UiPath (NYSE: PATH) delivered a strong Q4 FY2026 with revenue of $481 million, beating analyst estimates of $465 million by 3.5%. Non-GAAP adjusted EPS came in at $0.30 versus the $0.25 consensus, a 17.8% beat. The company achieved full-year GAAP profitability for the first time in its history. GAAP EPS was $0.19. Shares closed up 6.82% at $12.38 in regular trading on March 11, 2026, but slipped approximately 5.5% in pre-market trading the following day as investors digested FY2027 guidance.
About UiPath
UiPath, Inc. (NYSE: PATH) is a global leader in agentic automation and robotic process automation (RPA) software, headquartered at One Vanderbilt Avenue, 60th Floor, New York City. The company was founded in 2005 in Bucharest, Romania, by Daniel Dines and Marius Tirca, originally operating under the name DeskOver. UiPath went public on April 21, 2021, in what was then one of the largest U.S. software IPOs in history.
The UiPath Platform combines artificial intelligence, desktop recording, back-end mining, and intuitive visualization tools to allow enterprises to discover, build, manage, and govern automation at scale. As of January 31, 2025, the company had 3,868 employees. The company currently carries a market capitalization of approximately $6.62 billion, with a trailing P/E ratio of roughly 27.51.
UiPath does not pay a dividend (0% yield). Over the past 12 months, the stock has traded in a range of $9.38 to $19.84. The company serves banking, healthcare, financial services, government, and enterprise clients across the United States, Romania, Japan, and other global markets.
Top Financial Highlights
- Q4 Total Revenue reached $481.1 million, a 14% year-over-year increase, surpassing analyst estimates of $464.8 million by 3.5%.
- Full-Year FY2026 Revenue totaled $1.611 billion, a 13% increase from the prior year’s $1.43 billion.
- Annualized Renewal Run-Rate (ARR) grew 11% year-over-year to $1.853 billion as of January 31, 2026.
- Net New ARR for Q4 was $70 million; full year net new ARR was $186 million.
- Dollar-Based Net Retention Rate stood at 107% for the quarter.
- GAAP Gross Margin was 85% in Q4 and 83% for the full year.
- Non-GAAP Gross Margin was 86% in Q4 and 85% for the full year.
- GAAP Operating Income was $80 million in Q4 and $57 million for the full year, marking the first-ever full-year GAAP profitability.
- Non-GAAP Operating Income reached $150 million (31.2% margin) in Q4 and $370 million for FY2026.
- Non-GAAP Adjusted EPS was $0.30, beating the FactSet estimate of $0.26 and consensus of $0.25.
- GAAP Net Income was $104.5 million in Q4 ($0.19 per diluted share) and $282.3 million for the full year ($0.52 per diluted share).
- Net Cash Flow from Operations reached $182 million in Q4 and $371 million for FY2026.
- Non-GAAP Adjusted Free Cash Flow was $182 million in Q4 and $372 million for the full year.
- Cash, Cash Equivalents, and Marketable Securities totaled $1.69 billion as of January 31, 2026.
- New $500 Million Stock Repurchase Program authorized following the completion of the previous $1 billion program.
Beat or Miss?
| Metric | Reported | Analyst Estimate | Difference / Analysis |
| Q4 Revenue | $481.1 million | $464.8 million | Beat by $16.3M (+3.5%) |
| Non-GAAP Adjusted EPS | $0.30 | $0.25 – $0.26 | Beat by $0.04 – $0.05 (+17.8%) |
| GAAP EPS (Diluted) | $0.19 | $0.20 | Missed by $0.01 (GAAP basis) |
| Non-GAAP Operating Income | $150.1 million | $139.8 million | Beat by $10.3M (+7.3%) |
| ARR | $1.853 billion | ~$1.85 billion (consensus) | In line with expectations |
| Q1 FY2027 Revenue Guidance | $395M – $400M (midpoint: $397.5M) | $394.6M (consensus) | Slightly above (+0.7%) |
| FY2027 Revenue Guidance | $1.754B – $1.759B | Consensus N/A | Implies ~9-10% YoY growth |
UiPath beat on revenue and non-GAAP earnings metrics but recorded a slight miss on GAAP EPS due to higher tax-related adjustments. The company’s Q4 guidance range of $462M to $467M was itself surpassed by the actual result. This marks UiPath’s 17th consecutive quarter of beating earnings estimates.
What Leadership Is Saying?
