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SEC filingUiPath delivered 13% revenue growth to $1.61B, with gross margin stable at 83%, as subscription services drove expansion while restructuring charges declined.
UiPath Inc., first established in Bucharest, Romania in 2005 and incorporated in Delaware in 2015, describes itself as a company principally focused on building and managing automations, starting with computer vision technology and user interface automations in its initial RPA offering. The company states it 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. The platform empowers customers to combine automation, AI agents, and people, delivering end-to-end process orchestration.
The Business section does not disclose any reporting segments. The company describes its business as a single integrated platform offering, with no segment-level revenue or operating data provided.
The UiPath Platform™ is an integrated enterprise software platform that enables AI agents, robots, people, and models to work together in coordinated workflows. Key components include: UiPath Maestro™, the orchestration layer that manages and assigns tasks among people, robots, and AI agents; UiPath Agent Builder, which enables enterprises to create, customize, and deploy intelligent agents; UiPath IXP (Intelligent Xtraction & Processing), the latest evolution of intelligent document processing; and UiPath Test Cloud, which provides agentic testing for enterprises. The platform also includes RPA and API automation capabilities, process intelligence (combining process mining and task mining), and vertical solutions (UiPath Solutions) for industries such as financial services, insurance, healthcare, retail, supply chain, and manufacturing. Flexible deployment options include SaaS (Automation Cloud™), self-hosted, and hybrid models.
UiPath sells its platform through a direct sales team, supported by pre-sales and forward deployed engineers and professional services. The company also sells through channel partnerships and with systems integrators. Marketing initiatives include community evangelism, in-person and digital events, content marketing, digital advertising, search optimization, partner marketing, social media, and public relations. As of January 31, 2026, UiPath had approximately 10,747 customers, compared to approximately 10,753 as of January 31, 2025. Customer count is determined by the number of accounts with a unique account identifier with an active license or SaaS subscription, including entities sold to directly or indirectly. A single organization with multiple divisions is counted as a single customer. Non-paying partners, resellers, and free/trial users are excluded.
The Business section describes automation as a fast-growing and increasingly competitive market. Competitors fall into several categories: business orchestration and automation technologies (BOAT) providers with consolidated software platforms; enterprise platform vendors acquiring or building automation and AI functionality; AI model research organizations and incubators; AI startups focused on process orchestration for industry-specific use cases; proprietary and open-source AI model providers and coding agents; RPA software providers and adjacent automation and integration platform companies; and test automation providers. The filing notes that UiPath has alliances and integrations with key vendors across the competitive landscape, but these vendors often develop and market their own automation capabilities as extensions of their core models or platforms. The filing also identifies inherent limitations of existing offerings, including immature UI and API automation capabilities, lack of proprietary AI models, lack of integration and compatibility, and lack of governance capabilities at scale.
UiPath's growth strategies target four market opportunities: business orchestration (targeting CIOs focused on business outcomes and process excellence), industry solutions (catering to line of business owners in specific verticals with purpose-built solutions), agentic testing (targeting QA owners as agentic coding changes software development pace), and agentic automation (focusing on CoE leaders, enterprise architects, and heads of AI). The company intends to invest in R&D to enhance the platform, as demonstrated by the November 2025 release of version 25.10, which focused on agentic automation, unified development experiences, and enterprise governance. New vertical solutions released in February 2026 include medical records summarization for healthcare, loan quality control for commercial lenders, and quote generation and approval for supply chain and retail. The company also pursues acquisitions, such as Peak (March 2025) for pricing and inventory intelligence and WorkFusion (February 2026) for AI agents for financial crimes compliance.
As of January 31, 2026, UiPath had 3,981 full-time employees. The company's values are Bold, Humble, Fast, and Immersed. UiPath has an employee-led giving strategy, a UiPath Foundation (an independent NGO based in Romania), and is a member of Pledge 1%, having donated 1.1 million shares of Class A common stock with an additional 1.7 million shares reserved for distribution by April 2031.
For fiscal year 2026, UiPath reported total revenue of $1,610.6 million, a 13% increase from $1,429.7 million in fiscal year 2025. Growth was driven by a 19% rise in subscription services revenue to $954.5 million, reflecting strong adoption of SaaS and maintenance contracts. Licenses revenue grew modestly by 3% to $606.4 million, while professional services and other revenue increased 23% to $49.7 million. Gross margin remained stable at 83% despite a shift toward lower-margin subscription services, as cost of subscription services declined 6% due to reduced headcount and restructuring savings. Operating income swung to a profit of $56.8 million from a loss of $162.6 million, benefiting from a 7% reduction in sales and marketing expenses and lower restructuring charges. Net income reached $282.3 million, compared to a net loss of $73.7 million, primarily due to a $177.3 million increase in the benefit from income taxes, which included a $204.9 million release of valuation allowances on U.S. deferred tax assets.
