UiPath (PATH)

NYSEInformation TechnologySoftware - InfrastructureSnapshot 2026-10-23

$14.13+1.36%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge UiPath’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

-0.1%

+10% or more+5%0%−5%−10% or less

0.92 → 0.92 EPS · FY ending Jan 31, 2028 · 11 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 11 to 11; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
FY 2027 · Q3
Revenue	$440M–$445M	443M
EPS	—	0.191
Operating income	About $100Mnon-GAAP	—
FY 2027 · Annual
Revenue	$1.79B–$1.79B	1.79B
EPS	—	0.787
Operating income	About $445Mnon-GAAP	—
FY 2028 · Annual
Revenue	—	1.94B
EPS	—	0.919

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Cash from operations rises to about $132M in Q1 FY27	Cash from operations rises sharply to $132M.	Intact	Cash from operations falls below $80M in Q1 FY27	Cash from operations: $30.699M FY2027-Q2; GAAP. Published target: >= $130M. Target period is not explicitly aligned with this observation. Source published Sep 8, 202630,699,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2027-Q2 · Period ending Jul 31, 2026 Source: stock_quarterly_financials_fmp. Reference: 2027-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated in 3 of last 3 quarters. Net cash flow from operations was $182 million in 2026-Q1, $132 million in 2026-Q2, and $31 million in 2026-Q3, showing some variability but positive cash generation. Non-GAAP adjusted free cash flow followed a similar pattern. The trajectory shows mixed progress with positive cash flow but some decline in the latest quarter. Delivery assessment Oct 24, 2026
Operating income improves to about $28M in Q1 FY27	Profit improves from loss to $28M operating income.	Broken	Operating income falls below $10M in Q1 FY27	Operating income: $31.604M FY2027-Q2; GAAP. Published target: >= $28M. Target period is not explicitly aligned with this observation. Source published Sep 8, 202631,604,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2027-Q2 · Period ending Jul 31, 2026 Source: company_financial_results. Reference: 73a5bc82-0020-4f97-a6c5-28aca4e04ecc. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Management stated this priority in 4 of last 4 quarters. GAAP operating income improved from a loss of $20.2 million in 2025-Q3 to a positive $31.6 million in 2026-Q3, showing a significant turnaround. Non-GAAP operating income also remained strong. The trajectory shows delivering on improved profitability through operational discipline. Delivery assessment Oct 24, 2026
Partnerships with Microsoft and Google Cloud strengthen market position	Partnerships with Microsoft and Google strengthen its market position.	Intact	Loss of major partnerships or failure to expand alliances	Qualitative condition This condition has no defined numerical measure. Context reviewed through Oct 23, 2026Last status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Revenue grows to about $1.78B in fiscal 2027	UiPath grows revenue about 17% yearly, hitting $1.78B next fiscal year.	Intact	Revenue falls below $1.6B in FY27	Revenue: $410.256M FY2027-Q2; GAAP. Published target: ~$1.78B. Target period is not explicitly aligned with this observation. Source published Sep 8, 2026410,256,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2027-Q2 · Period ending Jul 31, 2026 Source: company_financial_results. Reference: 73a5bc82-0020-4f97-a6c5-28aca4e04ecc. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. Revenue grew from $361.7 million in 2025-Q3 to $410.3 million in 2026-Q3, a 13% increase year-over-year. ARR increased 12% year-over-year to $1.938 billion in 2026-Q3. The trajectory matches management's stated focus on growth and platform adoption, delivering consistent revenue and ARR expansion. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2028 · fiscal year ending 2028-01-31 · fmp

