BENTLEY SYSTEMS INC — Form 8-K
Filed August 6, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 48/100
What the filing says
Bentley Systems reported Q2 2026 revenues of $410.7M (up 12.8% YoY), with subscription revenues of $378.6M (up 13.6% YoY). ARR reached $1,536.0M as of June 30, 2026, versus $1,379.2M a year prior (12% constant-currency growth). Free cash flow was $63.8M in Q2 (up 11.9% YoY) and $251.7M for the first half (down 7.9% YoY to $273.4M). Diluted EPS was $0.25 (vs. $0.22); adjusted EPS was $0.35 (vs. $0.32). Operating margin declined to 21.6% from 23.2%. Net debt leverage stood at 1.9x with a $550M term loan drawn in H1 2026 and $677.8M of convertible notes repaid.
Why this rating
Solid double-digit ARR and subscription growth on a $7.6B market-cap company signals healthy execution; however, margin compression, slower H1 free cash flow YoY, and routine quarterly reporting limit trajectory impact.
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