BSY financial statements

The full income statement, balance sheet, and cash-flow statement for Bentley Systems Incorporated (BSY), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 302.2M2024-09 302.2M2024-12 303.1M2025-03 303.4M2025-06 303.6M2025-09 303.6M2025-12 302.9M2026-03 303.8M2026-06 302.1M-0.0% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	1.50B YoY+11.0%	1.35B YoY+10.1%	1.23B YoY+11.8%	1.10B YoY+13.9%	965M YoY+20.4%
	1.22B YoY+11.8%	1.10B YoY+13.8%	962M YoY+11.6%	862M YoY+15.2%	749M YoY+18.0%
Cost of revenue	278M YoY+7.7%	258M YoY-3.1%	266M YoY+12.3%	237M YoY+9.5%	217M YoY+29.5%
	862M YoY+8.6%	793M YoY+8.4%	732M YoY+12.0%	653M YoY-0.1%	654M YoY+35.0%
Research & development	308M YoY+9.4%	281M YoY+2.4%	275M YoY+6.5%	258M YoY+16.7%	221M YoY+19.1%
Selling, general & administrative	217M YoY+3.3%	210M YoY+16.4%	181M YoY+3.5%	175M YoY+16.3%	150M YoY+32.5%
General & administrative	217M YoY+3.3%	210M YoY+16.4%	181M YoY+3.5%	175M YoY+16.3%	150M YoY+32.5%
Selling & marketing	290M YoY+13.5%	255M YoY+13.7%	224M YoY+14.7%	196M YoY+20.6%	162M YoY+12.8%
Amortization of intangibles	32.8M YoY-3.6%	34.0M YoY-11.7%	38.5M YoY-6.3%	41.1M YoY+60.6%	25.6M YoY+66.8%
Provision for credit losses	6.54M YoY-11.2%	7.37M YoY+10.7%	6.65M YoY+19.9%	5.55M YoY+361.3%	1.20M YoY+220.3%
Operating income	363M YoY+20.0%	302M YoY+31.1%	231M YoY+10.5%	209M YoY+120.5%	94.6M YoY-37.0%
Interest expense	7.58M YoY-55.3%	17.0M YoY-51.5%	35.0M YoY-0.2%	35.1M YoY+204.1%	11.5M YoY+59.7%
Interest & investment income	2.89M YoY+5.8%	2.73M YoY+77.5%	1.54M YoY+265.3%	421K YoY+37.6%	306K YoY-30.0%
Other non-operating income	547K YoY-95.8%	12.9M YoY+279.3%	-7.22M YoY-129.7%	24.3M YoY+143.9%	9.96M YoY-58.9%
Equity-method income	38.0K YoY-63.5%	104K YoY+447.4%	19.0K YoY+100.9%	-2.21M YoY+38.3%	-3.58M YoY-44.9%
Pre-tax income	351M YoY+19.7%	293M YoY+59.7%	184M YoY-7.4%	198M YoY+112.4%	93.3M YoY-44.3%
Income tax	73.0M YoY+24.3%	58.7M YoY+141.0%	-143M YoY-773.0%	21.3M YoY+717.3%	-3.45M YoY-108.9%
	278M YoY+18.3%	235M YoY-28.2%	327M YoY+87.0%	175M YoY+87.5%	93.2M YoY-26.3%
Net income to non-controlling interest	-67.0K YoY+81.1%	-354K	0.00	0.00	—
Net income to common	278M YoY+18.4%	235M YoY-28.2%	327M YoY+87.0%	175M YoY+87.5%	93.2M YoY-26.2%
	$0.85 YoY+18.1%	$0.72 YoY-28.0%	$1.00 YoY+81.8%	$0.55 YoY+83.3%	$0.30 YoY-28.6%
EPS (basic)	$0.88 YoY+17.3%	$0.75 YoY-28.6%	$1.05 YoY+84.2%	$0.57 YoY+90.0%	$0.30 YoY-31.8%
	315M YoY-0.1%	315M YoY+0.8%	312M YoY+1.0%	309M YoY+1.1%	306M YoY+5.5%
	333M YoY-0.2%	334M YoY+0.4%	333M YoY+0.2%	332M YoY+5.5%	315M YoY+5.1%
Dividends per share	$0.28 YoY+16.7%	$0.24 YoY+20.0%	$0.20 YoY+66.7%	$0.12 YoY+0.0%	$0.12 YoY-92.6%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	539M YoY+21.9%	442M YoY+5.4%	420M YoY+0.9%	416M YoY-32.5%	616M YoY+81.0%
Cash & equivalents	123M YoY+92.6%	64.0M YoY-6.4%	68.4M YoY-4.6%	71.7M YoY-78.2%	329M YoY+169.9%
Prepaid expenses	53.3M YoY+5.4%	50.5M	—	—	—