FY2028 EPS$0.92

$0.90 → $0.92 · observed estimates

FY2028 revenue$1.94B

$1.93B → $1.94B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2028 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$0.90	$1,927,929,115	11 / 14
2026-07-25	$0.90	$1,927,929,115	11 / 14
2026-07-26	$0.90	$1,927,929,115	11 / 14
2026-07-27	$0.90	$1,927,929,115	11 / 14
2026-07-28	$0.90	$1,927,929,115	11 / 14
2026-07-29	$0.90	$1,927,929,115	11 / 14
2026-07-30	$0.90	$1,927,929,115	11 / 14
2026-07-31	$0.90	$1,927,929,115	11 / 14
2026-08-01	$0.90	$1,927,929,115	11 / 14
2026-08-02	$0.90	$1,927,929,115	11 / 14
2026-08-03	$0.90	$1,927,929,115	11 / 14
2026-08-04	$0.90	$1,927,929,115	11 / 14
2026-08-05	$0.90	$1,927,929,115	11 / 14
2026-08-06	$0.90	$1,927,929,115	11 / 14
2026-08-07	$0.90	$1,927,929,115	11 / 14
2026-08-08	$0.90	$1,927,929,115	11 / 14
2026-08-09	$0.90	$1,927,929,115	11 / 14
2026-08-10	$0.90	$1,927,929,115	11 / 14
2026-08-12	$0.90	$1,927,929,115	11 / 14
2026-08-13	$0.90	$1,927,929,115	11 / 14
2026-08-14	$0.90	$1,927,929,115	11 / 14
2026-08-15	$0.90	$1,927,929,115	11 / 14
2026-08-16	$0.90	$1,927,929,115	11 / 14
2026-08-17	$0.90	$1,927,929,115	11 / 14
2026-08-18	$0.90	$1,927,929,115	11 / 14
2026-08-19	$0.90	$1,927,929,115	11 / 14
2026-08-20	$0.90	$1,927,926,852	11 / 14
2026-08-21	$0.90	$1,927,926,852	11 / 14
2026-08-22	$0.90	$1,927,926,852	11 / 14
2026-08-23	$0.90	$1,927,926,852	11 / 14
2026-08-24	$0.90	$1,927,926,852	11 / 14
2026-08-25	$0.90	$1,927,926,852	11 / 14
2026-08-26	$0.90	$1,927,926,852	11 / 14
2026-08-27	$0.90	$1,927,926,852	11 / 14
2026-08-28	$0.90	$1,927,926,852	11 / 14
2026-08-29	$0.90	$1,927,926,852	11 / 14
2026-08-30	$0.90	$1,927,926,852	11 / 14
2026-08-31	$0.90	$1,927,926,852	11 / 14
2026-09-01	$0.90	$1,928,661,375	11 / 14
2026-09-02	$0.90	$1,928,661,375	11 / 14
2026-09-03	$0.90	$1,928,661,375	11 / 14
2026-09-04	$0.92	$1,934,081,811	11 / 14
2026-09-05	$0.92	$1,941,040,805	11 / 14
2026-09-06	$0.92	$1,941,040,805	11 / 14
2026-09-07	$0.92	$1,941,040,805	11 / 14
2026-09-08	$0.93	$1,943,203,709	11 / 14
2026-09-09	$0.93	$1,943,203,709	11 / 14
2026-09-10	$0.92	$1,943,760,545	11 / 15
2026-09-11	$0.92	$1,943,760,545	11 / 15
2026-09-12	$0.92	$1,943,760,545	11 / 15
2026-09-13	$0.92	$1,943,760,545	11 / 15
2026-09-14	$0.92	$1,943,760,545	11 / 15
2026-09-15	$0.92	$1,943,760,545	11 / 15
2026-09-16	$0.92	$1,943,760,545	11 / 15
2026-09-17	$0.92	$1,943,760,545	11 / 15
2026-09-18	$0.92	$1,943,760,545	11 / 15
2026-09-19	$0.92	$1,943,760,545	11 / 15
2026-09-20	$0.92	$1,943,760,545	11 / 15
2026-09-21	$0.92	$1,943,760,545	11 / 15
2026-09-22	$0.92	$1,943,760,545	11 / 15
2026-09-23	$0.92	$1,943,788,175	11 / 15
2026-09-24	$0.92	$1,943,788,175	11 / 15
2026-09-25	$0.92	$1,943,960,725	11 / 15
2026-09-26	$0.92	$1,943,960,725	11 / 15
2026-09-27	$0.92	$1,943,960,725	11 / 15
2026-09-28	$0.92	$1,943,960,725	11 / 15
2026-09-29	$0.92	$1,942,745,725	11 / 15
2026-09-30	$0.92	$1,942,745,725	11 / 15
2026-10-01	$0.92	$1,942,745,725	11 / 15
2026-10-02	$0.92	$1,942,745,725	11 / 15
2026-10-03	$0.92	$1,942,745,725	11 / 15
2026-10-04	$0.92	$1,942,745,725	11 / 15
2026-10-05	$0.92	$1,942,745,725	11 / 15
2026-10-06	$0.92	$1,942,745,725	11 / 15
2026-10-07	$0.92	$1,942,745,725	11 / 15
2026-10-08	$0.92	$1,942,745,725	11 / 15
2026-10-09	$0.92	$1,942,745,725	11 / 16
2026-10-10	$0.92	$1,942,745,725	11 / 16
2026-10-11	$0.92	$1,942,745,725	11 / 16
2026-10-12	$0.92	$1,942,745,725	11 / 16
2026-10-13	$0.92	$1,942,745,725	11 / 16
2026-10-14	$0.92	$1,942,745,725	11 / 16
2026-10-15	$0.92	$1,942,745,725	11 / 16
2026-10-16	$0.92	$1,942,745,725	11 / 16
2026-10-17	$0.92	$1,942,745,725	11 / 16
2026-10-18	$0.92	$1,942,745,725	11 / 16
2026-10-19	$0.92	$1,942,745,725	11 / 16
2026-10-20	$0.92	$1,942,745,725	11 / 16
2026-10-21	$0.92	$1,942,745,725	11 / 16
2026-10-22	$0.92	$1,942,745,725	11 / 16
2026-10-23	$0.92	$1,942,745,725	11 / 16
2026-10-24	$0.92	$1,942,745,725	11 / 16

