Slides
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3Q FY 2026 Earnings Supplemental Slides
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Safe Harbor 2 Statements we make in this presentation may include statements which are not historical facts and are considered forward -looking within the meaning of the Private Securities Litigation Reform Act of 1995, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “possible,” “projects,” “outlook,” “seeks,” “should,” “will,” and variatio ns of such words or similar expressions, including the negatives of these words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward -looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements include, but are not limited to, statements regarding: our financial guidance for the fourth fi scal quarter 2026; our ability to drive and accelerate future growth and operational efficiency and grow our platform, produc t offerings, and market opportunity; our business strategy; plans and objectives of management for future operations; the estimated addressable market opportunity for our platform and the growth of the enterprise automation market; the success of our platform and new releases including the inc orporation of AI; the success of our collaborations with third parties; our customers’ behaviors and potential automation spend; and details of UiPath’s stock repurchase program. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause ou r actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: our expectations regar ding our revenue, annualized renewal run-rate (ARR), expenses, and other operating results; our ability to effectively manage our growth and achieve or sustain profi tability; our ability to acquire new customers and successfully retain existing customers; the ability of the UiPath Platform to satisfy and adapt to customer demands and our ability to increase its adoption; our ability to grow our platform and release new functionality in a timely manner; future investments in our business, our anticipated capital expenditures, and our estimates regarding our capital requir ements; the costs and success of our marketing efforts and our ability to evolve and enhance our brand; our growth strategies; the estimated addressable market op portunity for our platform and for automation in general; our reliance on key personnel and our ability to attract, integrate, a nd retain highly-qualified personnel and execute management transitions; our ability to obtain, maintain, and enforce our intellectual property rights and any costs a ssociated therewith; the effect of significant events with macroeconomic impacts, including but not limited to military conflict s and other changes in geopolitical relationships and inflationary cost trends, on our business, industry, and the global economy; our reliance on third -party providers of cloud-based infrastructure; our ability to compete effectively with existing competitors and new market entrants, includ ing new, potentially disruptive technologies; the size and growth rates of the markets in which we compete; and the price volatility of our Class A common st ock. Further information on risks that could cause actual results to differ materially from our guidance and other forward -looking statements can be found in our Annual Report on Form 10 -K for the fiscal year ended January 31, 2025 filed with the United States Securities and Exchange Commission (SEC), in our Quarterly Reports on Form 10-Q filed with the SEC, and in other filings and reports that we may file fr om time to time with the SEC. Any forward-looking statements contained in this presentation are based on assumptions that we bel ieve to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward -looking statements. Our fiscal year end is January 31, and our fiscal quarters end on April 30, July 31, and October 31. All third -party trademarks, including names, logos and brands, referenced by us in this presentation are property of their respective owners. All referen ces to third-party trademarks are for identification purposes only. Such use should not be construed as an endorsement of the products or services of us. Non-GAAP financial measures and key performance metric UiPath uses certain non-GAAP financial measures in this presentation, including non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and margin, and non-GAAP adjusted free cash flow. Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are not presented in accordance with generally accepted accounti ng principles in the United States, or GAAP. We believe they are useful to investors, by excluding the effects of items that do not reflect the ordinary earnings of our operations, and as a supplement to GAAP measures. Investors should consider these non -GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non -GAAP information may be different from the non-GAAP information provided by other companies. Please refer to the Appendix hereto, the tables in our earnings release, a nd the Investor Relations section of our website for a reconciliation of these non -GAAP financial measures to the most directly comparable GAAP financial measures. Reconciliation of non-GAAP operating income guidance to the most directly comparable GAAP measure is not available wit hout unreasonable efforts on a forward-looking basis due to the high variability, complexity, and low visibility with respect to the charges excluded from this non-GAAP measure, including, in particular, the effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price. We expect the variability of the above charge s to have a significant, and potentially unpredictable, impact on our future GAAP financial results. We encourage investors to consider our GAAP results a longside our supplemental non-GAAP measures, and to review the reconciliation between GAAP results and non -GAAP measures that is included at the end of this presentation. Annualized Renewal Run-rate (ARR) is the key performance metric we use in managing our business because it illustrates our abili ty to acquire new subscription customers and to maintain and expand our relationships with existing subscription customers. W e define ARR as annualized invoiced amounts per solution SKU from subscription licenses and maintenance and support obligations assuming no increases or reductions in customers’ subscriptions. ARR does not include the costs we may incur to obtain such subscription licenses or pro vide such maintenance and support. ARR also does not reflect nonrecurring rebates payable to partners (upon establishing sufficient history of their no nrecurring nature), the impact of nonrecurring incentives (such as one -time discounts provided under sales promotional programs), a nd any actual or anticipated reductions in invoiced value due to contract non-renewals or service cancellations other than for certain reserves (for example those for credit losses or disputed amounts). ARR does not include invoiced amounts associated with perpetual licenses or pro fessional services. ARR is not a forecast of future revenue, which is impacted by contract start and end dates and duration. ARR should be viewed independentl y of revenue and deferred revenue as ARR is an operating metric and is not intended to replace these items. Dollar -based net retention rate represents the rate of net expansion of our ARR from existing customers over the preceding 12 months. We calculate dollar -based net retention rate as of a period end by starting with ARR from the cohort of all customers as of 12 months prior to such period end (Prior Period A RR). We then calculate the ARR from these same customers as of the current period end (Current Period ARR). Current Period ARR includes any expansion and is net of any contraction or attrition over the preceding 12 months but does not include ARR from new customers in the current per iod. We then divide total Current Period ARR by total Prior Period ARR to arrive at dollar -based net retention rate. Dollar-based net retention rate may f luctuate based on the customers that qualify to be included in the cohort used for calculation and may not reflect our actual performance. Investors should not place undue reliance on ARR or dollar-based net retention rate as an indicator of future or expected results. Our presentation of thes e metrics may differ from similarly titled metrics presented by other companies and therefore comparability may be limited.
