PATH · UiPath Inc.

UiPath delivered a robust first quarter for fiscal 2027, with total revenue of $418 million, a 17% year-over-year increase that exceeded the company's own guidance. The top-line performance was driven by strong subscription services revenue of $253 million and license revenue of $149 million. Annualized Recurring Revenue (ARR) reached $1.901 billion, up 12% year-over-year, with net new ARR of $49 million and a dollar-based net retention rate of 109%, indicating healthy expansion within the existing customer base. A key highlight was the achievement of GAAP operating income of $28 million, marking the first time the company has reported GAAP profitability in a first quarter, compared to a GAAP operating loss of $16 million in the same period last year. Non-GAAP operating income was $92 million, up from $70 million a year ago, reflecting improved operational discipline. Gross margins remained strong at 82% GAAP and 83% non-GAAP. Cash flow generation was also solid, with operating cash flow of $132 million and non-GAAP adjusted free cash flow of $130 million. The balance sheet remains robust with $1.42 billion in cash, cash equivalents, and marketable securities. Management commentary highlighted the momentum of agentic products moving from pilot to production and the launch of UiPath for Coding Agents as a key strategic initiative. For the second quarter of fiscal 2027, UiPath guided revenue in the range of $395 million to $400 million and ARR of $1.929 billion to $1.934 billion. For the full fiscal year 2027, the company expects revenue of $1.776 billion to $1.781 billion and ARR of $2.058 billion to $2.063 billion, with non-GAAP operating income of approximately $430 million. The guidance implies continued growth and margin expansion, reinforcing confidence in the company's long-term strategy and market position in enterprise automation and AI orchestration.