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Did UiPath beat or miss consensus estimates last quarter?

What factors drove the changes in UiPath's revenue and profit?

What does UiPath do and what are its main business segments?

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What were the key takeaways from UiPath's earnings call?

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- **Revenue milestone**: First GAAP profitable quarter with $411M revenue (+16% YoY), ARR $1.78B (+11%).
- **Agentic momentum**: 950+ clients in production, 365K processes orchestrated, 80%+ autonomy in key workflows.
- **Partnership power**: OpenAI, Microsoft, NVIDIA integrations expand AI capabilities; Deloitte collaboration drives testing automation.
- **Operational strength**: 21% non-GAAP margin, $1.5B cash, and 107% net retention rate.
- **Q4 outlook**: Revenue $462-467M, ARR $1.84B-$1.85B, with net new ARR growth resuming.

**【CEO Summary Section】**
- Q3 revenue reached $411 million, up 16% YoY, with ARR of $1.782 billion (11% growth). GAAP operating income turned positive for the first time.
- Agentic Automation adoption accelerated, with 950+ customers developing agents and 365,000 processes orchestrated via Maestro.
- ScreenPlay and Agent Builder enhancements drove 30%+ time-to-value improvements for clients like Corewell Health and USI Insurance.
- New partnerships with OpenAI, Microsoft, and NVIDIA expanded AI integration capabilities.

**【CFO Financial Commentary】**
- Q3 non-GAAP operating income $88M (21% margin), up 700+ bps YoY. GAAP net income $85M, with $1.5B cash on hand.
- Q4 guidance: Revenue $462-467M, ARR $1.844B-$1.849B. Net new ARR growth resumes on constant currency.
- Dollar-based net retention 107%, with 98% gross retention.

**【Q&A Key Highlights】**
- Agentic solutions still early, but 950+ clients in production show 80%+ autonomy in workflows (e.g., U.S. managed care provider).
- Federal sector resilient despite shutdown, with expansions at Coast Guard, VA, and SSA.
- OpenAI collaboration enables direct LLM integration, reducing setup time by 50%.
- Deloitte partnership accelerates testing automation with 1,500+ prebuilt bots.
- AI-related monetization indirect via platform pull-through, with no material top-line impact in 2026.

UiPath Inc. (PATH) Q3 2026 Earnings Call Transcript

- **Revenue and ARR Growth**: 14% YoY revenue ($362M) and 11% ARR ($1.723B), driven by Agentic solutions winning 7-figure deals faster than RPA.
- **Profitability Improvement**: 17% non-GAAP operating margin ($62M) vs. prior year loss, with $45M free cash flow.
- **Agentic Momentum**: 450+ customers developing agents, 1M+ agent runs, and 170K+ Maestro instances. Public sector normalization and cloud ARR up 25%.
- **Guidance Confidence**: Raised FY26 revenue to $1.57B-$1.58B, reflecting stabilization and Agentic traction despite FY26 top-line impact.

**【CEO Summary Section】**
- Q2 ARR grew 11% to $1.723B, driven by $31M net new ARR. Revenue increased 14% YoY to $362M, exceeding high-end guidance across all metrics.
- Agentic solutions are winning deals faster, with 450+ customers actively developing agents. Examples include a Fortune 15 tech company choosing UiPath for SAP transformation and a health care provider cutting processing time by 75%.
- Gross margin improved to 84%, with non-GAAP operating income of $62M (17% margin), up 1,500+ bps YoY.
- Introduced UiPath API Workflows, Coded Agents, and Data Fabric to enhance AI/automation integration. FUSION 2025 will showcase Agentic Automation's future potential.

**【CFO Financial Commentary】**
- Q2 GAAP net loss narrowed to $20M, with non-GAAP operating income of $62M. Adjusted free cash flow was $45M, ending the quarter with $1.5B in cash.
- Guidance for Q3: Revenue $390M-$395M, ARR $1.771B-$1.776B, non-GAAP op income $70M. Full FY26: Revenue $1.571B-$1.576B, ARR $1.834B-$1.839B, op income $340M.
- FX tailwind of $7M in FY26 guidance. Public sector normalization and Agentic adoption driving confidence, though FY26 top-line impact remains limited.