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3 UiPath at a glance $411M Revenue1 16% Revenue1 growth rate year-over-year $1.782B ARR2,3 11% ARR2,3 growth rate year-over-year 21% Non-GAAP Operating Margin1,4 $88M Non-GAAP Operating Income1,4 Notes: 1. Revenue, YoY revenue growth rate, Non-GAAP Operating Income and Non-GAAP Operating Margin for the three months ended October 31, 2025 2. Annualized Renewal Run-rate (ARR) and YoY ARR growth rate as of October 31, 2025 3. See Appendix for definition of ARR 4. See Appendix for reconciliation of GAAP to Non-GAAP results
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The UiPath Platform
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6 UiPath ScreenPlay1 Meet AI that turns your intent into autonomous actions across any interface, at enterprise scale. • Automate user interfaces with simple prompts. Describe tasks in natural language, and execute them autonomously. • Make automationsmore resilient. Dynamically adapts to context,ensuring automations run smoothly even as applications change. • Automate even the most complex scenarios. Leverage market-leading LAMs and custom UiPath agents to handle complex UI scenarios. • Automate at enterprise scale. Automate unattended UI-based scenarios at scale while maintaining central governance and control. Notes: 1. UiPath ScreenPlay is currently generally available
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UiPath IXP: Agentic Document Processing Capabilities Advanced data extraction, validation, and agentic looping to handle long, complex, and information dense documents. Autopilot for schema creation, Extraction Agents, and Validation Agents reduce manual effort and deliver unmatched accuracy. Proprietary fine-tunable LLM drives last-mile performance. Purpose- built for high-value use cases such as contract comparison and system- of-record validation. Seamless integration with UiPath Agents and Agentic Solutions to accelerate time-to-value and optimize document workflows across industries. 7
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8 Industry analyst recognition Gartner® Magic Quadrant for AI-Augmented Software Testing Tools2 UiPath was positioned as a Leader in the report and recognized for growth and criticality of technologies for agentic testing to ensure software quality, productivity, and market responsiveness. Gartner Disclaimer: Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any w arranties of merchantability or fitness for a particular purpose. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates and is used herein with permission. All rights rese rved. Notes: 1. Gartner, Magic Quadrant for Intelligent Document Processing Solutions, By Shubhangi Vashisth etc. al, 3 September 2025 2. Gartner, Magic Quadrant for AI-Augmented Software Testing Tools, By Joachim Herschmann, Sushant Singhal, Ross Power, C.A. Swan, 6 October 2025 Gartner® Magic Quadrant for Intelligent Document Processing (IDP)1 UiPath was positioned as a Leader in the report and recognized for market-leading vision and ability to deliver with its core IDP offerings. Gartner
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Industry analyst recognition Everest Group Full Suite Intelligent Process Automation Platforms (IPAP) PEAK Matrix® Assessment 20251 UiPath has been recognized as a Leader in the Everest Group Full Suite Intelligent Process Automation Platform PEAK Matrix ® Assessment 2025. Everest Group Disclaimer: Licensed extracts taken from Everest Group’s PEAK Matrix® Reports, may be used by licensed third parties for use in their own marketing and promotional activities and collateral. Selected extracts from Everest Group’s PEAK Matrix® reports do not necessa rily provide the full context of our research and analysis. All research and analysis conducted by Everest Group’s analysts and included in Everest Group’s PEAK Matrix® reports is independent and no organization has paid a fee to be featured or to influence their ranking. To access the complete research and to learn more about our methodology, please visit Everest Group PEAK Matrix® Reports. Notes: 1. Everest Group, Intelligent Process Automation Platform (IPAP) and Full Suite IPAP PEAK Matrix® Assessment 2025, By Amardeep Modi, Anish Nath, Yusuf Ahsan, Ruchin Dwivedi, Upshant Saini, November 2025 Everest Group Intelligent Process Automation Platform (IPAP) PEAK Matrix® Assessment 20251 UiPath has been recognized as a Leader in the Everest Group Intelligent Process Automation Platform PEAK Matrix ® Assessment 2025, positioned highest for Vision and Market Impact. Everest Group 9
