Bentley Systems (BSY) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Bentley Systems published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Bentley Systems reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Bentley Systems completed the divestiture of Cohesive, its IBM Maximo implementation and consulting business, on October 13, 2026, after the quarter ended, and acquired Eliis, a seismic interpretation software company, on October 29, 2026.
• From 2026 Bentley renamed its main non-GAAP profit measure AOI less Operating SBC and widened the acquisition expense adjustment; prior periods were revised to match.

Source: Bentley Systems Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Bentley Systems splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Bentley Systems's Subscriptions revenue was $387 million in Q3 2026, up 12% from $344 million in Q3 2025, 92% of total revenue.
• Bentley Systems's Perpetual licenses revenue was $12.6 million in Q3 2026, up 16% from $10.9 million in Q3 2025, 3% of total revenue.
• Bentley Systems's Services revenue was $22.1 million in Q3 2026, up 8% from $20.3 million in Q3 2025, 5% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release (Werner Andre, CFO), Bentley Systems said:

“Revenues excluding the Cohesive divestiture, AOI less Operating SBC and free cash flow remain on track to deliver within their respective outlook ranges.”

Source: Bentley Systems Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the BSY forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Bentley Systems's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Bentley Systems sells infrastructure engineering software, almost all of it on subscription. In Q3 2026 subscriptions revenues were $386.8 million of $421.5 million in total revenues, up 12.4%; perpetual licenses were $12.6 million and services $22.1 million. Total revenues rose 12.2%, or 12.7% in constant currency. (Bentley Systems Q3 2026 release, Nov 5, 2026)

Bentley Systems' largest subscription line is Enterprise subscriptions, $183.2 million, mostly its Enterprise 365 (E365) offering at $182.3 million, up from $156.8 million. Term license subscriptions were $136.1 million and SELECT subscriptions $67.5 million. Bentley recognizes the term license component of subscriptions when licenses are delivered or at the start of the term, which came to $204.7 million of revenue in the quarter. (Bentley Systems Form 10-Q, Q3 2026, Nov 5, 2026)

The Americas brought in $218.1 million, up 11.1%, EMEA $121.8 million, up 12.9%, and APAC $81.6 million, up 14.4%. Revenue attributable to the United States was $173.9 million. Channel partners accounted for 8% of total revenues. (Bentley Systems Form 10-Q, Q3 2026, Nov 5, 2026)

Annualized recurring revenues (ARR) were $1,582.8 million at September 30, 2026, against $1,405.2 million a year earlier, a 13% constant currency growth rate. The CEO said growth was driven by strength in Resources and momentum in Public Works & Utilities. E365 made up 46% of total ARR, and the last twelve-months recurring revenues dollar-based net retention rate was 110%, against 109%. (Bentley Systems Q3 2026 release, Nov 5, 2026; Bentley Systems Form 10-Q, Q3 2026, Nov 5, 2026)

Bentley Systems' GAAP diluted EPS was $0.29 in Q3 2026, against $0.18, on net income of $89.9 million, against $57.4 million. Operating income margin rose to 29.1% from 22.5%. The effective tax rate fell to 22.1% from 31.4%, which Bentley put down to discrete tax benefits related to stock-based compensation: a $1.7 million benefit this year against a $6.5 million expense a year earlier. (Bentley Systems Q3 2026 release, Nov 5, 2026; Bentley Systems Form 10-Q, Q3 2026, Nov 5, 2026)

Adjusted EPS was $0.36, against $0.27. Bentley's adjustments add back amortization of purchased intangibles ($0.03 a share), operating stock-based compensation ($0.06) and acquisition expenses ($0.01), and remove other income ($0.01) and the tax effect of the adjustments ($0.02). (Bentley Systems Q3 2026 release, Nov 5, 2026)

Diluted weighted average shares fell to 317,691,424 from 333,277,478. In the first nine months of 2026, Bentley repaid $677.8 million of convertible senior notes, which its diluted EPS treats on an if-converted basis, and repurchased 4,064,293 Class B shares for $135.1 million. (Bentley Systems Q3 2026 release, Nov 5, 2026; Bentley Systems Form 10-Q, Q3 2026, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Bentley Systems gives annual outlook ranges. With Q3 2026 results its CFO said Bentley was raising its constant currency ARR growth range, excluding the Cohesive divestiture, to 12.5-13.5%, and that revenues excluding Cohesive, AOI less Operating SBC and free cash flow remain on track to land within their outlook ranges. The release does not restate those ranges. (Bentley Systems Q3 2026 release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Bentley Systems, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Bentley Systems's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning BSY is on is BSY a buy or a sell?, what analysts expect next is on the BSY forecast, and what the company does is on the Bentley Systems (BSY) stock page.

Every number on this page can be traced to a document Bentley Systems published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.