Bentley Systems Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	277.79	234.43	326.79	174.78	93.19
Depreciation & Amortization	65.88	64.61	71.86	71.54	52.79
Stock-Based Compensation	72.58	74.42	72.97	75.21	49.05
Other Adjustments	62.89	39.29	-152.37	-32.11	76.89
Change in Receivables	-18.58	-32.06	-5.18	-60.94	-35.52
Changes in Accounts Payable	-18.44	-16.64	-9.17	29.18	47.96
Changes in Income Taxes Payable	-10.39	-12.55	9.85	0.32	-15.93
Changes in Unearned Revenue	19.01	-1.79	19.93	2.29	5.34
Changes in Other Operating Activities	87.73	85.59	82.01	14.05	14.26
Operating Cash Flow	538.46	435.29	416.7	274.32	288.02
Operating Cash Flow Growth	23.70%	4.46%	51.90%	-4.76%	11.49%
Capital Expenditures	-18.26	-14.05	-25	-18.55	-17.54
Sale of Property, Plant & Equipment	-	-	-	2.38	-
Purchases of Investments	-0.98	-1.44	-11.6	-10.95	-4.08
Proceeds from Sale of Investments	-	-	2.12	-	-
Payments for Business Acquisitions	-93.25	-130.41	-26.02	-743.01	-1,035
Other Investing Activities	0.18	2.62	-	-	-
Investing Cash Flow	-112.31	-143.27	-60.5	-770.13	-1,057
Long-Term Debt Issued	289.57	517.64	588.15	833.29	2,178
Long-Term Debt Repaid	-434.68	-664.36	-846.72	-494.69	-991.31
Net Long-Term Debt Issued (Repaid)	-145.11	-146.71	-258.57	338.6	1,187
Issuance of Common Stock	11.53	15.24	21.7	18.67	9.45
Repurchase of Common Stock	-157.24	-76.86	-58.94	-71.81	-120.54
Net Common Stock Issued (Repurchased)	-145.71	-61.63	-37.23	-53.14	-111.09
Common Dividends Paid	-84.96	-72.12	-58.76	-34.49	-33.4
Other Financing Activities	-0.51	-9.39	-4.52	-7.94	-59.82
Financing Cash Flow	-376.3	-289.85	-359.07	243.03	982.58
Effect of Exchange Rate Changes on Cash and Cash Equivalents	9.41	-6.58	-0.39	-4.88	-6.67
Net Cash Flow	59.27	-4.4	-3.27	-257.65	207.33
Free Cash Flow	520.21	421.25	391.69	255.78	270.49
Free Cash Flow Growth	23.49%	7.54%	53.14%	-5.44%	11.82%
FCF Margin	34.64%	31.13%	31.89%	23.27%	28.03%
Free Cash Flow Per Share	1.56	1.26	1.18	0.77	0.86
Levered Free Cash Flow	258.28	193.24	217.71	612.22	1,367
Unlevered Free Cash Flow	412.7	346.77	559.97	285.06	184.96

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.