UiPath (PATH) Q2 2027 earnings summary

Executive summary

• Q2 revenue reached $410M (up 13% YoY), with ARR at $1.938B (up 12% YoY), both exceeding guidance.

• Non-GAAP operating income was $89M (22% margin), and GAAP operating income was $31.6M–$32M; net income rose to $36.1M.

• Leadership changes included Ashim Gupta as COO, Hitesh Ramani as CFO, and Yazdi Bagli joining the Board.

• AI adoption accelerated, with 18 of the top 20 deals including AI, and new AI-native products Maestro Case and Maestro Flow launched.

• Customer base expanded, with 2,666 customers over $100K ARR and 387 over $1M ARR.

Financial highlights

• GAAP revenue for Q2 FY27 was $410.3M, up from $361.7M in Q2 FY26.

• GAAP gross margin was 80%; non-GAAP gross margin was 82%.

• Net new ARR was $37M, up from $31M prior quarter; cloud ARR exceeded $1.3B, up over 19% YoY.

• Non-GAAP adjusted free cash flow was $31M for the quarter, down from $45M YoY due to tax payment timing.

• Ended quarter with $1.4B in cash and no debt; repurchased $268.5M in shares in H1 FY27.

Outlook and guidance

• Q3 FY27 revenue expected at $440M–$445M; ARR guidance $1.992B–$1.997B; non-GAAP operating income ~$100M.

• FY27 revenue guidance: $1.789B–$1.794B; ARR: $2.065B–$2.070B; non-GAAP operating income ~$445M.

• FY27 non-GAAP adjusted free cash flow guidance ~$425M; gross margin ~84%.

• Management expects continued growth driven by new customer acquisition and expansion within the existing base.