Bentley Systems, Incorporated
TechnologyNASDAQ:BSY · NASDAQ Global Select
+$0.32 today
Vol 4.73M · Avg 2.50M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Earnings Waterfall
Revenue to Net Income
Key Ratios
Analysis
$1.6B of revenue converted into $281.9M of net income for the selected period. Gross margin is 81.6% and net margin is 18.0%, showing how much revenue survives after costs and taxes. EPS is $0.87, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5B +11.0% | $1.4B +10.1% | $1.2B +11.8% | $1.1B +13.9% | $965.0M | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $277.5M +7.7% | $257.8M -19.0% | $318.2M +34.2% | $237.0M +9.5% | $216.5M | $725.6M | $804.0M | $882.4M |
| Gross Profit | $1.2B +11.8% | $1.1B +20.3% | $910.2M +5.6% | $862.1M +15.2% | $748.5M | $8.9B | $7.6B | $6.2B |
| Gross Margin | 81.5% +0.6pp | 80.9% +6.9pp | 74.1% -4.3pp | 78.4% +0.9pp | 77.6% | 9.8% | 28.9% | 38.3% |
| Research & Development | $307.6M +9.4% | $281.2M +2.4% | $274.6M +6.5% | $257.9M +16.7% | $220.9M | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $506.9M +6.1% | $477.9M +14.2% | $418.7M +18.1% | $354.5M -13.0% | $407.4M | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $861.6M +8.6% | $793.2M +16.7% | $679.7M +4.0% | $653.5M -0.1% | $653.9M | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $65.9M +2.0% | $64.6M +1.6% | $63.6M -11.1% | $71.5M +59.2% | $44.9M | $374.2M | $1.2B | $631.8M |
| EBITDA | $429.0M +12.2% | $382.4M +32.6% | $288.4M -5.4% | $304.9M +100.1% | $152.3M | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 28.6% +0.3pp | 28.3% +4.8pp | 23.5% -4.3pp | 27.7% +12.0pp | 15.8% | 5.6% | 46.3% | 42.0% |
| Operating Income | $362.6M +20.0% | $302.1M +31.1% | $230.5M +10.5% | $208.6M +120.5% | $94.6M | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 24.1% +1.8pp | 22.3% +3.6pp | 18.8% -0.2pp | 19.0% +9.2pp | 9.8% | 16.6% | 24.1% | 22.0% |
| Interest Income | $0 -100.0% | $2.7M +77.5% | $1.5M +265.3% | $421.0K +37.6% | $306.0K | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $12.4M -49.8% | $24.8M -40.1% | $41.3M +17.9% | $35.1M +204.1% | $11.5M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | -$11.9M -32.2% | -$9.0M +80.9% | -$47.0M -274.7% | -$12.5M -896.0% | -$1.3M | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $350.7M +19.6% | $293.2M +59.7% | $183.5M -6.4% | $196.1M +110.1% | $93.3M | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 23.4% +1.7pp | 21.7% +6.7pp | 14.9% -2.9pp | 17.8% +8.2pp | 9.7% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $73.0M +24.3% | $58.7M +141.0% | -$143.2M -773.0% | $21.3M +717.3% | -$3.4M | $1.3B | -$1.6B | $745.2M |
| Net Income | $277.9M +18.3% | $234.8M -28.2% | $326.8M +87.0% | $174.8M +87.5% | $93.2M | $4.9B | $4.8B | $4.7B |
| Net Margin | 18.5% +1.2pp | 17.4% -9.3pp | 26.6% +10.7pp | 15.9% +6.2pp | 9.7% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $1 +17.3% | $1 -29.9% | $1 +87.7% | $1 +90.0% | $0 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $1 +18.1% | $1 -28.0% | $1 +88.7% | $1 +76.7% | $0 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $314.7M -0.1% | $314.9M +0.8% | $312.4M +1.0% | $309.2M +1.1% | $305.7M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $333.1M -0.2% | $333.8M +0.4% | $332.5M +0.2% | $331.8M +5.5% | $314.6M | $1.2B | $924.4M | $678.0M |
Older periods hidden.
Sign in to unlockCompetitors
Peer companies in the same sector
F5, Inc.
NASDAQ:FFIV
$22.31B
Okta, Inc.
NASDAQ:OKTA
$19.42B
Joint Stock Company Kaspi.kz
NASDAQ:KSPI
$15.44B
Rubrik, Inc.
NYSE:RBRK
$14.14B
Unity Software Inc.
NYSE:U
$12.00B
Dynatrace, Inc.
NYSE:DT
$11.85B
DocuSign, Inc.
NASDAQ:DOCU
$8.58B
Manhattan Associates, Inc.
NASDAQ:MANH
$8.48B
Duolingo, Inc.
NASDAQ:DUOL
$5.72B
ZoomInfo Technologies Inc.
NASDAQ:GTM
$834.02M
SEC Filings
Recent regulatory filings
No filings found.
How much revenue does BSY generate?
Bentley Systems, Incorporated (BSY) reported $1.50B of revenue in fiscal 2025.
Is BSY profitable?
Bentley Systems, Incorporated (BSY) reported $277.86M of net income, with a net margin of 18.5%.
Explore More
Continue the stock analysis
Jump to another research area for this company.