	3.56B YoY+4.6%	3.40B YoY+2.4%	3.32B YoY+4.9%	3.17B YoY+19.0%	2.66B YoY+136.2%
Property, plant & equipment	36.0M	—	—	—	—
Operating lease right-of-use	31.1M YoY-3.6%	32.3M YoY-16.0%	38.5M YoY-4.4%	40.2M YoY-20.8%	50.8M YoY+10.2%
Goodwill	2.48B YoY+4.9%	2.37B YoY+4.3%	2.27B YoY+1.4%	2.24B YoY+40.8%	1.59B YoY+173.3%
Intangible assets	193M YoY-9.8%	214M YoY-14.0%	249M YoY-14.9%	292M YoY+18.9%	246M YoY+438.8%
Deferred tax assets	170M YoY-14.1%	198M YoY-6.8%	213M YoY+304.3%	52.6M YoY-26.3%	71.4M YoY+82.0%
Other non-current assets	75.5M YoY-12.7%	86.4M YoY+28.5%	67.3M YoY-6.9%	72.2M YoY+48.5%	48.6M YoY+23.1%
	960M YoY+17.9%	814M YoY+7.1%	760M YoY+21.0%	628M YoY+5.8%	594M YoY+27.6%
Accounts payable	27.0M YoY+63.6%	16.5M YoY-8.9%	18.1M YoY+19.2%	15.2M YoY-7.9%	16.5M YoY-0.1%
Accrued liabilities	173M YoY+2.2%	170M YoY-62.9%	457M YoY+26.3%	362M YoY+11.9%	324M YoY+42.7%
Deferred revenue	278M YoY+13.2%	246M YoY-3.2%	254M YoY+11.8%	227M YoY+1.0%	225M YoY+11.0%
Short-term & current debt	0.00	0.00 YoY-100.0%	10.0M YoY+100.0%	5.00M YoY+0.0%	5.00M
Current lease liability	13.7M YoY+17.3%	11.7M YoY+0.1%	11.6M YoY-20.6%	14.7M YoY-16.1%	17.5M YoY+5.2%
Finance lease liability (current)	—	—	—	—	98.0K YoY-50.3%
	2.37B YoY+0.3%	2.36B YoY-3.2%	2.44B YoY-6.0%	2.59B YoY+15.2%	2.25B YoY+186.8%
Long-term debt	1.25B YoY-10.0%	1.39B YoY-8.6%	1.52B YoY-14.5%	1.78B YoY+24.1%	1.43B YoY+481.7%
Deferred revenue (non-current)	18.4M YoY+10.6%	16.6M YoY+4.9%	15.9M YoY-1.6%	16.1M YoY+101.9%	7.98M YoY+13.7%
Non-current lease liability	22.1M YoY-17.6%	26.9M YoY-12.2%	30.6M YoY+10.7%	27.7M YoY-21.6%	35.3M YoY+11.0%
Operating lease liability (total)	35.8M YoY-7.1%	38.5M YoY-8.8%	42.3M YoY-0.2%	42.3M YoY-19.7%	52.8M YoY+9.1%
Finance lease liability (total)	—	—	—	—	98.0K YoY-66.9%
Finance lease liability	—	—	—	—	0.00 YoY-100.0%
Deferred tax liabilities	4.37M YoY-49.3%	8.61M YoY-11.4%	9.72M YoY-81.0%	51.2M YoY-21.2%	65.0M YoY+499.3%
Other non-current liabilities	4.79M YoY+25.5%	3.82M YoY-29.0%	5.38M YoY-26.9%	7.36M YoY-48.5%	14.3M YoY+10.3%
	1.19B YoY+14.3%	1.04B YoY+17.9%	883M YoY+54.0%	573M YoY+40.1%	409M YoY+19.8%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	—	—	—	2.89M YoY+2.3%	2.83M YoY+3.8%
Additional paid-in capital	1.30B YoY+6.8%	1.22B YoY+8.1%	1.13B YoY+9.4%	1.03B YoY+9.9%	938M YoY+26.5%
Retained earnings	-40.3M YoY+47.0%	-75.9M YoY+53.1%	-162M YoY+56.3%	-371M YoY+15.6%	-440M YoY-16.9%
Accumulated other comprehensive income	-74.6M YoY+28.4%	-104M YoY-22.5%	-85.0M YoY+5.3%	-89.7M YoY+2.2%	-91.8M YoY-249.8%
Non-controlling interest	79.0K YoY-40.6%	133K YoY-81.1%	704K YoY+0.0%	704K	0.00
Total equity incl. non-controlling	1.19B YoY+14.3%	1.04B YoY+17.8%	884M YoY+54.2%	573M YoY+40.1%	409M YoY+19.8%
Total liabilities & equity	3.56B YoY+4.6%	3.40B YoY+2.4%	3.32B YoY+4.9%	3.17B YoY+19.0%	2.66B YoY+136.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	538M YoY+23.7%	435M YoY+4.5%	417M YoY+51.9%	274M YoY-4.8%	288M YoY+11.5%
