Abstract

Bentley Systems, Inc. will report on February 26, 2026 (Pre-Market), and this preview summarizes consensus revenue, margin and EPS expectations, evaluates key segment trends, and compiles institutional views from January 1, 2026 to February 19, 2026.

Market Forecast

Based on the company’s latest guidance framework and market estimates, the current-quarter revenue estimate is $381.82 million, implying 8.98% year-over-year growth, with EBIT estimated at $112.31 million and EPS at $0.26, each reflecting forecast year-over-year growth of 15.48% and 20.00%, respectively. Forecast detail for margins points to continued high gross profitability, while modelled net profitability is expected to be supported by operating leverage; however, the company did not provide a quantified gross margin or net margin forecast in the available dataset. The main business is expected to see steady subscription and licenses momentum with resilient services demand, while the strongest growth potential remains in subscription and licenses given its scale and recurring profile, supported by prior-quarter revenue of $355.21 million and sustained year-over-year gains.

Last Quarter Review

In the most recent reported quarter, Bentley Systems, Inc. delivered revenue of $375.55 million, a gross profit margin of 80.78%, net profit attributable to shareholders of $57.37 million with a net profit margin of 15.28%, and adjusted EPS of $0.27, with revenue growing 12.05% year over year and adjusted EPS up 12.50% year over year. A notable highlight was EBIT of $121.90 million, exceeding estimates modestly and reflecting 15.63% year-over-year growth, while EPS of $0.27 landed fractionally below the $0.274 estimate. The core business mix showed subscription and licenses revenue of $355.21 million and services revenue of $20.34 million; subscription and licenses continued to be the key revenue driver within the overall portfolio.

Current Quarter Outlook

Core Subscription and Licenses Momentum

The subscription and licenses business remains the core engine of performance this quarter, underpinned by a large installed base and multi-year enterprise agreements that support revenue visibility. With a prior-quarter run-rate of $355.21 million and a modelled mid- to high-single-digit year-over-year growth trajectory embedded in the total revenue estimate, investors should look for signs of annual recurring revenue expansion and net retention trends. Pricing discipline, seat expansion across civil infrastructure customers, and steady demand from transportation and utilities end-markets could continue to provide uplift, offsetting pockets of elongated deal cycles where budget approvals extend toward later quarters. The gross profit structure historically above 80% underscores the scalability of the model; progress in cloud subscriptions and usage-based components could lift margin mix if adoption accelerates, though a larger contribution from services would temper gross margin.

Services and Project Delivery Enablement

Services, at $20.34 million last quarter, constitute a small share of revenue but play an enabling role for deployments and customer time-to-value. The quarter’s revenue estimate implies continued demand for implementation and training tied to multi-product rollouts, which can act as a leading indicator for subsequent license consumption. While services carry lower gross margin than software subscriptions, they can support long-term retention and upsell by embedding products deeper within client workflows. Monitoring billable utilization and project timelines is important this quarter, as any slippage can defer revenue recognition; conversely, timely completions may positively influence attach rates for additional modules.

Operating Leverage and Profitability Path

Consensus expectations for EBIT of $112.31 million, up 15.48% year over year, indicate anticipated operating leverage despite cost inflation in R&D and go-to-market. Expense discipline, particularly in sales productivity and cloud infrastructure costs, will be a focal point given last quarter’s EBIT beat and the modeled EPS growth of 20.00% year over year to $0.26. Share-based compensation and amortization of intangibles will shape the gap between GAAP and adjusted metrics; investors may see incremental savings from efficiency initiatives, though this could be partially offset by continued strategic investment in growth vectors that enhance platform breadth and integration.

Largest Growth Potential: Scaled Subscriptions

Among Bentley Systems, Inc.’s businesses, scaled subscription and licenses hold the largest growth potential because of their recurring nature and the breadth of infrastructure engineering use cases. With last quarter’s $355.21 million contribution and sustained year-over-year growth embedded in the outlook, this segment benefits from multi-product adoption across design, construction, and operations phases. Should macro conditions remain relatively stable, larger enterprise renewals and cross-sell into asset management and digital twin-style workflows could expand both revenue and wallet share. The primary watchpoints are the pace of cloud migration among legacy users and any timing effects from public-sector budget cycles that can skew intra-year growth patterns.

Analyst Opinions

Institutional commentary gathered in the period shows a majority bullish stance. A Buy reaffirmation from RBC Capital on January 16, 2026, and a prior Buy stance from the same analyst in November 2025 outweigh a Hold reaffirmation from Barclays on January 12, 2026. The bullish camp highlights consistent high-70s to low-80s gross margins, durable subscription growth, and improving operating leverage into the current quarter. In this view, consensus revenue of $381.82 million and EPS of $0.26 appear achievable given the prior-quarter revenue outperformance and EBIT trajectory; upside swing factors include continued strength in renewals and favorable mix toward higher-margin subscription cohorts. The positioning suggests investors expect stable execution and a path toward mid-teens EBIT growth, which aligns with the current-quarter forecast.