UiPath recently released its latest 10-Q report, showing a company still centered on automation software but now positioning itself more explicitly around agentic workflows. UiPath, Inc. sells an automation platform that combines robotic process automation, process orchestration, AI agent tools, testing software, and governance features, with customers across financial services, healthcare, manufacturing, retail, and the public sector. The company, founded in 2005 and headquartered in New York, said its platform is used in the United States, Romania, the United Kingdom, the Netherlands, and other international markets.
In Item 2, Management’s Discussion and Analysis, UiPath said revenue in the three months ended April 30, 2026 rose 17% year over year to $418.4 million. Annualized renewal run-rate, or ARR, increased 12% to $1.901 billion from $1.693 billion a year earlier, with about 30% of the growth coming from new customers and 70% from existing customers. Dollar-based net retention was 109%, up from 108%.
Gross margin held at 82% for the quarter, while cash flow from operations increased to $131.9 million from $119.0 million in the prior-year quarter. Cash, cash equivalents, restricted cash, and marketable securities totaled $1.417 billion at April 30, 2026, down from $1.690 billion at January 31, 2026.
UiPath said it completed its fiscal 2025 workforce restructuring during the second quarter of fiscal 2026. The restructuring, approved by the board on July 8, 2024, was aimed at streamlining operational and corporate functions, shifting more investment toward go-to-market work, and concentrating research and development spending on AI and platform innovation.
The company also pointed to macroeconomic pressures, including geopolitical shifts, inflation, interest rates, trade policy changes, government efficiency initiatives, and currency volatility. It said foreign exchange movements can affect demand, near-term results, and comparability across periods, while interest-rate changes can affect income from its cash and marketable securities.
UiPath’s ARR base remains concentrated in larger customers. At April 30, 2026, it had 374 customers with ARR of at least $1 million, up from 316 a year earlier, and those accounts represented 52% of current-period revenue. Customers with ARR of at least $100,000 totaled 2,624, up from 2,365, and represented 87% of current-period revenue in both periods.
Revenue is split among licenses, subscription services, and professional services. UiPath said licenses revenue is recognized when customers can use the software, while maintenance, support, and SaaS revenue is recognized ratably over the contract term. Professional services revenue comes from deployment, education, and training work and is recognized as services are performed.
On costs, UiPath said subscription services expenses include support personnel, hosting for SaaS products, third-party consulting, depreciation, and allocated overhead, and it expects those costs to rise as cloud deployments expand. It also said sales and marketing expenses should decline as a percentage of revenue over the longer term, while research and development spending is expected to rise in absolute dollars as the company continues to invest in new technology and platform capabilities. Today the company's shares have moved -2.61% to a price of $11.365. For more information, read the company's full 10-Q submission here.
