurring revenues dollar-based net retention rate held at 109% and account retention rate at 99%, consistent with the prior year.
Channel partners accounted for 6% of total revenue in both the current and prior-year quarters, indicating limited channel concentration risk.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Bentley Barry J.DirectorGrant or award · Sep 29, 2026
Bentley Keith A.DirectorGrant or award · Sep 29, 2026
Shaman David R.Chief Legal OfficerGrant or award · Sep 29, 2026
Griswold Kirk B.DirectorGrant or award · Sep 29, 2026
Lee James KChief Operating OfficerGrant or award · Sep 29, 2026
Moutte JulienChief Technology OfficerGrant or award · Sep 29, 2026
Cumins NicholasChief Executive OfficerGrant or award · Sep 29, 2026
Rahden AndrewChief Revenue OfficerGrant or award · Sep 29, 2026
Bentley Raymond B.DirectorGrant or award · Sep 29, 2026
About BENTLEY SYSTEMS INC (BSY): stock profile, AI score and financials
BENTLEY SYSTEMS INC (BSY) stock profile, AI quality score, and SEC EDGAR financial data, a Technology sector company. 13F Pro's AI-powered ranking engine scores BSY at 66.0/100 on a composite quality score built from its SEC filings, placing it at rank #440 of 2,925 stocks — the top 25% of the AI-ranked universe. BSY scores in the top quartile across free cash flow (85.4), balance sheet strength (81.4), profitability (76.9). Shareholder dilution risk is elevated at 24.7/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), BENTLEY SYSTEMS INC reports quarterly revenue of $410.7M, net income of $78.6M, an operating margin of 21.6%. Top institutional holders of BSY by reported 13-F value include BlackRock, VANGUARD PORTFOLIO MANAGEMENT, NORGES BANK, based on the most recent SEC filings. BSY trades on the Nasdaq exchange and files with the SEC under CIK 1031308. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate BSY daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for BENTLEY SYSTEMS INC directly from SEC EDGAR.