UiPath's revenue mix continued to shift toward subscription services, which contributed 59% of total revenue in fiscal 2026, up from 56% in the prior year. Licenses declined to 38% of revenue from 41%, while professional services remained at 3%. Subscription services growth was driven by both new customer additions and expansion within existing accounts, with 85% of revenue growth attributable to existing customers. The dollar-based net retention rate was 107%, down from 110% the prior year, indicating slight moderation in upsells but still healthy expansion. ARR grew 11% to $1,852.6 million, with 68% of growth from existing customers and 32% from new customers. The number of customers with ARR over $1 million increased to 357 from 317, highlighting traction with enterprise clients.
Management's outlook in MD&A emphasizes continued investment in innovation, particularly in AI and agentic automation, while streamlining operations. The Fiscal Year 2025 Workforce Restructuring was completed during the second quarter of fiscal 2026, reducing operating expenses. No quantitative guidance was provided, but qualitative statements indicate expectations for subscription services to remain the primary growth driver, with ongoing investments in sales and marketing expected to decrease as a percentage of revenue over time. The release of valuation allowances signals confidence in sustained U.S. profitability. Risks include foreign currency fluctuations, interest rate volatility, and competition in the automation market. The company believes existing cash and cash flows will fund operations for the next twelve months and beyond.
As of January 31, 2026, UiPath held $1,689.9 million in total cash, cash equivalents, restricted cash, and marketable securities ($871.2M cash, $818.3M marketable securities, $0.4M restricted). Total assets stood at $3.2 billion versus liabilities of $1.1 billion, resulting in stockholders' equity of $2.1 billion. The company carries no debt. Net deferred tax assets increased sharply to $233.4 million from $28.0 million a year earlier, driven by a $204.9 million valuation allowance release against U.S. deferred tax assets. Working capital (total current assets less total current liabilities) was $1.34 billion.
Non-cancelable purchase obligations total $346.9 million as of January 31, 2026, primarily for hosting services, software products and services, and strategic alliance partner commitments. Of these, $163.4 million is due within 12 months, $115.2 million in the second year, and $68.3 million in the third year. Beyond year three, residual obligations are negligible ($0.003 million). Operating lease liabilities amount to $81.2 million, with total undiscounted payments of $110.4 million extending through 2036. Additionally, the company had $3.0 million in letters of credit outstanding and disclosed non-cancellable operating lease commitments not yet commenced of $12.2 million.
During fiscal 2026, UiPath repurchased 30.9 million shares at an average price of $10.92 per share for $339.1 million (inclusive of excise tax). The stock repurchase program has been renewed: subsequent to year-end, the remaining $500.0M authorization was fully utilized (14.1M shares bought post-January 31 at $12.11 average), and in March 2026 the board authorized a new $500.0 million program. No dividends have been declared or paid. Capital expenditures were $19.0 million (1.2% of revenue), up from $14.9 million a year ago. The company made $24.8 million in cash payments for business acquisitions (Peak AI Limited) plus contingent consideration with fair value of $9.8 million. A subsequent event notes the February 5, 2026 acquisition of WorkFusion, Inc. for ~$149 million in initial cash.
The company operates as a single reportable segment. Geographic revenue disaggregation is provided: Americas $798.6M (50%), EMEA $527.8M (33%), APAC $284.3M (17%). U.S. revenue specifically represented 46% of total revenue. Long-lived assets (excluding financial instruments) by region: U.S. $407.8M, U.K. $126.3M, Romania $85.1M, Netherlands $26.8M, rest of world $30.3M. No customer exceeded 10% of total revenue or accounts receivable.
UiPath's global footprint exposes it to volatile macroeconomic conditions, including recession fears, inflation, and geopolitical tensions (e.g., tariffs, regional conflicts). With 54% of revenue from outside the US, fluctuations in foreign exchange, trade barriers, and economic slowdowns can reduce customer IT budgets and lengthen sales cycles. The company notes that such conditions have already disrupted key industry events and delayed purchase decisions, posing a material risk to revenue growth.
The automation and AI market is intensely competitive, with large enterprise platform vendors, open-source alternatives, and AI-native startups vying for market share. UiPath faces pressure to differentiate its platform amid rapid AI evolution, including generative and agentic AI. Failure to keep pace with technological changes or to effectively integrate AI could erode its competitive position. Pricing competition from lower-cost offerings further threatens margins.
Evolving AI regulations (e.g., EU AI Act, US state laws) and data privacy frameworks (GDPR, CCPA) impose significant compliance costs and operational restrictions. Non-compliance could result in fines, litigation, and reputational damage. Additionally, intellectual property disputes are common; the company faces potential infringement claims that could force costly licensing or product redesigns. Export controls and anti-corruption laws also add complexity to international operations.
UiPath continues to incur net losses and expects ongoing high operating expenses, particularly in R&D and sales. ARR growth slowed to 11% in FY2026, highlighting the challenge of sustaining profitability. Customer concentration is notable—top 10% of customers account for a substantial portion of revenue—and reliance on channel partners adds vulnerability to partner performance. The company's growth strategy depends on upselling and renewals, which could be impacted by economic downturns or competitive pressures.
As a SaaS provider, UiPath processes large volumes of sensitive data, making it a target for cyberattacks. The company faces a complex web of global data protection laws, and any security incident could lead to regulatory investigations, litigation, and loss of customer trust. The use of AI in its products also raises ethical and compliance concerns, potentially leading to additional scrutiny and liability.