UiPath reports the second quarter of fiscal 2027 — the three months ended 31 July 2026 — after the US close on Thursday 3 September 2026, with the call at 5 p.m. Eastern. Consensus is $0.15 of non-GAAP earnings per share on about $397.9 million of revenue, press-reported from third-party estimate feeds; the revenue figure sits near the top of the company's own $395–400 million guide and the per-share figure is the $0.15 UiPath reported in both April and the July quarter a year ago.
The revenue line is therefore close to settled. The number that carries information is annual recurring revenue, and the guide on it is the flattest thing in this release.
The points
- The ARR guide implies flat net new ARR against a year ago. UiPath guided ARR to $1.929–1.934 billion at 31 July, from $1.901 billion at 30 April. That is $28–33 million of net new ARR, midpoint $30.5 million — against $31 million in the July 2025 quarter and $49 million in April. The subtraction is ours; both endpoints are the company's.
- The full-year ARR guide asks the second half for what last year's delivered. $2.058–2.063 billion at 31 January 2027, less the $1.9315 billion midpoint guided for July, leaves about $129 million of net new ARR for the October and January quarters — against $130 million in the same two quarters a year ago, when ARR went from $1.723 billion to $1.853 billion.
- Revenue growth decelerates by seven points on the company's own guide. $395–400 million against $361.728 million is +9.2% to +10.6%, against +17.3% in April.
- And the implied second half is slower still. The full-year guide of $1,776–1,781 million, less April's $418.382 million and the $397.5 million guided midpoint, leaves about $963 million for the second half against $892.220 million a year earlier — +7.9%. Ours, on the company's ranges.
- The margin goes the right way year over year and the wrong way sequentially. Non-GAAP operating income of about $75 million on $397.5 million is 18.9%, against 17.1% in the July 2025 quarter and 22.0% in April.
- The Rule of 40 score is about to fall roughly 25 points, and it is the calendar. UiPath scored 48.2 in April on 17.3% growth and a 30.9% free cash flow margin. The last two July quarters converted at 11.5% and 14.2%; on consensus revenue that puts the score near 21 to 24.
- The consensus per-share figure is flat in both directions. $0.15 against $0.15 in April and $0.15 in the July 2025 quarter. The finer feed figure of $0.1482 is 1.2% below both, which is the move the card shows.
- Coverage does not think the price is right. Twenty analysts polled by S&P Global rated UiPath Hold on 31 August with an average 12-month target of $13.44, roughly 28% below the $18.67 close, after a share price up about 40% in a month.
The ARR guide is the quarter
| Net new ARR | ARR at period end | |
|---|---|---|
| Q2 FY2026 (Jul 2025) | $31M | $1.723B |
| Q3 + Q4 FY2026 | $130M | $1.853B |
| Q1 FY2027 (Apr 2026) | $49M | $1.901B |
| Q2 FY2027, guided | $28–33M | $1.929–1.934B |
| H2 FY2027, implied | ~$129M | $2.058–2.063B |
Period-end ARR figures and the April net new ARR are UiPath's own. The guided and implied net new ARR rows are differences between the company's endpoints, and are ours.
Read the column down and the whole fiscal year asks for about $207 million of net new ARR against roughly $184 million last year — a real improvement, but one that is entirely back-end loaded onto the same two quarters that produced $130 million a year ago. Nothing in the guide expects the July quarter to contribute more than it did in 2025.
This is the specific thing Thursday tests. ARR is invoiced, not accrued, so it moves ahead of revenue and it is the only forward volume metric UiPath publishes. Net new ARR meaningfully above $33 million would say the agentic products are converting faster than the guide assumes. Net new ARR below about $28 million would say something the revenue line — which is close to pre-announced — cannot say at all.
The two supporting numbers are the dollar-based net retention rate, which was 109% at 30 April against 108% a year earlier and 107% at the January year end, and the count of customers with ARR of $1 million or more, which was 374 against 316 a year earlier and which produced 52% of revenue against 47%. Retention has turned up by a point a quarter for two quarters. That is either the start of a trend or noise, and one more print does not settle it, but it is the cleanest evidence in the release that the large-account expansion motion is working.
