Bentley Systems, Incorporated Q3 2026 Earnings Recap

Bentley’s shares rose 3.0% after earnings. ARR growth surpassed the company’s annual outlook range and net revenue retention reached a record 110%, while management also announced the Eliis acquisition and the Cohesive divestment.

Key Takeaways

• Year-over-year ARR growth had risen to 13% by Q3, which Greg Bentley said surpassed the annual outlook range; the transcript does not provide the quarter’s exact ARR growth rate.
• Net revenue retention reached a historical high of 110%.
• Bentley announced its Q4 acquisition of Eliis, which management said would expand Seequent’s subsurface modeling business and be accretive to its ongoing growth rate.
• Cohesive was divested and merged into Naviam; Bentley will retain a significant minority investment. Management said the integration of digital twins with Maximo remains nascent.
• Management said less than one-quarter of enterprise revenue comes directly from government, and less than 1% comes directly from the U.S. federal government.