Bentley Systems, Incorporated
bentley.comWhat Do They Do?
Sells software that helps engineering firms, contractors, and infrastructure owners design, build, and operate infrastructure assets.
10-K for FY2025, filed Feb 26, 2026
How Do They Make Money?
Subscriptions are typically paid upfront or billed according to usage; perpetual licenses are typically paid upfront, while services are generally paid after delivery.
10-K for FY2025, filed Feb 26, 2026Subscriptions and perpetual licenses are typically paid upfront, and services are typically paid in arrears, based on the contract terms…View ↗
The Company provides enterprise subscription offerings, which provide its enterprise accounts with complete and unlimited global access to…View ↗
The Company provides annual, quarterly, and monthly term licenses for its software products. Term license subscriptions contain a term…View ↗
The Company recognizes perpetual licenses and the term license component of subscriptions as revenue when either the licenses are delivered…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service ↗
$1.5B
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10-K for FY2025, filed Feb 26, 2026
$1.5B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Subscriptions
Mix
10-K for FY2025, filed Feb 26, 2026 |
92%
FY2022: 87%
|
Subscriptions, FY2025
$1.4B Sources
|
Mix |
|
Perpetual licenses
Sold outright
|
3.1%
FY2022: 4.0%
|
Perpetual licenses, FY2025
$46.2M Sources
|
Sold outright |
|
Services
|
5.3%
FY2022: 8.7%
|
Services, FY2025
$78.9M Sources
|
Who Are Their Customers?
Engineering firms, contractors, infrastructure owners, and other infrastructure organizations use the software for project delivery and asset operations. Bentley sells primarily through its own sales force, with some sales through channel partners.
10-K for FY2025, filed Feb 26, 2026We serve enterprises and professionals across the infrastructure lifecycle, from the design and construction of new projects to the…View ↗
Bentley Infrastructure Cloud. Our enterprise information system spans the end‑to‑end lifecycle and value chain of the world’s…View ↗
The Company primarily utilizes its direct internal sales force and also has arrangements through independent channel partners to promote…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 19 cents of every revenue dollar as net income in FY2025 and turned 35 cents into free cash flow.
10-K for FY2025, filed Feb 26, 2026
$362.6MView ↗
10-K for FY2025, filed Feb 26, 2026
$277.9MView ↗
10-K for FY2025, filed Feb 26, 2026
$520.2MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
Growing. Revenue grew 56% in 4 years, from $965M in FY2021 to $1.5B in FY2025, about 12% a year.
Cesium joins the digital-twin platform
The earlier report describes iTwin as a platform for infrastructure digital twins; the current report pairs it with Cesium’s geospatial technology to align geospatial data with engineering, operational, and enterprise information.
10-K for FY2022, filed Feb 28, 2023 10-K for FY2025, filed Feb 26, 2026iTwin Platform. Our iTwin Platform for infrastructure digital twin offerings, leveraging our infrastructure schemas, enables our users to…View ↗
The platform was augmented through the acquisition of Cesium in September 2024. Cesium technology is used to develop powerful 3D geospatial…View ↗
Who Do They Compete With?
Competes with Autodesk, Trimble, Hexagon, Schneider Electric, Dassault Systèmes, Datamine, Maptek, RMS, Micromine, Nemetschek, Oracle, Esri, and GE Vernova
10-K for FY2025, filed Feb 26, 2026our key competitors in Public Works/Utilities applications include Autodesk, Inc., Trimble Inc., and Hexagon AB; our key competitors in…View ↗
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