Core Insights - Bentley Systems reported a GAAP operating income of $79 million in Q4 and $363 million for the year, with adjusted operating income less stock-based compensation (SBC) at $94 million in Q4, reflecting a 24.1% margin, and $430 million for the year, up 16% with a 28.6% margin [1][8] Revenue Performance - Total revenue for 2025 was $1.502 billion, an 11% increase on a reported basis and 10% in constant currency, with Q4 revenue at $392 million, increasing 12% reported and 10% in constant currency [4][8] - Subscription revenue was the primary growth driver, rising 13% reported (12% constant currency) for the full year and accounting for 92% of total revenue, up from 2024 [3][8] - Perpetual license revenue remained flat for both the quarter and year, while service revenue declined 6% reported (7% constant currency) for the year, with a modest increase in Q4 [2] Future Outlook - For 2026, management guided constant-currency revenue growth of 11%–13%, projecting total revenue between $1.685 billion and $1.715 billion, with adjusted operating income less operating SBC of $495 million to $510 million [7][20][23] - The company anticipates free cash flow of approximately $500 million to $570 million for 2026, with a focus on dividends, share repurchases, and up to $400 million in programmatic acquisitions annually [24] AI and Data Strategy - Bentley plans to embed AI across its products and utilize ProjectWise/iTwin as an AI-ready data foundation, allowing customers control over their proprietary data for model training [6][18] - The AI strategy includes automating tasks and interactions, applying AI to engineering applications, and ensuring data stewardship through a Data Agreement Registry [21][19] Sector and Regional Demand - Resources and utilities were highlighted as the fastest-growing sectors, with strong performance driven by global infrastructure investment and demand for grid resilience [14][15] - Regionally, the Americas showed strong growth supported by U.S. infrastructure investments, while EMEA growth was led by the Middle East, and Asia Pacific saw solid growth in India [16]