Revenue growth has decelerated to 17.3% in 2027Q1 from a 31.3% peak in 2024Q4, while operating margins remain volatile, fluctuating between -32.7% and 16.7% over the last ten quarters.
| Sales/Revenue | 1.67B | 1.61B | 1.43B | 1.31B | 1.06B | 892.25M | 607.64M | 336.16M |
| Revenue Growth % | 15.24% | 12.65% | 9.3% | 23.57% | 18.64% | 46.84% | 80.76% | - |
| Cost of Goods Sold | 284.93M | 274.13M | 246.94M | 195.92M | 180.05M | 168.87M | 65.86M | 59.41M |
| COGS % of Revenue | - | 17.02% | 17.27% | 14.98% | 17.01% | 18.93% | 10.84% | 17.67% |
| Gross Profit | 1.39B | 1.34B | 1.18B | 1.11B | 878.53M | 723.38M | 541.79M | 276.75M |
| Gross Margin % | 82.96% | 82.98% | 82.73% | 85.02% | 82.99% | 81.07% | 89.16% | 82.33% |
| Gross Profit Growth % | - | 13% | 6.35% | 26.59% | 21.45% | 33.52% | 95.77% | - |
| Operating Expenses | 1.28B | 1.28B | 1.35B | 1.28B | 1.23B | 1.22B | 652.11M | 794.03M |
| OpEx % of Revenue | - | 79.19% | 94.1% | 97.61% | 115.89% | 137.22% | 107.32% | 236.21% |
| Selling, General & Admin | 903.85M | 890.23M | 964.61M | 944.77M | 941.06M | 947.67M | 542.19M | 662.97M |
| SG&A % of Revenue | - | 55.27% | 67.47% | 72.23% | 88.9% | 106.21% | 89.23% | 197.22% |
| Research & Development | 383.27M | 385.26M | 380.68M | 332.1M | 285.75M | 276.66M | 109.92M | 131.07M |
| R&D % of Revenue | - | 23.92% | 26.63% | 25.39% | 26.99% | 31.01% | 18.09% | 38.99% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 2.77M | 0 | 0 | 0 |
| Operating Income | 103.59M | 60.95M | -162.57M | -164.72M | -348.28M | -500.95M | -110.32M | -517.28M |
| Operating Margin % | 6.19% | 3.78% | -11.37% | -12.59% | -32.9% | -56.14% | -18.16% | -153.88% |
| Operating Income Growth % | - | 137.49% | 1.31% | 52.71% | 30.47% | -354.07% | 78.67% | - |
| EBITDA | 124.82M | 77.92M | -145.34M | -142.12M | -348.28M | -486.24M | -90.72M | -501.6M |
| EBITDA Margin % | 7.46% | 4.84% | -10.17% | -10.87% | -32.9% | -54.5% | -14.93% | -149.22% |
| EBITDA Growth % | 209.55% | 153.62% | -2.26% | 59.19% | 28.37% | -435.97% | 81.91% | - |
| D&A (Non-Cash Add-back) | 21.23M | 16.97M | 17.23M | 22.6M | 0 | 14.71M | 19.6M | 15.69M |
| EBIT | 104.71M | 60.95M | -162.57M | -164.72M | -348.28M | -500.95M | -110.32M | -517.14M |
| Net Interest Income | 45.78M | 48.02M | 49.42M | 57.13M | 27.95M | 3.55M | 1.15M | 6.74M |
| Interest Income | 45.78M | 48.02M | 49.42M | 57.13M | 27.95M | 3.55M | 1.15M | 6.74M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 57.73M | 39.67M | 84.47M | 88.91M | 30.72M | -9.94M | 15.66M | 144K |
| Pretax Income | 161.32M | 100.63M | -78.1M | -75.81M | -317.56M | -510.88M | -94.66M | -517.14M |
| Pretax Margin % | 9.65% | 6.25% | -5.46% | -5.8% | -30% | -57.26% | -15.58% | -153.84% |
| Income Tax | -166.09M | -181.7M | -4.41M | 14.07M | 10.79M | 14.7M | -2.27M | 2.79M |
| Effective Tax Rate % | -102.95% | -180.57% | 5.64% | -18.56% | -3.4% | -2.88% | 2.39% | -0.54% |
| Net Income | 327.41M | 282.33M | -73.69M | -89.88M | -328.35M | -525.59M | -92.39M | -519.93M |
| Net Margin % | 19.58% | 17.53% | -5.15% | -6.87% | -31.02% | -58.91% | -15.21% | -154.67% |
| Net Income Growth % | 584.96% | 483.11% | 18.01% | 72.63% | 37.53% | -468.86% | 82.23% | - |
| Net Income (Continuing) | 327.41M | 282.33M | -73.69M | -89.88M | -328.35M | -525.59M | -92.39M | -519.93M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.62 | 0.52 | -0.13 | -0.16 | -0.60 | -0.97 | -0.18 | -1.00 |
| EPS Growth % | 597.85% | 500% | 18.75% | 73.33% | 38.14% | -438.89% | 82% | - |
| EPS (Basic) | - | 0.52 | -0.13 | -0.16 | -0.60 | -0.97 | -0.18 | -1.00 |
| Diluted Shares Outstanding | 527.82M | 544.86M | 559.93M | 563.86M | 548.02M | 541.23M | 519.15M | 519.15M |
| Basic Shares Outstanding | 523.58M | 538.13M | 559.93M | 563.86M | 548.02M | 541.23M | 519.15M | 519.15M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Competitive Agentic AI Disruption
