Filing Flows

Filing Flows › Technology › UiPath (PATH)

UiPath (PATH) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Sep 8, 2026 · UiPath (PATH) Q2 FY27 earnings results →

Q2 FY27 Revenue up 13% year over year to $410M · 9¢ of every $1 of revenue kept as net profit · operating margin 7.7%

UiPath made $410M in Q2 FY27 (+13% Y/Y): Subscription services $266M, Licenses $124M, Professional services and other $20.3M. Operating margin 7.7%, net earnings $36.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 8, 2026.

Revenue$410M
Year over year+13%
Operating margin7.7%
Net earnings$36.1M
Operating cash flow$30.7M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $410.3M in Q2 FY27, up 13% year over year and down 2% from the previous quarter. Subscription services was the largest line at 65% of revenue. Subscription services added $27.7M year over year (up 12%), 57% of the total change.

Gross margin was 80.4%, down 1.8 points from Q2 FY26. Operating profit was $31.6M, a 7.7% margin (up 13.3 points year over year). Operating expenses fell 6% while revenue rose 13%. Net earnings were $36.1M, up 2178% year over year. The effective tax rate was 31.7%. Non-operating items added $21.3M, 40% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $30.7M (down 26% year over year), 85% of net earnings. Non-cash charges added back $9.0M of depreciation and amortization and $45.0M of share-based compensation. Working capital and other items used $59.4M. Capital expenditures of $1.4M left free cash flow of $29.3M.

Quarterly history

UiPath revenue by quarterUiPath revenue by quarter$424MQ4 FY25$357MQ1 FY26$362MQ2 FY26$411MQ3 FY26$481MQ4 FY26$418MQ1 FY27$410MQ2 FY27
UiPath net earnings by quarterUiPath net earnings by quarter$51.8MQ4 FY25−$22.6MQ1 FY26$1.6MQ2 FY26$199MQ3 FY26$104MQ4 FY26$22.5MQ1 FY27$36.1MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QSep 8, 2026$410M+13%7.7%$36.1M$30.7M
Q1 FY2710-QJun 4, 2026$418M+17%6.7%$22.5M$132M
Q4 FY2610-KMar 25, 2026$481M+14%16.7%$104M$182M
Q3 FY2610-QDec 8, 2025$411M+16%3.2%$199M$28.3M
Q2 FY2610-QSep 8, 2025$362M+14%-5.6%$1.6M$41.6M
Q1 FY2610-QJun 3, 2025$357M+6%-4.6%−$22.6M$119M
Q4 FY2510-KMar 24, 2025$424M+4%7.9%$51.8M$146M

Charts

UiPath: revenue growth, year over year and quarter over quarterUiPath: revenue growth, year over year and quarter over quarterY/YQ/Q+4%Q4 FY25+6%-16%Q1 FY26+14%+1%Q2 FY26+16%+14%Q3 FY26+14%+17%Q4 FY26+17%-13%Q1 FY27+13%-2%Q2 FY27
Latest (Q2 FY27): Y/Y +13%, Q/Q -2%.
UiPath: where the cash came from (+) and went (−), TTM to Q2 FY27UiPath: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$373MBuybacks−$269MAcquisitions−$149MOther investing$89.2MTaxes on employees’ shares−$55.9MCash drawn (+) / kept (−)$20.2MOther financing$10.5MCapital spending−$10.3MExchange rates−$10.3MShares issued$1.2M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
UiPath: profit against cash, quarter by quarterUiPath: profit against cash, quarter by quarterNet incomeOperating cash flow−$10.7M$28.1MQ3 FY25$51.8M$146MQ4 FY25−$22.6M$119MQ1 FY26$1.6M$41.6MQ2 FY26$199M$28.3MQ3 FY26$104M$182MQ4 FY26$22.5M$132MQ1 FY27$36.1M$30.7MQ2 FY27
Latest (Q2 FY27): Net income $36.1M, Operating cash flow $30.7M.
UiPath: diluted shares by fiscal year (split-adjusted)UiPath: diluted shares by fiscal year (split-adjusted)505MFY21455MFY22548MFY23564MFY24560MFY25545MFY26
+7.9% since FY21: more shares outstanding (issuance, stock pay); earlier years scaled for the 3-for-1 split before FY22.
UiPath in its industry: growth against margin (192 companies, SIC 7372)UiPath in its industry: growth against margin (192 companies, SIC 7372)revenue growth, year over year →↑ operating marginmedian +12%median 0%MSFTORCLCRMADBEXYZINTUNOWSHOPCRWVSNPSPLTRADSKElectronic Arts Inc.TEAMSSNCCDNSRBLXTWLOSNOWTTWOCRWDGENDDOGHUBSVEEVDOCUOKTANETMDBNTNXPTCTYLDBXUDTPAYCMBLYESTCPCTYZETARBRKACIWBSYGWREPCORTDCOCTVFIGKVYOCOURBILLBOXCVLTDUOLSAILGTMMANHLIMEAPPFCCCYOUTTANBLKBSGTLBALRMTENBWKPRGSFRSHAPPNBANDNAVNBRZEQTWONTSKASANCXMVERXRPDSPSCBLFSLYVRNSQLYSFROGMQBBINTANCNOEVCMNABLVIAALKTAVPTSPTPDGDYNXPERAMPLDDDSKILCERTCCSICMRCMKTWHUCKCRNCPDFSWEAVSOUNINSEXZODHIIIVLiveperson IncAIMRDNMYPSUPLDKLTRBLZELAWDRTTFBBAIMAPSCCLDEXFYRDVTSSTIEGANNTWKRCATSNALFDCTSVCOMCHXAEYEZDGEADBTWFCFAISPDUOTIDNPDYNQUBTZSPCROCFATNAWRESMSIINLXBLINMSGMGEGSEGGMYSZCXAIGXAIPARAAITXBKYICYABAPCXSPAIDSNYEXYNIDAIATDSIVDAVPRBSKKYUMEWAIFFAUIDGlobal Arena Holding, Inc.ATHRVIDAQXLLIVGUPYYFNGRSVMBTransparentBusiness, Inc.SWMRAMSTTransit Pro Tech Inc.PXLWDNKCDPLSGYGYPATH (+13%, 8%)
Services-Prepackaged Software; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

