NEW YORK, Feb 27, 2026, 09:09 EST — Premarket
- Bentley Systems shares looked set to slip roughly 2.7% in premarket moves, after a sharp 14% rally in the previous session.
- Infrastructure software company put out a 2026 revenue outlook between $1.685 billion and $1.715 billion, and also announced a quarterly dividend.
- Oppenheimer trimmed its price target to $43, down from $53, but stuck with the Outperform rating.
Bentley Systems, Incorporated (BSY) slipped 2.7% to $36.06 before the bell Friday, shaving off part of the previous day’s gains.
Shares slipped just a day after the infrastructure engineering software firm drew investors’ eyes with its 2026 forecast—double-digit growth, more cash, and a newly announced quarterly dividend all in the mix.
Bentley’s push to sustain its subscription-fueled growth comes as investors weigh just how fast artificial intelligence could reshape the economics of design and engineering software. The company’s forecast—revenue, recurring sales, free cash flow—draws a line for what’s expected in the coming quarters.
Analyst models are getting an overhaul after the numbers landed. Oppenheimer lowered its price target to $43, down from $53, sticking with an Outperform call but pointing to valuation. The firm noted investors are still watching closely for how AI might change both demand and pricing in the sector.
Bentley reported fourth-quarter revenue of $391.6 million, up 11.9%. Subscription revenue saw a 13.0% increase to $356.6 million. Adjusted earnings landed at $0.27 per diluted share, with free cash flow coming in at $136.2 million.
Full-year revenue came in at $1.5018 billion, an 11.0% increase. Free cash flow landed at $520.2 million, according to the .
Bentley projects its 2026 revenue landing between $1.685 billion and $1.715 billion, with free cash flow pegged in the $500 million to $570 million range. The company is looking for constant-currency ARR to climb 10.5% to 12.5%—that strips out currency effects. ARR, or annualized recurring revenue, tracks the pace of subscription-type income.
Chief executive Nicholas Cumins described “great momentum for our 2026 outlook.” CFO Werner Andre highlighted reduced leverage and the ability to fund dividends, buybacks, and acquisitions. Securities and Exchange Commission
Bentley’s board has approved a first-quarter dividend of 7 cents a share for 2026, according to a filing. Investors on the books by March 10 will get paid out March 19.
But the setup has its complications. Many of the company’s targets are quoted in constant currency, which means big swings in FX can cloud year-on-year comparisons. And if budgets get squeezed or projects stall, infrastructure spending can pull back fast.
Traders now look to see if Friday’s drop sticks when markets open, and to watch the pace of analyst estimate updates after earnings. On the calendar: March 10 is the record date for the dividend, with payment set for March 19.
