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How UiPath (PATH) makes money

UiPath (PATH) made $410M of revenue in the second quarter fiscal 2027 (Q2 FY27), +13% from a year earlier. Subscription services brought in $266M (65%); Licenses brought in $124M (30%); Professional services and other brought in $20.3M (5%). Of every dollar of revenue, 80¢ was left as gross profit, 8¢ was left as operating profit, 9¢ was left as net earnings.

Drawing the Sankey…

UiPath revenue by segment, Q2 FY27UiPath revenue by segment, Q2 FY27Subscription services$266MLicenses$124MProfessional services and other$20.3M
UiPath: revenue by line, Q4 FY25 to Q2 FY27UiPath: revenue by line, Q4 FY25 to Q2 FY27Subscription servicesLicensesProfessional services…Subscription services: $266M latest$266MLicenses: $124M latest$124MProfessional services and other: $20.3M latestQ4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27Q2 FY27
Licenses went from 47% of revenue in Q4 FY25 to 30% in Q2 FY27, the largest shift in the mix.
UiPath revenue by quarterUiPath revenue by quarter$424MQ4 FY25$357MQ1 FY26$362MQ2 FY26$411MQ3 FY26$481MQ4 FY26$418MQ1 FY27$410MQ2 FY27
UiPath: where each dollar of revenue goesUiPath: where each dollar of revenue goesCost of revenue20¢Gross profit80¢Operating expenses73¢Operating profit8¢Income tax4¢Net earnings9¢Operating cash flow7¢Free cash flow7¢

Revenue by segment, Q2 FY27

SegmentRevenueShareQ/QY/Y
Subscription services$266M64.9%+5%+12%
Licenses$124M30.2%-17%+10%
Professional services and other$20.3M5.0%+26%+82%

Where each dollar of revenue goes

LineQ2 FY27% of revenue
Revenue$410M100.0%
Cost of revenue$80.6M19.6%
Gross profit$330M80.4%
Operating expenses$298M72.7%
Operating profit$31.6M7.7%
Income tax$16.8M4.1%
Net earnings$36.1M8.8%
Operating cash flow$30.7M7.5%
Free cash flow$29.3M7.1%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q2 FY27$410M+13%
Q1 FY27$418M+17%
Q4 FY26$481M+14%
Q3 FY26$411M+16%
Q2 FY26$362M+14%
Q1 FY26$357M+6%
Q4 FY25$424M+4%

From UiPath's 10-Q filed Sep 8, 2026 (on EDGAR).

Questions

How does UiPath make money?

UiPath (PATH) made $410M of revenue in the second quarter fiscal 2027 (Q2 FY27), +13% from a year earlier. Subscription services brought in $266M (65%); Licenses brought in $124M (30%); Professional services and other brought in $20.3M (5%). Of every dollar of revenue, 80¢ was left as gross profit, 8¢ was left as operating profit, 9¢ was left as net earnings.

What is UiPath's biggest business?

Subscription services: $266M in the second quarter fiscal 2027, 65% of revenue, +12% from a year earlier.

What is UiPath's profit margin?

Net earnings were $36.1M, 8.8% of revenue, in the second quarter fiscal 2027; the operating margin was 7.7%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.