Loading the interactive chart…

🌏Named in Asian annual reportsinteractive

Loading the interactive chart…

🔄Rotation against the market and its industry (RRG)interactive

Loading the interactive chart…

🔍Earnings qualityinteractive

Loading the interactive chart…

⚖️Fair value by methodinteractive

Loading the interactive chart…

🔭Outlook & guidanceinteractive

Loading the interactive chart…

📈Investments: gains and what it boughtinteractive

Loading the interactive chart…

🏭Its industry’s money flow (input-output)interactive

Loading the interactive chart…

About UiPath

First established in Bucharest, Romania in 2005, UiPath was incorporated in Delaware in 2015 as a company principally focused on building and managing automations, starting with computer vision technology and user interface automations in our initial RPA offering, which remains the foundation of our platform today. Over the course of the past several years, we have followed a strategy of leveraging advances in AI to broaden our capabilities. Building upon decades of leadership in automation, UiPath is pioneering the evolution from rule-based automation to intelligent agentic automation. The UiPath Platform™ uniquely combines controlled agency, developer flexibility, and seamless integration to help organizations scale agentic automation safely and confidently.

In its own words, from its 10-K, filed Mar 25, 2026.

UiPath against its Services-Prepackaged Software peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +13% against the peers' median +14%. Operating margin: 7.7% against the peers' median 15.2%.

CompanyQuarterRevenueY/YOp. margin
PATH UiPathQ2 FY27$410M+13%7.7%
MSFT MicrosoftQ1 FY27$92.3B+19%49.8%
ORCL OracleQ1 FY27$19.3B+30%34.8%
CRM SalesforceQ2 FY27$11.3B+11%20.5%
ADBE AdobeQ3 FY26$6.8B+13%34.8%
XYZ BlockQ3 2026$6.7B+10%6.4%
INTU IntuitQ4 FY26$4.4B+14%10.9%
NOW ServiceNowQ3 2026$4.1B+20%9.4%
SHOP ShopifyQ3 2026$3.7B+32%15.2%

Source: UiPath 10-Q on SEC EDGAR · CIK 1734722 · Services-Prepackaged Software

Guidance and outlook

UiPath Revenue: guidance against what was reportedUiPath Revenue: guidance against what was reportedguided rangereported (above / within / below)Q2 FY26$362MQ3 FY26$411MFY26$1.6BQ4 FY26$481MFY27Q1 FY27$418MQ2 FY27$410MQ3 FY27
Met or beat 9 of 9 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns PATH and who is buying

Largest holders of PATH (13F)Largest holders of PATH (13F)Vanguard Group$805MBlackRock$502MTFG Asset Management GP$336MVanguard Portfolio Management LLC$286MVanguard Capital Management LLC$203MTwo Sigma Investments, LP$163MState Street$150MSenvest Management, LLC$131MBank of America$123MGeode Capital Management, LLC$88.7M
Funds' net buying of PATH by quarter (13F)Funds' net buying of PATH by quarter (13F)−$366M2024-09$10.6M2024-12$81.5M2025-03$380M2025-06−$620M2025-09$286M2025-12$22.3M2026-03$460M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on PATH

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

Compare PATH with

中文版：UiPath（PATH）财报

Español · Français