As reported in recent financial filings, UiPath's year-over-year revenue growth has decelerated to 17.3% in 2027Q1, down from the 31.3% peak observed in 2024Q4, suggesting that the company is transitioning from a high-growth phase into a more challenging enterprise-penetration cycle within the competitive automation software market.
The deceleration in top-line expansion indicates that the initial land-and-expand strategy is encountering saturation or longer sales cycles for large-scale deployments. Investors should monitor whether the company can re-accelerate growth through AI-agent integration or if the current trajectory reflects a permanent shift toward a lower-growth maturity profile.
Based on the provided income statement data, UiPath has maintained a robust gross margin profile, consistently hovering around 81% to 85% over the last ten quarters, which underscores the inherent scalability of its proprietary software-based automation platform despite ongoing shifts toward cloud-hosted delivery models.
This high gross margin suggests significant pricing power and a low marginal cost of delivery, which remains a key competitive advantage. However, the slight fluctuations in recent periods may imply rising hosting costs associated with the Automation Cloud, warranting close observation of future margin stability.
According to historical income statements, UiPath's operating income has struggled to scale consistently, with operating margins fluctuating between -32.7% and 16.7% over the past ten quarters, reflecting the heavy burden of sustained R&D and sales expenditures required to maintain its market position against larger incumbents.
The lack of consistent operating leverage suggests that the company has not yet achieved the necessary scale to decouple revenue growth from its high fixed-cost base. The reliance on significant stock-based compensation to manage cash burn further complicates the path to sustainable GAAP operating profitability.
As indicated by the financial data, UiPath's net income figures are frequently bolstered by non-operating items and significant stock-based compensation, which averaged over $70 million per quarter, suggesting that GAAP earnings may not fully reflect the underlying cash-generating capacity of the core software business operations.
The discrepancy between GAAP net income and operating performance warrants caution, as the reliance on equity-based incentives creates a persistent drag on shareholder value. Analysts should prioritize adjusted free cash flow metrics to better assess the company's true liquidity and operational efficiency.
Based on an analysis of the competitive landscape, the primary risk to UiPath's income statement is the potential for margin compression driven by bundled office suite competitors, which could force a reduction in per-robot licensing fees and undermine the company's current high-margin software-centric business model.
Short-sellers may focus on the company's inability to maintain consistent operating profitability despite its high gross margins. If the shift toward agentic AI fails to provide a meaningful revenue tailwind, the company may face significant pressure to lower prices, potentially leading to a permanent contraction in profitability.
Quick answers to the most common questions about buying PATH stock.
For fiscal year 2026, UiPath Inc. (PATH) reported total revenue of $1.61B. This represents a 379.1% increase compared to $336.2M in 2020.
UiPath Inc. (PATH) is profitable, generating $282.3M in net income for the fiscal year ending 2026 with a net profit margin of 17.5%.
UiPath Inc. (PATH) reported an operating income of $61.0M, resulting in an operating profit margin of 3.8%. This margin reflects the operational efficiency of the business before interest and taxes.
UiPath Inc. (PATH) generated $1.34B in gross profit for the year, representing a gross profit margin of 83.0%. This demonstrates the company's core pricing power and production efficiency.