PATH NYSE Russell 1000 Earnings call
UiPath (PATH) · Q2 2026 results and valuation
Share price: $13.14 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · fiscal Q2 2027 · published 3 Sep 2026 and 28 May 2026
Net income up 60.2% on the previous quarter. Management sounded cautious, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+60.2%
Net income vs Q1 2026
Outlook given
Net income 36.1M vs 22.5M
Revenue −1.9%
Against the same quarter last year (Q2 2025) it is +2178.3%, so it is not just seasonal.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
UiPath's ARR reached $1.938 billion, up 12% year-over-year, driven by $37 million of net new ARR and revenue of $410 million.
Valuation
Is UiPath undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2026-01-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 15.0% growth a year (3-year revenue growth), the model's fair value is $24.48 a share — the stock trades 46% below it. Today's price assumes 5.2% growth a year.
Current price
$13.14
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+5.2% for 10 yrs
Fair value / share
$24.48
Buy below
$18.36
Price vs fair value
Undervalued 46%
Price vs buy-below price
Undervalued 28%
Read between the lines
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Key theme
The company offers customers a choice between deterministic or tokenless automation alongside AI to provide exact results for enterprise processes that do not require reasoning at every step.
Source quote
“They need exactness, the same result every time securely, reliably and at the lowest possible cost. That's why we give... Many enterprise processes don't need reasoning at every step. That's why we give customers the choice of deterministic or tokenless automation alongside AI.”
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Guidance
PATH maintained its outlook for the period based on current conditions.
Source quote
“We guide to what we see in front of us, and we maintain a prudent outlook.”
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Figure
ARR reached $1.938 billion, up 12% year-over-year, driven by $37 million of net new ARR and revenue of $410 million.
Source quote
“ARR reached $1.938 billion, up 12% year-over-year, driven by $37 million of net new ARR and revenue of $410 million...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“This afternoon's call includes forward-looking statements regarding our financial guidance for the third quarter and full fiscal year 2027, and our ability to drive and accelerate future growth and operational...”
“So the opportunity now is to scale what we've built, expanding adoption across our customer base, extending our reach into the business and continuing to translate our innovation into durable...”
“We have a strong leadership team, tremendous innovation across the platform and a significant market opportunity ahead of us.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-07-31)
| Metric | Q2 2026period end 2026-07-31 | Q1 2026period end 2026-04-30 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 410.3M | 418.4M | −1.9% | 361.7M | +13.4% |
| Gross profit | 329.7M | 341.5M | −3.5% | 297.3M | +10.9% |
| Operating income | 31.6M | 28.0M | +12.9% | -20.2M | Turned profit |
| Net income | 36.1M | 22.5M | +60.2% | 1.6M | +2178.3% |
| EPS | 0.07 | 0.04 | +75.0% | 0.00 | |
| P/E today 19.6 | 19.0 | 17.2 | +1.8 | 391.7 | −372.7 |
Topics
Most discussed now
- UiPath has a strong leadership team, tremendous innovation across the platform and a significant market opportunity ahead of it.
- UiPath is spending a lot of time with its sales leaders and account segmentation, making sure it has the right resources...
- UiPath is right now reporting ARR product like periodically as it talks about, Bryan, but the stats that you talk about,...
- Normalizing for the year-over-year FX headwind of approximately $8 million, revenue grew 16%.
- Us and the entire team just with how close they are getting to the customers and the agency is, partnering...
Faded since Q1 2026
- Fading The second piece is within the revenue growth rate, there's obviously the license revenue growth rate and then there's services,...
- Dropped UiPath provides deterministic orchestration and it can infuse that deterministic orchestration at any steps with agentic AI.That agentic AI…
- Fading In May of last year, UiPath launched its agentic and business process orchestration products into general availability.
- Fading The Fortune 500 energy company placed UiPath at the center of a $70 million cost reduction initiative made possible by...
Latest announcements
Official filings, newest first.
- Results of operations; Director or officer change; Regulation FD disclosure; Other events · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations; Other events · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Results of operations; Other events · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations; Other events · SEC 8-K
- Shareholder vote results · SEC 8-K