“We delivered a strong quarter and closed out a year of disciplined execution, with ARR growing 11% year-over-year to $1.853 billion. As enterprise AI adoption moves from experimentation to scaled deployment, customers increasingly need a platform that can execute complex processes with reliability, governance, and scale. By bringing deterministic automation, agentic AI, and enterprise-grade orchestration together on a single platform, UiPath provides the execution layer enterprises trust to run mission-critical processes in the agentic era.” Says Daniel Dines, Founder and Chief Executive Officer
“I am pleased with our fourth quarter results and the operational progress we achieved throughout the year, including reaching full-year GAAP profitability for the first time in company history. The operating discipline we built throughout the year is translating into more consistent execution and expanding operating leverage. As we enter fiscal 2027, we remain focused on expanding adoption across our platform and driving continued operating discipline as we scale the business.” Says Ashim Gupta, Chief Operating Officer and Chief Financial Officer
Historical Performance
UiPath Q4 FY2026 vs. Q4 FY2025 Comparison
| Category | Q4 FY2026 (Jan 31, 2026) | Q4 FY2025 (Jan 31, 2025) | Change (%) |
| Total Revenue | $481.1 million | $423.6 million | 13.60% |
| License Revenue | $215.9 million | $197.6 million | 9.30% |
| Subscription Services Revenue | $251.2 million | $215.2 million | 16.70% |
| GAAP Net Income | $104.5 million | $51.8 million | 101.70% |
| Non-GAAP Adjusted EPS | $0.30 | $0.26 | 15.40% |
| GAAP EPS | $0.19 | $0.09 | 111.10% |
| GAAP Operating Income | $80.3 million | $33.6 million | 138.90% |
| Non-GAAP Operating Income | $150 million | N/A | N/A |
| Total Operating Expenses | $326.9 million | $325.5 million | 0.40% |
| GAAP Gross Margin | 85% | 85% | Flat |
| ARR | $1.853 billion | $1.664 billion | 11.40% |
Full Year FY2026 vs. FY2025 Comparison
| Category | FY2026 | FY2025 | Change (%) |
| Total Revenue | $1.611 billion | $1.430 billion | 12.70% |
| GAAP Net Income (Loss) | $282.3 million | ($73.7 million) | Turned profitable |
| GAAP Operating Income (Loss) | $56.8 million | ($162.6 million) | Turned profitable |
| Non-GAAP Operating Income | $370 million | N/A | N/A |
| Operating Cash Flow | $371 million | $321 million | 15.60% |
| Total Operating Expenses | $1.283 billion | $1.345 billion | -4.60% |
UiPath’s ability to grow revenue by 13% while reducing total operating expenses by 4.6% underscores the operating discipline management emphasized. The swing from a ($162.6 million) GAAP operating loss in FY2025 to $56.8 million in GAAP operating income in FY2026 represents a landmark turnaround.
Competitor Performance Comparison
The broader automation and enterprise software sector delivered mixed results in Q4 calendar year 2025 (ending December 31, 2025). Below is a comparison of key competitors:
| Company | Q4 Revenue | YoY Revenue Growth | EPS (Non-GAAP) | Operating Margin | Notes |
| UiPath (PATH) | $481.1M | +14% | $0.30 | 31.2% (Non-GAAP) | Q4 FY2026 (ended Jan 31, 2026) |
| ServiceNow (NOW) | $3.57B | +20.5% | $0.92 | 31% (Non-GAAP) | Q4 CY2025 (ended Dec 31, 2025) |
| Pegasystems (PEGA) | $504.3M | +2.7% | $0.76 | 20.7% | Q4 CY2025 (ended Dec 31, 2025) |
| Appian (APPN) | $202.9M | +22% | $0.15 | 8.6% (Non-GAAP) | Q4 CY2025 (ended Dec 31, 2025) |
YoY Comparison for Competitors
| Category | ServiceNow Q4 2025 | ServiceNow Q4 2024 | Change (%) |
| Revenue | $3.57 billion | ~$2.96 billion | +20.5% |
| Subscription Revenue | $3.466 billion | ~$2.87 billion | +21% |
| Non-GAAP Operating Margin | 31% | ~29.5% | +150 bps |
| Category | Pegasystems Q4 2025 | Pegasystems Q4 2024 | Change (%) |
| Revenue | $504.3 million | ~$491 million | +2.7% |
| Net Income (GAAP) | $234.6 million | N/A | N/A |
| Operating Margin | 20.7% | 29.1% | -840 bps |
| Category | Appian Q4 2025 | Appian Q4 2024 | Change (%) |
| Revenue | $202.9 million | ~$166 million | +22% |
| Cloud Subscription Revenue | $117 million | ~$99 million | +18% |
| Non-GAAP Gross Margin | 73% | 77.10% | -370 bps |
Among these peers, Appian showed the fastest top-line growth at 22%, while ServiceNow demonstrated the most balanced combination of scale and growth at 20.5%. Pegasystems recorded modest revenue growth of 2.7% but maintained profitability and strong ACV expansion at 17% year-over-year. UiPath’s 14% revenue growth positions it solidly in the middle of the pack, though its 31% non-GAAP operating margin stands among the strongest in the automation software segment.
How the Market Reacted?
UiPath shares gained 6.82% during regular trading on March 11, 2026, closing at $12.38, ahead of the after-hours earnings release. Following the release, the stock initially rose approximately 3.3% to $12.78 in after-hours trading as investors reacted to the revenue and earnings beats.
However, sentiment shifted as the market digested the FY2027 guidance, which implies roughly 9-10% top-line growth, a deceleration from FY2026’s 13% pace. By the pre-market session on March 12, shares had fallen approximately 5.5% to around $11.70, suggesting some investors viewed the forward outlook as insufficiently aggressive given the company’s “agentic AI” positioning.
The stock has declined roughly 29% since the start of calendar year 2026, underperforming the S&P 500, which has dropped only about 0.9% over the same period. Analyst consensus maintains a “Hold” rating with an average price target of $15.93, implying approximately 29% upside from the March 11 closing price. The reaction reflects a broader tension in the market: while UiPath’s operational execution and profitability milestones are clear positives, investors are demanding evidence of re-accelerating growth to justify a higher multiple.
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