Bentley Systems

Bentley Systems makes software that engineers use to design, build and operate infrastructure, such as roads, bridges, rail, water networks, power grids, mines and plants. Its products include MicroStation, OpenRoads, STAAD and the power line design software PLS. Customers are engineering firms and the owners and operators of infrastructure. About 92% of revenue comes from subscriptions, under user licenses or the E365 consumption model, and annualized recurring revenue (ARR) was $1.58 billion at September 30, 2026.

In October 2026, it sold its Cohesive consulting business to Naviam for an equity interest and bought Eliis, a maker of seismic interpretation software. The Bentley family controls a majority of the voting power, and Greg Bentley is the Executive Chair. Nicholas Cumins is the CEO.

The market prices Bentley Systems with a discount because investors fear that AI will lower the value of engineering software. Their main worry is seat compression: AI agents can do work that engineers now do in licensed software, so customers can need fewer users. The stock fell with other software stocks on these fears several times in 2026, for example in April 2026. Bentley also said that it will not charge for its new AI features before 2027, so the evidence that AI adds revenue comes late.

A second worry is US road funding, because the new surface transportation bill passed the House but is on hold. For the gap to close, three things must be true. Constant-currency ARR growth must stay at or above about 11%, with net retention at or above 109%. In Q3 2026, ARR grew 13% and net retention was 110%, and Bentley raised its 2026 ARR growth outlook to 12.5% to 13.5%.

Bentley must show a price model for AI use in its 2027 outlook, and customers must start to pay for it. Free cash flow must reach the 2026 outlook of $500 million to $570 million; it was $489.3 million in the 12 months to September 30, 2026. The 2027 outlook is expected with the Q4 2026 report in February 2027. If ARR growth holds while AI revenue starts, the gap can close over the next four to six quarters.

If AI tools cut the number of paid users, the discount can stay.

1. Nov 5, 2026Passed

   Q3 2026 results: ARR growth and retentionA pass is constant-currency ARR growth of 11% or more with net retention of 109% or more; a fail is ARR growth below 10.5%, the bottom of the 2026 outlook.Outcome: Constant-currency ARR grew 13% with net retention of 110%, and Bentley raised its 2026 ARR growth outlook to 12.5% to 13.5%.
2. Feb 5, 2027 · est.Pending

   2027 outlook: AI price modelA pass is a clear AI price model and 2027 ARR growth guidance near 2026 levels; a fail is slower ARR guidance or no AI revenue plan.
3. Jul 2027 · est.Pending

   2027 convertible notes repaidA pass is repayment of the $575 million notes with cash and credit while net debt stays near 2 times EBITDA; a fail is costly new financing.

Every passed and failed checkpoint across all picks

• November 5, 2026Bentley Systems reported Q3 2026 results. Revenue was $421.5 million, up 12.2%. ARR was $1.58 billion, up 13% in constant currency, and net retention was 110%. Adjusted EPS was $0.36, up from $0.27, and free cash flow was $101.4 million. Bentley raised its 2026 constant-currency ARR growth outlook to 12.5% to 13.5%, without the Cohesive business, and kept its other targets. Net debt was 1.7 times adjusted EBITDA.
• October 29, 2026Bentley Systems bought Eliis, a seismic interpretation software company, to add to its Seequent subsurface software. On October 13, 2026, it gave its Cohesive consulting business to Naviam, an IBM Maximo partner, for an equity interest and warrants in Naviam.
• October 7, 2026Bentley Systems said that it will report Q3 2026 results on November 5, 2026, before the market opens.

Last earnings

November 5, 2026 (8-K on sec.gov)

Next earnings

Expected about February 5, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · bsy-20260930
• 8-KEarnings releaseFiled November 5, 2026 · Press release and exhibits
• 8-KOther company newsFiled September 11, 2026 · bsy-20260911
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 6, 2026 · bsy-20260630
• 8-KEarnings releaseFiled August 6, 2026 · Press release and exhibits
• 8-KShareholder vote results and Other company newsFiled May 26, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 7, 2026 · bsy-20260331
• 8-KEarnings releaseFiled May 7, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled April 27, 2026 · Read it on sec.gov
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 26, 2026 · bsy-20251231

Every filing on SEC EDGAR (CIK 1031308)

• AI tools can let engineers do more work with fewer software licenses, and new AI companies can compete for design work. Bentley will charge for its own AI features only from 2027, and management said that user-based and E365 prices do not fit machine-speed AI use. The new price model is not yet known.
• Demand depends on public infrastructure budgets. The US surface transportation bill passed the House but is on hold, and Germany's infrastructure fund is slow to reach projects, management said in August 2026.
• Bentley had $1.17 billion of debt at September 30, 2026, and $575 million of convertible notes mature in July 2027. Debt rose in 2026 because it repaid the 2026 convertible notes with its credit line and bought back stock.
• About 2% of ARR comes from China, where state-owned owners face geopolitical limits. A stronger US dollar also lowers reported revenue; management expected an $8 to $10 million cut to second-half 2026 revenue at late-July exchange rates.
• The Bentley family controls the company through its shares. Outside shareholders have little influence on strategy, buybacks and acquisitions.

At September 30, 2026, debt was $40.3 million drawn on the revolving credit line, a $550 million secured term loan and $575 million of convertible notes due July 2027. The revolving credit line and the term loan mature in October 2029. Read more

Yield at the current rate

0.6% (current annual rate, at today’s price)

Dividend yield

0.6% (last 12 months, at today’s price of $44.44)

Paid per share

$0.28 in the last 12 months (4 payments)

Current annual rate

$0.28 ($0.07 × 4 a year)

Payout ratio

33% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 22, 2026, $0.07 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 56.3% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.