**【Q&A Key Highlights】**
- **Agentic Adoption Pacing**: 450+ customers developing agents, with 1M+ agent runs and 170K+ Maestro instances. Deal sizes growing faster than traditional RPA, with 7-figure wins in finance and manufacturing.
- **Go-to-Market Stability**: Restructured teams show improved pipeline quality, forecasting accuracy, and implementation speed. Field closer to customers, with product/field collaboration driving innovation.
- **Public Sector Momentum**: U.S. Navy, Coast Guard, and VA wins highlight normalization post-budget delays. ARR from cloud/SaaS up 25% to $1.08B, with KLM migrating to cloud.
- **Competitive Positioning**: Recognized as RPA leader in Gartner Magic Quadrant. Maestro's agnostic orchestration and tight RPA integration differentiate against siloed platforms.
- **FX Impact**: FY26 guidance includes $7M tailwind, with FX recognized at renewal time. European currencies and yen driving variability.

UiPath Inc. (PATH) Q2 2026 Earnings Call Transcript

- **Revenue resilience**: $357M Q1 revenue (+6% YoY), ARR growth 12% to $1.693B, driven by Agentic Automation adoption.
- **Profitability leap**: Non-GAAP operating margin 20% (vs. 15.5% prior year), adj. free cash flow $117M (33% margin).
- **Agentic momentum**: 250k agent runs, 11k Maestro process instances, and IXP transforming document processing.
- **Strategic wins**: Google Cloud medical AI partnership, Microsoft CoPilot integration, and US Air Force Agentic deal.
- **FY26 outlook**: Guided for $1.55B revenue, 108% net retention, and $370M adj. free cash flow, despite macro uncertainty.

**【CEO Summary Section】**
- Q1 2026 revenue: $357 million (6% YoY growth), ARR: $1.693 billion (12% YoY growth), driven by Agentic Automation adoption.
- GAAP operating loss improved to $16 million (vs. $49 million prior year), non-GAAP operating margin: 20% (up 450bps YoY).
- Key product momentum: Agent Builder (250k agent runs), Maestro (11k process instances), and IXP for complex document processing.
- Strategic partnerships: Google Cloud (medical record summarization agent), Microsoft (CoPilot Studio integration), and Deloitte (Agentic ERP playbook).
- Public sector progress: US Air Force deal for Agentic Airmen Initiative, navigating federal budget transition.

**【CFO Financial Commentary】**
- Q1 non-GAAP operating income: $70 million (20% margin), adj. free cash flow: $117 million (33% margin).
- FY26 guidance: Revenue $1.549B-$1.554B, ARR $1.82B-$1.825B, non-GAAP op. income $305M, adj. free cash flow $370M.
- FX impact minimal (2-3%), no material impact expected for FY26.
- Share buybacks: 21.9M shares repurchased at $10.40 avg price.

**【Q&A Highlights】**
- **Macroeconomic environment**: Variable but improving visibility; Q2 revenue linearity adjusted due to favorable deal mix.
- **Public sector**: Federal renewals on track, but new deals constrained by budget delays; Air Force deal highlights Agentic potential.
- **Agentic adoption**: Early-stage, no material revenue contribution in FY26; 40+ partners completed Agentic Fast Track program.
- **Pricing model**: Consumption-based SKUs for agents, early positive feedback from customers.
- **Pipeline quality**: Strong activity in Agentic POCs and proofs of concept, supporting Q2 guidance.


UiPath Inc. (PATH) Q1 2026 Earnings Call Transcript

- **Revenue resilience amid macro volatility**: Q4 2025 ARR growth (+14% YoY) to $1.666B, with cloud ARR surging 50% YoY to $975M.
- **Agentic innovation leadership**: 3,000+ agents created in private preview, including 30% accuracy improvement for Allegis. Launching consumption-based pricing for agents Q2 2026.
- **Public sector caution**: FY2026 guidance reflects short-term federal delays, but AI product attach rate hits 85%+ for top customers.
- **Profitability improvement**: Non-GAAP operating margin jumps to 32% (Q4 2025), with $328M free cash flow and $1.7B cash balance.

**【CEO Summary Section】**
- Q4 2025 revenue reached $424 million (excluding $2M FX headwind), with ARR of $1.666 billion (+14% YoY). Public sector transition caused short-term delays, but federal customers reaffirm UiPath's value for efficiency goals.
- Strategic focus on **agentic automation innovation**: launched Agent Builder (3,000+ agents created), Agentic Orchestration (public preview), and Agentic Testing (GA). Acquired Peak AI for verticalized price/inventory agents.
- Customers like a global semiconductor company signed a $7M deal for agentic products, while Allegis Global Solutions saw 30% accuracy improvement using UiPath agents.
- Fiscal 2026 priorities: accelerate agentic adoption, optimize operational efficiency, and weather macro volatility with prudence.

