BENTLEY SYSTEMS INC

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 26, 2026

BSY$45.24-0.4%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Consolidated Statements of Cash Flows F-

	Year Ended December 31,
	2025	2024	2023
Cash flows from operating activities:
Net income	$277,794	$234,433	$326,787
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and impairment	65,880	64,608	71,861
Deferred income taxes	24,333	12,571	(198,878)
Stock-based compensation expense	72,576	74,417	72,972
Deferred compensation plan	14,409	12,382	13,580
Amortization of deferred debt issuance costs	7,575	7,338	7,291
Change in fair value of derivative	10,238	(10)	5,038
Foreign currency remeasurement loss (gain)	664	(785)	(452)
Other	5,674	7,794	21,047
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable	(18,584)	(32,064)	(5,180)
Prepaid and other assets	10,543	(6,006)	4,112
Accounts payable, accruals, and other liabilities	(18,440)	(16,642)	(9,167)
Cloud Services Subscription deposits	77,190	91,595	77,900
Deferred revenues	19,006	(1,789)	19,933
Income taxes payable, net of prepaid income taxes	(10,394)	(12,550)	9,852
Net cash provided by operating activities	538,464	435,292	416,696
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software	(18,255)	(14,046)	(25,002)
Acquisitions, net of cash acquired	(93,252)	(130,407)	(26,023)
Purchases of investments	(981)	(1,435)	(11,602)
Proceeds from investments	—	—	2,123
Other	179	2,621	—
Net cash used in investing activities	(112,309)	(143,267)	(60,504)
Cash flows from financing activities:
Proceeds from credit facilities	289,567	517,643	588,154
Payments of credit facilities	(424,882)	(474,356)	(841,723)
Repayments of term loan	—	(190,000)	(5,000)
Repurchase of convertible senior notes	(9,797)	—	—
Payments of debt issuance costs	—	(6,184)	—
Payments of contingent and non-contingent consideration	(310)	(3,022)	(4,324)
Payments of dividends	(84,963)	(72,115)	(58,756)
Proceeds from stock purchases under employee stock purchase plan	11,534	11,228	9,988
Proceeds from exercise of stock options	—	4,007	11,715
Payments for shares acquired including shares withheld for taxes	(32,187)	(12,504)	(58,937)
Repurchases of Class B common stock under approved program	(125,057)	(64,359)	—
Other	(203)	(188)	(191)
Net cash used in financing activities	(376,298)	(289,850)	(359,074)
Effect of exchange rate changes on cash and cash equivalents	9,412	(6,578)	(390)
Increase (decrease) in cash and cash equivalents	59,269	(4,403)	(3,272)
Cash and cash equivalents, beginning of year	64,009	68,412	71,684
Cash and cash equivalents, end of year	$123,278	$64,009	$68,412

	Year Ended December 31,
	2025	2024	2023
Supplemental information:
Cash paid for income taxes (1)	$61,488	$59,745	$43,619
Income tax refunds	$2,393	$2,219	$1,188
Cash paid for interest	$7,846	$17,202	$37,389
Non-cash investing and financing activities:
Non-marketable equity investment	$—	$—	$3,500
Deferred, non-contingent consideration, net	$—	$—	$525
Share-settled Bonus Plan awards	$6,486	$14,476	$16,791
DCP elective participant deferrals	$—	$188	$1,765

(1)Cash paid for income taxes includes third‑party withholding taxes.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.