The score falls and it does not mean anything
| Quarter | Revenue | YoY | FCF margin | R40 |
|---|---|---|---|---|
| 2026 Q2 (Jul 2025) | $361.7M | +14.4% | 11.5% | 25.9 |
| 2026 Q3 (Oct 2025) | $411.1M | +15.9% | 6.1% | 22.0 |
| 2026 Q4 (Jan 2026) | $481.1M | +13.6% | 37.3% | 50.8 |
| 2027 Q1 (Apr 2026) | $418.4M | +17.3% | 30.9% | 48.2 |
| 2027 Q2, consensus | $397.9M | +10.0% | — | — |
Reported figures are UiPath's; margins and scores are ours, as set out when UiPath joined coverage. Enterprise renewals land at the January year end and the cash arrives over the following months, so the January and April quarters carry 30–37% cash margins and the July and October quarters carry 6–14%. Same company, same year, a 31-point spread.
The honest reading of UiPath is the trailing one: $1.672 billion of revenue growing 15.2% on a 22.4% free cash flow margin, a score of 37.7 — just under the line. A July quarter printing in the low twenties is the calendar arriving on schedule. What would be information is a fall larger than the usual 25 to 30 points, which would mean the cash conversion itself had changed rather than its timing.
What the price is paying for
Our UiPath model, published 31 August, has a base case that lands almost exactly on the market:
| Case | Fair value | vs $18.67 |
|---|---|---|
| Bear | $14.18 | −24% |
| Base | $18.76 | +0% |
| Bull | $23.88 | +28% |
| Dines | $26.94 | +44% |
Nine cents. The base case is built to reproduce UiPath's own guidance — the $395–400 million quarter, the $2.058–2.063 billion ARR exit — and it produces the share price. That is a coincidence of our assumptions meeting a quote rather than a prediction, but it does mean the market is currently paying for the guide and nothing beyond it, after a 40% run in a month.
Which makes Thursday unusually binary for a quarter whose revenue is pre-announced. The bear case, 24% below, is the deceleration continuing with the multiple de-rating; it needs the ARR line to disappoint. The Dines case, 44% above, is the founder's agent-orchestration argument taken at face value; it needs net new ARR to break out of the flat band the guide describes. Both are settled in the same paragraph of the release.
What to watch
- Net new ARR against the guided $28–33 million, and against $31 million in the July quarter a year ago. The single most informative number in the release.
- Total ARR against the guided $1.929–1.934 billion, and the full-year $2.058–2.063 billion. A raise to the year would say the flat second half is conservatism.
- Dollar-based net retention against 109%, and customers with ARR of $1 million or more against 374 and their 52% share of revenue. Two quarters of improvement; a third makes it a trend.
- Revenue against $395–400 million and the full-year $1,776–1,781 million, with the implied second half at about +7.9%.
- Non-GAAP operating income against the guided ~$75 million, and the full-year ~$430 million — the year guide needs about $263 million from the last two quarters.
- Non-GAAP adjusted free cash flow against $45 million in the July quarter a year ago. Expect a weak number; the question is whether it is weak in the usual way.
- Remaining performance obligations against $1,413.2 million, the only other forward book UiPath discloses.
UiPath reports the quarter ended 31 July 2026 after the US close on Thursday 3 September 2026, with the call at 5 p.m. Eastern. Consensus of $0.15 per share on about $397.9 million of revenue is press-reported from third-party estimate feeds as of 2 September 2026 on a non-GAAP basis, and is not a series this site stores or verifies; the finer feed figure of $0.1482 per share is the one the implied moves on the card use. All guidance and all reported figures here — second-quarter and full-year revenue, ARR and net new ARR, dollar-based net retention, customers with ARR of $1 million or more and their share of revenue, non-GAAP operating income, non-GAAP adjusted free cash flow, remaining performance obligations and the per-share figures on both bases — are UiPath's own, from its first-quarter fiscal 2027 release of 28 May 2026 and the quarterly releases before it. Ours rather than the company's: the implied net new ARR figures derived from the company's ARR endpoints, the implied second-half revenue, the operating margins computed from the guided ranges, the Rule of 40 scores and free cash flow margins, and the fair values and cases in our UiPath model of 31 August 2026, which are assumptions and not company forecasts. Analyst rating and price-target data is via stockanalysis.com, 31 August 2026. The price of $18.67 is the 31 August 2026 close; a live quote will differ.
