Bentley Systems, Incorporated (BSY) Cash Flow Statement
Where BSY’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $538.5M +23.7% vs 2024
- Capital expenditures
- $18.3M 1.2% of revenue
- Free cash flow
- $520.2M 34.6% margin
- Returned to shareholders
- $242.2M 47% of free cash flow
- Change in cash
- $59.3M cash at year-end $123.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
BSY operating cash flow, capex and free cash flow
BSY cash flow trends, 2000–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $17.8M2000 | $538.5M2025 | +46.1%/yr | |
| Capital expenditures | $02000 | $18.3M2025 | — | |
| Free cash flow | $17.8M2000 | $520.2M2025 | +45.5%/yr | |
| Free cash flow margin | 20.5%2018 | 34.6%2025 | +14.1 pts | |
| Operating cash flow / net income | 8.742001 | 1.942025 | −6.80 | |
| Stock-based compensation | $7.9M2018 | $72.6M2025 | +37.3%/yr | |
| Dividends paid | $1.5M2001 | $85.0M2025 | +65.4%/yr | |
| Share buybacks (net) | $46.5M2018 | $157.2M2025 | +19.0%/yr | |
| Capex / revenue | 2.8%2018 | 1.2%2025 | −1.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BSY cash flow by activity
BSY net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BSY cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2001 | 2000 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $277.8M | $234.4M | $326.8M | $174.8M | $93.2M | $126.5M | $103.1M | $142.1M | $4.1M | — |
| Depreciation & amortization | $65.9M | $64.6M | $71.9M | $71.5M | $52.8M | $36.1M | $32.2M | $29.2M | $13.9M | — |
| Stock-based compensation | $72.6M | $74.4M | $73.0M | $75.2M | $49.0M | $32.1M | $8.1M | $7.9M | — | — |
| Change in working capital | $59.3M | $22.5M | $97.5M | −$15.1M | $111.2M | $67.4M | $14.5M | $35.9M | — | — |
| Other non-cash items | $62.9M | $39.3M | −$152.4M | −$32.1M | −$18.2M | −$3.8M | $12.9M | −$53.7M | $17.7M | — |
| Cash from operating activities | $538.5M | $435.3M | $416.7M | $274.3M | $288.0M | $258.3M | $170.8M | $161.5M | $35.7M | $17.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$18.3M | −$14.0M | −$25.0M | −$18.5M | −$17.5M | −$16.4M | −$16.6M | −$19.5M | −$4.7M | $0 |
| Investments (net) | −$981,000 | −$143.3M | −$80.9M | −$770.1M | −$1.06B | −$117.3M | −$53.7M | −$154.8M | −$422,000 | — |
| Acquisitions & other investing | −$93.1M | $14.0M | $45.4M | $18.5M | $17.5M | $16.4M | $16.6M | $19.5M | −$4.4M | −$25.0M |
| Cash from investing activities | −$112.3M | −$143.3M | −$60.5M | −$770.1M | −$1.06B | −$117.3M | −$53.7M | −$154.8M | −$9.5M | −$25.0M |
| Financing activities | ||||||||||
| Dividends paid | −$85.0M | −$72.1M | −$58.8M | −$34.5M | −$33.4M | −$422.6M | −$25.0M | −$20.1M | −$1.5M | — |
| Share repurchases & issuance (net) | −$157.2M | −$76.9M | −$58.9M | −$71.8M | −$120.5M | −$84.0M | −$24.2M | −$46.5M | — | — |
| Net borrowing (repayment) | −$145.1M | −$146.7M | −$258.6M | $332.1M | $1.18B | $8.6M | −$36.0M | −$11.2M | −$20.2M | −$2.2M |
| Shares issued | $0 | $0 | $0 | $0 | $295.8M | $354.2M | $4.5M | $16.2M | $0 | $0 |
| Other financing | $11.0M | $5.8M | $17.2M | $17.2M | −$343.6M | $7.3M | $3.6M | $2.7M | $2.0M | — |
| Cash from financing activities | −$376.3M | −$289.9M | −$359.1M | $243.0M | $982.6M | −$136.5M | −$77.0M | −$58.8M | −$19.7M | — |
| Summary | ||||||||||
| Net change in cash | $59.3M | −$4.4M | −$3.3M | −$257.7M | $207.3M | $905,000 | $39.9M | −$53.3M | $6.6M | — |
| Cash at end of period | $123.3M | $64.0M | $68.4M | $71.7M | $329.3M | $122.0M | $121.1M | $81.2M | $134.5M | — |
| Free cash flow | $520.2M | $421.2M | $391.7M | $255.8M | $270.5M | $241.9M | $154.1M | $142.0M | $31.0M | $17.8M |
| Free cash flow margin | 34.6% | 31.1% | 31.9% | 23.3% | 28.0% | 30.2% | 20.9% | 20.5% | — | — |
| Capex / revenue | 1.2% | 1.0% | 2.0% | 1.7% | 1.8% | 2.1% | 2.3% | 2.8% | — | — |
| Operating cash flow / net income | 1.94 | 1.86 | 1.28 | 1.57 | 3.09 | 2.04 | 1.66 | 1.14 | 8.74 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $78.6M | $95.3M | $58.6M | $57.3M | $70.5M | $91.3M | $49.7M | $42.3M | $72.0M | $70.3M | $179.6M | $53.0M |
| Depreciation & amortization | $16.1M | $16.1M | $15.8M | $18.7M | $17.6M | $15.6M | $16.2M | $18.0M | $14.8M | $16.4M | $19.1M | $17.5M |