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	4	16	1
2026-06-01	3	16	1
2026-07-01	3	16	1
2026-08-01	3	16	1
2026-09-01	3	17	2
2026-10-01	3	16	2

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 3 Buy / Strong Buy · 16 Hold · 2 Sell / Strong Sell

0 upgrades1 downgrades1 maintains

Recent actions · Sep 25–Oct 24 · 2 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

D.A. DavidsonSep 28 · prior Sep 4

$16.00 → $10.00-37.5%

UBSSep 25 · prior Sep 23

$15.00 → $14.00-6.7%

$0$8.80$17.60

0 raises · 2 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Cash from operations rises to about $132M in Q1 FY27Cash from operations: $30.699M
Operating income improves to about $28M in Q1 FY27Published status: Broken
Partnerships with Microsoft and Google Cloud strengthen market positionQualitative condition
Revenue grows to about $1.78B in fiscal 2027Revenue: $410.256M

Next proof point

Dec 2, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.8%Typical daily move · historical

Downside history

-51.4%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

UiPath outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a growth and profitability-improvement story, not yet a consistently profitable business. The long-term thesis is intact, but confidence has eased from high to medium as recent results remain mixed in some areas.

What's priced into UiPath

The valuation evidence is mixed: PATH is described as cheap versus peers, while another measure shows a 49% premium to peers. The expectations gap is negative, suggesting current expectations may be demanding; the evidence gives only medium confidence in that assessment.

What the fundamentals likely do

Near-term results show progress: revenue grew 13% year over year, ARR grew 12%, and GAAP operating income moved from a loss to a profit. Cash from operations remained positive but fell across the last three reported quarters, and a past deep miss plus declining earnings surprises are risks despite recent earnings beats.

What UiPath hinges on

Over the next few quarters, the thesis hinges on continued revenue and ARR growth, sustained operating profitability, and steadier cash generation. A guidance cut would be a meaningful negative, while rate cuts or strong results from major technology companies could provide a supportive sector backdrop.