UiPath joins the tracked set today, three months after it reported the April quarter on 28 May and three days before it reports the July one, on 3 September after the close.
The card it arrives with reads 48.2 on the Rule of 40: $418.4 million of revenue growing 17.3% year over year, against $129.2 million of free cash flow — a 30.9% margin. That is the best score UiPath has posted in the thirteen quarters stored here bar one, and it is about to be replaced by something in the low twenties. Not because the business is breaking. Because UiPath collects most of its cash in two quarters of the year and this is not one of them.
The number moves 35 points on the calendar
Quarters are UiPath's fiscal ones. The fiscal year ends on 31 January, so "2027 Q1" is the three months to 30 April 2026.
| Quarter | Revenue | YoY | FCF | FCF margin | R40 |
|---|---|---|---|---|---|
| 2025 Q1 | $335.1M | +15.7% | $98.8M | +29.5% | 45.2 |
| 2025 Q2 | $316.3M | +10.1% | $45.0M | +14.2% | 24.3 |
| 2025 Q3 | $354.7M | +8.8% | $23.2M | +6.5% | 15.4 |
| 2025 Q4 | $423.6M | +4.5% | $138.7M | +32.7% | 37.3 |
| 2026 Q1 | $356.6M | +6.4% | $106.2M | +29.8% | 36.2 |
| 2026 Q2 | $361.7M | +14.4% | $41.6M | +11.5% | 25.9 |
| 2026 Q3 | $411.1M | +15.9% | $25.1M | +6.1% | 22.0 |
| 2026 Q4 | $481.1M | +13.6% | $179.3M | +37.3% | 50.8 |
| 2027 Q1 | $418.4M | +17.3% | $129.2M | +30.9% | 48.2 |
Read the margin column down the page and the pattern is not subtle. The two quarters ending in January and April carry margins of 29.5%, 32.7%, 29.8%, 37.3% and 30.9%. The two ending in July and October carry 14.2%, 6.5%, 11.5% and 6.1%. Same company, same year, a spread of 31 points on free-cash-flow margin alone. Enterprise software renewals land at the January year end, the cash arrives over the following months, and the summer quarters pay the bills out of what is left.
The trailing-four-quarter view flattens it: $1.672 billion of revenue growing 15.2%, on $375.2 million of free cash flow — a 22.4% margin, and a score of 37.7. That is the honest reading of UiPath right now. Just under the line, not comfortably over it.
What Thursday should print
UiPath guided the July quarter to $395–400 million of revenue. Against the $361.7 million it did a year ago, that is growth of +9.2% to +10.6% — a deceleration of six to eight points from the April quarter, and the guide is the company's own. The last two July quarters converted at free-cash-flow margins of 14.2% and 11.5%. Repeat the lower of those on the $397.5 million midpoint and the score lands near 21.
So the thing to watch on Thursday is not whether the number falls. It is whether the fall is the usual 25-to-30 points of seasonality, or more. ARR is the cleaner tell: $1.901 billion as of 30 April, up 12%, with $49 million of net new ARR in the quarter and dollar-based net retention at 109%. Guidance calls for $1.929–1.934 billion by 31 July. Net new ARR below roughly $30 million would say something the cash-flow line cannot.
The profitability turn is real, and it is recent
UiPath earned $282.3 million of GAAP net income in fiscal 2026, the year to 31 January 2026, on $1.611 billion of revenue. In the April quarter it reported $28 million of GAAP operating income — by the company's own account the first profitable first quarter in its history — and $0.04 of GAAP diluted EPS.
How recent that turn is shows up in the P/E series on the stock page: only four of the thirteen stored quarters carry a price-to-earnings point at all. Trailing four-quarter GAAP EPS was negative in every window before the one ending 31 July 2025, and a negative denominator is not a valuation, so nothing is plotted. The first stored point sits at 392x on three cents of trailing EPS; a quarter later it is 37.8x, then 24.2x, then 17.2x as the losses roll out of the window. At today's $18.15 and $0.60 of trailing GAAP EPS the multiple is about 30x — the move up in the multiple since April is the share price, not the earnings.
Where the sell side sits
Twenty analysts polled by S&P Global rate UiPath Hold, with an average 12-month target of $13.44 — roughly 26% below the $18.15 close. The stock rose about 42% in August alone. UBS lifted its target from $12 to $19 on 31 August and kept the Hold; RBC went from $12 to $15 on 14 August and kept the Hold. Bank of America has the only recent Sell, at $13. Needham's $15 Buy is the lone bull in the current set.
That is an unusual shape: coverage is not arguing the business is broken, it is arguing the price ran past it. UiPath still trades well below the $56.00 it priced at in its April 2021 NYSE IPO, and the company has spent the two years since founder Daniel Dines returned as sole CEO on 1 June 2024 taking cost out, buying stock back, and rebuilding the story around agent orchestration rather than robotic process automation.
Sources: UiPath's fiscal Q1 2027 release (28 May 2026), the FY2026 Form 10-K filed 25 March 2026, and the quarterly 10-Qs behind every figure in the table — revenue, gross profit, operating cash flow and capital expenditure are taken from SEC XBRL, with fourth-quarter figures derived as the fiscal year less the nine months, as UiPath does not file a standalone Q4. Analyst data via stockanalysis.com, 31 August 2026.