**【CFO Financial Commentary】**
- FY2025 revenue: $1.43B (+9% YoY); cloud ARR: $975M (+50% YoY). Non-GAAP operating margin improved to 32% (Q4 2025), with $328M free cash flow.
- Q1 2026 guidance: revenue $330-335M, ARR $1.686-1.691B. FY2026 revenue: $1.525-1.530B, non-GAAP op income $270M. SaaS growth (+2% YoY) offsets macro headwinds.
- Share buybacks: $390M in FY2025, continuing under 10b5-1 plan.

**【Q&A Highlights】**
- **Public Sector Uncertainty**: Federal deal closures delayed due to administration transition, but customers view UiPath as critical for DOGE efficiency goals. Canada-based bank reported 90%+ AI product adoption for ERP migration savings.
- **Agentic Momentum**: 3,000+ agents created in private preview, with use cases in claims processing, supply chain, and testing. Agentic Testing adoption grew 300% QoQ.
- **Monetization Strategy**: Consumption-based pricing for agents and orchestration to launch Q2 2026. AI product attach rate: 20% overall, 85%+ for >$1M ARR customers.
- **Cloud Migration**: 10% of ARR moved to cloud in FY2025, driven by AI product adoption and agentic roadmap. Largest customer migrating 1,000+ processes to cloud.
- **Competition**: Differentiated by agentic-first strategy, open-source integration, and verticalized agents (e.g., Peak AI acquisition).

UiPath (PATH)-12 Mar 25-2025 Q4 Earnings call transcript

UiPath (PATH)-5 Dec 24-2025 Q3 Earnings call transcript

UiPath (PATH)-5 Sep 24-2025 Q2 Earnings call transcript

UiPath Inc - Ordinary Shares (PATH)-29 May 24-2025 Q1 Earnings call transcript

UiPath Inc - Ordinary Shares (PATH)-13 Mar 24-2024 Q4 Earnings call transcript

- **ARR & Revenue Growth**: 24% YoY ARR ($1.378B) and 24% revenue ($326M), driven by federal and healthcare wins.
- **Operational Excellence**: 13% non-GAAP operating margin, $44M free cash flow, and 123% net retention rate.
- **AI Innovation**: Launch of UiPath Autopilot and next-gen Document Understanding, with 80% faster model training.
- **Customer Expansion**: 31% YoY growth in >$1M ARR customers, with $250M ROI for a health system.
- **Guidance**: Q4 2024 revenue $381-386M, FY24 free cash flow >$250M, amid cautious macro outlook.

**【CEO Summary Section】**
- **ARR Growth**: Q3 ARR reached $1.378 billion, up 24% YoY, driven by $70 million in net new ARR. Notable wins include federal agencies (e.g., USDA, Coast Guard) and financial services customers.
- **Revenue Performance**: Revenue of $326 million grew 24% YoY, with FX tailwinds contributing $3 million. Dollar-based net retention rate was 123% (121% reported, 123% FX-adjusted).
- **Operational Efficiency**: Non-GAAP operating margin improved to 13% (vs. -600 bps YoY), with $44 million in adjusted free cash flow. Gross margin remained strong at 87%.
- **Product Innovation**: Launch of UiPath Autopilot (AI-powered tools for developers and business users) and next-gen Document Understanding, which accelerates model training by 80%.
- **Customer Expansion**: 264 customers with >$1M ARR (31% YoY growth), and 1,974 customers with >$100K ARR. Key deals included a $250M ROI health system and a $1M+ federal deployment.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net loss of $56 million (vs. $101 million YoY), with non-GAAP EPS beating expectations. Remaining performance obligations (RPO) grew 31% YoY to $995 million.
- **Cash Management**: $1.8 billion in cash, with $4.9 million shares repurchased under a $500M buyback program.
- **Guidance**: Q4 2024 revenue expected in $381-386 million, ARR in $1.45-1.455 billion, and FY24 free cash flow >$250 million.

**【Q&A Highlights】**
- **AI Spend Dynamics**: Customers prioritize automation as a cost-efficient innovation channel, with AI investments driven by business case ROI (e.g., $250M savings for a health system).
- **Sales Force Expansion**: Ashim confirmed ongoing sales team investments, with sequential sales & marketing expense growth due to channel realignment.
- **Macro Environment**: Rob noted stabilization in enterprise spending, with federal and healthcare sectors leading, while smaller businesses remain cautious.
- **Competitive Position**: UiPath maintains leadership in public sector and AI-integrated automation, with partnerships like SAP and Deloitte driving differentiation.

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