Depreciation & amortization	—	—	—	71.5M YoY+35.5%	52.8M YoY+46.2%
Intangible amortization	32.8M YoY-3.6%	34.0M YoY-11.7%	38.5M YoY-6.3%	41.1M YoY+60.6%	25.6M YoY+66.8%
Share-based compensation	72.6M YoY-2.5%	74.4M YoY+2.0%	73.0M YoY-3.0%	75.2M YoY+53.3%	49.0M YoY+52.7%
Deferred income taxes	24.3M YoY+93.6%	12.6M YoY+106.3%	-199M YoY-3779.8%	-5.13M YoY+74.0%	-19.7M YoY-221.5%
Change in receivables	18.6M YoY-42.0%	32.1M YoY+519.0%	5.18M YoY-91.5%	60.9M YoY+71.6%	35.5M YoY+386.7%
	-112M YoY+21.6%	-143M YoY-136.8%	-60.5M YoY+92.1%	-770M YoY+27.1%	-1.06B YoY-800.5%
Capital expenditure	18.3M YoY+30.0%	14.0M YoY-43.8%	25.0M YoY+34.8%	18.5M YoY+5.7%	17.5M YoY+6.6%
Free cash flow	520M YoY+23.5%	421M YoY+7.5%	392M YoY+53.1%	256M YoY-5.4%	270M YoY+11.8%
Acquisitions	93.3M YoY-28.5%	130M YoY+401.1%	26.0M YoY-96.5%	743M YoY-28.2%	1.03B YoY+1012.5%
Purchases of investments	981K YoY-31.6%	1.44M YoY-87.6%	11.6M YoY+5.9%	11.0M YoY+168.4%	4.08M
Sales/maturities of investments	0.00	0.00 YoY-100.0%	2.12M	0.00	0.00
Proceeds from sale of PP&E	—	0.00	0.00 YoY-100.0%	2.38M	0.00
Other investing activities	-179K YoY+93.2%	-2.62M	0.00	0.00 YoY-100.0%	4.08M YoY-48.0%
	-376M YoY-29.8%	-290M YoY+19.3%	-359M YoY-247.7%	243M YoY-75.3%	983M YoY+819.8%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Common stock repurchased	125M YoY+94.3%	64.4M	0.00 YoY-100.0%	28.3M	0.00
Dividends paid	85.0M YoY+17.8%	72.1M YoY+22.7%	58.8M YoY+70.3%	34.5M YoY+3.3%	33.4M YoY-92.1%
Other financing activities	-203K YoY-8.0%	-188K YoY+1.6%	-191K YoY-136.4%	525K YoY+366.5%	-197K YoY-4.2%
FX effect on cash	9.41M YoY+243.1%	-6.58M YoY-1586.7%	-390K YoY+92.0%	-4.88M YoY+26.8%	-6.67M YoY-85.8%
Net change in cash	59.3M YoY+1446.1%	-4.40M YoY-34.6%	-3.27M YoY+98.7%	-258M YoY-224.3%	207M YoY+22809.5%
Interest paid	7.85M YoY-54.4%	17.2M YoY-54.0%	37.4M YoY+40.7%	26.6M YoY+474.0%	4.63M YoY-42.2%
Income taxes paid	51.6M YoY-13.7%	59.7M YoY+37.0%	43.6M YoY+48.0%	29.5M YoY-26.7%	40.2M YoY+38.7%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	11.6B YoY-25.6%	15.6B YoY-10.2%	17.4B YoY+44.5%	12.0B YoY-20.9%	15.2B YoY+22.7%
P/E	41.7× YoY-37.2%	66.4× YoY-33.9%	100.4× YoY+56.8%	64.1× YoY-60.7%	163.1× YoY+66.6%
P/S	7.7× YoY-33.0%	11.5× YoY-20.1%	14.4× YoY+29.5%	11.1× YoY-29.3%	15.7× YoY+1.9%
P/B	9.7× YoY-34.9%	15.0× YoY-40.3%	25.1× YoY+8.6%	23.1× YoY-37.8%	37.1× YoY+2.4%
P/FCF	22.3× YoY-39.8%	37.0× YoY-27.2%	50.9× YoY+26.8%	40.1× YoY-28.6%	56.2× YoY+9.7%
	2.4% YoY+59.2%	1.5% YoY+51.2%	1.00% YoY-36.2%	1.6% YoY+154.6%	0.61% YoY-40.0%
	4.5% YoY+66.1%	2.7% YoY+37.5%	2.0% YoY-21.1%	2.5% YoY+40.0%	1.8% YoY-8.9%
	0.73% YoY+42.8%	0.51% YoY+34.1%	0.38% YoY+18.1%	0.32% YoY+30.8%	0.25% YoY-93.8%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: BSY's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all BSY filings on SEC EDGAR → Not investment advice.