The slight revenue miss combined with margin compression and a modest EPS beat suggests a neutral read-through. Monitor the earnings call for full-year guidance updates and commentary on AI monetization progress, which could shift sentiment. The increased buyback activity provides a floor but does not offset the margin trend.
Price Chart
Executive Summary
Bentley Systems reported Q2 2026 results with total revenue of $410.7M (+12.8% YoY), slightly below the $412.1M consensus, and adjusted EPS of $0.35, a 9.4% beat vs the $0.32 consensus. The quarter showed continued strong subscription revenue growth (+13.6% YoY) and ARR growth of 12% constant currency, but operating margins compressed (GAAP operating margin 21.6% vs 23.2% last year) due to higher operating expenses including new platform costs. The company maintained its full-year outlook and highlighted a net debt leverage of 1.9x with increased share repurchases ($125M in H1 2026 vs $50M in H1 2025).
Key Financial Metrics
Key Facts
- Total revenues $410.7M, up 12.8% YoY (12.2% constant currency)
- Subscriptions revenues $378.6M, up 13.6% YoY (13.0% constant currency)
- ARR $1,536.0M as of June 30, 2026, constant currency ARR growth 12%
- GAAP diluted EPS $0.25 vs $0.22 YoY; Adjusted EPS $0.35 vs $0.32 YoY
- Operating income margin 21.6% vs 23.2% YoY; AOIlessOperatingSBC margin 28.3% vs 29.3% YoY
- Free cash flow $63.8M vs $57.0M YoY; H1 FCF $251.7M vs $273.4M YoY
- Net debt leverage 1.9x; share repurchases $125M in H1 2026 vs $50M in H1 2025
Financial Impact
Revenue $410.7M vs consensus $412.1M (miss of ~$1.4M or -0.3%); Adjusted EPS $0.35 vs consensus $0.32 (beat of $0.03 or +9.4%)
Risk Factors
- Operating margin compression from higher R&D, S&M, and G&A costs
- Free cash flow decline in H1 2026 ($251.7M vs $273.4M YoY)
- Integration costs from acquisitions and new platform implementation
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001031308-26-000020 |
| Document: bsy-20260806.htm | 0001031308-26-000020 |
| Document: a26q2exhibit992.htm | 0001031308-26-000020 |
| Document: 0001031308-26-000020-index-headers.html | 0001031308-26-000020 |
| Document: 0001031308-26-000020-index.html | 0001031308-26-000020 |
| Document: 0001031308-26-000020.txt | 0001031308-26-000020 |
| 8-K Data (Synthetic) | 0001031308-26-000020 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 6, 2026 8w ago | 8-K | $35.36 $35.59 | ▲ +0.65% | ▲ +0.05% | $32.58 (−7.86%) |
Apr 10, 2026 24w ago | DEFA14A | $32.82 $32.64 | ▼ −0.55% | ▼ −8.28% | $32.58 (−0.73%) |
Feb 26, 2026 31w ago | 8-K | $36.98 $36.20 | ▼ −2.10% | ▲ +4.30% | $32.58 (−11.89%) |
US Market Status
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