Bentley Systems (NASDAQ:BSY) saw its shares jump 12.8% in Thursday morning trading after the infrastructure engineering software provider reported fourth-quarter results that topped revenue estimates and provided a 2026 financial forecast that significantly outpaced Wall Street projections.
The Exton, Pennsylvania-based company reported fourth-quarter revenue of $391.6 million, an 11.9% increase year-over-year, surpassing the $381 million expected by analysts.
Non-GAAP earnings per share came in at $0.27, meeting consensus estimates and reflecting a disciplined transition toward a 92% subscription-based recurring revenue model.
A key driver of investor optimism was management’s commentary on "infrastructure AI."
Executive Chair Greg Bentley characterized AI as an "unprecedented opportunity" rather than a disruptive risk, highlighting the company’s success in embedding AI into its digital twin platforms.
The company’s recent acquisitions of Talon Aerolytics and Pointivo have bolstered its Asset Analytics portfolio, allowing owner-operators to use AI-driven digital twins to optimize the maintenance of aging infrastructure.