UiPath Inc.

First quarter revenue was $418 million, up 17% year over year; normalizing for an approximately $7 million FX tailwind, revenue grew 15%. ARR was $1.901 billion, up 12% year over year, including a $9 million FX tailwind, and net new ARR was $49 million. Gross margin was 83% and software gross margin was 90%. GAAP operating income was $28 million, compared with a prior-year GAAP operating loss of $16 million; non-GAAP operating income was $92 million, a 22% margin, and adjusted free cash flow was $130 million. For Q2 fiscal 2027, management guided to revenue of $395 million to $400 million, ARR of $1.929 billion to $1.934 billion, and non-GAAP operating income of about $75 million. For full-year fiscal 2027, guidance was revenue of $1.776 billion to $1.781 billion, ARR of $2.058 billion to $2.063 billion, non-GAAP operating income of about $430 million, adjusted free cash flow of about $425 million, and non-GAAP gross margin of about 84%.

Daniel Dines framed the quarter as evidence that UiPath’s agentic and orchestration strategy is moving from experimentation into production deployments. He repeatedly emphasized that enterprises want a single platform that can orchestrate people, agents, workflows, systems, and automations, and he said UiPath has a structural advantage because it combines deterministic automation, agentic AI, document intelligence, and process orchestration. His tone was confident and upbeat, but grounded in specific customer examples and the message that orchestration, not just models, is becoming the center of customer demand.

Ashim Gupta highlighted operating discipline and improving efficiency, noting first-quarter non-GAAP operating income of $92 million, a 22% margin, and GAAP operating income of $28 million with $53 million of stock-based compensation expense. He cited 97% gross retention, 109% dollar-based net retention, $1.413 billion of remaining performance obligations, $908 million of current RPO, $130 million of adjusted free cash flow, and a balance sheet of $1.4 billion in cash, cash equivalents and marketable securities with no debt. He also said the company repurchased 20 million shares at an average price of $11.47 in Q1 and another 2 million shares at an average price of $9.63 through May 27 under its 10b5-1 plan.

Analysts focused on whether AI and orchestration are changing deal mix, whether Maestro belongs in every AI deal, and how much of the revenue beat was timing versus durable demand. Management said AI is materially contributing to larger transactions, while Maestro is a fit for more complex end-to-end orchestration rather than every deal. They also said the Q1 revenue beat reflected clean deal execution and license timing, not unusual behavior, and that revenue and ARR should be viewed on a trailing-12-month basis because quarterly revenue can move faster than ARR due to ASC 606 timing.