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UiPath cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$29.3M in Q2 FY27 · $363M over twelve months

Operating cash flow$30.7M
Capital spending−$1.4M
Free cash flow+$29.3M
Cash / net income0.9×
Cash conversion cycle47 days

Analysis

In Q2 FY27, UiPath generated $30.7M of operating cash flow and spent $1.4M on capital projects, leaving free cash flow of $29.3M. That is $12.3M less than in Q2 FY26 ($41.6M).

Over the twelve months to Jul 31, 2026, operating cash flow was $373M; the largest uses were buybacks ($269M), acquisitions ($149M), taxes on employees’ shares ($55.9M); besides operations, cash came from other investing ($89.2M), other financing ($10.5M); the cash balance fell by $20.2M.

Operating cash flow was $30.7M against net income of $36.1M — 0.9× profit, less cash than reported earnings, worth checking against working capital. The largest differences: stock-based pay +$45.0M, deferred revenue −$34.7M, employee-related liabilities +$29.1M.

Its cash conversion cycle was 47 days (receivables 68 + inventory 0 − payables 21).

Free cash flow

UiPath: free cash flow by quarterUiPath: free cash flow by quarter$23.2MQ3 FY25$139MQ4 FY25$106MQ1 FY26$41.6MQ2 FY26$25.1MQ3 FY26$179MQ4 FY26$129MQ1 FY27$29.3MQ2 FY27
Operating cash flow less capital spending.
UiPath: operating cash flow against capital spendingUiPath: operating cash flow against capital spendingOperating cash flowCapital spending$28.1M$4.9MQ3 FY25$146M$7.4MQ4 FY25$119M$12.8MQ1 FY26$41.6M$0Q2 FY26$28.3M$3.2MQ3 FY26$182M$3.1MQ4 FY26$132M$2.7MQ1 FY27$30.7M$1.4MQ2 FY27
Latest (Q2 FY27): Operating cash flow $30.7M, Capital spending $1.4M.

Capital allocation, year by year

UiPath: where the cash came from (up) and went (down), by fiscal yearUiPath: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY22: Operating cash flow −$55.0MFY22: Shares issued $1.5BFY22: Capital spending −$8.9MFY22: Acquisitions −$5.5M$1.5BFY22FY23: Operating cash flow −$10.0MFY23: Shares issued $8.4MFY23: Capital spending −$23.8MFY23: Acquisitions −$29.5M$8.4MFY23FY24: Operating cash flow $299MFY24: Net borrowing −$5.9MFY24: Shares issued $6.7MFY24: Capital spending −$7.3MFY24: Buybacks −$103M$306MFY24FY25: Operating cash flow $321MFY25: Net borrowing −$5.6MFY25: Shares issued $8.0MFY25: Capital spending −$14.9MFY25: Buybacks −$391M$329MFY25FY26: Operating cash flow $371MFY26: Shares issued $1.1MFY26: Capital spending −$19.0MFY26: Acquisitions −$24.8MFY26: Buybacks −$329M$372MFY26
Over these 5 years operating cash flow totalled $926M; the largest uses were buybacks ($822M) and capital spending ($74.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.3B
Debtnone
Net cash$1.3B

UiPath funds itself: free cash flow was $363M over the last twelve months, with $1.3B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

UiPath: sources (+) and uses (−) of cash, Q2 FY27UiPath: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$30.7MCash drawn (+) / kept (−)$24.8MBuybacks−$24.8MOther investing−$14.3MTaxes on employees’ shares−$10.4MExchange rates−$4.8MCapital spending−$1.4MShares issued$342KOther financing−$140K
UiPath: sources (+) and uses (−) of cash, TTM to Q2 FY27UiPath: sources (+) and uses (−) of cash, 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 profit to cash

UiPath: net income to operating cash flow, Q2 FY27UiPath: net income to operating cash flow, Q2 FY27Net income$36.1MDepreciation & amortization$9.0MStock-based pay$45.0MDeferred taxes$16.5MOther non-cash−$5.5MReceivables−$13.7MPayables−$2.5MAccrued liabilities−$9.9MEmployee-related liabilities$29.1MDeferred revenue−$34.7MContract assets−$26.3MPrepaid and other assets$705KOperating cash flow$30.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2768—2147
Q1 FY2784—1767
Q4 FY2682—1567
Q3 FY2671—2348
Q2 FY2668—2642
Q1 FY2690—3555
Q4 FY2585—3749
Q3 FY2578—2058

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$30.7M−$1.4M—−$24.8M$342K$24.8M$29.3M
Q1 FY27$132M−$2.7M−$149M−$244M$349K$238M$129M
Q4 FY26$182M−$3.1M——$89K−$127M$179M
Q3 FY26$28.3M−$3.2M——$444K−$115M$25.1M
Q2 FY26$41.6M——−$102M$221K$72.0M$41.6M
Q1 FY26$119M−$12.8M−$24.8M−$228M$302K$179M$106M
Q4 FY25$146M−$7.4M—−$9.3M$7.1M−$106M$139M
Q3 FY25$28.1M−$4.9M—−$163M$291K$166M$23.2M

UiPath: income statement and cash flow

UiPath, Q2 FY27: revenue $410M (+13% year over year), operating margin 7.7%. The chart follows the revenue to costs, profit and cash.

UiPath: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.