UiPath (PATH) Q4 2025 earnings summary

Executive summary

• Q4 FY25 revenue reached $424M, up 5% YoY; full-year revenue was $1.43B, up 9% YoY, with ARR at $1.666B, up 14% YoY, despite FX headwinds and macro/geopolitical challenges.

• Achieved record GAAP and non-GAAP operating margins in Q4 FY25, with non-GAAP operating income of $134M (32% margin) and GAAP operating income of $34M.

• Fiscal 2025 featured significant innovation, including launches of Autopilot, Agent Builder, Agentic Orchestration, Agentic Testing, and the acquisition of Peak AI to enhance vertical AI agent capabilities.

• Customer base stable at ~10,750, with growth in large enterprise customers and strong retention rates; large customer base expanded to 2,292 customers with ≥$100K ARR and 317 with ≥$1M ARR.

• Recognized as a leader in Everest Group's Intelligent Automation Platforms PEAK Matrix® Assessment 2024.

Financial highlights

• Q4 revenue: $424M (5% YoY); FY25 revenue: $1.43B (9% YoY); Q4 ARR: $1.666B (14% YoY).

• Q4 non-GAAP operating income: $134M (32% margin); FY25 non-GAAP operating income: $241M (17% margin).

• Q4 GAAP operating income: $34M; FY25 GAAP operating loss: $163M (includes $358M stock-based comp).

• Q4/FY25 non-GAAP adjusted free cash flow: $145M/$328M.

• Ended FY25 with $1.7B in cash, cash equivalents, and marketable securities, and no debt.

Outlook and guidance

• FY26 revenue guidance: $1.525B–$1.530B; ARR: $1.816B–$1.821B; non-GAAP operating income: ~$270M.

• Q1 FY26 revenue: $330M–$335M; ARR: $1.686B–$1.691B; non-GAAP operating income: ~$45M.

• FY26 non-GAAP gross margin expected at ~85%; adjusted free cash flow: ~$370M.

• Guidance reflects macroeconomic volatility, public sector headwinds, and SaaS growth as a 2% revenue headwind.