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10 Case Management1 • Run multi-stage processes • Orchestrate agents, robots, people • Control with pause, resume, migrate • Govern SLAs, escalations, RBAC • Deploy as Case Plans in Studio • Apps for escalations, approvals, exceptions • Unified workspace for agents, robots, people • Resolve SLA breaches in real time • Track actions with audit logs • Monitor KPIs with analytics Process Apps1 Notes: 1. Case Management and Process Apps are currently in private preview UiPath Maestro
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11 Global network of partners1 1. Partner sources can be found on https://www.uipath.com/partners Tech Partners GTM Partners
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Financials
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13 Driving durable growth ARR1 $ in millions $1,308 $1,378 $1,464 $1,508 $1,551 $1,607 $1,666 $1,693 $1,723 $1,782 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 11% ARR1,2 growth rate year-over-year 107% Dollar-based net retention rate1,2 Notes: 1. See Appendix for definition of Annualized Renewal Run-rate (ARR) and dollar based net retention rate 2. ARR, YoY ARR growth rate, and Dollar based net retention rate as of October 31, 2025
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Customer momentum Scaling large customers (Customers ≥ $100k ARR1, 2) 2,235 2,506 3Q 2025 3Q 2026 Becoming C-Suite priority (Customers ≥ $1 million ARR1) 302 333 3Q 2025 3Q 2026 Notes: 1. See Appendix for definition of Annualized Renewal Run-rate (ARR) 2. Customers ≥ $100k ARR inclusive of customers ≥ $1 million ARR 14
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GAAP financial results1,2 ($M) 3Q 2026 3Q 2025 Revenue $411.1 $354.7 GAAP gross margin 83% 82% GAAP operating expenses: Sales and marketing $179.2 $187.2 Research and development $96.9 $97.0 General and administrative $53.2 $50.1 GAAP operating income (loss) $13.1 $(43.4) GAAP net cash provided by operating activities $28.3 $28.1 Notes: 1. Unaudited 2. Figures presented in millions are calculated based upon the respective underlying unrounded data. Minor differences in totals or percentages may exist due to rounding 15
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Non-GAAP1 financial results2,3 ($M) 3Q 2026 3Q 2025 Non-GAAP gross margin 85% 85% Non-GAAP operating expenses: Sales and marketing $156.3 $151.9 Research and development $64.3 $62.3 General and administrative $40.9 $36.4 Non-GAAP operating income $87.8 $49.7 Non-GAAP adjusted free cash flow $27.9 $33.1 Notes: 1. See appendix for reconciliation of GAAP to Non-GAAP results 2. Unaudited 3. Figures presented in millions are calculated based upon the respective underlying unrounded data. Minor differences in totals or percentages may exist due to rounding 16
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Guidance1 4Q 2026 Guidance1 Revenue $462 million – $467 million ARR2 $1.844 billion – $1.849 billion Non-GAAP Operating Income3 ~$140 million Notes: 1. Guidance inherently is forward-looking and is subject to the risks and uncertainties noted elsewhere in these materials and in our special notes regarding forward-looking statements disclosed and to be disclosed in our SEC filings 2. See Appendix for definition of Annualized Renewal Run-rate (ARR) 3. Reconciliation of non-GAAP operating income guidance to the most directly comparable GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from this non-GAAP measure; in particular, the effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results. 17
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Questions?
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Thank you!