| Stock-based compensation | $42.9M | $20.2M | $17.5M | $18.0M | $27.2M | $17.4M | $16.6M | $16.1M | $22.1M | $19.7M | $16.9M | $18.5M |
| Change in working capital | −$36.3M | $52.7M | $37.5M | −$11.1M | −$58.1M | $91.1M | −$10.2M | −$35.5M | −$53.6M | $89.1M | $21.0M | −$26.7M |
| Other non-cash items | −$29.7M | $9.1M | $12.2M | $33.4M | $3.9M | $4.0M | $9.3M | $45.2M | $7.2M | $9.5M | −$149.5M | $10.5M |
| Cash from operating activities | $71.5M | $193.4M | $141.6M | $116.4M | $61.1M | $219.4M | $81.6M | $86.1M | $62.6M | $205.0M | $87.1M | $72.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$7.7M | −$5.6M | −$5.4M | −$5.7M | −$4.1M | −$3.0M | −$5.5M | −$1.8M | −$3.1M | −$3.6M | −$6.1M | −$7.7M |
| Investments (net) | — | — | −$43,000 | −$6.6M | −$4.1M | −$3.0M | −$7.6M | −$124.7M | −$7.1M | −$3.8M | −$9.3M | −$21.5M |
| Acquisitions & other investing | $0 | $0 | −$93.1M | $5.7M | $4.1M | $3.0M | $5.5M | $1.8M | $3.1M | $3.6M | $6.1M | $7.7M |
| Cash from investing activities | −$7.7M | −$5.6M | −$98.5M | −$6.6M | −$4.1M | −$3.0M | −$7.6M | −$124.7M | −$7.1M | −$3.8M | −$9.3M | −$21.5M |
| Financing activities | ||||||||||||
| Dividends paid | −$21.2M | −$21.2M | −$21.2M | −$21.3M | −$21.3M | −$21.2M | −$18.1M | −$18.1M | −$18.0M | −$17.9M | −$14.8M | −$14.8M |
| Share repurchases & issuance (net) | −$70.8M | −$54.2M | −$92.2M | −$18.6M | −$20.0M | −$39.5M | −$19.9M | −$9.8M | −$24.0M | −$23.1M | −$1.4M | −$6.3M |
| Net borrowing (repayment) | $102.5M | −$134.4M | $0 | $0 | $1,000 | −$145.1M | −$32.4M | $82.7M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$30.9M | $5.5M | $28.3M | $6.2M | −$15.4M | $5.0M | −$6.2M | $3.0M | −$102.5M | −$85.5M | −$62.9M | −$43.0M |
| Cash from financing activities | −$20.5M | −$204.4M | −$85.1M | −$33.7M | −$56.7M | −$200.8M | −$76.6M | $57.8M | −$144.6M | −$126.4M | −$79.1M | −$64.0M |
| Summary | ||||||||||||
| Net change in cash | $41.8M | −$18.1M | −$42.1M | $75.8M | $6.0M | $19.6M | −$8.2M | $20.9M | −$90.3M | $73.2M | $1.4M | −$15.8M |
| Cash at end of period | $147.0M | $105.2M | $123.3M | $165.4M | $89.6M | $83.6M | $64.0M | $72.2M | $51.3M | $141.6M | $68.4M | $67.0M |
| Free cash flow | $63.8M | $187.9M | $136.2M | $110.7M | $57.0M | $216.4M | $76.1M | $84.3M | $59.5M | $201.4M | $81.0M | $65.2M |
| Free cash flow margin | 15.5% | 44.3% | 34.8% | 29.5% | 15.7% | 58.4% | 21.7% | 25.1% | 18.0% | 59.6% | 26.1% | 21.3% |
| Capex / revenue | 1.9% | 1.3% | 1.4% | 1.5% | 1.1% | 0.8% | 1.6% | 0.5% | 0.9% | 1.1% | 2.0% | 2.5% |
| Operating cash flow / net income | 0.91 | 2.03 | 2.41 | 2.03 | 0.87 | 2.40 | 1.64 | 2.03 | 0.87 | 2.92 | 0.48 | 1.37 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BSY cash generation
In fiscal 2025 (ended December 31, 2025), Bentley Systems generated $538.5 million of cash from operations (up 23.7%) and spent $18.3 million on capital expenditures, leaving free cash flow of $520.2 million, 34.6% of revenue. It returned $242.2 million to shareholders through dividends ($85.0 million) and net share buybacks ($157.2 million). Cash and equivalents rose by $59.3 million over the year.
Related: BSY income statement, BSY balance sheet, BSY dividend history. See the BSY stock overview for the latest quote and news.
BSY cash flow FAQ
What is Bentley Systems's free cash flow?
Bentley Systems's free cash flow was $520.2 million in fiscal 2025: $538.5 million of operating cash flow minus $18.3 million of capital expenditures It was $421.2 million a year earlier..
How much cash does Bentley Systems generate from operations?
Bentley Systems generated $538.5 million of cash from operating activities in fiscal 2025, 1.94 times its net income of $277.8 million.
How much does Bentley Systems spend on capital expenditures?
Bentley Systems spent $18.3 million on capital expenditures in fiscal 2025, 1.2% of revenue, compared with $14.0 million the year before.
How much stock does Bentley Systems buy back?
Bentley Systems spent $157.2 million on net share repurchases in fiscal 2025.
How much does Bentley Systems pay in dividends?
Bentley Systems paid $85.0 million in dividends in fiscal 2025, 16.3% of free cash flow.