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Appendix
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Definitions and calculations Annualized Renewal Run-rate (ARR): Annualized Renewal Run-rate (ARR) is the key performance metric we use in managing our business because it illustrates our ability to acquire new subscription customers and to maintain and expand our relationships with existing subscription customers. We define ARR as annualized invoiced amounts per solution SKU from subscription licenses and maintenance and support obligations assuming no increases or reductions in customers’ subscriptions. ARR does not include the costs we may incur to obtain such subscription licenses or provide such maintenance and support. ARR also does not reflect nonrecurring rebates payable to partners (upon establishing sufficient history of their nonrecurring nature), the impact of nonrecurring incentives (such as one-time discounts provided under sales promotional programs), and any actual or anticipated reductions in invoiced value due to contract non- renewals or service cancellations other than for certain reserves (for example those for credit losses or disputed amounts). ARR does not include invoiced amounts associated with perpetual licenses or professional services. ARR is not a forecast of future revenue, which is impacted by contract start and end dates and duration. ARR should be viewed independently of revenue and deferred revenue as ARR is an operating metric and is not intended to replace these items. Dollar-Based Net Retention Rate: Dollar-based net retention rate represents the rate of net expansion of our ARR from existing customers over the preceding 12 months. We calculate dollar-based net retention rate as of a period end by starting with ARR from the cohort of all customers as of 12 months prior to such period end (Prior Period ARR). We then calculate the ARR from these same customers as of the current period end (Current Period ARR). Current Period ARR includes any expansion and is net of any contraction or attrition over the preceding 12 months but does not include ARR from new customers in the current period. We then divide total Current Period ARR by total Prior Period ARR to arrive at dollar-based net retention rate. Dollar-based net retention rate may fluctuate based on the customers that qualify to be included in the cohort used for calculation and may not reflect our actual performance. 21
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GAAP to Non-GAAP reconciliation1 3Q 2026 3Q 2025 GAAP revenue $411.1 $354.7 GAAP gross profit $342.3 $290.9 GAAP gross margin 83% 82% Add: Stock-based compensation expense $5.7 $8.0 Amortization of acquired intangible assets $1.2 $1.4 Employer payroll tax expense related to employee equity transactions $0.1 $0.1 Non-GAAP gross profit $349.2 $300.4 Non-GAAP gross margin 85% 85% 1. Figures presented in millions are calculated based upon the respective underlying unrounded data. Minor differences in totals or percentages may exist due to rounding Gross margin ($M) 22
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GAAP to Non-GAAP reconciliation1 (cont’d) 1. Figures presented in millions are calculated based upon the respective underlying unrounded data. Minor differences in totals or percentages may exist due to rounding 3Q 2026 3Q 2025 GAAP general and administrative $53.2 $50.1 Less: Stock-based compensation expense $12.0 $12.6 Employer payroll tax expense related to employee equity transactions $0.2 $0.1 Restructuring costs -- $0.9 Change in fair value of contingent consideration $0.1 -- Non-GAAP general and administrative $40.9 $36.4 3Q 2026 3Q 2025 GAAP sales and marketing $179.2 $187.2 Less: Stock-based compensation expense $21.6 $32.7 Amortization of acquired intangible assets $1.0 $0.3 Employer payroll tax expense related to employee equity transactions $0.3 $0.4 Restructuring costs -- $2.0 Non-GAAP sales and marketing $156.3 $151.9 3Q 2026 3Q 2025 GAAP research and development $96.9 $97.0 Less: Stock-based compensation expense $32.2 $34.2 Employer payroll tax expense related to employee equity transactions $0.3 $0.2 Restructuring costs -- $0.2 Non-GAAP research and development $64.3 $62.3 23
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GAAP to Non-GAAP reconciliation1 (cont’d) 3Q 2026 3Q 2025 GAAP revenue $411.1 $354.7 GAAP operating income (loss) $13.1 $(43.4) GAAP operating margin 3% (12)% Add: Stock-based compensation expense $71.5 $87.5 Amortization of acquired intangible assets $2.3 $1.8 Employer payroll tax expense related to employee equity transactions $0.9 $0.8 Restructuring costs -- $3.0 Change in fair value of contingent consideration $0.1 -- Non-GAAP operating income $87.8 $49.7 Non-GAAP operating margin 21% 14% 1. Figures presented in millions are calculated based upon the respective underlying unrounded data. Minor differences in totals or percentages may exist due to rounding Operating margin ($M) 24
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GAAP to Non-GAAP reconciliation1 (cont’d) 1. Figures presented in millions are calculated based upon the respective underlying unrounded data. Minor differences in totals or percentages may exist due to rounding 3Q 2026 3Q 2025 GAAP net cash provided by operating activities $28.3 $28.1 Purchases of property and equipment $(3.2) $(4.9) Cash paid for employer payroll taxes related to employee equity transactions $0.7 $1.2 Cash paid for restructuring costs $2.1 $8.7 Non-GAAP adjusted free cash flow $27.9 $33.1 GAAP net cash provided by (used in) investing activities $100.8 $(22.9) GAAP net cash used in financing activities $(11.2) $(172.6) Non-GAAP adjusted free cash flow ($M) 25
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